Thor Explorations – Q3 Operations Review At Segilola Gold Mine And Exploration Update For Segilola, Douta, And The Lithium Claims

Shad Marquitz
October 24, 2023

Segun Lawson, President and CEO of Thor Explorations (TSX.V:THX – US:THXPF), joins us to review the Q3 Operations at the Segilola Gold Mine, and an exploration update for Segilola, Douta, and the new Thor Lithium claims.


In Q3 the Segilola gold production was 19,104 ounces during the quarter at an average grade of 2.46 grammes per tonne (g/t) of gold. Segun reiterated that the full year 2023 production guidance of 85,000 oz of gold is maintained, and mentioned the AISC guidance for the year is also maintained at US$1,150 – US$1,350 per ounce.  We reviewed that the Company 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. Now that the main west wall push back is complete, the operating conditions in the pit are much improved, facilitating the opening up of more mining faces into higher grade material, and this should be a positive contributing factor for operations and grades in the quarters to come.


At Segilola, the focus of exploration activities has been within a 25km radius from the mining operations, utilizing reverse circulation (RC) drilling, stream sediment sampling, and grid auger sampling.  The Kola Prospect, which is located 23km south of Segilola has emerged as a key target,  with full results from the drilling still pending.  Additionally, there has been continued diamond drilling on identified high-grade quartz-vein style mineralization at Aye-Ile prospect, which is located 15km west of Segilola with several narrow high-grade intersections obtained thus far.


At the Douta Project, there is ongoing environmental and social permitting, metallurgical test work, geo-technical studies, 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, more step-out drilling and resource drilling at the Makosa deposit has been completed, to move resources from inferred to indicated, as well as expansion drilling around some of the new mineralized satellite discoveries, with particular emphasis on the Sambara target.


We also discussed the exploration work at the new lithium subsidiary of the company, with a total of 77 RC drillholes totaling 4,585 meters that were drilled a the Oyo Project Location 6. Significant intersections previously reported include 11m grading 1.53% lithium oxide (Li2O), 9m grading 2.42% Li2O and 11m grading 2.61% Li2O. Additional land tenures were obtained at both the Oyo and Ekiti Project Area, with reconnaissance mapping and sampling at the Ekiti Project returning positive results.




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


*In full disclosure, Shad is a shareholder of Thor Explorations.




Click here to read over the recent news out of the Company.

    Oct 24, 2023 24:36 PM

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    Will Daniel – Fortune – Mon, October 23, 2023

    “On Aug. 2, billionaire hedge fund titan Bill Ackman revealed he was shorting, or betting against, 30-year Treasury bonds using options. The founder and CEO of Pershing Square Capital Management warned that “structural changes” to the global economy—including deglobalization, the green-energy transition, and increased worker bargaining power—would lead to an era of persistently higher inflation and, consequently, higher 30-year Treasury yields. (When Treasury bond yields rise, Treasury bond prices fall. This is why Ackman was shorting, or betting against, bonds.)”

    “But now, Ackman believes that the economy may not be as healthy as it seems, and with conflicts in the Middle East and Ukraine raging, he’s decided to end his bet against 30-year Treasury bonds.”

    “The economy is slowing faster than recent data suggests,” Ackman wrote in a Monday post on X, formerly Twitter, adding that “there is too much risk in the world to remain short bonds at current long-term rates.”

    Oct 24, 2023 24:50 PM

    China Kicks Fiscal Stimulus Into Overdrive With Deficit-Busting 1 Trillion Yuan In New Debt

    Tuesday Oct 24, 2023

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    Oct 25, 2023 25:15 AM

    Gold’s nemesis is the $2000 barrier, I listed Hercules Silver as a stock to watch and it has been on a tear, but you wonder if it isn’t being influenced by “Luc Ten Have”, or do investors like its name, the markets are so damn fickled, more so than ever. DT

      Oct 25, 2023 25:26 AM

      LucTenHave is a good one to follow. Eric Sprott commented once that he read his posts on and thought they were quality entries.

        Oct 25, 2023 25:15 AM


        Glad to see you are back, now if this market would just start going my way. LOL! DT

        Oct 25, 2023 25:59 AM

        LucTenHave is a buddy of mine, with a very sharp mind on how he analyzes resource stocks, and a very good follow over at indeed. I will always give his comments or critiques or analysis consideration and value his outlook. This thread reminds me that I need to reach out to him about getting him back on the show again soon to discuss the website he created that is a due diligence tool for investors on the junior mining stocks. We hung out a few times in Beaver Creek and discussed his site and his outlook on the sector and it would be nice to have him on to run some of those questions by him in an interview format. Stay tuned!