Thor Explorations Announces Q1 2023 Operating Update
Thor Explorations Announces Q1 2023
Operating Update
This Announcement contains inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014
("MAR"). Upon the publication of this Announcement, this
inside information is now considered to be in the public
domain.
Vancouver, British Columbia--(Newsfile Corp. - April 17, 2023) - Thor Explorations Ltd. (TSXV: THX)
(AIM: THX) ("Thor Explorations" or the "Company") is pleased to provide an operational update for the
Segilola Gold mine, located in Nigeria ("Segilola"), and for the Company's mineral exploration
properties located in Nigeria, Senegal and Burkina Faso for the three months to March 31, 2023 (the
"Quarter" or "Q1").
Highlights
Segilola Production
Gold production of 20,629 ounces ("oz") during the Quarter at an average grade of 2.95 grammes
per tonne ("g/t") of gold ("Au")
Segilola Near-Mine Exploration
Identification of new high grade quartz vein system within 15km of Segilola, with multiple high
grade drillhole intercepts including 1m at 310g/tAu which equates to 10 ounces of gold per ton
Douta Exploration
Mineral Resource Estimate ("Douta Resource") updated to approximately 1.78 million ounces
("Moz") of gold, an increase of 144% in total resource as compared with the 2022 maiden mineral
resource estimate declared for Douta in November 2021
Douta Resource constrained within optimised pit shells and comprised of:
an initial Indicated Mineral Resource of 20.2 million tonnes ("Mt") grading 1.3 g/t Au for
874,900 oz Au; and
Inferred Mineral Resource of 24.1 Mt grading 1.2 g/t Au for 909,400 oz Au
Douta Resource supported by a total of 64,567 metres of drilling
Updated Douta Resource encompasses the Makosa, Makosa Tail and the recently discovered
Sambara prospects, all of which remain open along strike and down dip
Drilling is ongoing at Douta with a further 40,000 metre drilling program to be completed in 2023
consisting of diamond drilling and reverse circulation drilling. Mineralisation 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
Corporate
Senior debt facility with Africa Finance Corporation ("AFC") amended and restated to facilitate the
Company's growth opportunities
Senior debt facility reduced to $27.9 million as at 31 March 2023
Outlook
FY 2023 production guidance range remains at 85,000 to 95,000 oz of gold weighted towards the
second half of the year
H1 2023 drilling programs:
Resumption of drilling at Segilola aimed at increasing resources for potential future transition
to underground operation and mine life extension
Step-out drilling at Douta project in Senegal, aimed at further increasing existing resource
Continuation of drilling at Segilola regional targets
Initial program at the Company's new Malete prospect
Completion of the Douta preliminary feasibility study ("PFS") in Q4 2023
Applications for and acquisition of identified prospective exploration properties in Nigeria
Continued exploration programs across exploration portfolio in Nigeria
Segun Lawson, President & CEO, stated
:
"I am pleased to report another quarter of solid production at Segilola for Q1 2023. The planned west
wall push-back is progressing and we are well positioned for an increase in gold production following its
completion late in Q2 2023 as the mine head grade improves over the next 3-6 months."
"The 2023 Mineral Resource Estimate at Douta has more than doubled the contained gold within the
Douta permit to over 1.7 million ounces, with the Indicated Resource component of the resource alone
exceeding 870,000 oz of gold. This is an excellent result and we're targeting further growth of the total
resource as we proceed with a further 40,000 metres of drilling over the course of the year."
"Exploration is continuing on a number of greenfield opportunities in Nigeria which are delivering
encouraging results as highlighted by our recent ten oz per ton drillhole intersection near Segilola. We
have also continued to evaluate potential opportunities to leverage our technical capabilities and first
mover advantage in Nigeria and I look forward to presenting our progress in this respect in Q2 2023."
Production and Sales update
In Q1 2023, mined and processed ore were 198,425 tonnes and 231,001 tonnes respectively. The
average mine head grade was 2.85 g/t and processed grade 2.95 g/t, blended from mining and existing
stockpile.
Gold production during the Quarter was approximately 5% lower than planned due to lower production
drilling rates as a result of more challenging ground conditions (large boulders) at the upper levels of the
western push-back. Approximately 25% of total material mined and 31% of mined ore during the Quarter
was from lower grade areas which were originally planned to be mined later in the year. Mining of this
area has now been mostly completed and the deficit is expected to be recovered later in the year as
operations re-align with the 2023 mine plan.
At the end of the Quarter, an additional two production drilling rigs and fourteen new haul trucks were
imported by the mining contractor in order to prepare for the planned step-up in production over the next
12 months. The drilling rigs have been commissioned and are now in operation and the haul trucks have
been released from Lagos port and are en-route to site.
Process plant operations were impacted by the lower than planned mine head grade. Recoveries are
generally correlated to mill feed grade and consequently, recovery reduced to 94.1% for the Quarter.
The process plant throughput continued to be well above design during the Quarter. A modification of the
CIP circuit to CIL is currently being implemented in order to increase the residence time for carbon
adsorption and the existing agitators are to be replaced with a larger model in order to improve
circulation in the tanks. These enhancements are due to be completed in Q4 2022 and are aimed at
further improving process plant recoveries.
Ore stockpile of 270,215 tonnes of ore grading 1.14 g/t containing approximately 9,931 oz compared to
Q4 2022 of 300,531 tonnes of ore grading 1.48 g/t containing approximately 14,323 oz
Gold in-circuit of approximately 1,643 oz compared to Q4 2022 of 1,031 oz.
During the Quarter, Segilola exported 21,322 oz of payable gold and 1,989 oz of payable silver.
Units
Q1 2023
Q4 2022
Q3 2022
Q2 2022
Q1 2022
Mining
Total Mined
Tonnes
4,194,689
4,296,494
4,018,431
4,031,584
3,759,524
Waste Mined
Tonnes
3,996,264
3,974,073
3,793,249
3,747,504
3,533,610
Ore Mined
Tonnes
198,425
322,421
225,182
284,079
226,314
Grade
g/t Au
2.85
3.51
4.43
3.63
2.68
Processing
Ore Processed
Tonnes
231,001
254,824
241,434
211,582
221,900
Grade
g/t Au
2.95
3.38
3.58
3.66
3.18
Recovery
%
94.1
95.0
95.5
95.5
94.1
Gold Recovered
oz
20,629
26,331
26,523
23,785
21,343
Further details can be found on the Company's website:
www.thorexpl.com
About Thor Explorations
Thor Explorations Ltd. is a mineral exploration company engaged in the acquisition, exploration,
development and production of mineral properties located in Nigeria, Senegal and Burkina Faso. Thor
Explorations holds a 100% interest in the Segilola Gold Project located in Osun State, Nigeria and has a
70% economic interest in the Douta Gold Project located in south-eastern Senegal. Thor Explorations
trades on AIM and 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 / Jay Ashfield / Franck Nganou
Tel: +44 (0) 20 7907 8500
Fig House Communications (Investor Relations)
Tel: +1 416 822 6483
Email:
Ibu Lawson (Investor Relations)
Tel: +447909825446
Email:
BlytheRay (Financial PR)
Tim Blythe / Megan Ray / Said Izagaren
Tel: +44 207 138 3203
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