TIDMTHX
RNS Number : 6765U
Thor Explorations Ltd
27 November 2023
NEWS RELEASE
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES
27 November 2023 TSXV & AIM: THX
THOR EXPLORATIONS
FINANCIAL AND OPERATING RESULTS FOR THE THREE AND NINE MONTHSING
SEPTEMBER 30, 2023
Focus on drilling regional Segilola gold targets, continuation
of lithium prospects
Thor Explorations Ltd. (TSXV / AIM: THX) ("Thor Explorations",
"Thor" or the "Company") is pleased to provide an operational and
financial review for its Segilola Gold mine, located in Nigeria
("Segilola"), and for the Company's mineral exploration properties
located in Nigeria, Senegal, and Burkina Faso for three ("Q3 2023"
or the "Period") and nine months to September 30, 2023.
Financial Highlights of Q3 2023 and nine months to Sept 2023
US$ Q3 2023 Q3 2022 Nine months Nine months
to Sept to Sept 2022
2023
Revenue $36.6m $55.7m $118.2m $121.9m
--------- --------- ------------ --------------
AISC* $1392/oz $1378/oz $1321/oz $1273/oz
--------- --------- ------------ --------------
Cash operating cost $1193/oz $1137/oz $1005/oz $991/oz
--------- --------- ------------ --------------
EBITDA $11.8m $17.8m $47.0m $49.0m
--------- --------- ------------ --------------
Net Profit $2.3m $7.6m $14.5m $17.8m
--------- --------- ------------ --------------
Cash at end of period $8.3m $2.5m - -
--------- --------- ------------ --------------
Net Debt $19.4m $40.7m - -
--------- --------- ------------ --------------
* all-in sustaining cost
Operational Highlights for Q3 2023
Gold production targets on track for FY23 guidance
-- Gold production for the Period totalled 19,021 ounces ("oz")
-- Nine months to Sept '23 production of 63,328 oz - in line with expectations
-- All main operating units of the process plant continue to
perform well, with the main west wall push back completed
-- Ongoing improvements at process plant being undertaken and to be commissioned in Q4 2023
Focused exploration at Segilola
-- Focus of gold exploration activities within a 25km radius from the Segilola operations
-- Continuation of reverse circulation ("RC") drilling, stream
sediment sampling and grid auger sampling at the Kola Prospect,
23km south of Segilola,
-- 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 drilled
Ongoing impact Assessment of Douta Project
-- Further progress made with Pre-Feasibility Study ("PFS")
workstreams with an expected completion for Q1 2024
-- 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
-- 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 with drilling now commence at this Project
ESG
-- Two weather stations installed at Segilola to assist with
accurate climate database and mine planning
-- Continuous progression of livelihood restoration programmes
to individuals affected locally within the Segilola mine
footprint
-- Community projects undertaken by Africa Star Resources team
in Senegal, including improvements of local school toilet
facilities, clearing wasteland at local cemetery and providing a
generator for the local police station
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 and
underground project
o Continuation of drilling at Oyo lithium prospect and
commencement of drilling at the Ekiti lithium prospects in
Nigeria
-- Completion of the Douta resource update in Q4 2023
-- Continued assessment of prospective exploration properties in Nigeria
-- Continued exploration programs across our exploration portfolio in Nigeria
Segun Lawson, CEO, commented:
"Our Q3 2023 gold production of 19,104oz is in-line with our
August guidance update of 85,000oz for the full year 2023.We are
pleased to have achieved this and to have completed the pushback of
the west wall which means that the pit conditions have
significantly improved. We are now well positioned to mine more
flexibly and efficiently going forwards.
"Our process plant continues to perform above design capacity.
Upgrades to the process plant leaching and electrowinning circuits
are being phased-in over Q4 2023 and Q1 2024, which are expected to
result in a release of gold-in-circuit and increased plant
recoveries from December 2023, continuing throughout 2024.
"In terms of financial performance, whilst the lower grades have
led to lower revenue and profits in the quarter, we have maintained
good levels of positive cash flow. We anticipate a stronger
financial performance in the final quarter as the mine grade
increases.
