Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) expects to increase production in 2024 by at least 10% after hitting its target of 85,000 gold ounces in the year just ended.
Output from the company’s flagship operation at Segilola in Nigeria was affected by lower grades and recoveries earlier in the year.
Segun Lawson, chief executive, said that as a result of actions taken, it is back on track and "positioned strongly” for the next few years.
“We expect that the successful completion of the west wall pushback and the improvements made to the processing plant will allow the mine to operate more efficiently whilst also making accelerated drawdown of the current high levels of the gold in circuit through the course of the year.”
Gold production in 2023 totalled in 84,609oz with around 21,800oz in the final three months at a grade of 2.77 grammes per tonne (g/t).
In 2024, Thor expects output to rise between 95,000 to 100,000 oz of gold at an all-in-sustaining cost of US$1,100 to US$1,200 an ounce.
Preliminary feasibility study test work is also ongoing at the Douta project in Senegal, with a target to publish this quarter following the updated Mineral Resource Estimate.
Lawson added: "In Nigeria, we have made small but very important discoveries within trucking distance of the Segilola plant.
"The area within a 40km radius of the Segilola Mine has been a key exploration focus for potential high-grade satellite resources that can be transported economically to the central processing plant at Segilola.
"We are also pleased with the progress made at Douta. We were encouraged by the final set of drill results received and have been working on the Preliminary Feasibility Study.”