Thor Explorations – Q1 2024 Operations Review And Exploration Update At Segilola And Douta Projects
Segun Lawson, President and CEO of Thor Explorations (TSX.V:THX – US:THXPF), joins me to review the Q1 2024 operations at the Segilola Gold Mine, and provides a gold exploration update for Segilola, the new Thor Lithium claims in Nigeria, and increased land and exploration at the Douta Project in Senegal.
Segilola Q1 2024 Operational Highlights
- Gold production of 19,589 ounces ("oz")
- Gold produced from 235,900 tonnes milled at an improved average grade of 2.85 grammes per tonne ("g/t") of gold ("Au")
- Mine production of 465,895 tonnes at an improved average grade of 2.07g/t of Au for 30,997oz
- Ore stockpile increased by 9,543oz to 29,265oz of Au at a grade of 1.05g/t of Au which includes a high-grade stockpile of 6,116oz of Au at a grade of 4.10g/t of Au
- Successfully upgraded and commissioned three additional CIL tanks in the process plant with drawdown of excess gold in circuit successfully commenced in March 2024
- Additional near mine drilling targets delineated with drilling having commenced in April 2024
- Payment of US$8.2 million towards the outstanding senior debt facility
At Segilola, the focus of exploration activities has been within a 25km radius from the mining operations, utilizing reverse circulation (RC) drilling, stream sediment sampling, and grid auger sampling. There are several potential satellite pit areas that can augment production extending mine life, and there will be more updates as drill results keep coming back in. Additionally, in 2024, the exploration team will also be exploring at dept under the pit, following high-grade shoots, and the potential for underground mining. There is 5,000 meters of drilling planned for the next phase of exploration at Segilola, as well as 4,000 meters of drilling planned for the Nigeria Lithium tenements with newsflow to follow later this year.
At the Douta Project, the Company recently made an acquisition of additional land interests in two licenses. This move capitalizes on the company's progress in advancing the grassroots Douta gold project to over 1.7 million ounces of gold in global resources. There is also ongoing environmental and social permitting, metallurgical test work, geo-technical studies, and definition drilling underway to feed into the work needed for the Preliminary Feasibility Study (PFS) slated for delivery to the market in 2024. Additionally, there will be 5,000 meters of additional drilling at both the Makosa Main, Makosa Tail, and the new Makosa West targets, focused on defining more near-surface oxide resources.
If you have any questions for Segun regarding the ongoing work at Thor Explorations, then please email me at shad@kereport.com.
*In full disclosure, Shad is a shareholder of Thor Explorations at the time of this recording.
