Thor Explorations Announces Q1 2025 Operating Update
Thor Explorations Announces Q1 2025
Operating Update
Vancouver, British Columbia--(Newsfile Corp. - April 17, 2025) - Thor Explorations Ltd. (TSXV: THX)
(AIM: THX) ("Thor Explorations" or the "Company") is pleased to provide its first quarter 2025 interim
operational update for the Segilola Gold mine, located in Nigeria ("Segilola"), and for the Company's
mineral exploration properties located in Nigeria, Senegal and Côte d'Ivoire, for the three months to
March 31, 2025 (the "Quarter" or "Q1").
Segilola Q1 Highlights
Q1 gold poured of 22,790 ounces ("oz")
Gold sales in Q1 2025 of 22,750 oz at an average realized price of US$2,720 resulting in revenue
of $61.9 million
All gold forward sales have been successfully delivered, with no outstanding forward contracts
remaining
Gold produced from 231,825 tonnes milled at an average grade of 3.24 grammes per tonne ("g/t")
of gold
Process plant recovery increased to 93.7% in comparison to 89.2% in Q4 2024
Mine production of 272,375 tonnes at an average grade of 2.42 g/t of gold for 21,152 oz
Ore stockpile decreased by 2,901 oz to 41,399 oz of gold at an average grade of 0.85 g/t of gold
Gold in circuit ("GIC"), decreased by 196 oz to 3,959 oz of gold
FY 2025 Outlook and Catalysts
FY 2025 production guidance range maintained at 85,000 to 95,000 oz of gold
FY 2025 All-in Sustaining Cost ("AISC") guidance range maintained at $800 to $1,000 per ounce
Drilling programs across all the Company's exploration portfolio:
Segilola: continuation of underground drilling program
Nigeria: continuation of scout drilling programs on identified near-mine and regional targets
Senegal (Douta Project):
Infill drilling at Makosa North, Makosa East targeted at converting inferred resources to
indicated resources
8,000 metre ("m") drilling program at Baraka 3 prospect to delineate scale of
opportunity and potentially include additional resources into the PFS mine plan
Further Reverse Circulation ("RC") drilling targeting additional oxide resources
Cote D'Ivoire: Guitry, Marahui and Boundiali licenses, continuation of geochemical work
programs, magnetic surveys and initial drill programs on identified targets
Following completion of Douta Project drilling programs, preparation of Updated Mineral Resource
Estimate and Pre-Feasibility Study ("PFS") at the Douta Project
Segun Lawson, President & CEO, stated
:
"After completing a strong operational and financial performance in 2024, I am pleased to report a
solid operational first quarter and start to 2025. In the period, we unwound the entirety of our hedged
gold positions and poured 22,790 ounces of gold. This continues to strengthen our balance sheet and
provides an excellent platform from which to implement our strategy and ambitions for the year.
"In the Quarter, Segilola gold production costs have performed well against budget and we have
continued to increase the intensity of our exploration activities. Our exploration teams in Nigeria,
Senegal and Côte D'Ivoire have identified several new targets which we look forward to testing over the
next six months. I am excited to be advancing exploration on multiple fronts across our entire portfolio
where we have several value accretive milestones to unlock. I look forward to working towards these
milestones and updating the market with our progress during the course of Q2."
Exploration Q1 2025 Highlights
Nigeria (Segilola)
Continuation of diamond drilling program to test the depth extensions of the Segilola deposit
A total of 2,645m has been completed across 12 holes
The drillholes were designed to test the continuity of two main types:
Steep plunging high-grade hanging wall shoots
Shallow plunging mineralisation that is projected to continue down-plunge to the south
Gold mineralisation had been confirmed by the initial drilling program
The data indicates that there are potential mineable extensions to the resource beyond the limits of
the current open pit design
Figure 1: Segilola Oblique Longitudinal Section Showing the arrangement of the Hanging Wall
and Foot Wall Targets
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7003/248813_f91d67cd942239b6_002full.jpg
Near-mine and regional drill target generation
This geochemical sampling was mainly concentrated to the south of the Segilola Gold Mine,
where we have identified several new targets which have returned highly anomalous results
over significant strike lengths
Auger drilling and shallow core sampling programs remain ongoing, with the aim of testing
selected geochemical anomalies
Senegal
During the quarter, along with a number of PFS workstreams, the Company undertook drilling
programs at Makosa North and Tail and the
Baraka 3 Prospect. This resulted in the drilling of two
discovery holes at Baraka 3. The results of this can be found in the Company's announcement from
24 March 2025
Planning commenced for further resource development and exploration drilling programs. These
programs include:
RC drilling to upgrade inferred resources to indicated resources at Makosa North, Makosa
Bridge and Makosa East
8,000 metre RC drilling program at Baraka 3
Initial drill testing of anomalies at Makosa West
Douta Project PFS workstreams continued and an updated timeline will be provided following
completion of the current drilling programs currently anticipated to be in Q2 2025
The Environmental Impact Assessment for the Douta Mining License was completed and
submitted to the Ministère des Mines et de la Géologie
Côte d'Ivoire
Guitry Project - Work during the Quarter comprised a review of the historic database and
preparation of geochemical work and initial RC drilling program designed to test extensions of the
identified mineralisation
Marahui Exploraion Licence - Exploration activities continued with further geological mapping and
soil geochemical sampling to define drill targets. The soil geochemistry sampling defined two
parallel anomalous structures, with the larger one being a 4 kilometre ("km") long by 200m wide
anomaly
Boundiali Project - Completion of a soil geochemical program in which samples were collected
over the central portion of the exploration permit. This program confirmed several low-level gold-in-
soil responses the most prominent, of which being a 1km wide and 5km long north westerly
trending anomaly that is located in the eastern sector of the exploration permit
Production Summary
Units
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Mining
Total Mined
Tonnes
2,874,533
3,781,881
4,024,002
4,710,220
4,939,647
Waste Mined
Tonnes
2,602,158
3,398,182
3,668,487
4,171,122
4,473,752
Ore Mined
Tonnes
272,375
383,699
355,515
491,935
465,895
Grade
g/t Au
2.42
2.30
2.01
1.78
2.07
Processing
Ore Processed
Tonnes
231,825
247,075
201,958
174,000
235,933
Grade
g/t Au
3.23
3.08
3.22
3.42
2.85
Recovery
%
93.7
89.2
88.5
94.6
90.7
Gold Recovered
oz
22,594
21,827
18,496
18,090
19,589
Gold Poured
oz
22,790
24,662
20,110
21,742
18,543
Table 1: Production Summary
Sample Type
Number
3, 027 an
511
Soil
2,525
Termite Mound
99
Rock Chip
121
Total
3,256
Table 2: SROL Geochemical Sampling Statistics Q1 2025
THOR EXPLORATIONS LTD.
Segun Lawson
President & CEO
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 Côte d'Ivoire. 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".
For further information please contact:
Thor Explorations Ltd.
Email:
Canaccord Genuity (Nominated Adviser & Broker)
James Asensio / Henry Fitzgerald-O'Connor / Harry Rees
Tel: +44 (0) 20 7523 8000
Hannam & Partners (Broker)
Andrew Chubb / Matt Hasson / Jay Ashfield / Franck Nganou
Tel: +44 (0) 20 7907 8500
BlytheRay (Financial PR)
Tim Blythe / Megan Ray / Said Izagaren
Tel: +44 207 138 3203
Yellow Jersey PR (Financial PR)
Charles Goodwin / Shivantha Thambirajah / Zara McKinlay
Tel:
+44 (0) 20 3004 9512
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 the AIM Rules 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.
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