Thor Explorations – Financial, Production, and Exploration Update At Segilola, Ongoing Exploration At Douta
Segun Lawson, President and CEO of Thor Explorations (TSX.V:THX – US:THXPF), joins us for a financial, production, and exploration update at the producing Segilola Gold Project mine in Nigeria, along with an exploration update at the Douta development project in Senegal.
We review the Q1 metrics around All-In Sustaining Costs “AISC”, head grades, recovery rates, and production output at the Segilola mine of 21,343 gold ounces produced, right in the middle of Company guidance, and is seeing throughput beyond the nameplate expectations and improved higher recovery rates closer to 94-95%. The average head-grade has also risen from to around 3-4 g/t, and now that the operations team accessing higher grade sections of the ore body. With all-in sustaining costs for Q1 around $799 per oz sold ounce, and annual guidance for between $850-$950 AISC, there are fantastic margins, with full year guidance unchanged at 80,000 to 100,000 ounces of gold.
At Segilola, the 7,500 meter drill program is well underway with the goal to expand resources and mine life as well as find nearby accretive potential open pit satellite deposits that can feed the mill, with more drilling planned after that at depth in the pit for the potential of higher grade underground mining opportunities down the production pipeline.
Next we moved over to the ongoing 6,00 meter exploration at the Douta Project in Senegal, looking to extend the Makosa ore body, successfully connecting it to the Makosa Tail, and expanding it to the north by 1 km, as well as doing further drill testing around the new mineralized discovery at the Mansa target. 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.
If you have any questions for Segun regarding the ongoing work at Thor Explorations, then please email us at either fleck@kereport.com or shad@kereport.com.