REG - Thor Explorations Ld - Q4 2022 Operational Update

Thor ExplorationsAnnouncement

10/01/2023 07:00

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RNS Number : 1651M  Thor Explorations Ltd  10 January 2023

 

 

 

 

NEWS RELEASE

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR

DISTRIBUTION TO U.S. WIRE SERVICES

 

 

 January 10, 2023  TSXV/AIM: THX

 

 

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 Q4 2022 OPERATING UPDATE AND 2023 OPERATING
GUIDANCE

 

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 December 31, 2022 (the "Quarter" or "Q4") as well as full year
operational highlights ("FY 2022")

 

Segilola 2022 Operational Highlights

·     Gold production at the top end of the FY 2022 guidance range of
90,000 to 100,000oz of gold:

o  26,331 ounces ("oz") during the Quarter at an average grade of 3.51
grammes per tonne ("g/t") of gold ("Au")

o  98,006 oz for FY 2022 - the Company's first full calendar year of
production

·      Senior debt reduced to $28.4 million as at 31 December 2022

·      Acquisition of additional exploration tenure, expanding Nigeria
portfolio to 1,542 square kilometers ("km(2)")

·      Planning for fast-track drilling programs on near mine and
regional targets finalized to commence in January 2023

·      Underground drilling program commenced

 

Douta Exploration Highlights

 

·      A successful 26,000 metre of reverse circulation ("RC") drilling
program was completed to upgrade certain areas of the existing resource and to
target higher grade parts of the deposit

 

·      Wide zones of near surface, high grade oxide mineralisation
identified

 

·      New discovery of the Sambara Prospect

 

 

 

FY 2023 outlook  and catalysts

·     FY 2023 production guidance range set at 85,000 to 95,000 oz of
gold weighted towards the second half of the year. This is an increase versus
the 76,900 oz of production expected for 2023 in the mine plan included in the
2021 Competent Person's Report ("CPR")

·      H1 2023 drilling programs:

o  Resumption of drilling at Segilola aimed at increasing resources for
potential future transition to underground operation

o  Step-out drilling at Douta project in Senegal, aimed at further increasing
existing resource

o  Continuation of drilling at Segilola regional targets

o  Initial program at the Company's new Malete prospect

·      Drilling results pending from satellite targets at the Douta
Project

·      40,000 metre drilling program planned to further advance the
Douta Project

·      Completion of the Douta preliminary feasibility study ("PFS")

·      Applications for and acquisition of identified prospective
exploration properties in Nigeria

·      Continued exploration programs across exploration portfolio in
Nigeria

 

Segun Lawson, President & CEO, stated:

"The Company has delivered yet another strong quarter at Segilola, resulting
in an excellent first calendar year of operations as a gold producer,
achieving a production of 98,006oz of gold, at the top end of our guidance."

"Importantly, we have achieved a major strategic objective in successfully
ramping up to a steady state, low-cost production platform at Segilola and we
are continuing to advance potential exploration opportunities both regionally
and underground at Segilola."

"Continuing high grade drill results from our Douta project in Senegal
underline the potential that we see in this asset, and we are working to move
this project forward to development."

"Now that Segilola is at steady state operation, the Company is also focusing
on our growth strategy in Nigeria where we have an aggressive drill program on
a number of targets and continue to evaluate potential opportunities, to
leverage our technical capabilities and first mover advantage."

 

Production Summary

                 Units   2022        Q4 2022    Q3 2022    Q2 2022    Q1 2022
                         Total
 Mining
 Total Mined     Tonnes  16,106,033  4,296,494  4,018,431  4,031,584  3,759,524
 Waste Mined     Tonnes  15,048,436  3,974,073  3,793,249  3,747,504  3,533,610
 Ore Mined       Tonnes  1,057,996   322,421    225,182    284,079    226,314
 Grade           g/t Au  3.56        3.51       4.43       3.63       2.68

 Processing
 Ore Processed   Tonnes  929,760     254,824    241,434    211,582    221,900
 Grade           g/t Au  3.45        3.38       3.58       3.66       3.18
 Recovery        %       95.1        95.0       95.5       95.5       94.1
 Gold Recovered  oz      98,006      26,331     26,523     23,785     21,343

 

 

Exploration

The Company is pleased to announce the expansion of exploration tenure to a
total area of 1,542km(2) at the Segilola Gold Project in Nigeria. This tenure
comprises 16 granted permits that are 100% owned by Thor together with nine
granted permits held under options agreements with seven third parties.

 

In addition to near-mine exploration, activities on the ground have focussed
on two main areas:

 

·      Western Prospects

·      Malete Project Area

 

 

Western Prospects

The Western Prospects are located 15 kilometres ("km") due west from Segilola
and comprise two exploration permits that are held under option agreements.
Sampling by the Company of of in-situ material from artisanal workings that
are located on north-west oriented shear zones has returned rock chip assays
of 65.1g/t Au at the Aayelle North pit, 38.2g/t Au from the Igala pit,
12.48g/tAu from the Aayelle pit and 8.55g/tAu from the Epe pit (Figure 2). A
systematic drilling program is due to commence in January of 2023 to test
these targets.

 

 

Malete Prospect

The Malete Prospect is located in Kwara State 150 km directly north-north west
from Segilola and comprises a total of seven permits that cover a combined
area of 239 km(2)  (Figure 3). To date, most exploration activity has taken
place within Thor's original exploration permit, EL34429. Base on geochemical
sampling two targets that warrant drill-testing have been delineated: Dandele
North and Dandele South. The newly acquired permit located immediately to the
southeast is notable as it contains a significant gold-bearing structure
located at Awn. This structure has previously attracted large-scale artisanal
mining.

 

 

 

 

 

 

 

 

 

Figure 1: Thor Explorations Nigeria Exploration Tenure Map

 

             Figure 1: Thor Explorations Nigeria Exploration
Tenure Map

 

 

Figure 2: Malete Tenure Map showing Structural Interpretation

Figure 3: Western Prospects Tenure Map showing Geochemical sampling Results

 

Figure 4: Douta Project location map

 

Figure 5: Makosa Drillhole Location Map

 

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

 

Webinar

 

Thor will be hosting a webinar to further expand on the above operating update
on Monday, January the 16(th) at 12.30pm GMT (7.30am EST).

 

To join the webinar, please use the login details below:

 

https://us06web.zoom.us/j/82830303897?pwd=cWxWUUQ0UjJFbGs4UWZhZ2lUd01BQT09
(https://us06web.zoom.us/j/82830303897?pwd=cWxWUUQ0UjJFbGs4UWZhZ2lUd01BQT09)

 

Meeting ID: 828 3030 3897

Passcode: 039148

 

One tap mobile

 

+15074734847,,82830303897#,,,,*039148# US

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Dial by your location

 

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Meeting ID: 828 3030 3897

Passcode: 039148

 

 

 

For further information please contact:

 

Investor Relations

Ibu Lawson

Email: 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 / 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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