Thor Explorations Ltd. (TSX-V: THX) (AIM: THX) is pleased to provide an operational update for the Segilola Gold mine, located in Nigeria, and for the Company’s mineral exploration properties located in Nigeria, Senegal and Burkina Faso for the three months to June 30, 2023.
Thor Lithium Exploration
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 to Carbon In Pulp 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|
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.
HIGHLIGHTS Sigma Lithium announces that it will commence loading ... READ MORE
Vizsla Silver Corp. (TSX-V: VZLA) (NYSE: VZLA) (Frankfurt: 0G3) ... READ MORE
Geomega Resources Inc. (TSX-V: GMA) (OTC: GOMRF), a developer of ... READ MORE
Hole 23FP006 includes 65 metres at 1.9 g/t gold and including 10 ... READ MORE
Endeavour Silver Corp. (TSX: EDR) (NYSE: EXK) is pleased to rep... READ MORE