REG - Thor Explorations Ld - Third Quarter 2023 Financial & Operating Results

Thor ExplorationsAnnouncement

27/11/2023 07:00

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RNS Number : 6765U  Thor Explorations Ltd  27 November 2023

 

 

NEWS RELEASE

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR

DISTRIBUTION TO U.S. WIRE SERVICES

 

 27 November 2023     TSXV & AIM: THX

 

THOR EXPLORATIONS

 

FINANCIAL AND OPERATING RESULTS FOR THE THREE AND NINE MONTHS ENDING SEPTEMBER
30, 2023

 

Focus on drilling regional Segilola gold targets, continuation of lithium
prospects

 

Thor Explorations Ltd. (TSXV / AIM: THX) ("Thor Explorations", "Thor" or the
"Company") is pleased to provide an operational and financial review for
its Segilola Gold mine, located in Nigeria ("Segilola"), and for the
Company's mineral exploration properties located in Nigeria, Senegal, and
Burkina Faso for three ("Q3 2023" or the "Period") and nine months to
September 30, 2023.

 

Financial Highlights of Q3 2023 and nine months to Sept 2023

 

 US$                    Q3 2023   Q3 2022   Nine months to Sept 2023  Nine months to Sept 2022
 Revenue                $36.6m    $55.7m    $118.2m                   $121.9m
 AISC*                  $1392/oz  $1378/oz  $1321/oz                  $1273/oz
 Cash operating cost    $1193/oz  $1137/oz  $1005/oz                  $991/oz
 EBITDA                 $11.8m    $17.8m    $47.0m                    $49.0m
 Net Profit             $2.3m     $7.6m     $14.5m                    $17.8m
 Cash at end of period  $8.3m     $2.5m     -                         -
 Net Debt               $19.4m    $40.7m    -                         -

 

* all-in sustaining cost

 

Operational Highlights for Q3 2023

 

Gold production targets on track for FY23 guidance

 

·      Gold production for the Period totalled 19,021 ounces ("oz")

·      Nine months to Sept '23 production of 63,328 oz - in line with
expectations

·      All main operating units of the process plant continue to perform
well, with the main west wall push back completed

·      Ongoing improvements at process plant being undertaken and to be
commissioned in Q4 2023

 

Focused exploration at Segilola

 

·      Focus of gold exploration activities within a 25km radius from
the Segilola operations

·      Continuation of reverse circulation ("RC") drilling, stream
sediment sampling and grid auger sampling at the Kola Prospect, 23km south of
Segilola,

·      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 drilled

 

Ongoing impact Assessment of Douta Project

 

·      Further progress made with Pre-Feasibility
Study ("PFS") workstreams with an expected completion for Q1 2024

·      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

 

·      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 with drilling
now commence at this Project

 

ESG

 

·      Two weather stations installed at Segilola to assist with
accurate climate database and mine planning

·      Continuous progression of livelihood restoration programmes to
individuals affected locally within the Segilola mine footprint

·      Community projects undertaken by Africa Star Resources team in
Senegal, including improvements of local school toilet facilities, clearing
wasteland at local cemetery and providing a generator for the local police
station

 

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 and
underground project

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

·      Completion of the Douta resource update in Q4 2023

·      Continued assessment of prospective exploration properties in
Nigeria

·      Continued exploration programs across our exploration portfolio
in Nigeria

 

Segun Lawson, CEO, commented:

 

"Our Q3 2023 gold production of 19,104oz is in-line with our August guidance
update of 85,000oz for the full year 2023.We are pleased to have achieved this
and to have completed the pushback of the west wall which means that the pit
conditions have significantly improved. We are now well positioned to mine
more flexibly and efficiently going forwards.

 

"Our process plant continues to perform above design capacity. Upgrades to the
process plant leaching and electrowinning circuits are being phased-in over Q4
2023 and Q1 2024, which are expected to result in a release of gold-in-circuit
and increased plant recoveries from December 2023, continuing throughout 2024.

 

"In terms of financial performance, whilst the lower grades have led to lower
revenue and profits in the quarter, we have maintained good levels of positive
cash flow. We anticipate a stronger financial performance in the final quarter
as the mine grade increases.

