Excellent Preliminary Metallurgical Test Work Results FOR Thor’S Segilola GOLD Project
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NEWS RELEASE
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FOR IMMEDIATE RELEASE TSXV: THX
May 18, 2018 Shares Outstanding: 326,229,630
Vancouver, British Columbia
EXCELLENT PRELIMINARY METALLURGICAL TEST WORK RESULTS
FOR THOR’S SEGILOLA GOLD PROJECT
Thor Explorations Ltd. ( TSX VENTURE: THX) (“ Thor” or the “Company”) is pleased to provide an
update following excellent preliminary results from its Definitive Feasibility Study (“DFS”) metallurgical
test work program on its 100 per cent owned Segilola Gold Project in Nigeria.
The m etallurgical test work program is well progressed with Independent Metallurgical Operations
(“IMO”) Perth using a representative bulk sample totalling over 500kg of diamond core. The targeted
outcome of the metallurgical test work program is to optimise the Preliminary Feasibility Study (“PFS”)
process flowsheet, with the expected inclusion of a gravity recovery circuit and investigation of other
identified opportunities for process design enhancements.
The probable reserve at Segilola currently comprises 448,000 ounces of gold grading 4.2 grams per
tonne (“g/t”) of gold (“Au”) within a global resource base of 862,000 ounces gold.
Highlights:
77.5% average gravity recovery confirmed in metallurgical test work program
98.9% total recovery confirmed at 106 µm grind size and 24hr cyanide leach
Average recovered head grade of 8.73g/tAu compared to estimated grade of 6.66 g/t Au
Segun Lawson, President & CEO, stated:
“We are extremely encouraged by these results which have both confirmed our hypotheses and
exceeded our expectations. The results confirm substantial gravity recovery is achievable and a
significant opportunity exists for optimisation of the process plant, resulting in a reduced operating
cost, increased total recovery and improved process efficiency. The results also return a 30%
increase in the recovered grade compared to the estimated grade.
The DFS work streams we are carrying out on the Segilola Project continue to enhance the project.
We look forward to announcing the final metallurgical results and the pending drill results.”
Implications
Data from the metallurgical test work program suggests that a significant proportion of the gold occurs
as coarse particles which will be, most efficiently and economically, recovered by gravity separation.
Although coarse gold is frequently observed in the core, the full impact of the coarse gold on the
reserves and, hence, project economics, is now clearly apparent in the bulk sample test work results.
There are also indications that there may be an uplift in grade from reserve grade to mined head grade.
Test Work Procedure
The metallurgical test work comprises two basic stages:
• Master composite preparation, characterisation and gravity gold determination: sample
is derived from the variability composites (Table 1)
• Variability testing: 11 variability composites will be subjected to the master composite
optimal conditions to determine the impact of different lithological zones and high grade
areas (Table 2) . The variability composites comprised samples from eleven holes
distributed both along the strike length and at different levels of the resource (Table 1).
IMO prepared a master composite sample with a calculated head grade 6.66g/tAu representing the
expected average head grade of for the initial 3-4 years of open pit operations and mostly from the
northern high grade end of the pit, targeting the initial ore that would be mined and processed during
the payback period. The higher grade ore tested will also result in ensuring that the carbon transfer
circuits including elution, etc are sized for the higher gold tenor as carbon movements through CIL can
be a limitation to throughput and grade constraints if a process is designed for a lower grade ore.
The master composite provided the feed material for the Knelson conc entrator test work which is
designed to determine the percentage of gold that is recoverable by gravity separation (Figure 1).
Composite Hole ID From
(m)
To
(m)
Interval
(m)
Grade (Aug/t)
by Mass
Mass (kg)
1 SGD171 69 83 14 6.66 22.00
2 SGD173 30 45 15 9.31 23.50
3 SGD174 18 42 24 6.68 38.00
4 SGD172 40 47 7 1.20 11.50
Master Comp Total 60 6.66 95
Table 1: Master composite input sample intervals and grades
Composite Hole ID From
(m)
To
(m)
Interval
(m)
Grade (Aug/t)
by Mass
Grade
(Aug/t)
by Interval
1 SGD171 69 83 14 6.66 6.66
2 SGD173 30 45 15 9.31 11.10
3 SGD176 34 42 8
4 SGD174 18 42 24 6.68 5.15
5 SGD175 23 35.5 12.5
6 SGD177 71 95 24 2.19 2.18
7 SGD178 83 100 17 2.62 2.53
8 SGD178 100 112 12 3.39 3.49
9 SGD179 88 107.7 19.7 1.23 1.55
10 SGD179 107.7 128 20.3 2.40 2.52
11 SGD172 40 47 7 1.20 1.13
Table 2: Variability composite input sample intervals and grades
Figure 1: Processing of the master composite sample in the IMO laboratory, Perth
Figure 2: Part of the gold tail generated from 15kg master composite sample
Master Composite Leach Test Results
The three leach tests conducted on the Master Composite were undertaken on gravity tailings at 80%
passing grind sizes of 150, 106 and 75µm.
