Thor Exports Over 20,000 Tonnes of Gold from Nigerian

By Yange Ikyaa

Thor Explorations has reported gold production at its SegilolaGold Mine of 23,078 ounces during Q2 2023 at an average grade of 2.99 grammes per tonne of gold.

During the quarter, Segilola achieved ore stockpile of 297,060 tonnes of ore grading 1.06 g/t and containing approximately 10,090oz and gold in-circuit of approximately 3,203oz, and exported 20,852oz of payable gold and 2,884oz of payable silver.

Thor also reported progress on its Douta Gold Project in Senegal, where pre-feasibility study work is ongoing, with environmental and social impact assessment also ongoing and dry season biodiversity survey completed.

Furthermore, the metallurgical and geotechnical drilling programs have been completed and metallurgical samples have been delivered to the laboratory. In addition, mineralization remains open along strike between the known prospects with further growth potential along 20 kilometres of under-explored prospective strike length covered by the Douta exploration permit in Senegal.

For Thor Lithium Exploration, there was an acquisition of over 500 square kilometres of tenure in South-West Nigeria, covering both known lithium-bearing pegmatite deposits and a large unexplored prospective pegmatite-rich belt. On this site, the initial drill program of 5,000m, utilizing three RC drilling rigs, is ongoing at a priority target, which is location 6.

To date, the main pegmatite has been intersected in five holes averaging 20 meters of true thickness over 150 meters of strike. Samples have been dispatched for analysis. In addition, a metallurgical sampling program is due to commence in Q3 2023.

The final payment of the 1.5% net smelter royalty pursuant to the acquisition of the Segilola Gold Project in 2016 was made to VOX Royalty Corp, and the final payments of the remaining 1.5% net smelter royalty to all other royalty holders will be made in Q3 2023, following which all royalties payable pursuant to the Segilola Gold Project acquisition agreements will be complete.

For FY 2023 outlook, a production guidance range of 85,000 to 95,000 oz of gold has been maintained. Then, for H2 2023 drilling programs, there was continuation of step-out drilling at the Douta Gold Project in Senegal, as well as the continuation of drilling at Segilola Gold regional targets and at L06 lithium prospect in Nigeria.

While the completion of the Douta PFS was achieved, there was continued assessment of prospective exploration properties and continued exploration programs across exploration portfolios in Nigeria.

According to Segun Lawson, who is the President and CEO of Thor, “I am pleased to report another solid quarter of gold production at Segilola for Q2 2023. The planned step-up in mining operations has been achieved and we are well-positioned to meet our targets for H2 2023.

“We are also encouraged by ongoing exploration in Nigeria, where drilling has been continuing on two priority targets. We look forward to updating the market with drill results from Nigeria and Senegal in the coming weeks.

“In Senegal, the Douta Pre-Feasibility Study work streams are progressing and remain on track for completion by the end of the year.

The standout highlight of the Quarter has been the acquisition of a potentially significant and prospective lithium exploration portfolio and the commencement of an initial drilling program where visual inspection of the RC drill chips has been very encouraging, with 20m true thickness of pegmatite intersected over 150m of strike.”

In Q2 2023, mined and processed ore were 278,600 tonnes and 255,200 tonnes respectively. The average mined grade was 2.43 g/t and mill head grade 2.99 g/t, blended from mining and existing stockpile. Gold recovery of 23,078oz during the Quarter was in line with expectation.

Mining operations increased over Q1 and the planned step-up in production target of 5,500,000 tonnes per quarter was achieved in Q2. Mining is forecast to remain at this level for the next three quarters.

Also, the process plant throughput continued to operate above design during the quarter. Equipment for the conversion of the Carbon In Leach (“CIL”) to Carbon In Pulp (“CIP”) and leaching circuit upgrade has been shipped from China and is expected to arrive in Q3 2023 and enhancements to the circuit are to be completed in Q4 2023. The enhancements are aimed at further improving process plant recoveries above the 94% achieved in Q1 and Q2 2023.