Thor Explorations – Recapping Q3 Operations That Exceeded Guidance And A Comprehensive Exploration Update

Shad Marquitz
October 20, 2022

Segun Lawson, President and CEO of Thor Explorations (TSX.V:THX – US:THXPF), joins us for a review of the financials & production metrics, and exploration strategy at the producing Segilola Gold Project mine in Nigeria, along with an exploration update from the Douta development Project in Senegal.


We review the Q3 operations metrics, where production came 26,523 ounces of gold produced exceeding guidance for the quarter of 23,000 – 25,000 oz. This outperformance beyond guidance was due to rising head grades, optimal recovery rates at 95.5%, and higher throughput at the processing plant at Segilola performing beyond the nameplate expectations. The average head-grade has also risen to around 3.63 g/t gold, and mined grades, which will show up in Q4 metrics has risen to 4.43 g/t gold. All-in sustaining costs are still on track for the annual guidance for between $850-$950 AISC, so there are fantastic margins, and due to outperformance the Company has raised full year guidance to 95,000 to 100,000 ounces of gold.


Next we discussed the continued progress in the repayment of debt, where the Company repaid an additional tranche of US$10.3 million of its Senior Debt Facility in the Period and has now reduced the facility by almost 50% in nine months of commercial production.  This provides the company options with restructuring the remaining debt, or just pushing more revenues and cashflows towards exploration and expansion for 2023 and beyond.


The conversation then shifted to resource expansion and definition at Segilola, with the on-going 5,000 -10,000 meter drill program well underway to explore at depth under the existing pit, and allow for a deeper pit, and explore for the potential of an underground mining scenario.  There are also additional meters planned by the exploration team to keep testing nearby regional targets, with the goal to locate accretive open pit satellite deposits that can feed the mill.  


We wrap up with the continued exploration work going on at the key development-stage Douta Project in Senegal, where the Company is looking to extend the Makosa ore body, as well as doing further drill testing around the new mineralized discoveries at the Mansa and Maka targets.   As the exploration program wraps up in the next 4 weeks,  the goal is to put out an expanded resource estimate update, with a goal to take things to over 1 million ounces, beyond the recent 730,000 ounce Maiden Mineral Resource Estimate for the Makosa Deposit.   After the resource update, the company also plans to put out a Preliminary Economic Assessment in Q1 of 2023.


If you have any questions for Segun regarding the ongoing work at Thor Explorations, then please email us at either or



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    Oct 20, 2022 20:23 PM

    Watch out people , they are coming after your phy. silver……………………………………………………………………………….LOL

      Oct 20, 2022 20:32 PM

      Haha! Good one IrishT. The Wolfman and Dracula coming after the silver cracked me up. 🙂

    Oct 21, 2022 21:08 AM

    One takeaway I had in listening to this update from Segun on Thor Explorations, was just how much exploration work the company has on tap, in addition to the operational improvements and success. They have both the deep drilling under the current pit (setting up a potential underground mining option at Segilola), then the step-out and regional drilling looking for additional satellite pits to feed the current plant, and then all the additional drilling that has been going on at their Douta development project.

    That is so much more interesting and impressive than most explorers that are simply one of a thousand drill-plays on some remote land package, doing 5k meters of drilling on a project that will likely never be an economic mine. It demonstrates once again, that the drill programs on these growth-oriented gold producers are often larger, more immediately impactful to a company, and actually have a pathway forward to being monetized.

    If people are animated by exploration and the treasure hunt, then consider the producers that actually generate revenues, instead of just burning through capital, and that can turn their revenues into more drilling, and more importantly take their new exploration discoveries and convert them into even larger revenues.