Thor Explorations – Production And Exploration Growth At Segilola And 30,000 meter Drill Program and PFS On Tap At Douta

Shad Marquitz
February 14, 2022

Segun Lawson, President and CEO of Thor Explorations (TSX.V:THX – US:THXPF), joins us for an operations update at the producing Segilola Gold Project mine in Nigeria, along with an exploration update at this Project, as well as an exploration update at the Douta development project in Senegal.


We start off with a review of commercial production at the Segilola Gold Project in Nigeria, and how after a few initial teething slowdowns in October/Novemeber that things are now moving along with improving metrics.   The Company has made it up to nameplate ore throughput, with an average head-grade of 2-3 g/t, and is moving into a part of the mine that will have 4.5 – 5.5 g/t gold, which will help economics.  The gold recoveries are averaging 92%-93%, with a goal of getting those up consistently closer to the 97% seen in January.  With All In Sustaining Costs well under $900 per ounce, there are fantastic margins, and target Q1 production guidance of 20,000 – 22,000 ounces, and annual guidance for 2022 of 80,000 – 100,000 ounces next year.  The company is also switching from diesel fuel to compressed natural gas, which should lower energy costs by 40% once implemented.


At Segilola, the 15,000 drill program has kicked off looking to expand resources and mine life as well as find nearby accretive potential open pit satellite deposits that can feed the mill.   In addition, the Company has their own assay lab nearby now, which will dramatically help with the turnaround times on getting drill assays back to guide future exploration.


Next we shifted focus to discussing the overall 30,000 meters drill program planned to expand the resources at the Douta Gold Project this year.  The initial Phase 1 program will consist of 5,000 meters to extend the Makosa ore body to the north by 1 km, and retest a new mineralized discovery at the Mansa Prospect as well as 2 new prospects.   As the exploration program progresses the goal is to expand the resource to over 1 million ounces, beyond the recent 730,000 ounce Maiden Mineral Resource Estimate for the Makosa Deposit, which was announced November 17th, as well as to conduct and release a Pre Feasibility Study by year end. 


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