Name of the Project
Segilola gold project.

Location
Osun state, Nigeria.

Project Owner/s
Thor Explorations.

Project Description
The project comprises an openpit gold mine, based on a probable reserve of four-million tonnes grading 4.02 g/t gold.

It includes a new 715 000 t/y processing plant comprising a conventional crushing circuit, two-stage grinding, gravity, carbon-in-leach, elution, electrowinning and smelting to produce gold ore.

Production is estimated at 85 000 oz/y over a five year life-of-mine.

The full potential of an underground resource has yet to be realised and ongoing exploration is planned to upgrade the current inferred underground resource to indicated resources and test the continuation of the shoots at depth.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The Segilola openpit has a net present value, at a 5% discount rate, of $310-million and an internal rate of return of 85% in the base case, with payback of one-year.

Capital Expenditure
$104.5-million.

Planned Start/End Date
Construction on the project started in March 2020 and first gold was poured in July 2021.

Latest Developments
Thor Explorations’ operations at the Segilola gold mine have performed in line with forecasts for the quarter ended March 31, 2022, and remain on track to meet full-year guidance of between 80 000 oz and 100 000 oz.

A throughput of 221 920 t with an average head grade of 3.18 g/t gold and an overall recovery rate of 94.1%, resulted in gold production of 21 343 oz for the quarter.

The Segilola process plant operated at above design mill throughput in March, with 69 907 t of ore processed at an average head grade of 3.38 g/t gold and a higher recovery rate of 95.1% to deliver 7 220 oz of gold.

Thor has reported that it started commissioning a compressed natural gas generator at the mine towards the end of the March quarter, which will result in the process plant’s using natural gas instead of diesel from the second quarter of 2022.

Key Contracts, Suppliers and Consultants
Norinco International (engineering, procurement and construction).

Contact Details for Project Information
Thor Explorations, tel +1 778 373 0102 or email info@thorexpl.com.