TIDMTHX
RNS Number : 7092F
Thor Explorations Ltd
12 July 2023
NEWS RELEASE
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES
July 12, 2023 TSXV/AIM: THX
THOR EXPLORATIONS ANNOUNCES Q2 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 June 30, 2023 (the
"Quarter" or "Q2").
Highlights
Segilola Production
-- Gold production of 23,078 ounces ("oz") during the Quarter at
an average grade of 2.99 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 diamond and reverse circulation ("RC")
drilling on identified high-grade quartz-vein style mineralisation
at Igala and Ayelle prospects within 15 km of Segilola with several
significant intersections obtained
-- Initial identification of new mineralised trend located 23km
south of Segilola with an RC drilling campaign underway to assess
both primary and saprolite gold mineralisation
Douta Project
-- Pre-Feasibility Study ("PFS") workstreams are ongoing
-- Environmental and Social Impact Assessment ongoing and dry
season biodiversity survey completed
-- Metallurgical and geotechnical drilling programs have been
completed and metallurgical samples have been delivered to the
laboratory
-- Resource drilling continuing targeting upgrades to the
higher-grade parts of the existing inferred resource to indicated
classification together with step-out drilling at Sambara which
commenced in the Quarter
-- Mineralisation remains open along strike between the known
prospects with further growth potential along 20 kilometres of
under-explored prospective strike length covered by the Douta
exploration permit
Thor Lithium Exploration
-- Acquisition of over 500 square kilometres ("km(2) ") of
tenure in south-west Nigeria covering both known lithium bearing
pegmatite deposits and a large unexplored prospective
pegmatite-rich belt
-- As previously announced, initial field inspection and
selective sampling of key sites have returned significant lithium
grades from both spodumene and lepidolite mineralisation. Sampling
of part of a key pegmatite deposit that falls within Thor's tenure
returned an analysis of between 1.34% lithium oxide ("Li(2) 0") and
9.31% Li(2) 0
-- Location 6 is the site of the largest known
spodumene-lepidolite pegmatite in Nigeria. The pegmatite outcrops
over a strike length of several hundred metres averaging 20 metres
("m") true thickness. The full extent of this pegmatite body is yet
to be determined. A small-scale mining operation is currently
extracting a variety of spodumene known as kunzite for its gemstone
qualities
-- An initial drill program of 5,000m, utilizing three RC
drilling rigs, is ongoing at our priority target - (Location 6). To
date, the main pegmatite has been intersected in five holes
averaging 20m true thickness over 150m of strike. Samples have been
dispatched for analysis
-- A metallurgical sampling program is due to commence in Q3 2023
Corporate
-- Final payment of the 1.5% net smelter royalty pursuant to the
acquisition of the Segilola Gold Project in 2016 was made to VOX
Royalty Corp. Final payments of the remaining 1.5% net smelter
royalty to all other royalty holders will be made in Q3 2023
following which all royalties payable pursuant to the Segilola Gold
Project acquisition agreements will be complete.
Outlook
-- FY 2023 production guidance range of 85,000 to 95,000 oz of gold maintained
-- H2 2023 drilling programs:
o Continuation of step-out drilling at Douta gold project in
Senegal
o Continuation of drilling at Segilola gold regional targets
o Continuation of drilling at L06 lithium prospect in
Nigeria
-- Completion of the Douta PFS
-- Continued assessment of prospective exploration properties in Nigeria
-- Continued exploration programs across exploration portfolio in Nigeria
Segun Lawson, President & CEO, stated :
"I am pleased to report another solid quarter of gold production
at Segilola for Q2 2023. The planned step-up in mining operations
has been achieved and we are well positioned to meet our targets
for H2 2023.
"We are also encouraged by ongoing exploration in Nigeria, where
drilling has been continuing on two priority targets. We look
forward to updating the market with drill results from Nigeria and
Senegal in the coming weeks.
"In Senegal, the Douta Pre-Feasibility Study workstreams are
progressing and remain on track for completion by the end of the
year.
"The standout highlight of the Quarter has been the acquisition
of a potentially significant and prospective lithium exploration
portfolio and the commencement of an initial drilling program where
visual inspection of the RC drill chips has been very encouraging,
with 20m true thickness of pegmatite intersected over 150m of
strike."
Production and Sales update
In Q2 2023, mined and processed ore were 278,600 tonnes and
255,200 tonnes respectively. The average mined grade was 2.43 g/t
and mill head grade 2.99 g/t, blended from mining and existing
stockpile.
Gold recovery of 23,078oz during the Quarter was in line with
expectation.
Mining operations increased over Q1 and the planned step-up in
production target of 5,500,000 tonnes per quarter was achieved in
Q2. Mining is forecast to remain at this level for the next three
quarters.
The process plant throughput continued to operate above design
during the Quarter. Equipment for the conversion of theCarbon In
Leach ("CIL") to Carbon In Pulp ("CIP") and leaching circuit
upgrade has been shipped from China and is expected to arrive in Q3
2023 and enhancements to the circuit are to be completed in Q4
2023. The enhancements are aimed at further improving process plant
recoveries above the 94% achieved in Q1 and Q2 2023.
Ore stockpile of 297,060 tonnes of ore grading 1.06 g/t
containing approximately 10,090oz and gold in-circuit of
approximately 3,203oz.
During the Quarter, Segilola exported 20,852oz of payable gold
and 2,884oz of payable silver.
Units Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022
Mining
---------------- -------- ---------- ---------- ---------- ---------- ---------- ----------
Total Mined Tonnes 5,633,700 4,194,700 4,296,500 4,018,400 4,031,600 3,759,500
Waste Mined Tonnes 5,355,100 3,996,300 3,974,100 3,793,200 3,747,500 3,533,600
Ore Mined Tonnes 278,600 198,400 322,400 225,200 284,100 226,300
g/t
Grade Au 2.43 2.85 3.51 4.43 3.63 2.68
Processing
---------------- -------- ---------- ---------- ---------- ---------- ---------- ----------
Ore Processed Tonnes 255,200 231,000 254,800 241,400 211,600 221,900
g/t
Grade Au 2.99 2.95 3.38 3.58 3.66 3.18
Recovery % 94.0 94.1 95.0 95.5 95.5 94.1
Gold Recovered oz 23,100 20,600 26,300 26,500 23,800 21,300
Note: Figures 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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