REG - Thor Explorations Ld - SEGILOLA GOLD PROJECT FEBRUARY PRODUCTION UPDATE

Thor ExplorationsAnnouncement

08/03/2022 10:45

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RNS Number : 0245E  Thor Explorations Ltd  08 March 2022

 

NEWS RELEASE

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR

DISTRIBUTION TO U.S. WIRE SERVICES

 

FOR IMMEDIATE RELEASE
 
TSXV / AIM: THX

March 8, 2022

 

Vancouver, British Columbia

 

SEGILOLA GOLD PROJECT FEBRUARY PRODUCTION UPDATE

 

Thor Explorations Ltd. (TSX VENTURE/AIM: THX) ("Thor" or the "Company") is
pleased to report that operations at its 100% owned Segilola Gold Mine in
Nigeria continued to perform at budget and above design capacity without any
unplanned stoppages in the month of February. Total gold production for the
month was 7,082 ounces with regular gold exports occurring throughout.

The Segilola process plant is now running continuously above the design mill
throughput, with 74,908 tonnes of ore processed during the month. The plant
throughput rate of 121 tph was an increase of 13% on the 107tph achieved in
January. Notably, the gravity circuit continued to outperform its design
specification, with a recovery of over 60%. The overall gold recovery improved
again to 94%. The Company anticipates meeting its Q1-2022 and full year 2022
production guidance.

Segun Lawson, President & CEO, stated

"We are pleased to have produced over 7,000 ounces of gold in the shorter
month of February. There continue to be production improvements in all aspects
month on month for three consecutive months at the Segilola Gold Project in
Nigeria. In particular, we have been pleased with the improved overall
recovery which continues to trend upwards and averaged 94% for the last 10
days of February. We remain on course to meet our Q1 and full year guidance"

 

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

 

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 has reviewed and approves the content of this
news release. He has also reviewed QA/QC, sampling, analytical and test data
underlying the information.

 

 

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 from 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.

 

 

 

 

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