"The resource drilling at our Douta gold project in Senegal,
which was targeting the higher-grade zones of the inferred
resource, has been completed and final assays are pending. The
Environmental and Social Impact Assessment is ongoing and
metallurgical test work is continuing at IMO Laboratory in Perth,
Western Australia. To maximise the full potential of the 1.78 Moz
of gold resource at Douta, we are extending the metallurgical
testwork program with IMO and will also be conducting further
testwork with our engineering design partner JinPeng engineering in
China to confirm equipment selection. It is important that we
confirm a robust process design that maximises the overall
economics of the project and that provides us with the confidence
to progress directly to project implementation. We are therefore
postponing the preparation of an updated resource for Douta until
confirmation of the process design and thereafter release of the
PFS, targeting Q1 2024.
"We have made good early progress at our West Oyo Lithium
Project in Nigeria, with an encouraging initial set of drilling
results. We have been able to confirm and delineate lithium-bearing
mineralisation, with spodumene confirmed as the primary
lithium-bearing mineral. Our plan is to expand our drilling program
to the other pegmatites across our permits and expect to receive
further results in Q4 2023."
The Group's Consolidated Condensed Interim Financial Statements
together with the notes related thereto, as well as the
Management's Discussion and Analysis for the three and nine months
ended September 30, 2023, are available on Thor Explorations'
website at https://thorexpl.com/investors/financials/ .
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".
For further information please contact:
Thor Explorations Ltd
Email: info@thorexpl.com
Canaccord Genuity (Nominated Adviser & Broker)
Henry Fitzgerald-O'Connor / James Asensio / Harry Rees
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
Yellow Jersey PR (Financial PR)
Charles Goodwin / Shivantha Thambirajah / Soraya Jackson
Tel: +44 (0) 20 3004 9512
BlytheRay (Financial PR)
Tim Blythe / Megan Ray / Said Izagaren
Tel: +44 207 138 3203
Qualified Person
The technical information included in this report has been
prepared under the supervision of Alfred Gillman (Fellow, AusIMM,
CP Geology), who is designated as a "qualified person" under
National Instrument 43-101 and AIM and has reviewed and approves
the content of this news release. He has also reviewed QA/QC,
sampling, analytical and test data underlying the information.
Production Metrics
Units Q3 - Q2 -2023 Q1 - Q4 - Q3 - Q2 - Q1 -
2023 2023 2022 2022 2022 2022
Mining
Total Mined Tonnes 5,673,193 5,633,688 4,194,689 4,296,494 4,018,431 4,031,584 3,759,524
Waste Mined Tonnes 5,370,279 5,355,105 3,996,264 3,974,073 3,793,249 3,747,504 3,533,610
Ore Mined Tonnes 302,915 278,583 198,425 322,421 225,182 284,079 226,314
Grade g/t Au 2.44 2.43 2.85 3.51 4.43 3.63 2.68
Daily Total
Mining Rate Tonnes/Day 61,665 61,909 46,608 46,701 43,679 44,303 41,772
Daily Ore
Mining Rate Tonnes/Day 3,292 3,061 2,205 3,505 2,448 3,122 2,515
Stockpile
Ore Stockpiled Tonnes 338,558 297,060 270,215 300,531 229,909 249,281 179,758
Ore Stockpiled g/t Au 0.99 1.06 1.14 1.48 1.19 1.46 1.23
Ore Stockpiled Oz 10,756 10,124 9,904 14,300 8,796 11,701 7,109
Processing
Ore Processed Tonnes 261,671 255,231 231,001 254,824 241,434 211,582 221,900
Grade g/t Au 2.46 2.99 2.95 3.38 3.58 3.66 3.18
Recovery % 92.3 94 94.1 95 95.5 95.5 94.1
Gold Recovered Oz 19,104 23,078 20,629 26,331 26,523 23,785 21,343
Milling
Throughput Tonnes/Day 2,844 2,805 2,567 2,770 2,624 2,325 2,466
Key Exploration updates
Exploration Activity Summary Q3 2023
Segilola near mine exploration continued as a priority for the
Group in 2023. The Group also completed its field exploration
activities at the Douta Project in Senegal and is now completing
various workstreams for the Douta Preliminary Feasibility
Study.