 

"The resource drilling at our Douta gold project in Senegal, which was
targeting the higher-grade zones of the inferred resource, has been completed
and final assays are pending. The Environmental and Social Impact Assessment
is ongoing and metallurgical test work is continuing at IMO Laboratory in
Perth, Western Australia. To maximise the full potential of the 1.78 Moz of
gold resource at Douta, we are extending the metallurgical testwork program
with IMO and will also be conducting further testwork with our engineering
design partner JinPeng engineering in China to confirm equipment selection. It
is important that we confirm a robust process design that maximises the
overall economics of the project and that provides us with the confidence to
progress directly to project implementation. We are therefore postponing the
preparation of an updated resource for Douta until confirmation of the process
design and thereafter release of the PFS, targeting Q1 2024.

 

"We have made good early progress at our West Oyo Lithium Project in Nigeria,
with an encouraging initial set of drilling results. We have been able to
confirm and delineate lithium-bearing mineralisation, with spodumene confirmed
as the primary lithium-bearing mineral. Our plan is to expand our drilling
program to the other pegmatites across our permits and expect to receive
further results in Q4 2023."

 

The Group's Consolidated Condensed Interim Financial Statements together with
the notes related thereto, as well as the Management's Discussion and Analysis
for the three and nine months ended September 30, 2023, are available on Thor
Explorations' website at https://thorexpl.com/investors/financials/
(https://thorexpl.com/investors/financials/) .

 

About Thor Explorations

Thor Explorations Ltd (http://www.thorexpl.com/) . 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".

 

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 / 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 / Soraya Jackson

Tel:  +44 (0) 20 3004 9512

 

BlytheRay (Financial PR)

Tim Blythe / Megan Ray / Said Izagaren

Tel: +44 207 138 3203

 

Qualified Person

The technical information included in this report has been prepared under the
supervision of Alfred Gillman (Fellow, AusIMM, CP Geology), who is designated
as a "qualified person" under National Instrument 43-101 and AIM 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.

 

Production Metrics

                          Units   Q3 - 2023          Q2 -2023   Q1 - 2023  Q4 - 2022  Q3 - 2022  Q2 - 2022  Q1 - 2022

 Mining
 Total Mined              Tonnes          5,673,193  5,633,688  4,194,689  4,296,494  4,018,431  4,031,584  3,759,524
 Waste Mined              Tonnes          5,370,279  5,355,105  3,996,264  3,974,073  3,793,249  3,747,504  3,533,610
 Ore Mined                Tonnes          302,915    278,583    198,425    322,421    225,182    284,079    226,314
 Grade                    g/t Au          2.44       2.43       2.85       3.51       4.43       3.63       2.68
 Daily Total Mining Rate  Tonnes/Day      61,665     61,909     46,608     46,701     43,679     44,303     41,772
 Daily Ore Mining Rate    Tonnes/Day      3,292      3,061      2,205      3,505      2,448      3,122      2,515

 Stockpile
 Ore Stockpiled           Tonnes          338,558    297,060    270,215    300,531    229,909    249,281    179,758
 Ore Stockpiled           g/t Au          0.99       1.06       1.14       1.48       1.19       1.46       1.23
 Ore Stockpiled           Oz              10,756     10,124     9,904      14,300     8,796      11,701     7,109

 Processing
 Ore Processed            Tonnes          261,671    255,231    231,001    254,824    241,434    211,582    221,900
 Grade                    g/t Au          2.46       2.99       2.95       3.38       3.58       3.66       3.18
 Recovery                 %               92.3       94         94.1       95         95.5       95.5       94.1
 Gold Recovered           Oz              19,104     23,078     20,629     26,331     26,523     23,785     21,343
 Milling Throughput       Tonnes/Day      2,844      2,805      2,567      2,770      2,624      2,325      2,466

 

Key Exploration updates

 

Exploration Activity Summary Q3 2023

 

Segilola near mine exploration continued as a priority for the Group in 2023.
The Group also completed its field exploration activities at the Douta Project
in Senegal and is now completing various workstreams for the Douta Preliminary
Feasibility Study.

 

The Group continued to expand its portfolio in Nigeria through the acquisition
of additional pegmatite bearing lithium licences in various locations via
entering into joint venture agreements with existing licence holders.

 

The majority of the exploration activities carried out on all the Group's
licences, consisted of Reverse Circulation drilling, Diamond Drilling,
geochemical stream sediment sampling, auger drilling and soil sampling. Work
continued on the Kola target which is located about 20km from the Segilola
Mine following the significant geochemical signature and  follow up drill
results that included several anomalous zones.

 

In Senegal, the Group's Douta Project encompasses a mineral resource of 1.78
million ounces ("Moz") of gold ("Au"). Workstreams focussed on the proposed
process flow sheet in support of a Preliminary Feasibility Study (PFS)
commenced during the quarter following the completion of the resource drilling
program.

