REG - Thor Explorations Ld - SEGILOLA GOLD MINE Q1 OPERATIONAL UPDATE

Thor ExplorationsAnnouncement

11/04/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220411:nRSK8785Ha&default-theme=true

RNS Number : 8785H  Thor Explorations Ltd  11 April 2022

 

NEWS RELEASE

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR

DISTRIBUTION TO U.S. WIRE SERVICES

 

FOR IMMEDIATE RELEASE
 
TSXV / AIM: THX

April 11, 2022

 

Vancouver, British Columbia

 

SEGILOLA GOLD MINE Q1 OPERATIONAL UPDATE - 21,343 OUNCES OF GOLD PRODUCED

 

Thor Explorations Ltd. (TSX VENTURE/AIM: THX) ("Thor" or the "Company") is
pleased to provide an interim operational update for the first quarter ended
March 31, 2022 ("Q1 2022").

Q1 2022 Highlights

-     7,220 ounces produced in March and 21,343 ounces produced in Q1 2022

-     Recovery in March averaged 95.1% with average recovery during the
period being 94.1%

-     16,658 ounces of gold and 922 ounces of silver sold with exports
occurring regularly throughout the period

-     Guidance for Q2 2022 is 22,000 to 24,000 ounces with full year
guidance unchanged at 80,000 to 100,000 ounces of gold

Q1 2022 Overview

Operations at its 100% owned Segilola Gold Mine in Nigeria ("Segilola")
performed in line with forecast Q1 2022, with a throughput of 221,920 tonnes
at an average head grade of 3.18 grammes per tonne ("g/t") and overall
recovery of 94.1% for a total of 21,343 ounces of gold produced. The Company
exported the gold regularly throughout the period selling 16,658 ounces of
gold and 922 ounces of silver in the period.

For the month of March, the Segilola process plant continued to operate at a
steady state, above design mill throughput, with 69,907 tonnes of ore
processed at an average head grade of 3.38g/t and an overall gold recovery of
95.1% for a total of 7,220 ounces of gold produced.

As the mining plan moves into the fresh ore, mined ore tonnes and grade are
reconciling well to the reserve model and process recoveries are in line with
the metallurgical recovery model.

The Company is also pleased to report that at the end of Q1 2022, it started
commissioning its compressed natural gas generators at Segilola, following
which the process pant will transition from diesel to compressed natural gas
generation in Q2 2022.

The Company is continuously monitoring the potential impact to its operations
from global supply chain disruptions and is currently implementing a plan to
increase raw material and spares inventories at Segilola in order to mitigate
the impact of further disruption.

Gold production guidance for the second quarter of 2022 is 22,000 to 24,000
ounces and production guidance for the full year 2022 is maintained at 80,000
to 100,000 ounces.

 

With the project now in a steady state of production, the Company will provide
quarterly operational updates going forward.

Segun Lawson, President & CEO, stated

"The month of March has closed off a very positive start to the year,
completing our first full quarter of gold production. There continues to be
production improvements in all aspects, in particular, with recoveries
continuing to improve and averaging 95.1% for the month of March. We look
forward to the second quarter where we expect further improvement in
production and additional newsflow from exploration drilling results from both
Nigeria and the Douta Project in Senegal."

 

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".

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)

 

BlytheRay (Financial
PR)

Tim Blythe / Megan Ray / Rachael Brooks

Tel: +44 207 138 3203

 

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.

This press release does not constitute an offer to purchase securities. The
securities to be offered in the offering have not been and will not be
registered under the United States Securities Act of 1933, as amended, or any
state securities laws and may not be offered or sold in the United States or
to, or for the benefit or account of, a U.S. person, except pursuant to an
available exemption from such registration requirements.

 

Cautionary Note Regarding Forward-Looking Statements

Except for the statements of historical fact contained herein, the information
presented constitutes "forward looking statements" within the meaning of
certain securities laws, and is subject to important risks, uncertainties and
assumptions  that could cause the actual results of the Company to differ
materially form the forward-looking statements. Such forward-looking
statements, including but not limited to, the Company's ability to fully
finance the Project, to bring the Project into operation or to produce gold
from the Project, and the use of the proceeds.  The words "may", "could",
"should", "would", "suspect", "outlook", "believe", "anticipate", "estimate",
"expect", "intend", "plan", "target" and similar words and expressions are
used to identify forward-looking information. The forward-looking information
in this news release describes the Company's expectations as of the date of
this news release and accordingly, is subject to change after such date.
Readers should not place undue importance on forward-looking information and
should not rely upon this information as of any other date. While the Company
may elect to, it does not undertake to update this information at any
particular time.

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDIMMMTMTJBTLT