Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) earlier this week said it had made a new gold discovery at its Douta West licence in Senegal.
The company told investors that it had drilled two new discovery holes in the newly acquired licence area.
Thor acquired the Douta West licence around one year ago. The area is adjacent to its existing Douta gold project.
CEO Segun Lawson joined the Proactive studio to discuss the results, here we take a closer look at what was said.
Proactive: Joining me is Thor Explorations CEO Segun Lawson. Segun, very good to speak with you.
You’re offering updates on your mineral projects in Senegal that you acquired a year ago. You’ve drilled two new discovery holes in the Douta West licence.
How does this fit into your upcoming plans?
Segun Lawson: To set the scene, we've had the Douta project for a number of years and have been advancing it through various stages.
We then acquired the Douta West licence, which is contiguous to the Douta project.
That was about a year ago.
We've been working on a preliminary feasibility study over the last year—finalizing and evaluating various process flow sheets.
Since acquiring the Douta West project, we’ve also been working on some drill targets, which we started drilling this year. I’m pleased to say the results released this morning show that we do have another discovery.
We’ve had to decide what to do with this discovery.
These are wide intersections—between 12 and 20 metres—with good grades, between 1.3 and just over 2 grams per ton. The anomaly runs for about two kilometres.
It’s all oxide, free-flowing, recoverable gold material. These ounces could really enhance the economics of the project if included in the mine life.
So, we’ve decided it's most prudent to drill this out, work up these ounces, and include them in the mine plan.
Proactive: What are the next steps now that you have those two discovery holes? How do you take this forward?
Segun Lawson: We plan to drill the rest of the strike length.
We also have inferred material within the pit. From the four diamond drill holes already completed, we've started converting some of that inferred material into indicated material.
We can then use that in the mine plan.
Once we complete this drilling, we’ll set a definitive timeline for the outcome of the preliminary feasibility study.
What I’d like to add is that we’re not an exploration company producing results for academic purposes.
We’re producing because we believe this is a project we can build.
We want to build it and deliver value for our shareholders.
We believe these ounces will materially benefit our shareholders and potentially improve the project’s longevity.
The next step is to complete the drilling program, compile the updated numbers, and feed those into the PFS and mine plan.
Proactive: Segun, I hope you’ll keep us posted on any progress. Thank you very much for the update