Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) said a strong fourth-quarter performance at its Segilola Gold Project in Nigeria resulted in an excellent first full calendar year of operations as a gold producer, with production coming in at the top end of its guidance.
In an operational update for Segilola, as well as the company’s other mineral exploration properties in Nigeria, Senegal and Burkina Faso, Thor said it achieved production of 26,331 ounces of gold at an average grade of 3.51 grams per tonne in the three months to December 31, 2022, taking full-year output to 98,006 ounces.
"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,” Thor president and CEO Segun Lawson said in the statement.
WATCH: Thor Explorations rounds out 2022 with fresh drill results from Douta Gold Project
While ramping up production at Segilola, Thor said it reduced senior debt to $28.4 million by the end of December and acquired additional exploration tenure, expanding its Nigeria portfolio to 1,542 square kilometres.
Planning for fast-track drilling programs on near-mine and regional targets is finalized to commence this month, while an underground drilling program has already commenced, it added.
Meanwhile, Thor said it successfully completed 26,000 metres of reverse circulation (RC) drilling program at its Douta Gold Project in Senegal 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 were identified, with the new discovery of the Sambara Prospect.
"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,” Lawson added.
The company’s 2023 drilling programs include:
- Resumption of drilling at Segilola aimed at increasing resources for potential future transition to underground operation;
- Step-out drilling at Douta Project, aimed at further increasing existing resource;
- Continuation of drilling at Segilola regional targets;
- 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;
- Applications for and acquisition of identified prospective exploration properties in Nigeria; and
- Continued exploration programs across exploration portfolio in Nigeria.
"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,” Lawson concluded.
Thor Explorations is a Canadian mineral exploration company engaged in the acquisition, exploration and development of mineral properties located in Nigeria, Senegal and Burkina Faso.
The company 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.
Contact the author at stephen.gunnion@proactiveinvestors.com