The Group continued to expand its portfolio in Nigeria through
the acquisition of additional pegmatite bearing lithium licences in
various locations via entering into joint venture agreements with
existing licence holders.
The majority of the exploration activities carried out on all
the Group's licences, consisted of Reverse Circulation drilling,
Diamond Drilling, geochemical stream sediment sampling, auger
drilling and soil sampling. Work continued on the Kola target which
is located about 20km from the Segilola Mine following the
significant geochemical signature and follow up drill results that
included several anomalous zones.
In Senegal, the Group's Douta Project encompasses a mineral
resource of 1.78 million ounces ("Moz") of gold ("Au"). Workstreams
focussed on the proposed process flow sheet in support of a
Preliminary Feasibility Study (PFS) commenced during the quarter
following the completion of the resource drilling program.
As part of its strategy of identifying high-value mineral
resource opportunities, Thor, through its fully owned subsidiary
Newstar Minerals Ltd, continued to carry out drilling activities on
its West Oyo Lithium project however the drilling program was
interrupted due to heavy rains in Oyo, delaying the drill results
to Q4 2023.
Exploration drilling statistics summary for the Period
Prospect Target Diamond RC Total
Commodity
No. Metres No. Metres No. Metres
Holes Holes Holes
------------ ------- ------- ------- ------- ------- -------
Western Prospect
- Aye-ile gold 14 1,866 14 1,866
------------ ------- ------- ------- ------- ------- -------
Southern Prospect
-Kola gold 39 2,621 39 2,621
------------ ------- ------- ------- ------- ------- -------
Newstar Lithium
- Oyo lithium 77 4,585 77 4,585
------------ ------- ------- ------- ------- ------- -------
Total 14 1,866 116 7,206 130 9,072
------- ------- ------- ------- ------- -------
Nigeria Gold
Introduction
The high grade Segilola gold deposit is located on the major
regional shear zone that extends for several hundred kilometres
through the gold-bearing Ilesha schist belt (structural corridor)
of Nigeria.
The key objective of the exploration strategy is to extend the
life of mine ("LOM") at Segilola. Approximately 80% of the Group's
Nigerian exploration effort is concentrated within a 25km radius
from the Segilola operation such that potential gold-bearing
material can be easily trucked to the existing plant. In parallel
to this, the Group also continued to carry out generative
exploration activities in areas that are further from the mine.
Segilola Southern Prospects
The southern prospects cover an area that is located to the
south from the Segilola Gold Mine. Regional stream sediment
sampling located an area of interest at what is now referred to as
the Kola target. Kola is located about 20km from the Segilola Mine.
Further follow up drill testing of this greenfield target
intersected several high grade anomalous zones of interest
including 13m grading 11.57g/tAu.
Further drilling at the Kola Target has delineated high grade
mineralisation extensions to the north-west and the south-east as
illustrated in Figure 2.2 below. Drilling is ongoing throughout Q4
2023 to test these extensional targets.
Figure 2.2 Segilola Southern Prospects
Kola Prospect Significant Results
Hole x Y Z Depth Dip Azimuth From To Interval Grade
ID (m) (m) (m) (g/tAu)
SGRC202 699920 807870 259 31 -90 0 0 7 7 0.86
------- ------- ---- ------ ---- -------- ----- ----- --------- ---------
SGRC203 699913 807870 259 26 -90 0 0 13 13 11.57
------- ------- ---- ------ ---- -------- ----- ----- --------- ---------
SGRC203 21 24 3 0.97
------- ------- ---- ------ ---- -------- ----- ----- --------- ---------
SGRC204 699938 807889 259 70 -60 270 5 11 6 0.73
------- ------- ---- ------ ---- -------- ----- ----- --------- ---------
SGRC215 699921 807890 259 31 -60 90 17 22 5 2.54
------- ------- ---- ------ ---- -------- ----- ----- --------- ---------
SGRC236 699901 807898 259 60 -60 90 20 26 6 2.24
------- ------- ---- ------ ---- -------- ----- ----- --------- ---------
(0.5g/tAu lower cut off; maximum 1m internal dilution)
Segilola Western Prospects
The Western Prospects are located about 15km directly west from
the Segilola Gold Mine and cover mostly amphibolitic rocks that
contrast with the more gneissic terrain that is developed at
Segilola itself. The prospect comprises several exploration permits
that are held under exercised option agreements. The area is easily
accessed through a series of sealed roads and gravel tracks. The
Western Prospects are held under a joint venture agreement
("Thor-Esteedan JV") between Thor's wholly owned subsidiary
Segilola Gold Limited ("SGL") and a local mineral exploration
company, Esteedan Limited ("Esteedan").
