Thor Explorations produces 23,785 oz gold in Q2, Nigeria

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Thor Explorations Ltd. [THX-TSXV, AIM; THXPF-OTC] provided an operational update for its Segilola gold mine located in Nigeria for the three months to June 30, 2022.

Operational highlights include 23,785 oz of gold produced, commissioning of Compressed Natural Gas (CNG) generators, zero lost time injuries, a senior debt facility tranche of US$14.5 million paid reducing senior debt facility to US$38 million.

Guidance for Q3 2022 is 23,000 to 25,000 oz of gold. Full year 2022 production guidance narrowed to 85,000 to 100,000 oz of gold. Full year 2022 All-In Sustaining Cost (AISC) remains at US$850 to US$950/oz.

Segun Lawson, President and CEO, stated: “We remain very pleased by the company’s operational performance, which continues to improve in all areas month on month. Q2 2022 gold production is up 11% on Q1 2022, returning a total of 45,128 oz of gold produced in the first half of the year. The company also repaid US$14.5 million of its Senior Debt Facility in the period and has now reduced the facility by 29% at the end of the first half of the year.

“In the period, we commissioned a total of 6MW of CNG generating capacity which enables us to run the processing operations fully on CNG produced from Nigerian oil and gas operations. In doing so, we significantly reduce our greenhouse gas emissions, providing end user value addition for domestic gas production and lowering our operating costs. We anticipate continued improvements in our operations and production and have narrowed our full year guidance as a result.”

For H2 2022, total material mines was 4,03,582 tonnes, waste mined was 3,747,504 tonnes. Ore mined was 284,079 tonnes. Gold recovery was 95.5%. Gold recovered was 23,785 oz.

Thor Explorations Ltd. is a mineral exploration company engaged in the acquisition, exploration, development and production of mineral properties located in Nigeria, Senegal and Burkina Faso. Thor Explorations holds a 100% interest in the Segilola Gold Project located in Osun State, Nigeria, and has a 70% economic interest in the Douta Gold Project located in south-eastern Senegal.


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