Segilola Gold Mine Q1 Operational Update - 21,343 Ounces of Gold Produced
Segilola Gold Mine Q1 Operational Update -
21,343 Ounces of Gold Produced
Vancouver, British Columbia--(Newsfile Corp. - April 11, 2022) - Thor Explorations Ltd. (TSXV: THX)
(AIM: THX) ("
Thor
" or the "
Company
") is pleased to provide an interim operational update for the first
quarter ended March 31, 2022 ("Q1 2022").
Q1 2022 Highlights
7,220 ounces produced in March and 21,343 ounces produced in Q1 2022
Recovery in March averaged 95.1% with average recovery during the period being 94.1%
16,658 ounces of gold and 922 ounces of silver sold with exports occurring regularly throughout the
period
Guidance for Q2 2022 is 22,000 to 24,000 ounces with full year guidance unchanged at 80,000 to
100,000 ounces of gold
Q1 2022 Overview
Operations at its 100% owned Segilola Gold Mine in Nigeria ("Segilola") performed in line with forecast
Q1 2022, with a throughput of 221,920 tonnes at an average head grade of 3.18 grammes per tonne
("g/t") and overall recovery of 94.1% for a total of 21,343 ounces of gold produced. The Company
exported the gold regularly throughout the period selling 16,658 ounces of gold and 922 ounces of silver
in the period.
For the month of March, the Segilola process plant continued to operate at a steady state, above design
mill throughput, with 69,907 tonnes of ore processed at an average head grade of 3.38g/t and an overall
gold recovery of 95.1% for a total of 7,220 ounces of gold produced.
As the mining plan moves into the fresh ore, mined ore tonnes and grade are reconciling well to the
reserve model and process recoveries are in line with the metallurgical recovery model.
The Company is also pleased to report that at the end of Q1 2022, it started commissioning its
compressed natural gas generators at Segilola, following which the process pant will transition from
diesel to compressed natural gas generation in Q2 2022.
The Company is continuously monitoring the potential impact to its operations from global supply chain
disruptions and is currently implementing a plan to increase raw material and spares inventories at
Segilola in order to mitigate the impact of further disruption.
Gold production guidance for the second quarter of 2022 is 22,000 to 24,000 ounces and production
guidance for the full year 2022 is maintained at 80,000 to 100,000 ounces.
With the project now in a steady state of production, the Company will provide quarterly operational
updates going forward.
Segun Lawson, President & CEO, stated
"The month of March has closed off a very positive start to the year, completing our first full quarter of
gold production. There continues to be production improvements in all aspects, in particular, with
recoveries continuing to improve and averaging 95.1% for the month of March. We look forward to the
second quarter where we expect further improvement in production and additional newsflow from
exploration drilling results from both Nigeria and the Douta Project in Senegal."
About Thor
Thor Explorations Ltd. is a Canadian mineral exploration company engaged in the acquisition,
exploration and development of mineral properties located in Nigeria, Senegal and Burkina Faso. Thor
holds a 100% interest in the Segilola Gold Project located in Osun State of Nigeria. Mining and
production commenced at Segilola in 2021. Thor holds a 70% interest in the Douta Gold Project located
in south-eastern Senegal. Thor trades on the TSX Venture Exchange under the symbol "THX".
THOR EXPLORATIONS LTD.
Segun Lawson
President & CEO
For further information please contact:
Thor Explorations Ltd
Email:
Canaccord Genuity (Nominated Adviser & Broker)
Henry Fitzgerald-O'Connor / James Asensio / Thomas Diehl
Tel: +44 (0) 20 7523 8000
Hannam & Partners (Broker)
Andrew Chubb / Matt Hasson / Nilesh Patel / Franck Nganou
Tel: +44 (0) 20 7907 8500
Fig House Communications (Investor Relations)
Tel: +1 416 822 6483
Email:
BlytheRay (Financial PR)
Tim Blythe / Megan Ray / Rachael Brooks
Tel: +44 207 138 3203
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 information presented constitutes
"forward-looking statements" within the meaning of certain securities laws, and is subject to important
risks, uncertainties and assumptions
that could cause the actual results of the Company to differ
materially form the forward-looking statements. Such forward-looking statements, including but not
limited to, the Company's ability to fully finance the Project, to bring the Project into operation or to
produce gold from the Project, and the use of the proceeds.
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.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES
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