 

As part of its strategy of identifying high-value mineral resource
opportunities, Thor, through its fully owned subsidiary Newstar Minerals Ltd,
continued to carry out drilling activities on its West Oyo Lithium project
however the drilling program was interrupted due to heavy rains in Oyo,
delaying the drill results to Q4 2023.

 

Exploration drilling statistics summary for the Period

 

 Prospect                    Target Commodity  Diamond            RC                 Total
                                               No. Holes  Metres  No. Holes  Metres  No. Holes  Metres
 Western Prospect - Aye-ile  gold              14         1,866                      14         1,866
 Southern Prospect -Kola     gold                                 39         2,621   39         2,621
 Newstar Lithium - Oyo       lithium                              77         4,585   77         4,585
 Total                                         14         1,866   116        7,206   130        9,072

 

Nigeria Gold

 

Introduction

 

The high grade Segilola gold deposit is located on the major regional shear
zone that extends for several hundred kilometres through the gold-bearing
Ilesha schist belt (structural corridor) of Nigeria.

 

The key objective of the exploration strategy is to extend the life of mine
("LOM") at Segilola. Approximately 80% of the Group's Nigerian exploration
effort is concentrated within a 25km radius from the Segilola operation such
that potential gold-bearing material can be easily trucked to the existing
plant. In parallel to this, the Group also continued to carry out generative
exploration activities in areas that are further from the mine.

 

 

Segilola Southern Prospects

 

The southern prospects cover an area that is located to the south from the
Segilola Gold Mine. Regional stream sediment sampling located an area of
interest at what is now referred to as the Kola target. Kola is located about
20km from the Segilola Mine. Further follow up drill testing of this
greenfield target intersected several high grade anomalous zones of interest
including 13m grading 11.57g/tAu.

 

Further drilling at the Kola Target has delineated high grade mineralisation
extensions to the north-west and the south-east as illustrated in Figure 2.2
below. Drilling is ongoing throughout Q4 2023 to test these extensional
targets.

                                                          Figure 2.2 Segilola Southern Prospects

 

Kola Prospect Significant Results

 Hole ID  x       Y       Z    Depth  Dip  Azimuth  From     (m)      To    (m)     Interval    (m)     Grade (g/tAu)
 SGRC202  699920  807870  259  31     -90  0        0                 7             7                   0.86
 SGRC203  699913  807870  259  26     -90  0        0                 13            13                  11.57
 SGRC203                                            21                24            3                   0.97
 SGRC204  699938  807889  259  70     -60  270      5                 11            6                   0.73
 SGRC215  699921  807890  259  31     -60  90       17                22            5                   2.54
 SGRC236  699901  807898  259  60     -60  90       20                26            6                   2.24

 

(0.5g/tAu lower cut off; maximum 1m internal dilution)

 

Segilola Western Prospects

The Western Prospects are located about 15km directly west from the Segilola
Gold Mine and cover mostly amphibolitic rocks that contrast with the more
gneissic terrain that is developed at Segilola itself. The prospect comprises
several exploration permits that are held under exercised option agreements.
The area is easily accessed through a series of sealed roads and gravel
tracks. The Western Prospects are held under a joint venture agreement
("Thor-Esteedan JV") between Thor's wholly owned subsidiary Segilola Gold
Limited ("SGL") and a local mineral exploration company, Esteedan Limited
("Esteedan").

 

Igila

Drilling continued at Igila following up on the series of narrow high grade
mineralised lodes. Exploration activities at the Western Prospects was aimed
at identifying additional strike length and identifying additional lodes such
as the Aye-Ile prospect.

 

Aye-Ile

The Aye-Ile prospect is located approximately 1.2km along strike to the
south-east from Igala. Drill testing of anomalous auger geochemistry located a
north-east dipping vein-system that is developed on the same structural
orientation as Igala. Additional drilling is planned to expand the zone of
mineralisation and to infill the prospective strike between Igala and Aye-Ile.
Further drilling intersections were drilled in the period with results
highlighted in the table below.

