Segun Lawson, President and CEO of Thor Explorations (TSX.V:THX – US:THXPF), joins me to review the Q3 Operations at the Segilola Gold Mine, and an exploration update for Segilola and the new Thor Lithium claims in Nigeria, and at the Douta Project in Senegal.
In Q3 the Segilola gold production was 19,104 ounces during the quarter at an average grade of 2.44 grammes per tonne (g/t) of gold. The year-to-date nine months, through September 2023, production was 63,328 ounces, which was in line with Company expectations. Segun reiterated that the full year 2023 production guidance of 85,000 oz of gold is maintained, and mentioned the AISC guidance for the year is also maintained at US$1,150 – US$1,350 per ounce. We discussed that the main operating units of the process plant continue to perform well, and now the main west wall push back has been completed. There are also ongoing improvements at process plant being undertaken and to be commissioned in Q4 2023.
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.
At the Douta Project, there is 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 by year-end. Additionally, more step-out drilling and resource drilling at the Makosa deposit has been completed, to move resources from inferred to indicated, as well as expansion drilling around some of the new mineralized satellite discoveries, with particular emphasis on the Sambara target.
We also discussed the exploration work at the new lithium subsidiary of the company, with a total of 77 RC drillholes totaling 4,585 meters that were drilled a the Oyo Project Location 6. Significant intersections previously reported include 11m grading 1.53% lithium oxide (Li2O), 9m grading 2.42% Li2O and 11m grading 2.61% Li2O. Additional land tenures were obtained at both the Oyo and Ekiti Project Area, with reconnaissance mapping and sampling at the Ekiti Project returning positive results.
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.
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