Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) poured 21,742 ounces of gold in the three months to end June 2024, its second quarter, putting it on course to meet its target for the year of 95-100,000oz.
Production from the Segilola mine in Nigeria was 491,000 tonnes at a grade of 1.78 g/t, with 174,000t milled, 9,000oz added to the stockpile and 3,650 oz released from gold-in-circuit.
Segun Lawson, chief executive, said: "We were pleased by the performance of the Segilola Mine in the quarter.
“Following the completion of the upgrade of the CIL circuit in the first quarter, we prioritised releasing GIC, by decreasing process plant throughput whilst focussing on increasing recovery and improving circuit efficiency.
“I am pleased to report that this has been a successful exercise, which is reflected in our operational results for the Quarter during which we achieved a recovery rate of 94.6% and poured more gold than recovered from the mine.
“We are now positioned in the third quarter to return to the increased process plant throughput rate whilst maintaining these operational improvements that have been achieved in the Quarter, which should result in the continued increased amount of gold poured in H2 from both mined ore and further releases from GIC."
"In Senegal, the Douta project continues to deliver promising exploration results, offering compelling upside potential for the Company.
“The first set of drilling results from our 2024 program were positive and the 15,000-metre drilling program is continuing through the third quarter, designed at adding oxide ounces outside of the existing resource, to be incorporated into the Douta Preliminary Feasibility Study."
"We are pleased to have made further progress towards fully repaying our senior debt facility by the end of the year with a balance of US$7.9 million remaining outstanding and also continuing to make repayments towards our payables, whilst continuing to strengthen our balance sheet."