Q4 2023 OPERATING UPDATE & 2024 OPERATING GUIDANCE

Thor Explorations Ltd
15 January 2024
 


THOR_EXPLORATIONS_FULLCLRLOGO_onwhite

NEWS RELEASE

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES

 

                                                                                                                                                     

January 15, 2024

 

TSXV/AIM: THX

                                                                                                                                                     

 

This Announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 ("MAR"). Upon the publication of this Announcement, this inside information is now considered to be in the public domain.

 

 

THOR EXPLORATIONS ANNOUNCES Q4 2023 OPERATING UPDATE AND 2024 OPERATING GUIDANCE

 

Thor Explorations Ltd. (TSXV / AIM: THX) ("Thor Explorations" or the "Company") is pleased to provide an operational update for the Segilola Gold mine, located in Nigeria ("Segilola"), and for the Company's mineral exploration properties located in Nigeria and Senegal, for the three months to December 31, 2023 (the "Quarter" or "Q4") as well as full year operational highlights ("FY 2023").

 

Segilola 2023 Operational Highlights

·      FY 2023 gold production of 84,609 ounces ("oz"):

21,798 oz during the Quarter at an average grade of 2.77 grammes per tonne ("g/t") of gold ("Au")

·      Successfully completed push back of Segilola Western Wall

·      Successfully upgraded process plant elution and electrowinning system

·      Acquisition of additional gold and lithium exploration tenure in Nigeria

·      Continuation of drilling programs on near mine and regional targets

·      Segilola underground exploration drilling program to commence in H1 2024

 

Segilola 2023 Exploration Update Highlights

·   Focus of gold exploration activities for FY 2023 has been on prospects within a 40-kilometre ("km") radius from the Segilola project.

·  Majority of the exploration activities carried out on all the Company's licences, consisted of Reverse Circulation ("RC") drilling, Diamond Drilling, geochemical stream sediment sampling, auger drilling and soil sampling,

·   The Company successfully drilled a number of high-grade intercepts at two key prospects within a 25km radius of the Segilola Plant.

·    The greenfield discovery at Kola located 23km to the south returned several high-grade encouraging drill results and has opened up a new front of exploration potential to the south, an area which is now of priority.

·    The Ijarigbe Prospect is located 23km north of Segilola. This prospect has been defined by a number of stream sediment anomalies and soil anomalies which returned values of up to 9.40g/tAu.

 

·    Southern Prospects located 25km south of Segilola was drilled during Q4 2023 and returned encouraging high-grade intercepts, including at the Kola Prospect:

SGRC188: 4 metres at 30.2g/t Au from 14 metres

SGRC 189: 8 metres at 3.0g/t Au from 56 metres

SGRC 190: 7 metres at 26g/t Au from 49 metres

SGRC 194: 7 metres at 34.2g/t Au from 49 metres

Previously unreported drilled in Q4 2023

SGRC 236: 2 metres at 12.61g/t Au from 49 metres

SGD 295: 5 metres at 11.25g/t Au from 15 metres

SGD 296: 3 metres at 2.49g/t Au from 55.5 metres

 

Douta Exploration Highlights

 

·    Final set of drill results received in Q4 2023 after completing a 14,000 metre RC drilling program. Results highlights include:

DTRC 871: 16 metres at 2.26g/t from 93 metres

DTRC874: 4 metres at 3.55g/t from 91 metres

DTRC 895: 8 metres at 2.61g/t from 8 metres

DTRD 845: 9 metres at 4.33 g/t from 93 metres

·      Wide zones of near surface, high grade oxide mineralisation identified

 

Lithium Exploration

 

·      Initial set of encouraging drill results received in Q3 2023 as previously announced

·      Land portfolio increased to include additional project areas

·      Focus on scout drilling across a number of targets through H1 2024

·      Continued acquisition of prospective lithium exploration ground in Nigeria

 

FY 2024 outlook and catalysts

·      FY 2024 production guidance range set at 95,000 to 100,000 oz of gold

·      FY 2024 All-in Sustaining Cost ("AISC") guidance range set at $1,100 to $1,200

·     Strong exploration focus on Segilola near mine drill targets and underground drilling program in H1 2024 with an initial 5,000 metre drilling program delineated

·      Updated Mineral Resource Estimate at the Douta Project to be completed in Q1 2024

·      Preliminary Feasibility Study ("PFS") test work is ongoing at the Douta project in Senegal, focusing on the metallurgy and process flow sheet targeting publication in Q1 2024 following the updated Mineral Resource Estimate

·      Continued lithium target generation including a further scout drilling program across a number of targets

 

Segun Lawson, President & CEO, stated:

"I am pleased that the Company was able to successfully complete what was projected to be the most operationally challenging year in the Segilola mine plan. We were able to complete the year producing 84,600 ounces, however, most importantly, we have positioned the mine very strongly for the coming years.