 

 Prospect  Hole ID  x       Y       Z    Depth  Dip  Azimuth  From     (m)      To    (m)     Interval    (m)     Grade (g/tAu)
 Aye-Ile   SGD250   684182  836855  386  110    -60  320      40.7              41.8          1.1                 0.64
 Aye-Ile   SGD266   684219  836824  376  84     -60  320      36.2              38.1          1.9                 8.34
 Aye-Ile   SGD272   684246  836842  347  101    -60  320      70                73            3                   6.84

(0.5g/tAu lower cut off; maximum 1m internal dilution)

Aye- Ile exploration map

Newstar Lithium

 

Thor has secured over 600km(2) of granted tenure in Nigeria that form Oyo
State, Kwara State and Ekiti State Lithium Project Areas. The Oyo State
Project Area encompasses what Thor considers to be one of Nigeria's most
significant lithium pegmatite occurrence which is currently being exploited by
small-scale lithium mining.  In the period, Thor has added further licences
in Ekiti to its portfolio.

 

The Oyo State Lithium Project comprises approximately 38km(2) of exploration
tenure that is located towards the westernmost border of Nigeria and within
200km of the commercial capital of Lagos. The project area is unique in the
Nigerian context as it is mostly located in a relatively sparsely populated
region of the country but within close proximity to large population centres
and advanced infrastructure such as road, rail and ports.

 

Target Area 1

Reconnaissance rock chip sampling carried out in 2022 in the western parts of
Oyo State returned Li(2)O analyses of between 1.34% and 9.31%. Thor has
secured tenure over this area in a number of joint venture agreements together
with wholly owned exploration permits.

 

A program of reverse circulation targeted an identified pegmatite trend that
is developed within northerly trending mafic sequence that is surrounded by
granitoid-gneiss terrain.

 

The significant results from this program are listed below.

 

 Hole ID  X       y       Depth  Dip  Azimuth  From     (m)      To    (m)     Interval    (m)     Grade (%Li2O)  True Width (m)
 NRC006   494432  899276  110    -60  110      14                25            11                  1.53           10.5
                          includes             15                24            9                   1.70           8.6
 NRC009   494530  899242  50     -60  110      14                15            1                   0.42           1.0
 NRC010   494515  899248  60     -60  290      15                26            11                  2.61           10.5
 NRC018   494450  899300  46     -90  0        26                29            3                   1.66           2.9
                          includes             27                29            2                   2.11           1.9
                                               35                44            9                   2.42           8.6
 NRC019   494445  899365  52     -90  0        33                35            2                   1.27           1.9
                          includes             33                34            1                   2.08           1.0
 NRC020   494396  899351  50     -90  0        6                 10            4                   0.43           3.8
 NRC024   494500  899300  50     -90  0        35                39            4                   1.03           3.8
                          includes             35                36            1                   2.50           1.0

(0.4%Li(2)O cut-off grade, minimum 1m thickness, up to 2m internal dilution)

 

Sample analyses were carried by SGS Randfontein (GE_ICP90A50 and GE_FUZ90A50).
Cross check analyses were carried out by MSA Laboratories, Vancouver
(PER-700).

 

The drilled pegmatite averages 20m in thickness and dips at 5 degrees towards
the north west. A continuous sheet of coarse spodumene mineralisation of up to
11m thick is developed towards the upper contact of the pegmatite and mafic
country rocks.

 

On going exploration is underway to locate additional pegmatites in the
immediate vicinity of this target and further to the south where extensive
exposures of pegmatites have been mapped in Target Area 2.

 

Exploration Target Map

 

Thor/Newstar has also secured additional tenure over this area in a number of
joint venture agreements together with wholly owned exploration permits.
Further to the west additional exploration tenure has been obtained through
the granting of a large exploration permit (EL42245) to the north east
together securing additional ground under an agreement with SCT Mining &
Exploration Ltd.

 

The ongoing drilling program has been extended to test all the mapped
pegmatites with results expected to be announced by the Group in Q4 2023.

 

Senegal

 

Introduction

 

  The Douta Gold Project is a gold exploration permit E02038, located within
the Kéniéba inlier, eastern Senegal. The northeast-trending license has an
area of 58 km(2). Thor, through its wholly owned subsidiary African Star
Resources Incorporated ("African Star"), has a 70% economic interest in
partnership with the permit holder International Mining Company SARL ("IMC").
IMC has a 30% free carried interest in its development until the announcement
by Thor of a Probable Reserve.

The Douta licence Is strategically positioned 4km east of Massawa North and
Massawa Central deposits, which form part of the world-class Sabadola-Massawa
Project owned by Endeavour Mining. The Makabingui deposit, belonging to
Bassari Resources Ltd, is immediately located east of the northern portion of
E02038 (Figure 2.5).

