TIDMTHX
RNS Number : 2881Q
Thor Explorations Ltd
17 October 2023
NEWS RELEASE
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES
October 17, 2023 TSXV/AIM: THX
THOR EXPLORATIONS ANNOUNCES Q3 2023 OPERATING UPDATE
Thor Explorations Ltd. (TSXV / AIM: THX) ("Thor Explorations" or
the "Company") is pleased to provide an operational update for the
Segilola Gold Mine, located in Nigeria ("Segilola"), and for the
Company's mineral exploration properties located in Nigeria,
Senegal and Burkina Faso for the three months to September 30, 2023
(the "Quarter" or "Q3").
Highlights
Segilola Production
-- Gold production of 19,104 ounces ("oz") during the Quarter at
an average grade of 2.46 grammes per tonne ("g/t") of gold
("Au")
Segilola Exploration
-- Focus of exploration activities within a 25 kilometre ("km")
radius from the Segilola operations
-- Continuation of reverse circulation ("RC") drilling, stream
sediment sampling and grid auger sampling at the Kola Prospect,
which is located 23km south of Segilola with full results from the
drilling during the Quarter still pending
-- Continuation of diamond drilling on identified high-grade
quartz-vein style mineralisation at Aye-Ile prospect which is
located 15km west of Segilola with several narrow high-grade
intersections obtained
Douta Project
-- Pre-Feasibility Study ("PFS") workstreams are ongoing
targeting publication by the end of 2023
-- Environmental and Social Impact Assessment is ongoing
-- Metallurgical test work is continuing at IMO Laboratory in Perth, Western Australia
-- Compilation and reporting of geotechnical data
-- Resource drilling, which targeted the higher-grade parts of
the existing inferred resource has been completed
Thor Lithium Exploration
-- At Oyo Project Location 6 a total of 77 RC drillholes
totalling 4,585 metres ("m") were drilled
-- Significant intersections previously reported include 11m
grading 1.53% lithium oxide ("Li2O"), 9m grading 2.42%Li2O and 11m
grading 2.61%Li2O
-- Regional soil geochemical surveys commenced
-- Additional tenure obtained at both the Oyo and Ekiti Project Areas
-- Reconnaissance mapping and sampling at the Ekiti Project
returned positive results including a rock chip sample grading
2.92%Li2O and drilling will commence at this Project in October
2023
Outlook
-- FY 2023 production guidance of 85,000 oz of gold maintained
-- AISC guidance for the year maintained at US$1,150 - US$1,350 per ounce
-- H2 2023 drilling programs:
o Continuation of drilling at Segilola gold regional targets
o Continuation of drilling at Oyo lithium prospect and
commencement of drilling at the Ekiti lithium prospects in
Nigeria
-- Completion of the Douta PFS
-- Continued assessment of prospective exploration properties in Nigeria
-- Continued exploration programs across our exploration portfolio in Nigeria
Segun Lawson, President & CEO, stated :
"As I commented in our H1 Financial and Operating Results
announcement, we had 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.
"We are pleased that the main west wall push back is now
complete and as at the quarter end, the operating conditions in the
pit are much improved, facilitating the opening up of more mining
faces and reducing any short term planning pressures.
"In Senegal, drilling at the Douta Project is now complete and
final assays are pending. The Douta Pre-Feasibility Study
workstreams are progressing and remain on track for completion by
the end of the year.
"Following the successful initial drilling program at our West
Oyo project area, which identified an initial high grade lithium
opportunity, exploration activities are now focussed on working up
additional nearby drilling targets. We have also added additional
licences to our portfolio in the Ekiti project area which are now
being followed up on with a view to commence drilling this
quarter."
Production and Sales update
In Q3 2023, mined and processed ore were 302,900 tonnes and
261,700 tonnes respectively. The average mined grade was 2.44 g/t
and mill head grade 2.66 g/t, blended from mining and existing
stockpile.
The mined grade was lower than originally forecast for the
period due to grades intercepted in grade control drilling being
lower than the reserve grades (based on exploration drilling). The
density of exploration drilling in this area of the ore body was at
the lower end for reserve classification and this under
reconciliation is not expected to continue.
Gold recovery of 19,104 oz during the Quarter was lower than
expectation due to the lower than forecast mine grade.
Mining operations continued in-line with the production target
of 5,500,000 tonnes per quarter. Mining is forecast to remain at
this level for the next two quarters.
The process plant throughput continued to operate above design
during the Quarter. However, process recovery level was impacted
due to a combination of lower head grade and decreased residence
time in the Carbon In Pulp ("CIP") circuit as a result of
maintenance required on the carbon adsorption circuit in
preparation for the leaching circuit upgrade.
The leaching circuit upgrade is scheduled to commence in October
2023 and enhancements to the circuit will be phased in during Q4
with final completion of the upgrade in Q1 2024. The enhancements
are aimed at further improving process plant recoveries above the
94% achieved in H1 2023.
The ore stockpile is 338,600 tonnes of ore grading 0.94 g/t
containing approximately 10,250 oz and gold in-circuit is
approximately 5,730 oz.
During the Quarter, Segilola exported 19,118 oz of payable gold
and 2,659 oz of payable silver.
Units Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022
Mining
---------------- -------- ---------- ---------- ---------- ---------- ----------
Total Mined Tonnes 5,673,200 5,633,700 4,194,700 4,296,500 4,018,400
Waste Mined Tonnes 5,370,300 5,355,100 3,996,300 3,974,100 3,793,200
Ore Mined Tonnes 302,900 278,600 198,400 322,400 225,200
g/t
Grade Au 2.44 2.43 2.85 3.51 4.43
Processing
---------------- -------- ---------- ---------- ---------- ---------- ----------
Ore Processed Tonnes 261,700 255,200 231,000 254,800 241,400
g/t
Grade Au 2.46 2.99 2.95 3.38 3.58
Recovery % 92.3 94.0 94.1 95.0 95.5
Gold Recovered oz 19,104 23,100 20,600 26,300 26,500
Note: Figures are rounded
Further details can be found on the Company's website:
www.thorexpl.com
About Thor Explorations
Thor Explorations Ltd. is a mineral exploration company engaged
in the acquisition, exploration, development and production of
mineral properties located in Nigeria, Senegal and Burkina Faso.
Thor Explorations holds a 100% interest in the Segilola Gold
Project located in Osun State, Nigeria and has a 70% economic
interest in the Douta Gold Project located in south-eastern
Senegal. Thor Explorations trades on AIM and the TSX Venture
Exchange under the symbol "THX".
THOR EXPLORATIONS LTD.
Segun Lawson
President & CEO
For further information please contact:
Thor Explorations Ltd
Email: info@thorexpl.com
Canaccord Genuity (Nominated Adviser & Broker)
Henry Fitzgerald-O'Connor / James Asensio / Thomas Diehl
Tel: +44 (0) 20 7523 8000
Hannam & Partners (Broker)
Andrew Chubb / Matt Hasson / Jay Ashfield / Franck Nganou
Tel: +44 (0) 20 7907 8500
Fig House Communications (Investor Relations)
Tel: +1 416 822 6483
Email: investor.relations@thorexpl.com
BlytheRay (Financial PR)
Tim Blythe / Megan Ray / Said Izagaren
Tel: +44 207 138 3203
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END
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