REG - Thor Explorations Ld - OPERATIONAL UPDATE AND GOLD PRODUCTION GUIDANCE

Thor ExplorationsAnnouncement

10/01/2022 07:05

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RNS Number : 8852X  Thor Explorations Ltd  10 January 2022

 

 

 

 

NEWS RELEASE

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR

DISTRIBUTION TO U.S. WIRE SERVICES

 

 

 January 10 2022              TSXV/AIM: THX

 Vancouver, British Columbia

 

 

This Announcement contains inside information as defined in Article 7 of the
Market Abuse Regulation No. 596/2014 ("MAR"). Upon the publication of this
Announcement, this inside information is now considered to be in the public
domain.

 

 

THOR EXPLORATIONS ANNOUNCES OPERATIONAL UPDATE AND GOLD PRODUCTION GUIDANCE
FOR THE FIRST THREE MONTHS AND FULL YEAR OF 2022

 

Thor Explorations Ltd. (TSXV / AIM: THX) ("Thor Explorations" or the
"Company") is pleased to provide an operational update and outlook for the
full year of 2022.

 

Operational Update

-   The Company is pleased to confirm that supply chain issues reported in
the Company's announcement on November 30 2021 have been resolved, the
laboratory has been fully commissioned and gold shipments have been made
successfully

-     The Segilola process plant is now running continuously at design
capacity with 61,128t of ore processed during the month of December with a
head grade of 3.4 grammes per tonne ("g/t")

-      Minor modifications have been made to further optimise the
gravity circuit, which is now consistently outperforming design specification
with a December month recovery of over 61%. Overall plant recovery is
continuing to improve, with an overall recovery of 92% being returned for
December and the Company is continuing to work with its EPC Contractor to
achieve the overall recovery target of 97%

-      Gold production averaged just over 1,500 ounces ("oz") per week
in December with total gold production for that month being 6,119 oz.

-       Near mine exploration drilling resumed following the
commissioning of the lab

-    Successful acquisition of prospective ground located within a 20km
radius of Segilola through Joint Ventures Agreements

 

Outlook for 2022

-      From Q1 2022 onwards, the company will be processing higher grade
ore as per the mine plan. The Company expects production for Q1 2022 of 20,000
to 22,000 oz and full year production for 2022 of 80,000 to 100,000 oz.

-      At the Douta Gold Project, in Senegal (the "Douta Project")
reverse circulation drilling commences in February with the Company aiming to
complete a Preliminary Feasibility Study ("PFS") in Q4 2022.

 

Follow the link for the Company's updated presentation:
https://thorexpl.com/investors/presentations
(https://thorexpl.com/investors/presentations)

 

 

Segun Lawson, President & CEO, stated:

"Following the challenges experienced post commercial production, we are very
encouraged by our operational performance at the end of the year and going
into 2022. The key supply chain issues experienced in Q3 and Q4 2021 have been
resolved. The mine laboratory has been commissioned which further optimized
our processing ability. Most encouragingly, the process plant ran without any
major issues, achieving its throughput rate throughout the month of December
and we now enter 2022 very well positioned to process higher grade ore.

 

In Nigeria, the near mine exploration drilling program which had been put on
hold whilst awaiting the completion of the lab will now resume and focus on
completing the remainder of the 4,000 metre program, of which 1,200 metres
have been drilled. This drilling program will also test a number of satellite
targets which have been further defined over the last three months.

 

"Lastly, we remain excited about the additional newly acquired exploration
opportunities in Nigeria and at the Douta Project in Senegal. Drilling will
resume at Douta in February to build on the previously announced maiden
resource estimate of 730,000 ounces at 1.5g/t in the inferred category, and
also on the newly discovered Mansa prospect."

 

 

Further details can be found on the Company's website: www.thorexpl.com
(http://www.thorexpl.com)

 

About Thor Explorations

 

Thor Explorations Ltd. is a mineral exploration company engaged in the
acquisition, exploration and development 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 of 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 (mailto: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 / Nilesh Patel / Franck Nganou

 

Tel: +44 (0) 20 7907 8500

 

Fig House Communications (Investor Relations)

Tel: +1 416 822 6483

Email: investor.relations@thorexpl.com
(mailto:investor.relations@thorexpl.com)

 

Blytheweigh (Financial
PR)

Tim Blythe / Megan Ray / Rachael Brooks

Tel: +44 207 138 3203

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