Drilling Results

 

Drilling has been focussed in the following areas:

·      Resource Upgrade:       Makosa and Makosa Tail, Makosa East

·      Metallurgical Sampling   Makosa and Makosa Tail

·      Exploration:                  Sambara area

 

Potential Resource Upgrade

 

In April 2023 Thor commenced a program of infill RC drilling with the
objective of upgrading the inferred portions of the resource that fall within
the optimised pit shell, to indicated classification. At Makosa, zones of gold
mineralisation are developed either within a sheared gabbro intrusive or
within a steep north-westerly dipping sequence of meta-sedimentary rocks that
are in close proximity to the gabbro. Higher grade zones or shoots are
suspected to occur along east-west oriented structures that cut across the
main north-east trend of the mineralisation.

 

The significant intersections from this program are listed in table below.
Drill samples were analysed by ALS Laboratories in Mali using the AA26 fire
assay method (50 gram charge).

 

Douta Project Significant Results (>20 gram-metres: grade*true width)

 Prospect     Hole ID   Easting  Northing  Depth  Dip  From     (m)      To    (m)     Interval    (m)     Grade (g/tAu)  True Width (m)
 Makosa Tail  DTDD0017  174590   1434805   45.2   -50  32                41            9                   2.38           2.4
 Makosa       DTDD0021  175377   1436071   90.2   -50  36                44            8                   8.08           7.2
 Makosa       DTDD0021  175377   1436071   90.2   -50  55                61            6                   4.03           11.7
 Makosa       DTDD0023  175219   1435902   70.4   -50  58                66            8                   3.14           7.2
 Makosa       DTDD0024  175477   1436151   95.4   -50  64                71            7                   3.77           14.4
 Makosa       DTDD0029  175949   1436665   20     -50  0                 16            16                  2.03           14.4
 Makosa East  DTRC779   175885   1436181   54     -60  39                48            9                   2.46           8.0
 Makosa Tail  DTRC805   173959   1433743   50     -60  36                46            10                  2.25           4.8
 Makosa Tail  DTRC806   173939   1433758   74     -60  52                54            2                   13.90          1.6
 Makosa Tail  DTRC807   173920   1433773   100    -60  78                81            3                   25.35          5.6
 Makosa Tail  DTRC812   174161   1433787   90     -60  50                56            6                   4.94           13.5
 Makosa Tail  DTRC842   174556   1434762   69     -60  25                43            18                  1.82           6.3
 Makosa Tail  DTRC844   174476   1434806   69     -60  45                55            10                  3.00           7.2
 Makosa Tail  DTRC848   174583   1434868   114    -60  96                109           13                  4.59           5.4
 Makosa Tail  DTRC854   174545   1435016   107    -60  61                76            15                  1.79           9.0
 Makosa       DTRC864   176149   1437011   90     -60  49                56            7                   3.90           8.1
 Makosa       DTRC865   176203   1437037   72     -60  93                102           9                   4.33           8.1

(0.5g/tAu lower cut off; minimum width 2m with 2m max internal waste)

 

The drill results demonstrate the continuity of gold mineralisation both along
strike and down dip. Several higher-grade intersections were obtained
including 2m grading 13.90g/tAu g/tAu in drillhole DTRC806, 3m grading
25.35g/tAu in DTRC807 and 6m grading 4.94g/tAu in DTRC812.

 

In addition to upgrading the resource classification, intersections such as
these will likely have a positive effect in locally elevating the average
resource grade.

 

With the exploration fieldwork complete, the Group aims to announce an updated
resource in Q4 2023. The preliminary feasibility study workstreams are ongoing
with a preliminary feasibility study expected to be completed in Q1 2024.

 

Douta Project Location Map

 

Metallurgical Sampling

A total of 22 diamond holes were completed to obtain representative samples,
from both Makosa and Makosa Tail to undergo detailed metallurgical test work.
Several of these holes twinned existing historic RC holes and returned results
that are consistent with the earlier grades and thicknesses. Independent
Metallurgical Operations (IMO) are undertaking the test work program in Perth,
Western Australia.

 

Exploration

At the Sambara prospect several RC holes were drilled to test both the
extremities of the Sambara deposit and a soil geochemical anomaly that was
located in the northwestern part of the exploration licence. Best results
include 5m grading 1.35g/tAu in drillhole DTRC726 and 4m grading 1.43g/tAu in
DTRC729. Further testing along the prospective strike length is planned for
the remainder of 2023

 

Drillhole location map showing Significant Results (>20gram-metres)

 

Makosa Tail Cross-section Showing Grade Continuity on In-fill Drill-section

 

http://www.rns-pdf.londonstockexchange.com/rns/6765U_2-2023-11-27.pdf
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