Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) has said its 100%-owned Segilola Gold Mine in Nigeria continued to perform at budget and above design capacity without any unplanned stoppages in February 2022.
Total gold production was 7,082 ounces during the month, with regular gold exports occurring throughout, the company noted.
"We are pleased to have produced over 7,000 ounces of gold in the shorter month of February. There continue to be production improvements in all aspects month on month for three consecutive months at the Segilola Gold Project in Nigeria,” Segun Lawson, Thor Exploration president & CEO said in a statement.
WATCH: Thor Explorations announces updated Mineral Resources and Estimate at Segilola Gold Project
“In particular, we have been pleased with the improved overall recovery which continues to trend upwards and averaged 94% for the last 10 days of February. We remain on course to meet our Q1 and full-year guidance,” Lawson added.
The Segilola process plant is now running continuously above the design mill throughput, with 74,908 tonnes of ore processed in February. The plant throughput rate was 121 tph (tonnes per hour) in February, a 13% rise from 107 tph the previous month, the company said.
“Notably, the gravity circuit continued to outperform its design specification, with a recovery of over 60%. The overall gold recovery improved again to 94%. The company anticipates meeting its Q1-2022 and full year 2022 production guidance,” it added.
Thor Exploration is a Canadian mineral exploration company engaged in the acquisition, exploration and development of mineral properties located in Nigeria, Senegal and Burkina Faso.
Contact the author at jon.hopkins@proactiveinvestors.com