"We expect that the successful completion of the west wall push back and the improvements made to the processing plant will allow the mine to operate more efficiently whilst also making accelerated drawdown of the current high levels of the gold in circuit through the course of the year.

"In Nigeria, we have made small but very important discoveries within trucking distance of the Segilola plant. The area within a 40km radius of the Segilola Mine has been a key exploration focus for potential high-grade satellite resources that can be transported economically to the central processing plant at Segilola. There were encouraging high-grade drill results from the Kola Prospect in the Southern Prospects, which opens up a new front of exploration potential to the south. In addition, further encouraging geochemical sampling results from the Central Prospects are indicative of the potential for high-grade resource within close proximity to the plant. We are looking forward to our drilling program on our delineated targets in the first half of this year. Now we have completed the push back of the west wall, our priority this year is on exploration aimed at increasing the Segilola mine life. With this in mind, we are also commencing our underground drilling program in H1 2024.

"We are also pleased with the progress made at Douta. We were encouraged by the final set of drill results received in Q4 2023 and have been working on the Preliminary Feasibility Study. The current focus has been on the metallurgy and the process flowsheet, and we expect to update the market with an updated resource estimate and, subsequently, a Preliminary Feasibility Study in Q1 2024."

 

 

 

Production Summary

 

 

Units

2023

Total

Q4 2023

Q3 2023

Q2 2023

Q1 2023

Mining







Total Mined

Tonnes

20,984,861

5,483,291

5,673,193

5,633,688

4,194,689

Waste Mined

Tonnes

19,753,580

5,031,932

5,370,279

5,355,105

3,996,264

Ore Mined

Tonnes

1,231,283

451,360

302,915

278,583

198,425

Grade

g/t Au

2.32

1.93

2.44

2.43

2.85








Processing







Ore Processed

Tonnes

1,010,343

262,439

261,671

255,231

231,001

Grade

g/t Au

2.79

2.77

2.46

2.99

2.95

Recovery

%

93.5

93.4

92.3

94.0

94.1

Gold Recovered

oz

84,609

21,798

19,104

23,078

20,629

 

                     Table 1: Production Summary

 

 

Nigeria Exploration

 

In Nigeria, Thor's exploration focus is its wholly-owned exploration permits within a 40km radius of the Segilola mining operation. Two main advanced exploration target areas, i.e., the Central and Southern Prospect Areas, have been defined within a 40km radius of the Segilola Gold Mine (Figure 1). These areas encompass a number of targets, some of which have received initial drill testing.

 

A map of a city Description automatically generated

 

Figure 1: Segilola Exploration Targets

 

 

 

Central Prospects

 

There are two main focus areas with this prospect:

·      Ijarigbe

·      Ekiti



A screenshot of a computer Description automatically generated

Figure 2: Ijarigbe Prospect Map

 

 

Southern Prospects

 

The Southern Prospects is located 23km south of the Segilola Gold Mine within a 100% Thor-owned exploration permit (Figure 1). The prospect developed from a low-level stream sediment anomaly located in the northern portion of EL28801 which was confirmed by follow-up auger-assisted soil geochemistry that returned values of up to 4g/tAu. Targeting of this anomalous zone was carried out with reverse circulation drilling.

 

Initial positive results included 7 metres grading 25.98g/tAu in the near-surface weathered horizon. Additional drilling located primary bedrock mineralisation grading 8 metres at 30.19g/tAu. Initial data suggest that the geological controls relate to a steeply-dipping north-easterly trending zone within a biotite gneiss sequence. Exploration testing of the general area is continuing. The significant intersections are listed in Table 2.

 

Hole ID

x

y

Depth

Dip

Azimuth

From     (m)

To    (m)

Interval    (m)

Grade (g/tAu)

SGRC236

699901

807898

60

-60

90

20

26

6

2.24

SGRC236






49

51

2

12.61

SGD292

699925

807869

59.5

-60

280

0

2

2

0.92

SGD295

699924

807891

72.3

-60

270

15

20

5

11.25

SGD296

699967

807891

100

-60

270

55.5

58.4

2.9

2.49


Table 2: Southern Prospects Significant Results

(0.5g/tAu lower cut off; maximum 1m internal dilution)

 


A map of a forest Description automatically generated

Figure 3: Southern Prospects Drillhole Location Map

Newstar Lithium

 

Thor has secured over 600 square kilometres ("km2") of granted tenure in Nigeria that form Oyo State, Kwara State and Ekiti State Lithium Project Areas. Activities for the Quarter comprised initial exploratory drilling in the Ekiti Project Area. Exploration activities were focussed on the Oyo and Ekiti areas with surface geochemical programs and shallow drilling undertaken.