Conditions utilised for the tests were industry standard, mild conditions summarised by:
• 500ppm NaCN initial concentration, maintained at 300 ppm;
• Dissolved oxygen concentrations ranging from 6–10 mg/L;
• 40% solids in Perth Tap Water
Summarised gold results and kinetic leach curves for the three grind optimisation tests are shown in
Table 3 and Figure 3, indicating the following:
• Gravity recoveries averaging 77.5%,
• Overall gold recoveries of 98.4%, 99.3% and 99.5% for Test 1 (150µm), Test 2 (106µm)
and Test 3 (75µm) respectively, indicating increasing recoveries with decreasing grind
size as shown in Figure 3,
• Reducing leach kinetics at 150 µm (89.8% 8 hour recovery), whilst 106µm resulted in the
greatest leach kinetics (95.1% 8 hour recovery),
• Increased residue grades of 0.15 g/t for 150 µm compared to 0.05g/tAu and 0.06g/tAu for
75µm and 106µm grinds respectively.
Calculated head grades for the three leach tests ranged from 8.74g/t Au to 8.87g/tAu, reduced when
compared to the assayed head grade of 12.61g/tAu. As the calculated head grade is based on solution
assays and low residue assays this is expected to be a more accurate determination of the head assay
when compared to 50g fire assays.
Table 3: Gold Test Work Results for the Segilola Gold Project
Figure 3: Gold Kinetic Leach Curves
Cyanide consumptions were low, ranging from 0.11 kg/t to 0.15 kg/t for a 48 hour duration.
Lime consumption was very low, ranging from 0.29 – 0.51 kg/t.
The increase in overall gold recovery correlates closely with the leach feed grind size, as
shown in Figure 4. Although increased grind size results in increased residue grade, a minor
variation of 0.01g/tAu residue exists between the 106 and 75 µm tests.
Figure 4: Recovery vs Grind Size
Figure 5: Cyanide Consumption vs Grind Size
Overall the first round of leach test results indicate high overall recoveries ranging from 98.4% to
99.5%.
Qualified Person
The above information has been prepared under the supervision of Alfred Gillman (Fellow AusIMM,
CP), who is designated as a “qualified person” under National Instrument 43-101 and has reviewed
and approves the content of this news release. He has also reviewed QA/QC, sampling, analytical
and test data underlying the information.
About Thor
Thor Explorations Ltd. is a Canadian mineral exploration compan y engaged in the acquisition,
exploration and development of mineral properties located in Nigeria, Senegal and Burkina Faso. Thor
holds a 100 per cent interest in the Segilola Gold Project located in Osun State of Nigeria and a 70per
cent interest in the Douta Gold Project located in south-eastern Senegal. Thor also holds a 49 per cent
interest in the Bongui and Legue gold permits located in Houndé greenstone belt, south west Burkina
Faso. Thor trades on the TSX Venture Exchange under the symbol “THX”.
THOR EXPLORATIONS LTD.
Segun Lawson
President & CEO
For further information please contact:
Tel: 778-373-0102
Fax: 604-434-1487
Email: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy
of this release.
This press release does not constitute an offer to purchase securities. The securities to be offered in
the offering have not been and will not be registered under the United States Securities Act of 1933, as
amended, or any state securities laws and may not be offered or sold in the United States or to, or for
the benefit or account of, a U.S. person, except pursuant to an available exemption from such
registration requirements.
Cautionary Note Regarding Forward-Looking Statements
Except for the statements of historical fact contained herein, the inform ation presented constitutes
“forward looking statements” within the meaning of certain securities laws, and is subject to important
risks, uncertainties and assumptions. Such forward-looking statements, including but not limited to the
completion of the ac quisition of the Segilola Gold Project and the use of the proceeds of the private
placement. The words “may”, “could”, “should”, “would”, “suspect”, “outlook”, “believe”, “anticipate”,
“estimate”, “expect”, “intend”, “plan”, “target” and similar words and expressions are used to identify
forward-looking information. The forward -looking information in this news release describes the
Company’s expectations as of the date of this news release and accordingly, is subject to change after
such date. Readers should not place undue importance on forward-looking information and should not
rely upon this information as of any other date. While the Company may elect to, it does not undertake
to update this information at any particular time.