Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) has announced initial results from a reconnaissance drilling program currently underway at its Western Prospects joint venture (JV), approximately 15 kilometres (km) to the west of its wholly-owned Segilola gold mine in Nigeria.
The West African focused minerals exploration, development and mining company highlighted an intersection grading 227 grammes per ton (g/t) gold (Au) over a length of 2 metres (m).
“Within this intersection is a 1m length that carries ten ounces per ton,” Thor president and CEO Segun Lawson commented in a statement. “As you would expect, visible gold is prevalent throughout the core from this and the other significant intervals.”
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Thor noted that it recently brought the Segilola gold mine into operation, producing 98,008 ounces of gold in 2022, its first calendar year of operation. It is actively progressing with gold exploration and assessing other high-value mineral resource opportunities in the country.
Highlights of the reconnaissance drilling program include:
- Drillhole SGD238 2m at 227g/tAu from 80m, including 1m at 310g/tAu;
- Drillhole SGD235 3.1m at 14.32g/tAu from 28m; and
- Drillhole SGD236 2m at 6.24g/tAu from 46.5m.
Initial conclusions
- High-grade gold anomalism has been defined by exploratory geochemical programs comprising soil/auger and rock chip sampling. The first holes of the initial drilling program on the primary geochemical target have returned high-grade gold intersections from a sub-vertical narrow quartz vein system;
- Parts of the vein system contain grades of 1m at 310g/tAu which equates to 10 ounces of gold per ton;
- Several additional targets in the area require drill testing;
- There is potential for additional high-grade deposits in the area; and
- With further exploration success, this area may provide an important satellite source of high-grade material for the Segilola gold mine.
“These results are the culmination of systematic and persistent exploration work leading to the discovery of this high-grade mineralisation. Importantly, it demonstrates the significant exploration potential outside of the immediate Segilola mine precinct,” Lawson continued. “Our strategy is to develop the Western Prospects together with other such opportunities located within a 25 km radius of Segilola, to provide a pipeline of high-grade material that will extend the current four years of production at Segilola.”
Joint venture arrangement
Thor noted that the Western Prospects are held under a JV agreement between its wholly-owned subsidiary Segilola Gold Limited (SGL) and local mineral exploration company Esteedan Limited which was entered into in August 2021.
The company currently has a 51% interest in the Thor-Esteedan JV and will increase its interest to 70% following a Decision-to-Mine Notice from SGL to Esteedan.
After the Decision to Mine notice has been issued, both parties will enter into a contribute or dilute period where Esteedan can choose voluntarily not to contribute to any additional equity requirement and its shareholding shall dilute pro-rata to its equity contribution requirement above the additional equity, subject to Esteedan always retaining a minimum 15% shareholding in the JV.
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 is also advancing the Douta Gold Project in Senegal which currently comprises an Inferred Resource of 730,000 ounces of gold, grading at 1.53 grammes per ton.
Contact the author at stephen.gunnion@proactiveinvestors.com