REG - Thor Explorations Ld - Q2 2022 OPERATING UPDATE

Thor ExplorationsAnnouncement

08/07/2022 15:45

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RNS Number : 9005R  Thor Explorations Ltd  08 July 2022

 

 

 

 

NEWS RELEASE

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR

DISTRIBUTION TO U.S. WIRE SERVICES

 

 

 July 8, 2022                 TSXV/AIM: THX

 Vancouver, British Columbia

 

 

THOR EXPLORATIONS ANNOUNCES Q2 2022 OPERATING UPDATE

 

Thor Explorations Ltd. (TSXV / AIM: THX) ("Thor Explorations" or the
"Company") is pleased to provide an operational update for its Segilola Gold
Mine located in Nigeria for the three months to June 30, 2022 ("Q2 2022" or
the "Period").

 

Operational Highlights Period:

·      23,785 ounces ("oz") of gold produced

·      Commissioning of Compressed Natural Gas ("CNG") generators

·      Zero Lost Time Injuries

·      Senior Debt Facility tranche of US$14.5million paid reducing
Senior Debt Facility to US$38million

 

Outlook:

·      Guidance for Q3 2022 is 23,000 to 25,000 oz of gold

·      Full year 2022 production guidance narrowed to 85,000 to 100,000
oz of gold

·      Full year 2022 All In Sustaining Cost ("AISC") remains at US$850
to US$950 per ounce

 

Segun Lawson, President & CEO, stated:

"We remain very pleased by the Company's operational performance, which
continues to improve in all areas month on month. Q2 2022 gold production is
up 11% on Q1 2022, returning a total of 45,128 oz of gold produced in the
first half of the year.

"The Company also repaid US$14.5 million of its Senior Debt Facility in the
period and has now reduced the facility by 29% at the end of the first half of
the year.

"In the period, we commissioned a total of 6MW of CNG generating capacity
which enables us to run the processing operations fully on CNG produced from
Nigerian oil and gas operations. In doing so, we significantly reduce our
greenhouse gas emissions, providing end user value addition for domestic gas
production and lowering our operating costs.

"We anticipate continued improvements in our operations and production and
have narrowed our full year guidance as a result."

 

 

 

 

Production Summary:

                                        Units   Q2 2022    Q1 2022
 Mining
 Total Mined                            tonnes  4,031,584  3,759,524
 Waste Mined                            tonnes  3,747,504  3,533,610
 Ore Mined                              tonnes  284,079    226,314
 Ore Mined Gold Grade                   g/t Au  3.63       2.68
 Ore Stockpiled                         tonnes  249,281    179,758
 Ore Stockpiled                         g/t Au  1.46       1.23
 Ore Processed                          tonnes  211,582    221,900
 Ore Processed Gold Grade               g/t Au  3.66       3.18

 Processing
 Ore Milled                             tonnes  211,583    221,920
 Daily Throughput Rate (average)        tpd     2,784      2,760
 Daily Throughput / Nameplate Capacity  %       141%       128%

 Ore Processed
 Recovery                               %       95.5       94.1
 Gold Recovered                         oz      23,785     21,343

 

 

 

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, 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 (Investor Relations)

Ibu Lawson

Email: ibu.lawson@thorexpl.com (mailto:ibu.lawson@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)

 

BlytheRay (Financial
PR)

Tim Blythe / Megan Ray / Rachael Brooks

Tel: +44 207 138 3203

 

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