Igila
Drilling continued at Igila following up on the series of narrow
high grade mineralised lodes. Exploration activities at the Western
Prospects was aimed at identifying additional strike length and
identifying additional lodes such as the Aye-Ile prospect.
Aye-Ile
The Aye-Ile prospect is located approximately 1.2km along strike
to the south-east from Igala. Drill testing of anomalous auger
geochemistry located a north-east dipping vein-system that is
developed on the same structural orientation as Igala. Additional
drilling is planned to expand the zone of mineralisation and to
infill the prospective strike between Igala and Aye-Ile. Further
drilling intersections were drilled in the period with results
highlighted in the table below.
Prospect Hole x Y Z Depth Dip Azimuth From To Interval Grade
ID (m) (m) (m) (g/tAu)
Aye-Ile SGD250 684182 836855 386 110 -60 320 40.7 41.8 1.1 0.64
-------- ------- ------- ---- ------ ---- -------- ----- ----- --------- ---------
Aye-Ile SGD266 684219 836824 376 84 -60 320 36.2 38.1 1.9 8.34
-------- ------- ------- ---- ------ ---- -------- ----- ----- --------- ---------
Aye-Ile SGD272 684246 836842 347 101 -60 320 70 73 3 6.84
-------- ------- ------- ---- ------ ---- -------- ----- ----- --------- ---------
(0.5g/tAu lower cut off; maximum 1m internal dilution)
Aye- Ile exploration map
Newstar Lithium
Thor has secured over 600km(2) of granted tenure in Nigeria that
form Oyo State, Kwara State and Ekiti State Lithium Project Areas.
The Oyo State Project Area encompasses what Thor considers to be
one of Nigeria's most significant lithium pegmatite occurrence
which is currently being exploited by small-scale lithium mining.
In the period, Thor has added further licences in Ekiti to its
portfolio.
The Oyo State Lithium Project comprises approximately 38km(2) of
exploration tenure that is located towards the westernmost border
of Nigeria and within 200km of the commercial capital of Lagos. The
project area is unique in the Nigerian context as it is mostly
located in a relatively sparsely populated region of the country
but within close proximity to large population centres and advanced
infrastructure such as road, rail and ports.
Target Area 1
Reconnaissance rock chip sampling carried out in 2022 in the
western parts of Oyo State returned Li(2) O analyses of between
1.34% and 9.31%. Thor has secured tenure over this area in a number
of joint venture agreements together with wholly owned exploration
permits.
A program of reverse circulation targeted an identified
pegmatite trend that is developed within northerly trending mafic
sequence that is surrounded by granitoid-gneiss terrain.
The significant results from this program are listed below.
Hole X y Depth Dip Azimuth From To Interval Grade True Width
ID (m) (m) (m) (%Li2O) (m)
NRC006 494432 899276 110 -60 110 14 25 11 1.53 10.5
includes 15 24 9 1.70 8.6
------- ------- ---------------------- ----- ----- --------- --------- -----------
NRC009 494530 899242 50 -60 110 14 15 1 0.42 1.0
------- ------- ------ ---- -------- ----- ----- --------- --------- -----------
NRC010 494515 899248 60 -60 290 15 26 11 2.61 10.5
------- ------- ------ ---- -------- ----- ----- --------- --------- -----------
NRC018 494450 899300 46 -90 0 26 29 3 1.66 2.9
------- ------- ------ ---- -------- ----- ----- --------- --------- -----------
includes 27 29 2 2.11 1.9
------- ------- ---------------------- ----- ----- --------- --------- -----------
35 44 9 2.42 8.6
------- ------- ------ ---- -------- ----- ----- --------- --------- -----------
NRC019 494445 899365 52 -90 0 33 35 2 1.27 1.9
------- ------- ------ ---- -------- ----- ----- --------- --------- -----------
includes 33 34 1 2.08 1.0
------- ------- ---------------------- ----- ----- --------- --------- -----------
NRC020 494396 899351 50 -90 0 6 10 4 0.43 3.8
------- ------- ------ ---- -------- ----- ----- --------- --------- -----------
NRC024 494500 899300 50 -90 0 35 39 4 1.03 3.8
------- ------- ------ ---- -------- ----- ----- --------- --------- -----------
includes 35 36 1 2.50 1.0
------- ------- ---------------------- ----- ----- --------- --------- -----------
(0.4%Li(2) O cut-off grade, minimum 1m thickness, up to 2m
internal dilution)
Sample analyses were carried by SGS Randfontein (GE_ICP90A50 and
GE_FUZ90A50). Cross check analyses were carried out by MSA
Laboratories, Vancouver (PER-700).
