REG - Thor Explorations Ld - Q3 2023 OPERATING UPDATE

Thor ExplorationsAnnouncement

17/10/2023 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:20231017:nRSQ2881Qa&default-theme=true

RNS Number : 2881Q  Thor Explorations Ltd  17 October 2023

 

 

 

 

NEWS RELEASE

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR

DISTRIBUTION TO U.S. WIRE SERVICES

 

 

 October 17, 2023  TSXV/AIM: THX

 

 

 

 

THOR EXPLORATIONS ANNOUNCES Q3 2023 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, Senegal and Burkina Faso for the
three months to September 30, 2023 (the "Quarter" or "Q3").

 

Highlights

Segilola Production

·      Gold production of 19,104 ounces ("oz") during the Quarter at an
average grade of 2.46 grammes per tonne ("g/t") of gold ("Au")

 

Segilola Exploration

·      Focus of exploration activities within a 25 kilometre ("km")
radius from the Segilola operations

·      Continuation of reverse circulation ("RC") drilling, stream
sediment sampling and grid auger sampling at the Kola Prospect, which is
located 23km south of Segilola with full results from the drilling during the
Quarter still pending

·      Continuation of diamond drilling on identified high-grade
quartz-vein style mineralisation at Aye-Ile prospect which is located 15km
west of Segilola with several narrow high-grade intersections obtained

 

Douta Project

·      Pre-Feasibility Study ("PFS") workstreams are ongoing targeting
publication by the end of 2023

·      Environmental and Social Impact Assessment is ongoing

·      Metallurgical test work is continuing at IMO Laboratory in Perth,
Western Australia

·      Compilation and reporting of geotechnical data

·      Resource drilling, which targeted the higher-grade parts of the
existing inferred resource has been completed

 

Thor Lithium Exploration

·      At Oyo Project Location 6 a total of 77 RC drillholes totalling
4,585 metres ("m") were drilled

·      Significant intersections previously reported include 11m grading
1.53% lithium oxide ("Li2O"), 9m grading 2.42%Li2O and 11m grading 2.61%Li2O

·      Regional soil geochemical surveys commenced

·      Additional tenure obtained at both the Oyo and Ekiti Project
Areas

·      Reconnaissance mapping and sampling at the Ekiti Project returned
positive results including a rock chip sample grading 2.92%Li2O and drilling
will commence at this Project in October 2023

 

Outlook

·      FY 2023 production guidance of 85,000 oz of gold maintained

·      AISC guidance for the year maintained at US$1,150 - US$1,350 per
ounce

·      H2 2023 drilling programs:

o  Continuation of drilling at Segilola gold regional targets

o  Continuation of drilling at Oyo lithium prospect and commencement of
drilling at the Ekiti lithium prospects in Nigeria

·      Completion of the Douta PFS

·      Continued assessment of prospective exploration properties in
Nigeria

·      Continued exploration programs across our exploration portfolio
in Nigeria

 

Segun Lawson, President & CEO, stated:

"As I commented in our H1 Financial and Operating Results announcement, we had
anticipated that the mine grade would be lower in the period, and this has
resulted in recovered gold being at the low end of expectation for the period.

"We are pleased that the main west wall push back is now complete and as at
the quarter end, the operating conditions in the pit are much improved,
facilitating the opening up of more mining faces and reducing any short term
planning pressures.

"In Senegal, drilling at the Douta Project is now complete and final assays
are pending. The Douta Pre-Feasibility Study workstreams are progressing and
remain on track for completion by the end of the year.

"Following the successful initial drilling program at our West Oyo project
area, which identified an initial high grade lithium opportunity, exploration
activities are now focussed on working up additional nearby drilling targets.
We have also added additional licences to our portfolio in the Ekiti project
area which are now being followed up on with a view to commence drilling this
quarter."

 

Production and Sales update

In Q3 2023, mined and processed ore were 302,900 tonnes and 261,700 tonnes
respectively. The average mined grade was 2.44 g/t and mill head grade 2.66
g/t, blended from mining and existing stockpile.

The mined grade was lower than originally forecast for the period due to
grades intercepted in grade control drilling being lower than the reserve
grades (based on exploration drilling). The density of exploration drilling in
this area of the ore body was at the lower end for reserve classification and
this under reconciliation is not expected to continue.

Gold recovery of 19,104 oz during the Quarter was lower than expectation due
to the lower than forecast mine grade.

Mining operations continued in-line with the production target of 5,500,000
tonnes per quarter. Mining is forecast to remain at this level for the next
two quarters.

The process plant throughput continued to operate above design during the
Quarter. However, process recovery level was impacted due to a combination of
lower head grade and decreased residence time in the Carbon In Pulp ("CIP")
circuit as a result of maintenance required on the carbon adsorption circuit
in preparation for the leaching circuit upgrade.

The leaching circuit upgrade is scheduled to commence in October 2023 and
enhancements to the circuit will be phased in during Q4 with final completion
of the upgrade in Q1 2024. The enhancements are aimed at further improving
process plant recoveries above the 94% achieved in H1 2023.

The ore stockpile is 338,600 tonnes of ore grading 0.94 g/t containing
approximately 10,250 oz and gold in-circuit is approximately 5,730 oz.

During the Quarter, Segilola exported 19,118 oz of payable gold and 2,659 oz
of payable silver.

 

 

                 Units   Q3 2023    Q2 2023    Q1 2023    Q4 2022    Q3 2022

 Mining
 Total Mined     Tonnes  5,673,200  5,633,700  4,194,700  4,296,500  4,018,400
 Waste Mined     Tonnes  5,370,300  5,355,100  3,996,300  3,974,100  3,793,200
 Ore Mined       Tonnes  302,900    278,600    198,400    322,400    225,200
 Grade           g/t Au  2.44       2.43       2.85       3.51       4.43

 Processing
 Ore Processed   Tonnes  261,700    255,200    231,000    254,800    241,400
 Grade           g/t Au  2.46       2.99       2.95       3.38       3.58
 Recovery        %       92.3       94.0       94.1       95.0       95.5
 Gold Recovered  oz      19,104     23,100     20,600     26,300     26,500

 

Note: Figures are rounded

 

 

 

 

 

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

Email: 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 / 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

 

 

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  UPDQQLFFXBLLFBE