Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) has reported gold production of 23,078 ounces from its Segilola Gold mine in Nigeria during the second quarter of 2023, with an average grade of 2.99 grams per tonne of gold.
In an operations update, the company maintained its production guidance range of 85,000 to 95,000 ounces of gold for the 2023 fiscal year.
The company said exploration activities at Segilola focused on identified high-grade quartz-vein style mineralization at the Igala and Ayelle prospects, resulting in several significant intersections.
Furthermore, a new mineralized trend was discovered 23 kilometers south of Segilola and an RC drilling campaign is underway to evaluate the gold mineralization in both primary and saprolite zones.
At the Douta Project in Senegal, Thor Explorations said the pre-feasibility study workstreams are ongoing and environmental and social impact assessments have been completed. Resource drilling is continuing to upgrade the inferred resource to an indicated classification and exploration is expanding along the under-explored prospective strike length covered by the Douta exploration permit.
The company also announced the acquisition of over 500 square kilometers of tenure in southwest Nigeria for lithium exploration. Initial field inspections and selective sampling have shown significant lithium grades and an ongoing drill program is being conducted at the priority target location. A metallurgical sampling program is scheduled to commence in the third quarter of 2023.
Regarding the company's corporate activities, Thor Explorations said it made the final payment of the net smelter royalty to VOX Royalty Corp, completing the royalty payments for the Segilola Gold Project acquisition.
In the update, Segun Lawson, president & CEO of Thor Explorations commented: "The planned step-up in mining operations has been achieved and we are well positioned to meet our targets for H2 2023.
"We are also encouraged by ongoing exploration in Nigeria, where drilling has been continuing on two priority targets. We look forward to updating the market with drill results from Nigeria and Senegal in the coming weeks."