Dual-listed Thor Explorations delivered a strong fourth quarter at its Segilola gold mine, in Nigeria, resulting in an “excellent” first calendar year of operations as a gold producer, achieving a production of 98 006 oz of gold, at the top end of its guidance.

This was noted by president and CEO Segun Lawson in an operational update for Segilola, and for the company’s mineral exploration properties located in Nigeria, Senegal and Burkina Faso for the three months to December 31, 2022, as well as full-year operational highlights.

“Importantly, we have achieved a major strategic objective in successfully ramping up to a steady state, low-cost production platform at Segilola and we are continuing to advance potential exploration opportunities both regionally and underground at Segilola.

“Continuing high-grade drill results from our Douta project in Senegal underline the potential that we see in this asset, and we are working to move this project forward to development.

"Now that Segilola is at steady state operation, the company is also focusing on our growth strategy in Nigeria where we have an aggressive drill programme on a number of targets and continue to evaluate potential opportunities, to leverage our technical capabilities and first mover advantage,” Lawson outlines.

SEGILOLA 2022 OPERATIONAL HIGHLIGHTS

Gold production was at the top end of the full-year 2022 guidance range of 90 000 oz to 100 00 oz of gold.

Thor produced 26 331 oz during the fourth quarter at an average grade of 3.51 g/t of gold.

Senior debt was reduced to $28.4-million as at December 31.

There was the acquisition of additional exploration tenure, expanding the Nigeria portfolio to 1 542 km².

Planning for fast-track drilling programmes on near-mine and regional targets is finalised to begin in this month.

An underground drilling programme has started.

DOUTA EXPLORATION HIGHLIGHTS

A successful 26 000 m reverse circulation drilling programme was completed to upgrade certain areas of the existing resource and to target higher grade parts of the deposit.

Wide zones of near surface, high grade oxide mineralisation have been identified.

A new discovery was also made at the Sambara prospect.

2023 OUTLOOK & CATALYSTS

Thor’s full-year 2023 production guidance range is set at 85 000 oz to 95 000 oz of gold weighted towards the second half of the year.

This is an increase compared with the 76 900 oz of production expected for 2023 in the mine plan included in the 2021 Competent Person’s Report.

First half 2023 drilling programmes entail resumption of drilling at Segilola aimed at increasing resources for potential future transition to underground operation; step-out drilling at Douta project in Senegal, aimed at further increasing existing resource and the continuation of drilling at Segilola regional targets.

There is also an initial programme at the company’s new Malete prospect; drilling results pending from satellite targets at the Douta project; a 40 000 m drilling programme planned to further advance the Douta project; and completion of the Douta preliminary feasibility study.

Also, there are applications for and acquisition of identified prospective exploration properties in Nigeria; and continued exploration programmes across the exploration portfolio in Nigeria.