# Vanstar Announces Updated Resource Estimate at Nelligan - Growing Gold Resources by 63% with 2.0 Moz Indicated and 3.2 Moz Inferred Resources Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/vanstar-announces-updated-resource-estimate-at-nelligan-growing-gold-resources-b--274a13f5-feee-46fe-b78a-d577425a20f5 Original source: https://money.tmx.com/en/quote/VSR/news/7793828889042288/vanstar-announces-updated-resource-estimate-at-nelligan-growing-gold-resources-b Publisher: tmx Original announcement: 2023-01-12T12:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Vanstar Mining Resources Inc. - Ticker: VSR - Exchange: TSX - Region: Quebec, Canada - Primary commodity: Gold - Secondary commodities: None reported - Document categories: Resource update - Extracted: 2026-08-21 11:52:59 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Vanstar has announced an updated Mineral Resource Estimate for the Nelligan Project, growing total gold resources by 63% in contained metal. The update includes 2.0 Moz of Indicated and 3.2 Moz of Inferred resources, driven by significant tonnage expansion and resource category conversion. Reasoning: The update shows substantial growth in contained gold metal and a significant conversion of Inferred resources to Indicated, despite a lower average grade resulting from a lower cut-off. - Positive factor: Significant tonnage growth \(92%\) - Positive factor: Contained metal growth \(63%\) - Positive factor: Category upgrade \(62% of Inferred converted to Indicated\) - Positive factor: NI 43-101 compliant - Negative factor: Grade decline \(15%\) due to lower cut-off grade Facts used in scoring: 2 ## Classification and evidence **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: 62% of Inferred Mineral Resources were converted to Indicated category relative to the 2019 estimate. Evidence · text > conversion of 62% of Inferred Mineral Resources to an Indicated Mineral Resource category **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: Mineral Resources increased by 92% in tonnage relative to the 2019 estimate. Evidence · text > Mineral Resources have increased by 92% in tonnage **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: Overall gain of 63% in metal content relative to the 2019 estimate. Evidence · text > overall gain of 63% in metal content **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: Estimate completed in accordance with NI 43-101 standards. Evidence · text > in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum \("CIM"\) Definition Standards incorporated by reference in National Instrument 43-101 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Multiple Qualified Persons \(QP\) named and have reviewed/approved the release. Evidence · text > Mr. Prakash and Dr. Leuangthong are independent "qualified person", as defined by NI 43-101 \(a "QP"\) **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: Gold grades declined by 15% relative to the 2019 estimate due to lower cut-off grade. Evidence · text > with a 15% decline in gold grades ## Extracted facts Stored fact records: 2. Some facts used in scoring do not have a stored record. ## Resource Estimates (2) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vanstar-announces-updated-resource-estimate-at-nelligan-growing-gold-resources-b--274a13f5-feee-46fe-b78a-d577425a20f5#fact-resource-facts-0) gold #### Identity - Commodity: gold - Ticker: VSR #### Resource Data - Category: indicated - Tonnes: 72200000 - Grade: 0.85 - Grade Unit: g/t - Contained Metal: 1970000 - Contained Unit: koz - Cutoff Grade: 0.35 #### Lab - Laboratory: ALS #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2023-01-12T00:00:00.000Z Reasoning: Strong Indicated resource component with high confidence. - Positive factor: Significant tonnage Evidence · table > 0.85 Context: 72.2 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vanstar-announces-updated-resource-estimate-at-nelligan-growing-gold-resources-b--274a13f5-feee-46fe-b78a-d577425a20f5#fact-resource-facts-1) gold #### Identity - Commodity: gold - Ticker: VSR #### Resource Data - Category: inferred - Tonnes: 114100000 - Grade: 0.88 - Grade Unit: g/t - Contained Metal: 3238000 - Contained Unit: koz - Cutoff Grade: 0.35 #### Lab - Laboratory: ALS #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2023-01-12T00:00:00.000Z Reasoning: Large Inferred resource base providing significant upside. - Positive factor: Large scale Evidence · table > 0.88 Context: 114.1 ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.