 

Sample Type

Number

Auger/Soil

671

Total

671

Table 3: Geochemical Sampling Statistics

 

Oyo

metres metres

 

Figure 3: Oyo Project Area

reconnaissance mapping and Results from this drilling are pending.

 

A screenshot of a video game Description automatically generated

 

Figure 4: Ekiti Project Area

 

 

 

 

SENEGAL

 

Introduction

 

The Douta Gold Project is a gold exploration permit (E02038), located within the Kéniéba inlier, eastern Senegal. The northeast-trending license has an area of 58km2. Thor, through its wholly owned subsidiary African Star Resources Incorporated ("African Star"), has a 70% economic interest in partnership with the permit holder International Mining Company SARL ("IMC"). IMC has a 30% free carried interest in its development until the announcement by Thor of a Probable Reserve.

The Douta licence is strategically positioned 4km east of Massawa North and Massawa Central deposits, which form part of the world-class Sabadola-Massawa Project owned by Endeavour Mining. The Makabingui deposit, belonging to Bassari Resources Ltd, is immediately located east of the northern portion of E02038.

 

Drilling Results    

 

No drilling activities took place during the Quarter. However, assays from drilling completed in the previous quarter were received. The significant intersections from this program are listed in Table 4 and shown on Figure 4. Drill samples were analysed by ALS Laboratories in Mali using the AA26 fire assay method (50 gram charge).

Hole ID

x

y

Depth

Dip

Azimuth

From     (m)

To    (m)

Interval    (m)

Grade (g/tAu)

DTRC870

176325

1437255

135

-50

130

93

104

11

1.19

DTRC871

176446

1437308

60

-50

130

28

44

16

2.26

DTRC874

176518

1437488

125

-50

130

91

95

4

3.55

DTRC875

176490

1437512

150

-50

130

119

130

11

2.03

DTRC895

177799

1439001

38

-50

130

8

16

8

2.61

DTRC896

177778

1439018

90

-50

130

26

30

4

3.10

DTRC903

177412

1438581

174

-50

130

120

126

6

5.21

DTRC905

177522

1438705

116

-50

130

35

41

6

3.18

DTRC905






63

74

11

1.15

DTRC907

177672

1438964

154

-50

130

118

131

13

0.99

DTRD845

174453

1434815

180

-50

130

93

102

9

4.33

 

Table 4: Douta Project Significant Results (>12 gram-metres: grade*true width)

(0.5g/tAu lower cut off; minimum width 2m with 2m max internal waste)


 

A screenshot of a computer Description automatically generated

 

Figure 5: Douta Drillhole Location Plan

 

 

 

 

Hole ID

x

y

Depth

Dip

Azimuth

From     (m)

To    (m)

Interval    (m)

Grade (g/tAu)

