Thor Explorations Ltd (CVE:THX) boosted its land package in Nigeria with the addition of two new exploration licenses adjacent to its flagship Segilola gold project.
The new licenses comprise 344 square kilometres next to Segilola, with 20 kilometres of northern strike extension from the main ore body on the project.
Thor said that historical artisanal workings were seen on one of the new licenses, and initial reconnaissance mapping and sampling was underway on the new ground.
READ: Thor Explorations closes C$15.8M financing to advance Segilola gold project towards construction
Segun Lawson, Thor’s CEO, told shareholders in a statement Monday that the acquisition is part of the junior explorer’s “build and consolidate” strategy.
“(The licenses) provide key exploration upside potential in near proximity to the Segilola Project,” Lawson said.
Thor now has an exploration package of over 900 square kilometres in under-explored geological terrain that is delivering "encouraging" results in initial reconnaissance sampling programs, according to Lawson.
“We look forward to progressing exploration programs on all our licences with the ultimate aim of delivering additional production ounces through the central Segilola process plant, which is scheduled to commence production in within 15 months from the high grade Segilola open pit, with an initial production rate of 100,000oz per annum.”
The firm also updated shareholders on its regional exploration, including a stream sediment sampling program where anomalies were identified on all exploration licenses sampled. Thor said it had seen “encouraging” anomalous gold assays ranging from 44 to 1,113 parts per billion gold.
On the Segilola East anomaly, the company identified a “potentially significant” anomaly around 750 metres east of the main Segilola ore body, with initial stream sediment assays of almost 2 grams per ton. Trenching also exposed another quartz vein that looks to run parallel to the main ore body.
The explorer said that further sampling and mapping programs are in the works.
West African-focused Thor also holds a 70% interest in the Douta gold project in Senegal and a 49% interest in a project on the Houndé greenstone belt in Burkina Faso.
Contact Angela at angela@proactiveinvestors.com
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