Thor Explorations Announces Q2 2022 Operating Update
Thor Explorations Announces Q2 2022
Operating Update
Vancouver, British Columbia--(Newsfile Corp. - July 8, 2022) -
Thor Explorations Ltd. (TSXV: THX) (AIM:
THX) ("Thor Explorations" or the "Company") is pleased to provide an operational update for its Segilola
Gold Mine located in Nigeria for the three months to June 30, 2022 ("Q2 2022" or the "Period").
Operational Highlights Period:
23,785 ounces ("oz") of gold produced
Commissioning of Compressed Natural Gas ("CNG") generators
Zero Lost Time Injuries
Senior Debt Facility tranche of US$14.5million paid reducing Senior Debt Facility to US$38million
Outlook:
Guidance for Q3 2022 is 23,000 to 25,000 oz of gold
Full year 2022 production guidance narrowed to 85,000 to 100,000 oz of gold
Full year 2022 All In Sustaining Cost ("AISC") remains at US$850 to US$950 per ounce
Segun Lawson, President & CEO, stated
:
"We remain very pleased by the Company's operational performance, which continues to improve in all
areas month on month. Q2 2022 gold production is up 11% on Q1 2022, returning a total of 45,128 oz of
gold produced in the first half of the year.
"The Company also repaid US$14.5 million of its Senior Debt Facility in the period and has now
reduced the facility by 29% at the end of the first half of the year.
"In the period, we commissioned a total of 6MW of CNG generating capacity which enables us to run the
processing operations fully on CNG produced from Nigerian oil and gas operations. In doing so, we
significantly reduce our greenhouse gas emissions, providing end user value addition for domestic gas
production and lowering our operating costs.
"We anticipate continued improvements in our operations and production and have narrowed our full
year guidance as a result."
Production Summary:
Units
Q2 2022
Q1 2022
Mining
Total Mined
tonnes
4,031,584
3,759,524
Waste Mined
tonnes
3,747,504
3,533,610
Ore Mined
tonnes
284,079
226,314
Ore Mined Gold Grade
g/t Au
3.63
2.68
Ore Stockpiled
tonnes
249,281
179,758
Ore Stockpiled
g/t Au
1.46
1.23
Ore Processed
tonnes
211,582
221,900
Ore Processed Gold Grade
g/t Au
3.66
3.18
Processing
Ore Milled
tonnes
211,583
221,920
Daily Throughput Rate (average)
tpd
2,784
2,760
Daily Throughput / Nameplate Capacity
%
141%
128%
Ore Processed
Recovery
%
95.5
94.1
Gold Recovered
oz
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 (Investor Relations)
Ibu Lawson
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
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE
SERVICES
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