Thor's Douta project is in elephant country.Thor (THX) has 100k oz pa gold production at Segilola, Nigeria (AISC US$1150, debt free H1/24) and is looking to build it's second mine at Douta, Senegal. A PFS on an expected MRE of 2 million oz of gold is expected in Q1/24.
Company valuation is US$106 million which under values the 2022 EBITDA of US$71 million, with Douta and lithium assets in for free.
https://thorexpl.com/investors/presentations/
54M oz of gold surrounding Douta in Senegal and Mali.
Thor's Douta Gold Project is 700km from the capital, Dakar, in eastern Senegal near the border with Mali. It has a gold exploration permit that covers an area of 58 km² and is located within the Kniba Inlier which hosts over 40 million oz of gold deposits and has attracted major international mining companies.
Douta, Thor Explorations 70% with opportunity to increase to 100%, has an estimated resource of 1.78 million oz of gold at 1.3 gm/t with this expected to increase to 2 million oz plus with grade increases from drilling that continued in H2/2023. The gold is partly free milling and partly non free milling similar to Massawa (see below).
Nearby gold properties are:
Sabodala. This is a world class mine complex, the largest in Senegal owned by Endeavour. Douta is aprox 30 km SE of Sabodala mine and Processing Facility. Sabodala, ex Teranga, has been in operation for more than 10 years with historic production of 2 million oz of gold and reserves of 2.6 million oz at 1.3 gm/t. It has production from open pits at both Sabodala and now Massawa at 350k oz pa at 2.9 gm/t in 2022 with AISC $700/oz. Combined M&I resources are 6.3 million oz.
Massawa. Douta is 4 km E of the Massawa Gold Deposit which has reserves of 2.6 million oz at 3.94 gm/t and a resource of 4.4 million oz. The ore is partly free milling and partly non-free milling requiring different treatment via BIOX. It was acquired (90%) by Teranga Gold Corp from Barrick for US$380 million in cash and shares in 2020 (then Teranga was subsequently acquired by Endeavour Mining in 2021).
Other properties in the region include:
Mako Gold Mine, 90% owned by Resolute Mining Limited (operated by Petowal) ia a mature mine with gold production of 120k oz pa. It has a JORC-compliant Mineral Reserve and Ore Resource of 0.7 million oz and is located approximately 35 km SW of Douta.
Makabingui gold project, recently sold by Bassari Resources because of insolvency to Bishop Resources is immediately to the east of the northern part of Douta's licence with a JORC-compliant Inferred Resource of 1 million oz at 2.6 gm/t.
Loulo (W Mali) - 12.5Moz. Barrick.
Goukoto (W Mali) 5.4Moz. Barrick.
Sadiola (W Mali) - 13Moz. IAMGold & AngloGold Ashanti. etc.
The Sabodala-Massawa mine is one of Endeavour’s cornerstone assets and is currently undergoing an expansion which will elevate it to top-tier status with a targeted production of above 400k oz/year at an industry leading AISC.
Sabodala-Massawa is the largest producing gold complex in Senegal with Sabodala in operation for over a decade. Massawa ore is trucked to Sabodala for processing. It was acquired as part of Endeavour’s acquisition of Teranga in 2021.
Endeavour is currently expanding the Sabodala-Massawa mine with the addition of a new BIOX processing facility for processing the deeper refractory ore. The new processing facility will add incremental production of 1.35M oz at a low AISC of $576/oz over its mine life.