Thor Explorations Announces Q2 2023 Operating Update
Thor Explorations Announces Q2 2023
Operating Update
Vancouver, British Columbia--(Newsfile Corp. - July 12, 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 June 30, 2023 (the
"Quarter" or "Q2").
Highlights
Segilola Production
Gold production of 23,078 ounces ("oz") during the Quarter at an average grade of 2.99 grammes
per tonne ("g/t") of gold ("Au")
Segilola Exploration
Focus of exploration activities within a 25 kilometre ("km") radius from the Segilola operations
Continuation of diamond and reverse circulation ("RC") drilling on identified high-grade quartz-vein
style mineralisation at Igala and Ayelle prospects within 15 km of Segilola with several significant
intersections obtained
Initial identification of new mineralised trend located 23km south of Segilola with an RC drilling
campaign underway to assess both primary and saprolite gold mineralisation
Douta Project
Pre-Feasibility Study ("PFS") workstreams are ongoing
Environmental and Social Impact Assessment ongoing and dry season biodiversity survey
completed
Metallurgical and geotechnical drilling programs have been completed and metallurgical samples
have been delivered to the laboratory
Resource drilling continuing targeting upgrades to the higher-grade parts of the existing inferred
resource to indicated classification together with step-out drilling at Sambara which commenced in
the Quarter
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
Thor Lithium Exploration
Acquisition of over 500 square kilometres ("km
2
") of tenure in south-west Nigeria covering both
known lithium bearing pegmatite deposits and a large unexplored prospective pegmatite-rich belt
As previously announced, initial field inspection and selective sampling of key sites have returned
significant lithium grades from both spodumene and lepidolite mineralisation. Sampling of part of a
key pegmatite deposit that falls within Thor's tenure returned an analysis of between 1.34% lithium
oxide ("Li
2
0") and 9.31% Li
2
0
Location 6 is the site of the largest known spodumene-lepidolite pegmatite in Nigeria. The
pegmatite outcrops over a strike length of several hundred metres averaging 20 metres ("m") true
thickness. The full extent of this pegmatite body is yet to be determined. A small-scale mining
operation is currently extracting a variety of spodumene known as kunzite for its gemstone qualities
An initial drill program of 5,000m, utilizing three RC drilling rigs, is ongoing at our priority target -
(Location 6). To date, the main pegmatite has been intersected in five holes averaging 20m true
thickness over 150m of strike. Samples have been dispatched for analysis
A metallurgical sampling program is due to commence in Q3 2023
Corporate
Final payment of the 1.5% net smelter royalty pursuant to the acquisition of the Segilola Gold
Project in 2016 was made to VOX Royalty Corp. Final payments of the remaining 1.5% net smelter
royalty to all other royalty holders will be made in Q3 2023 following which all royalties payable
pursuant to the Segilola Gold Project acquisition agreements will be complete.
Outlook
FY 2023 production guidance range of 85,000 to 95,000 oz of gold maintained
H2 2023 drilling programs:
Continuation of step-out drilling at Douta gold project in Senegal
Continuation of drilling at Segilola gold regional targets
Continuation of drilling at L06 lithium prospect in Nigeria
Completion of the Douta PFS
Continued assessment of prospective exploration properties in Nigeria
Continued exploration programs across exploration portfolio in Nigeria
Segun Lawson, President & CEO, stated
:
"I am pleased to report another solid quarter of gold production at Segilola for Q2 2023. The planned
step-up in mining operations has been achieved and we are well positioned to meet our targets for H2
2023.
"We are also encouraged by ongoing exploration in Nigeria, where drilling has been continuing on two
priority targets. We look forward to updating the market with drill results from Nigeria and Senegal in
the coming weeks.
"In Senegal, the Douta Pre-Feasibility Study workstreams are progressing and remain on track for
completion by the end of the year.
"The standout highlight of the Quarter has been the acquisition of a potentially significant and
prospective lithium exploration portfolio and the commencement of an initial drilling program where
visual inspection of the RC drill chips has been very encouraging, with 20m true thickness of
pegmatite intersected over 150m of strike."
Production and Sales update
In Q2 2023, mined and processed ore were 278,600 tonnes and 255,200 tonnes respectively. The
average mined grade was 2.43 g/t and mill head grade 2.99 g/t, blended from mining and existing
stockpile.
Gold recovery of 23,078oz during the Quarter was in line with expectation.
Mining operations increased over Q1 and the planned step-up in production target of 5,500,000 tonnes
per quarter was achieved in Q2. Mining is forecast to remain at this level for the next three quarters.
The process plant throughput continued to operate above design during the Quarter. Equipment for the
conversion of theCarbon In Leach ("CIL") to Carbon In Pulp
("CIP") and leaching circuit upgrade has
been shipped from China and is expected to arrive in Q3 2023 and enhancements to the circuit are to
be completed in Q4 2023. The enhancements are aimed at further improving process plant recoveries
above the 94% achieved in Q1 and Q2 2023.
Ore stockpile of 297,060 tonnes of ore grading 1.06 g/t containing approximately 10,090oz and gold in-
circuit of approximately 3,203oz.
During the Quarter, Segilola exported 20,852oz of payable gold and 2,884oz of payable silver.
Units
Q2 2023
Q1 2023
Q4 2022
Q3 2022
Q2 2022
Q1 2022
Mining
Total Mined
Tonnes
5,633,700
4,194,700
4,296,500
4,018,400
4,031,600
3,759,500
Waste Mined
Tonnes
5,355,100
3,996,300
3,974,100
3,793,200
3,747,500
3,533,600
Ore Mined
Tonnes
278,600
198,400
322,400
225,200
284,100
226,300
Grade
g/t Au
2.43
2.85
3.51
4.43
3.63
2.68
Processing
Ore Processed
Tonnes
255,200
231,000
254,800
241,400
211,600
221,900
Grade
g/t Au
2.99
2.95
3.38
3.58
3.66
3.18
Recovery
%
94.0
94.1
95.0
95.5
95.5
94.1
Gold Recovered
oz
23,100
20,600
26,300
26,500
23,800
21,300
Note: Figures rounded
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:
BlytheRay (Financial PR)
Tim Blythe / Megan Ray / Said Izagaren
Tel: +44 207 138 3203
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/173170