Thor Explorations Announces Q2 2024 Operating Update
Thor Explorations Announces Q2 2024
Operating Update
Vancouver, British Columbia--(Newsfile Corp. - July 15, 2024) - 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 and Senegal, for the three months to June 30, 2024 (the "Quarter" or "Q2").
Segilola Q2 2024 Operational Highlights
Gold poured of 21,742 ounces ("oz")
Produced from 174,000 tonnes milled at an improved average grade of 3.42 grammes per tonne
("g/t") of gold ("Au")
Mine production of 491,935 tonnes at an average grade of 1.78g/t of Au for 28,153 oz
Ore stockpile increased by 9,034oz to 38,298oz of Au at an average grade of 1.01g/t of Au which
includes a medium-grade stockpile of 7,620 oz of Au at a grade of 2.0g/t of Au
Release of 3,652oz of Au in circuit ("GIC") resulting from improved operational efficiency in the
process plant post completion of the previously announced carbon in leach ("CIL") circuit upgrade
Payment of US$7.9 million towards the outstanding senior debt facility with Africa Finance
Corporation ("AFC") leaving a balance of $7.9 million scheduled to be fully repaid by the end of
2024
Exploration Q2 2024 Highlights
Nigeria
Commencement of Segilola Underground Exploration a focus on structural studies in Q2 2024
Completion of Phase 1 of Segilola Underground Drilling Program Design to commence at the end
of the Quarter
An additional 155 square kilometres ("km²") of prospective exploration tenure was acquired,
located 35 km south of the Segilola Gold Mine
Senegal
In Senegal, the 15,000 metre ("m") 2024 drilling program commenced with the first set of
encouraging results announced on 25
th
June 2024. Highlights included:
Drillhole DTRC941 - 24m at 3.53 g/t Au from 0m
Drillhole DTDD920 - 12m at 1.40 g/t Au from 33m
Drillhole DTDD921 - 9m at 2.74 g/t Au from 15m
Drillhole DTRC936 - 8m at 1.13 g/t Au from 16m
Exploration activities during the Quarter were focused on generating additional drill targets at the
new Douta West and Sofita projects as well as extending the oxide resource at Makosa East
through drilling
Pre-feasibility study workstreams are continuing, with a target completion in H2 2024
Lithium
Thor, through its Nigerian subsidiary Newstar, has secured over 600km
2
of granted tenure in
Nigeria that form Oyo State, Kwara State and Ekiti State Lithium Project Areas
Exploration activities during the quarter, comprising geological mapping and detailed auger soil
sampling, and drilling within Newstar-owned exploration permits
The Company continued its acquisition of prospective lithium tenure in Nigeria
FY 2024 Outlook and Catalysts
FY 2024 production guidance range maintained at 95,000 to 100,000 oz of Au
FY 2024 All-in Sustaining Cost ("AISC") guidance range maintained at $1,100 to $1,200
Drilling programs across all the Company's exploration portfolio:
Segilola near mine drill targets
Segilola underground drilling program
Senegal - Douta and Douta West licences
Nigeria lithium portfolio
Updated Mineral Resource Estimate and Preliminary Feasibility Study ("PFS") at the Douta
Project rescheduled for H2 2024, following completion of metallurgical testwork program in China
Continued acquisition of prospective lithium tenure in Nigeria
Segun Lawson, President & CEO, stated
:
"We were pleased by the performance of the Segilola Mine in the Quarter. Following the completion of
the upgrade of the CIL circuit in Q1 2024, in the Quarter, we prioritised releasing GIC, by decreasing
process plant throughput whilst focussing on increasing recovery and improving circuit efficiency. I am
pleased to report that this has been a successful exercise, which is reflected in our operational results
for the Quarter during which we achieved a recovery rate of 94.6% and poured more gold than
recovered from the mine. We are now positioned in Q3 to return to the increased process plant
throughput rate whilst maintaining these operational improvements that have been achieved in the
Quarter, which should result in the continued increased amount of gold poured in H2 from both mined
ore and further releases from GIC."
"In Senegal, the Douta project continues to deliver promising exploration results, offering compelling
upside potential for the Company. The first set of drilling results from our 2024 program were positive
and the 15,000 metre drilling program is continuing through Q3, designed at adding oxide ounces
outside of the existing resource, to be incorporated into the Douta Preliminary Feasibility Study."
"We are pleased to have made further progress towards fully repaying our senior debt facility by the
end of the year with a balance of $7.9 million remaining outstanding and also continuing to make
repayments towards our payables, whilst continuing to strengthen our balance sheet."
PRODUCTION SUMMARY
Units
Q2 2024
Q1 2024
Q4 2023
Q3 2023
Q2 2023
Mining
Total Mined
Tonnes
4,710,220
4,939,647
5,483,291
5,673,193
5,633,688
Waste Mined
Tonnes
4,171,122
4,473,752
5,031,932
5,370,279
5,355,105
Ore Mined
Tonnes
491,935
465,895
451,360
302,915
278,583
Grade
g/t Au
1.78
2.07
1.93
2.44
2.43
Processing
Ore Processed
Tonnes
174,000
235,933
262,439
261,671
255,231
Grade
g/t Au
3.42
2.85
2.77
2.46
2.99
Recovery
%
94.6
90.7
93.4
92.3
94.0
Gold Recovered
oz
18,090
19,589
21,798
19,104
23,078
Gold Poured
oz
21,742
18,543
16.361
16,579
21,518
Table 1: Production Summary
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 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".
For further information please contact:
Thor Explorations Ltd
Email:
Canaccord Genuity (Nominated Adviser & Broker)
Henry Fitzgerald-O'Connor / James Asensio / 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
Fig House Communications (Investor Relations)
Tel: +1 416 822 6483
Email:
Yellow Jersey PR (Financial PR)
Charles Goodwin / Shivantha Thambirajah / Zara McKinlay
Tel:
+44 (0) 20 3004 9512
BlytheRay (Financial PR)
Tim Blythe / Megan Ray / Said Izagaren
Tel: +44 207 138 3203
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.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES
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