DTRC866

176224

1437114

90

-50

130

63

75

12

0.99

DTRC867

176290

1437191

102

-50

130

82

84

2

1

DTRC867






89

99

10

0.73

DTRC868

176272

1437209

147

-50

130

17

21

4

0.82

DTRC868






108

117

9

0.85

DTRC868






119

121

2

0.71

DTRC869

176349

1437237

86

-50

130

65

72

7

0.96

DTRC869






81

84

3

0.65

DTRC870

176325

1437255

135

-50

130

74

76

2

1.37

DTRC870






93

104

11

1.19

DTRC871

176446

1437308

60

-50

130

28

44

16

2.26

DTRC872

176414

1437334

122

-50

130

80

86

6

0.81

DTRC872






88

90

2

0.75

DTRC873

176388

1437354

160

-50

130

121

128

7

0.93

DTRC874

176518

1437488

125

-50

130

91

95

4

3.55

DTRC875

176490

1437512

150

-50

130

23

26

3

0.94

DTRC875






119

130

11

2.03

DTRC876

176574

1437440

54

-50

130

2

6

4

0.55

DTRC877

176547

1437465

84

-50

130

49

59

10

1.15

DTRC877






71

79

8

0.74

DTRC878

176616

1437541

80

-50

130

25

31

6

0.79

DTRC878






32

42

10

0.89

DTRC878






61

65

4

1.09

DTRC879

176594

1437559

108

-50

130

57

67

10

1.17

DTRC879






74

76

2

0.81

DTRC880

176573

1437577

120

-50

130

83

90

7

1.6

DTRC881

176699

1437604

65

-50

130

7

11

4

1.52

DTRC882

176674

1437625

84

-50

130

5

9

4

1.67

DTRC882






40

44

4

1.29

DTRC883

176657

1437642

102

-50

130

33

35

2

0.82

DTRC883






73

75

2

0.69

DTRC883






79

85

6

0.69

DTRC884

176705

1437732

102

-50

130

78

88

10

0.98

DTRC885

176747

1437823

110

-50

130

86

94

8

0.88

DTRC886

177063

1438134

63

-50

130

18

28

10

0.88

DTRC886






45

48

3

3.06

DTRC886






56

58

2

0.75

DTRC887

177028

1438163

108

-50

130

16

18

2

0.62

DTRC887






38

40

2

0.78

DTRC887






44

46

2

0.7

DTRC887






53

58

5

1.03

DTRC887






60

63

3

1.31

DTRC887






84

89

5

0.95

DTRC889

176060

1436877

80

-50

130

28

34

6

0.85

DTRC889






47

51

4

0.79

DTRC889






60

62

2

1.16

DTRC890

176043

1436891

100

-50

130

75

86

11

1

DTRC892

177619

1438788

72

-50

130

21

25

4

1.03

DTRC893

177713

1438931

66

-50

130

12

18

6

1.14

DTRC893






23

25

2

0.91

DTRC893






30

32

2

0.89

DTRC893






37

39

2

1.28

DTRC893






49

53

4

0.74

DTRC894

177694

1438947

120

-50

130

48

54

6

1.66

DTRC894






69

73

4

1.16

DTRC894






103

107

4

0.7

DTRC895

177799

1439001

38

-50

130

8

16

8

2.61

DTRC896

177778

1439018

90

-50

130

15

18

3

0.9

DTRC896






26

30

4

3.1

DTRC896






62

67

5

1.38

DTRC896






71

79

8

1.19

DTRC897

176772

1437870

130

-50

130

99

105

6

0.93

DTRC898

176722

1437843

150

-50

130

128

132

4

0.81

DTRC899

176551

1437591

148

-50

130

91

93

2

1.34

DTRC899






116

121

5

0.84

DTRC899






125

129

4

1.46

DTRC900

175551

1436344

227.8

-50

130

174

176

2

0.91

DTRC900






192

201

9

0.91

DTRC900






220

225

5

0.88

DTRC901

177288

1438429

144

-50

130

22

24

2

1.06

DTRC901






71

75

4

1.41

DTRC901






102

105

3

2.13

DTRC902

177259

1438454

176

-50

130

27

29

2

0.81

DTRC902






43

51

8

1.14

DTRC902






83

93

10

1.19

DTRC902






97

102

5

0.68

DTRC902






107

112

5

0.88

DTRC902






115

120

5

0.95

DTRC902






139

142

3

1.69

DTRC903

177412

1438581

174

-50

130

30

36

6

0.9

DTRC903






65

68

3

0.62

DTRC903






72

79

7

0.82

DTRC903






120

126

6

5.21

DTRC904

177431

1438561

126

-50

130

28

33

5

1.71

DTRC904






49

54

5

2.14

DTRC905

177522

1438705

116

-50

130

35

41

6

3.18

DTRC905






51

54

3

0.75

DTRC905






58

60

2

1.27

DTRC905






63

74

11

1.15

DTRC906

177501

1438723

124

-50

130

64

68

4

1.35

DTRC906






86

92

6

0.95

DTRC906






98

106

8

1.33

DTRC907

177672

1438964

154

-50

130

84

87

3

0.5

DTRC907






89

91

2

0.71

DTRC907






110

113

3

0.92

DTRC907






118

131

13

0.99

DTRC907






135

145

10

0.66

DTRD845

174453

1434815

180

-50

130

93

102

9

4.33

 

Deposit

Classification

Tonnage (xMt)

Grade (g/t Au)

Contained Metal    (koz Au)

Thor Interest

Attributable Ounces

Source

Segilola

Indicated*

4.06

4.66

608

100%

608

1

Segilola

Inferred*

0.443

4.78

68

100%

68

1

Makosa

Inferred

15.3

1.53

730

70%

511

2

·      *not depleted for mining

 

Source

1    Sedar Filing March 21 2019: Technical Report On The Segilola Gold Project Feasibility Study, Osun State, Nigeria

2    Sedar Filing Jan 4 2022: Independent Technical Report: Mineral Resource Estimate, Douta Gold Project, Senegal

 

 

 

 

APPENDIX 1: Kola Prospect Drill Results

 

Hole ID

x

y

Depth

Dip

Azimuth

From     (m)

To    (m)

