Vancouver, British Columbia--(Newsfile Corp. - February 7, 2022) - Thor Explorations Ltd. (TSXV: THX) (AIM: THX) ("Thor" or the "Company") is pleased to announce the commencement of the 2022 exploration campaign at the Douta Gold Project in Senegal (the "Douta Project").
The Douta Gold Project encompasses the Makosa Gold Deposit which currently comprises an Inferred Resource of 730,000 ounces of gold as announced in its maiden Mineral Resource Estimate ("MRE") published on 18 November 2021. A comprehensive exploration program, that commences with a first phase of 5,000 metres of reverse circulation ("RC") drilling, has been designed to extend the strike extensions of the resource which remains open-ended along strike to the north. During 2022 the work program, which includes an additional 25,000 metres of RC and diamond drilling, is also targeting an upgrade to the existing resource at Makosa and testing three priority targets within the licence.
Segilola Gold Mine
The Company is also pleased to report that operations at its 100% owned Segilola Gold Mine in Nigeria continued to perform at budget and design capacity without any unplanned stoppages during January. Total gold production for the month, was 7,041 ounces with regular gold exports occurring without any issues.
The Segilola process plant is now running continuously above the design mill throughput, with 75,714 tonnes of ore processed during the month (a 19.2% increase on December) at approximately 3g/t. The gravity circuit also outperformed its design specification, with a recovery of over 60%. The overall gold recovery during January was 93%. As previously disclosed, the Company anticipates producing 20,000 to 22,000 ounces ("oz") during Q1 2022 and full year production for 2022 of 80,000 to 100,000 oz.
Segun Lawson, President & CEO, stated
"The Makosa resource of 730,000 ounces of gold provides a solid base for growth. Our exploration efforts are now focused on expanding the resource along the prospective corridor that runs along the full 30km length of our exploration licence. Priority during the first phase of drilling will be given to extensional drilling at Makosa North where the mineralisation remains open-ended towards the north-east. We are equally excited with the greenfield discovery Mansa, which is located on the same structure as Makosa. We look forward to keeping the market updated on the progress of the drilling program at Douta."
"At the Segilola Gold Project in Nigeria, we have had a solid start to the year with the plant performance, gold production and gold shipments all improving month on month."
About Thor
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".
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