Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) produced 20,629 ounces of gold from its Segilola mine in Nigeria during the three months to end of March.
The average grade of the gold produced was 2.95 grammes per tonne.
Thor also identified a new high-grade quartz vein system within 15 kilometres of Segilola, from which multiple high-grade drillhole intercepts were returned, including one metre at 310 grammes per tonne gold.
Meanwhile, the resource estimate at the Douta project was upgraded to 1.78mln ounces of gold, as total drilling on the project went past 64,500 metres.
Drilling is ongoing at Douta, with a further 40,000 metres to be completed in 2023. Mineralisation remains open along strike between the known prospects, with further growth potential along 20 kilometres of under-explored prospective strike length covered by the Douta exploration permit.
Full-year production guidance range remains at 85,000 to 95,000 ounces of gold, weighted towards the second half of the year.
"I am pleased to report another quarter of solid production at Segilola for the first quarter of 2023,” said Segun Lawson, chief executive of Thor Explorations in a statement. “The planned west wall push-back is progressing and we are well positioned for an increase in gold production following its completion late in the second quarter of 2023 as the mine head grade improves over the next three-to-six months.”
He also highlighted exploration progress at Douta and elsewhere.
"Exploration is continuing on a number of greenfield opportunities in Nigeria which are delivering encouraging results, as highlighted by our recent ten ounce per ton drillhole intersection near Segilola. We have also continued to evaluate potential opportunities to leverage our technical capabilities and first-mover advantage in Nigeria," Lawson noted.