Thor Explorations – Q2 Operations Review At Segilola Gold Mine And Exploration Update For Segilola, Douta, And The New Lithium Claims
Segun Lawson, President and CEO of Thor Explorations (TSX.V:THX – US:THXPF), joins us to review the Q2 Operations at the Segilola Gold Mine, and an exploration update for Segilola, Douta, and the new lithium claims.
Now that the mine plan is back into higher grade stopes again, the Q2 Segilola gold production was 23,078 ounces at an average grade of 2.99 g/t Au. There is an intensive ongoing diamond and reverse circulation drill program all around the Segilola mine, and at some identified high-grade quartz-vein style mineralization targets at Igala and Ayelle prospects within 15 km of Segilola. Drill results should be starting to release to the markets in August and beyond from this exploration work to expand resource near the mine.
At the Douta Project, there is ongoing metallurgical, geo-technical, and definition drilling underway to feed into the work needed for the Preliminary Economic Assessment (PEA) slated for delivery to the market by year-end. Additionally, there is more step-out drilling and infill drilling at the Makosa deposit, to move resources from inferred to indicated, as well as expansion drilling around 3 key new mineralized satellite discoveries, with particular emphasis on the Sambara target. There will be plenty of exploration news to report for the balance of the year, to expand the recently updated resource of 1.78 million ounces of gold.
We also discussed the newly announced lithium subsidiary of the company, Newstar Minerals Ltd, and the 5,000 meter drill program exploring the recent acquisition of significant tenure in south-west Nigeria that covers both known lithium bearing pegmatite deposits and a large unexplored prospective pegmatite-rich belt. Thor has secured over 600km2 of granted tenure in Nigeria that forms West Oyo, Kwara State and Ekiti State Lithium Project Areas. The West Oyo Project Area encompasses what Thor considers to be Nigeria’s most significant lithium pegmatite occurrence and is currently being exploited by small-scale lithium mining.
*In full disclosure, Shad is a shareholder of Thor Explorations.