REG - Thor Explorations Ld - Q2 2024 OPERATING UPDATE

Thor ExplorationsAnnouncement

15/07/2024 07:00

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RNS Number : 3146W  Thor Explorations Ltd  15 July 2024

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 July 15, 2024  TSXV/AIM: THX

 

 

 

 

THOR EXPLORATIONS ANNOUNCES Q2 2024 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 and Senegal, for the three months to
June 30, 2024 (the "Quarter" or "Q2").

 

Segilola Q2 2024 Operational Highlights

·      Gold poured of 21,742 ounces ("oz")

·      Produced from 174,000 tonnes milled at an improved average grade
of 3.42 grammes per tonne ("g/t") of gold ("Au")

·      Mine production of 491,935 tonnes at an average grade of 1.78g/t
of Au for 28,153 oz

·     Ore stockpile increased by 9,034oz to 38,298oz of Au at an average
grade of 1.01g/t of Au which includes a medium-grade stockpile of 7,620 oz of
Au at a grade of 2.0g/t of Au

·    Release of 3,652oz of Au in circuit ("GIC") resulting from improved
operational efficiency in the process plant post completion of the previously
announced carbon in leach ("CIL") circuit upgrade

·      Payment of US$7.9 million towards the outstanding senior debt
facility with Africa Finance Corporation ("AFC") leaving a balance of $7.9
million scheduled to be fully repaid by the end of 2024

 

Exploration Q2 2024 Highlights

Nigeria

·     Commencement of Segilola Underground Exploration a focus on
structural studies in Q2 2024

·    Completion of Phase 1 of Segilola Underground Drilling Program
Design to commence at the end of the Quarter

·     An additional 155 square kilometres ("km²") of prospective
exploration tenure was acquired, located 35 km south of the Segilola Gold Mine

 

Senegal

·    In Senegal, the 15,000 metre ("m") 2024 drilling program commenced
with the first set of encouraging results announced on 25(th) June 2024.
Highlights included:

o  Drillhole DTRC941 - 24m at 3.53 g/t Au from 0m

o  Drillhole DTDD920 - 12m at 1.40 g/t Au from 33m

o  Drillhole DTDD921 - 9m at 2.74 g/t Au from 15m

o  Drillhole DTRC936 - 8m at 1.13 g/t Au from 16m

 

·    Exploration activities during the Quarter were focused on generating
additional drill targets at the new Douta West and Sofita projects as well as
extending the oxide resource at Makosa East through drilling

·      Pre-feasibility study workstreams are continuing, with a target
completion in H2 2024

 

Lithium

·     Thor, through its Nigerian subsidiary Newstar, has secured over
600km(2) of granted tenure in          Nigeria that form Oyo State, Kwara
State and Ekiti State Lithium Project Areas

·      Exploration activities during the quarter, comprising geological
mapping and detailed auger soil sampling, and drilling within Newstar-owned
exploration permits

·      The Company continued its acquisition of prospective lithium
tenure in Nigeria

 

FY 2024 Outlook and Catalysts

·      FY 2024 production guidance range maintained at 95,000 to 100,000
oz of Au

·      FY 2024 All-in Sustaining Cost ("AISC") guidance range maintained
at $1,100 to $1,200

·      Drilling programs across all the Company's exploration portfolio:

o  Segilola near mine drill targets

o  Segilola underground drilling program

o  Senegal - Douta and Douta West licences

o  Nigeria lithium portfolio

·   Updated Mineral Resource Estimate and Preliminary Feasibility Study
("PFS") at the Douta Project rescheduled for H2 2024, following completion of
metallurgical testwork program in China

·      Continued acquisition of prospective lithium tenure in Nigeria

 

Segun Lawson, President & CEO, stated:

"We were pleased by the performance of the Segilola Mine in the Quarter.
Following the completion of the upgrade of the CIL circuit in Q1 2024, in the
Quarter, we prioritised releasing GIC, by decreasing process plant throughput
whilst focussing on increasing recovery and improving circuit efficiency. I am
pleased to report that this has been a successful exercise, which is reflected
in our operational results for the Quarter during which we achieved a recovery
rate of 94.6% and poured more gold than recovered from the mine. We are now
positioned in Q3 to return to the increased process plant throughput rate
whilst maintaining these operational improvements that have been achieved in
the Quarter, which should result in the continued increased amount of gold
poured in H2 from both mined ore and further releases from GIC."

"In Senegal, the Douta project continues to deliver promising exploration
results, offering compelling upside potential for the Company. The first set
of drilling results from our 2024 program were positive and the 15,000 metre
drilling program is continuing through Q3, designed at adding oxide ounces
outside of the existing resource, to be incorporated into the Douta
Preliminary Feasibility Study."

"We are pleased to have made further progress towards fully repaying our
senior debt facility by the end of the year with a balance of $7.9 million
remaining outstanding and also continuing to make repayments towards our
payables, whilst continuing to strengthen our balance sheet."

 

 

 

PRODUCTION SUMMARY

 

 

                 Units   Q2 2024    Q1 2024    Q4 2023    Q3 2023    Q2 2023

 Mining
 Total Mined     Tonnes  4,710,220  4,939,647  5,483,291  5,673,193  5,633,688
 Waste Mined     Tonnes  4,171,122  4,473,752  5,031,932  5,370,279  5,355,105
 Ore Mined       Tonnes  491,935    465,895    451,360    302,915    278,583
 Grade           g/t Au  1.78       2.07       1.93       2.44       2.43

 Processing
 Ore Processed   Tonnes  174,000    235,933    262,439    261,671    255,231
 Grade           g/t Au  3.42       2.85       2.77       2.46       2.99
 Recovery        %       94.6       90.7       93.4       92.3       94.0
 Gold Recovered  oz      18,090     19,589     21,798     19,104     23,078
 Gold Poured     oz      21,742     18,543     16.361     16,579     21,518

 

                     Table 1: Production Summary

 

 

 

 

THOR EXPLORATIONS LTD.

Segun Lawson

President & CEO

 

About Thor

Thor Explorations Ltd. is a Canadian mineral exploration company engaged in
the acquisition, exploration and development of mineral properties located in
Nigeria, Senegal and Burkina Faso. Thor holds a 100% interest in the Segilola
Gold Project located in Osun State of Nigeria. Mining and production commenced
at Segilola in 2021. Thor holds a 70% interest in the Douta Gold Project
located in south-eastern Senegal. Thor trades on 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 / Zara McKinlay

Tel:  +44 (0) 20 3004 9512

 

BlytheRay (Financial
PR)

Tim Blythe / Megan Ray / Said Izagaren

Tel: +44 207 138 3203

 

Qualified Person
The above information has been prepared under the supervision of Alfred
Gillman (Fellow AusIMM, CP), who is designated as a "qualified person" under
National Instrument 43-101 and the AIM Rules 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.

 

 

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