Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) told investors its 100%-owned Segilola Gold Mine in Nigeria continued to operate at a steady state, with above design mill throughput, in March 2022.
Total gold production was 7,220 ounces during the month, taking production for the first quarter of the year to 21,343 ounces. Recovery in March averaged 95.1% with average recovery for 1Q at 94.1%.
"The month of March has closed off a very positive start to the year, completing our first full quarter of gold production,” president and CEO Segun Lawson said in a statement. “There continues to be production improvements in all aspects, in particular, with recoveries continuing to improve and averaging 95.1% for the month of March.”
READ: Thor Explorations says Segilola Gold Mine in Nigeria continued performing at budget in February 2022
The company sold 16,658 ounces of gold and 922 ounces of silver during the quarter, with exports occurring regularly throughout the period, Thor said.
In March, throughput at the Segilola process plant reached 69,907 tonnes of ore processed at an average head grade of 3.38 grams per tonne (g/t) and an overall gold recovery of 95.1% for a total of 7,220 ounces of gold produced, the company added.
As its mining plan moves into the fresh ore, Thor said mined ore tonnes and grade are reconciling well to the reserve model and process recoveries are in line with the metallurgical recovery model.
The company also reported that at the end of the quarter, it started commissioning its compressed natural gas generators at Segilola, following which the process plant will transition from diesel to compressed natural gas generation in 2Q 2022.
It said it is continuously monitoring the potential impact on its operations from global supply chain disruptions and is currently implementing a plan to increase raw material and spares inventories at Segilola to mitigate the impact of further disruption.
The company has guided for 2Q production of 22,000 to 24,000 ounces and has maintained guidance for the full year at 80,000 to 100,000 ounces.
With the project now in a steady state of production, it said it will provide quarterly operational updates going forward.
“We look forward to the second quarter where we expect further improvement in production and additional newsflow from exploration drilling results from both Nigeria and the Douta Project in Senegal,” Lawson concluded.
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.
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