Photo by: Thor Explorations
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 has reported that the planned west wall pushback is progressing and the company is well positioned for an increase in gold production following its completion late in the second quarter, as the mine head grade improves over the next three to six months.
The company has also identified a new high-grade quartz vein system within 15 km of its Segilola project, with multiple high-grade drillhole intercepts, including a 1 m mineralised zone grading 310 g/t of gold – equating to 10 oz/t gold.
Before the end of the first half, Thor is also aiming to resume drilling at Segilola to increase resources for potential future transition to underground operation and mine life extension.
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.