Aim- and TSX-V-listed Thor Explorations has set its full-year production guidance for 2022 at between 80 000 oz and 100 000 oz, following a ramp-up in production from the first quarter this year, as per the mine plan for its Segilola operation, in Nigeria.
Importantly, the company has managed to resolve some supply chain issues experienced in the third and fourth quarters of last year, as well as commissioned a mine laboratory to optimise processing ability.
Thor’s Segilola process plant is running at design capacity, with 62 128 t of ore having been processed during December, at a head grade of 3.4 g/t gold.
This while overall plant recovery continues to improve, achieving a rate of 92% in December and targeting a recovery rate of 97%.
Gold output in December averaged just over 1 500 oz a week to reach the monthly total of 6 119 oz.
The company explains that near-mine exploration drilling resumed following the commissioning of the lab. Thor is due to complete the remainder of a 4 000 m programme, of which 1 200 m has been drilled.
Thor has acquired more prospective ground within a 20 km radius of the Segilola project through joint venture agreements, while reverse circulation drilling will start at the Douta gold project, in Senegal, in February.
To this end, a preliminary feasibility study is expected to be published before the end of 2022.