Segilola Gold Project February Production Update
Segilola Gold Project February Production
Update
Vancouver, British Columbia--(Newsfile Corp. - March 8, 2022) - Thor Explorations Ltd. (TSXV: THX)
(AIM: THX) ("
Thor
" or the "
Company
") is pleased to report that operations at its 100% owned Segilola
Gold Mine in Nigeria continued to perform at budget and above design capacity without any unplanned
stoppages in the month of February. Total gold production for the month was 7,082 ounces with regular
gold exports occurring throughout.
The Segilola process plant is now running continuously above the design mill throughput, with 74,908
tonnes of ore processed during the month. The plant throughput rate of 121 tph was an increase of 13%
on the 107tph achieved in January. Notably, the gravity circuit continued to outperform its design
specification, with a recovery of over 60%. The overall gold recovery improved again to 94%. The
Company anticipates meeting its Q1-2022 and full year 2022 production guidance.
Segun Lawson, President & CEO, stated
"We are pleased to have produced over 7,000 ounces of gold in the shorter month of February. There
continue to be production improvements in all aspects month on month for three consecutive months
at the Segilola Gold Project in Nigeria. In particular, we have been pleased with the improved overall
recovery which continues to trend upwards and averaged 94% for the last 10 days of February. We
remain on course to meet our Q1 and full year guidance."
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
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.
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 from 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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