Interval    (m)

Grade (g/tAu)

SGD292

699925

807869

59.5

-60

280

0

2

2

0.92

SGD292

699925

807869

59.5

-60

270

nsr




SGD294

699996

807875

133

-60

270

nsr




SGD295

699924

807891

72.3

-60

270

15

20

5

11.25

SGD296

699967

807891

100

-60

270

55.5

58.4

2.9

2.49

SGRC167

699927

807825

55

-60

90

nsr




SGRC168

699897

807875

56

-60

90

1

2

1

0.96

SGRC169

699877

807877

58

-60

90

nsr




SGRC183

700010

807875

50

-60

90

nsr




SGRC184

699983

807876

55

-60

90

nsr




SGRC185

699959

807830

50

-60

270

nsr




SGRC186

699929

807826

100

-60

270

nsr




SGRC188

699897

807875

56

-60

90

14

18

4

30.17

SGRC189

699925

807871

90

-60

90

56

64

8

3.01

SGRC190

699954

807866

120

-60

90

2

9

7

25.98

SGRC191

699896

807877

60

-60

90

1

6

5

5.64

SGRC192

699955

807872

55

-60

90

nsr




SGRC193

699939

807845

115

-60

300

nsr




SGRC194

699924

807872


-60

90

46

53

7

34.18

SGRC194



55

-60

270

55

57

2

1.83

SGRC195

699979

807892

105

-60

270

nsr




SGRC196

699952

807921

70

-58.6

270

nsr




SGRC197

699979

807922

80

-90

0

nsr




SGRC198

699930

807924

30

-90

0

nsr




SGRC199

699961

807893

105

-60

90

17

20

3

1.97

SGRC200

699880

807924

30

-90

0

nsr




SGRC201

699926

807879

41

-90

0

nsr




SGRC202

699920

807870

31

-90

0

0

7

7

0.79

SGRC203

699913

807870

26

-90

0

0

13

13

8.34

SGRC203






14

17

3

0.71

SGRC203






21

23

2

1.22

SGRC204

699938

807889

70

-60

270

5

11

6

0.73

SGRC205

699998

807923

120

-61

267.4

nsr




SGRC208

699901

807873

31

-90

0

nsr




SGRC209

699893

807869

26

-90

0

nsr




SGRC210

699892

807857

31

-90

0

nsr




SGRC211

699903

807859

36

-90

0

nsr




SGRC212

699912

807861

31

-90

0

nsr




SGRC213

699918

807847

80

-57.2

89.1

nsr




SGRC214

699932

807892

41

-90

0

nsr




SGRC215

699921

807890

31

-60

90

17

22

5

2.54

SGRC216

699909

807889

30

-90

0

nsr




SGRC217

699899

807890

31

-90

0

nsr




SGRC218

699890

807890

40

-90

0

nsr




SGRC219

699945

807903

50

-60

270

nsr




SGRC220

699957

807910

110

-60.1

244.5

nsr




SGRC221

699980

807910

120

-63.9

270

nsr




SGRC222

700000

807910

85

-60

270

nsr




SGRC223

699925

807923

80

-60

270

nsr




SGRC234

699850

807899

70



2

4

2

1.76

SGRC235

699877

807899

70



nsr




SGRC236

699901

807898

60

-60

90

20

26

6

2.24

SGRC236






49

51

2

12.61

 

 

 

THOR EXPLORATIONS LTD.
Segun Lawson
President & CEO

 

Thor Explorations Ltd. is a Canadian mineral exploration company engaged in the acquisition, exploration and development of mineral properties located in Nigeria, Senegal and Burkina Faso. Thor holds a 100% interest in the Segilola Gold Project located in Osun State of Nigeria. Mining and production commenced at Segilola in 2021. Thor holds a 70% interest in the Douta Gold Project located in south-eastern Senegal. Thor trades on the TSX Venture Exchange under the symbol "THX".

 

For further information please contact:

 

Thor Explorations Ltd

Email: info@thorexpl.com

 

Canaccord Genuity (Nominated Adviser & Broker)

Henry Fitzgerald-O'Connor / James Asensio / Harry Rees

 

Tel: +44 (0) 20 7523 8000

 

Hannam & Partners (Broker)

Andrew Chubb / Matt Hasson / Jay Ashfield / Franck Nganou

 

Tel: +44 (0) 20 7907 8500

 

Fig House Communications (Investor Relations)

Tel: +1 416 822 6483

Email: investor.relations@thorexpl.com

 

 

BlytheRay (Financial PR)                                      

Tim Blythe / Megan Ray / Said Izagaren

Tel: +44 207 138 3203

 

 

 

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