Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) has maintained its production forecast for the year in spite of lower grades at its Segilola gold mine in Nigeria in the latest quarter.
For the full year 2023, Thor still expects to produce 85,000 oz of gold at a sustaining cost of US$1,150-US$1,350 per ounce.
Gold production totalled 19,104 ounces during the three months to end September 2023 at an average grade of 2.46 grammes per tonne.
Exploration will focus on drilling at Segilola gold regional targets, continuation of drilling at the Oyo lithium prospect and commencement of drilling at the Ekiti lithium prospects in Nigeria.
In Senegal, Thor said it is also concentrating on the completion of a pre-feasibility study (PFS) at Douta.
Segun Lawson, chief executive, added: “We had anticipated that the mine grade would be lower in the period, and this has resulted in recovered gold being at the low end of expectation for the period.
"We are pleased that the main west wall pushback is now complete and as at the quarter end, the operating conditions in the pit are much improved, facilitating the opening up of more mining faces and reducing any short-term planning pressures.
"In Senegal, drilling at the Douta Project is now complete and final assays are pending. The Douta Pre-Feasibility Study workstreams are progressing and remain on track for completion by the end of the year.”