The drilled pegmatite averages 20m in thickness and dips at 5
degrees towards the north west. A continuous sheet of coarse
spodumene mineralisation of up to 11m thick is developed towards
the upper contact of the pegmatite and mafic country rocks.
On going exploration is underway to locate additional pegmatites
in the immediate vicinity of this target and further to the south
where extensive exposures of pegmatites have been mapped in Target
Area 2.
Exploration Target Map
Thor/Newstar has also secured additional tenure over this area
in a number of joint venture agreements together with wholly owned
exploration permits. Further to the west additional exploration
tenure has been obtained through the granting of a large
exploration permit (EL42245) to the north east together securing
additional ground under an agreement with SCT Mining &
Exploration Ltd.
The ongoing drilling program has been extended to test all the
mapped pegmatites with results expected to be announced by the
Group in Q4 2023.
Senegal
Introduction
The Douta Gold Project is a gold exploration permit E02038,
located within the Kéniéba inlier, eastern Senegal. The
northeast-trending license has an area of 58 km(2) . Thor, through
its wholly owned subsidiary African Star Resources Incorporated
("African Star"), has a 70% economic interest in partnership with
the permit holder International Mining Company SARL ("IMC"). IMC
has a 30% free carried interest in its development until the
announcement by Thor of a Probable Reserve.
The Douta licence Is strategically positioned 4km east of
Massawa North and Massawa Central deposits, which form part of the
world-class Sabadola-Massawa Project owned by Endeavour Mining. The
Makabingui deposit, belonging to Bassari Resources Ltd, is
immediately located east of the northern portion of E02038 (Figure
2.5).
Drilling Results
Drilling has been focussed in the following areas:
-- Resource Upgrade: Makosa and Makosa Tail, Makosa East
-- Metallurgical Sampling Makosa and Makosa Tail
-- Exploration: Sambara area
Potential Resource Upgrade
In April 2023 Thor commenced a program of infill RC drilling
with the objective of upgrading the inferred portions of the
resource that fall within the optimised pit shell, to indicated
classification. At Makosa, zones of gold mineralisation are
developed either within a sheared gabbro intrusive or within a
steep north-westerly dipping sequence of meta-sedimentary rocks
that are in close proximity to the gabbro. Higher grade zones or
shoots are suspected to occur along east-west oriented structures
that cut across the main north-east trend of the
mineralisation.
The significant intersections from this program are listed in
table below. Drill samples were analysed by ALS Laboratories in
Mali using the AA26 fire assay method (50 gram charge).
