Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) has announced a second-quarter 2023 gold production yield of 23,078 ounces from the Segilola Gold mine in Nigeria, boasting an average grade of 2.99 grams per tonne of gold.
In its latest operational report, the firm upheld its yearly production projection for 2023, which lies between 85,000 and 95,000 ounces of gold.
Segilola’s exploration activities zeroed in on previously identified high-grade quartz-vein style mineralization at the Igala and Ayelle prospects, leading to numerous noteworthy intersections.
Moreover, an unexplored mineralized trend 23 kilometers south of Segilola was unearthed, and a reverse circulation (RC) drilling campaign has been launched to assess the gold mineralization across both the primary and saprolite zones.
Regarding the Douta Project in Senegal, Thor Explorations revealed that the pre-feasibility study is in progress, with environmental and social impact assessments successfully completed. The continuation of resource drilling aims to upgrade the current inferred resource to an indicated classification. Meanwhile, the exploration is being extended along the Douta exploration permit’s largely unexplored prospective strike length.
Additionally, Thor Explorations reported its acquisition of more than 500 square kilometers in southwest Nigeria for lithium exploration. Preliminary field surveys and selective sampling have yielded significant lithium grades, with an active drill program currently in place at the priority target site. A metallurgical sampling program is set to kick off in the third quarter of 2023.
On the corporate front, Thor Explorations confirmed its final payment of the net smelter royalty to VOX Royalty Corp, finalizing the royalty payments for the Segilola Gold Project acquisition.
Segun Lawson, Thor Explorations’ president & CEO, shared in the report: “We have successfully executed the planned expansion in mining operations and are on track to meet our H2 2023 targets. The continuous exploration in Nigeria, focusing on two priority targets, has yielded encouraging results. We are eager to share upcoming drill results from Nigeria and Senegal in the weeks ahead.”
