Thor Explorations Announces Q3 2023 Operating Update
Thor Explorations Announces Q3 2023
Operating Update
Vancouver, British Columbia--(Newsfile Corp. - October 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 September 30, 2023
(the "Quarter" or "Q3").
Highlights
Segilola Production
Gold production of 19,104 ounces ("oz") during the Quarter at an average grade of 2.46 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 reverse circulation ("RC") drilling, stream sediment sampling and grid auger
sampling at the Kola Prospect, which is located 23km south of Segilola with full results from the
drilling during the Quarter still pending
Continuation of diamond drilling on identified high-grade quartz-vein style mineralisation at Aye-Ile
prospect which is located 15km west of Segilola with several narrow high-grade intersections
obtained
Douta Project
Pre-Feasibility Study ("PFS") workstreams are ongoing targeting publication by the end of 2023
Environmental and Social Impact Assessment is ongoing
Metallurgical test work is continuing at IMO Laboratory in Perth, Western Australia
Compilation and reporting of geotechnical data
Resource drilling, which targeted the higher-grade parts of the existing inferred resource has been
completed.
Thor Lithium Exploration
At Oyo Project Location 6 a total of 77 RC drillholes totalling 4,585 metres ("m") were drilled
Significant intersections previously reported include 11m grading 1.53% lithium oxide ("Li2O"), 9m
grading 2.42%Li2O and 11m grading 2.61%Li2O
Regional soil geochemical surveys commenced
Additional tenure obtained at both the Oyo and Ekiti Project Areas
Reconnaissance mapping and sampling at the Ekiti Project returned positive results including a
rock chip sample grading 2.92%Li2O and drilling will commence at this Project in October 2023
Outlook
FY 2023 production guidance of 85,000 oz of gold maintained
AISC guidance for the year maintained at US$1,150 - US$1,350 per ounce
H2 2023 drilling programs:
Continuation of drilling at Segilola gold regional targets
Continuation of drilling at Oyo lithium prospect and commencement of drilling at the Ekiti
lithium prospects in Nigeria
Completion of the Douta PFS
Continued assessment of prospective exploration properties in Nigeria
Continued exploration programs across our exploration portfolio in Nigeria
Segun Lawson, President & CEO, stated
:
"As I commented in our H1 Financial and Operating Results announcement, we had anticipated that
the mine grade would be lower in the period, and this has resulted in recovered gold being at the low
end of expectation for the period.
"We are pleased that the main west wall push back is now complete and as at the quarter end, the
operating conditions in the pit are much improved, facilitating the opening up of more mining faces
and reducing any short term planning pressures.
"In Senegal, drilling at the Douta Project is now complete and final assays are pending. The Douta
Pre-Feasibility Study workstreams are progressing and remain on track for completion by the end of
the year.
"Following the successful initial drilling program at our West Oyo project area, which identified an
initial high grade lithium opportunity, exploration activities are now focussed on working up additional
nearby drilling targets.
We have also added additional licences to our portfolio in the Ekiti project area
which are now being followed up on with a view to commence drilling this quarter."
Production and Sales update
In Q3 2023, mined and processed ore were 302,900 tonnes and 261,700 tonnes respectively. The
average mined grade was 2.44 g/t and mill head grade 2.66 g/t, blended from mining and existing
stockpile.
The mined grade was lower than originally forecast for the period due to grades intercepted in grade
control drilling being lower than the reserve grades (based on exploration drilling). The density of
exploration drilling in this area of the ore body was at the lower end for reserve classification and this
under reconciliation is not expected to continue.
Gold recovery of 19,104 oz during the Quarter was lower than expectation due to the lower than forecast
mine grade.
Mining operations continued in-line with the production target of 5,500,000 tonnes per quarter. Mining is
forecast to remain at this level for the next two quarters.
The process plant throughput continued to operate above design during the Quarter. However, process
recovery level was impacted due to a combination of lower head grade and decreased residence time
in the Carbon In Pulp ("CIP") circuit as a result of maintenance required on the carbon adsorption circuit
in preparation for the leaching circuit upgrade.
The leaching circuit upgrade is scheduled to commence in October 2023 and enhancements to the
circuit will be phased in during Q4 with final completion of the upgrade in Q1 2024. The enhancements
are aimed at further improving process plant recoveries above the 94% achieved in H1 2023.
The ore stockpile is 338,600 tonnes of ore grading 0.94 g/t containing approximately 10,250oz and gold
in-circuit is approximately 5,730oz.
During the Quarter, Segilola exported 19,118 oz of payable gold and 2,659 oz of payable silver.
Units
Q3 2023
Q2 2023
Q1 2023
Q4 2022
Q3 2022
Mining
Total Mined
Tonnes
5,673,200
5,633,700
4,194,700
4,296,500
4,018,400
Waste Mined
Tonnes
5,370,300
5,355,100
3,996,300
3,974,100
3,793,200
Ore Mined
Tonnes
302,900
278,600
198,400
322,400
225,200
Grade
g/t Au
2.44
2.43
2.85
3.51
4.43
Processing
Ore Processed
Tonnes
261,700
255,200
231,000
254,800
241,400
Grade
g/t Au
2.46
2.99
2.95
3.38
3.58
Recovery
%
92.3
94.0
94.1
95.0
95.5
Gold Recovered
oz
19,100
23,100
20,600
26,300
26,500
Note: Figures are 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
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SERVICES
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