Douta Project Significant Results (>20 gram-metres:
grade*true width)
Prospect Hole ID Easting Northing Depth Dip From To Interval Grade True
(m) (m) (m) (g/tAu) Width
(m)
Makosa
Tail DTDD0017 174590 1434805 45.2 -50 32 41 9 2.38 2.4
---------- -------- --------- ------ ---- ----- ----- --------- --------- -------
Makosa DTDD0021 175377 1436071 90.2 -50 36 44 8 8.08 7.2
---------- -------- --------- ------ ---- ----- ----- --------- --------- -------
Makosa DTDD0021 175377 1436071 90.2 -50 55 61 6 4.03 11.7
---------- -------- --------- ------ ---- ----- ----- --------- --------- -------
Makosa DTDD0023 175219 1435902 70.4 -50 58 66 8 3.14 7.2
---------- -------- --------- ------ ---- ----- ----- --------- --------- -------
Makosa DTDD0024 175477 1436151 95.4 -50 64 71 7 3.77 14.4
---------- -------- --------- ------ ---- ----- ----- --------- --------- -------
Makosa DTDD0029 175949 1436665 20 -50 0 16 16 2.03 14.4
---------- -------- --------- ------ ---- ----- ----- --------- --------- -------
Makosa
East DTRC779 175885 1436181 54 -60 39 48 9 2.46 8.0
---------- -------- --------- ------ ---- ----- ----- --------- --------- -------
Makosa
Tail DTRC805 173959 1433743 50 -60 36 46 10 2.25 4.8
---------- -------- --------- ------ ---- ----- ----- --------- --------- -------
Makosa
Tail DTRC806 173939 1433758 74 -60 52 54 2 13.90 1.6
---------- -------- --------- ------ ---- ----- ----- --------- --------- -------
Makosa
Tail DTRC807 173920 1433773 100 -60 78 81 3 25.35 5.6
---------- -------- --------- ------ ---- ----- ----- --------- --------- -------
Makosa
Tail DTRC812 174161 1433787 90 -60 50 56 6 4.94 13.5
---------- -------- --------- ------ ---- ----- ----- --------- --------- -------
Makosa
Tail DTRC842 174556 1434762 69 -60 25 43 18 1.82 6.3
---------- -------- --------- ------ ---- ----- ----- --------- --------- -------
Makosa
Tail DTRC844 174476 1434806 69 -60 45 55 10 3.00 7.2
---------- -------- --------- ------ ---- ----- ----- --------- --------- -------
Makosa
Tail DTRC848 174583 1434868 114 -60 96 109 13 4.59 5.4
---------- -------- --------- ------ ---- ----- ----- --------- --------- -------
Makosa
Tail DTRC854 174545 1435016 107 -60 61 76 15 1.79 9.0
---------- -------- --------- ------ ---- ----- ----- --------- --------- -------
Makosa DTRC864 176149 1437011 90 -60 49 56 7 3.90 8.1
---------- -------- --------- ------ ---- ----- ----- --------- --------- -------
Makosa DTRC865 176203 1437037 72 -60 93 102 9 4.33 8.1
---------- -------- --------- ------ ---- ----- ----- --------- --------- -------
(0.5g/tAu lower cut off; minimum width 2m with 2m max internal
waste)
The drill results demonstrate the continuity of gold
mineralisation both along strike and down dip. Several higher-grade
intersections were obtained including 2m grading 13.90g/tAu g/tAu
in drillhole DTRC806, 3m grading 25.35g/tAu in DTRC807 and 6m
grading 4.94g/tAu in DTRC812.
In addition to upgrading the resource classification,
intersections such as these will likely have a positive effect in
locally elevating the average resource grade.
With the exploration fieldwork complete, the Group aims to
announce an updated resource in Q4 2023. The preliminary
feasibility study workstreams are ongoing with a preliminary
feasibility study expected to be completed in Q1 2024.
Douta Project Location Map
Metallurgical Sampling
A total of 22 diamond holes were completed to obtain
representative samples, from both Makosa and Makosa Tail to undergo
detailed metallurgical test work. Several of these holes twinned
existing historic RC holes and returned results that are consistent
with the earlier grades and thicknesses. Independent Metallurgical
Operations (IMO) are undertaking the test work program in Perth,
Western Australia.
Exploration
At the Sambara prospect several RC holes were drilled to test
both the extremities of the Sambara deposit and a soil geochemical
anomaly that was located in the northwestern part of the
exploration licence. Best results include 5m grading 1.35g/tAu in
drillhole DTRC726 and 4m grading 1.43g/tAu in DTRC729. Further
testing along the prospective strike length is planned for the
remainder of 2023
Drillhole location map showing Significant Results
(>20gram-metres)
Makosa Tail Cross-section Showing Grade Continuity on In-fill
Drill-section
http://www.rns-pdf.londonstockexchange.com/rns/6765U_2-2023-11-27.pdf
http://www.rns-pdf.londonstockexchange.com/rns/6765U_1-2023-11-27.pdf
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