REG - Thor Explorations Ld - Q1 2025 OPERATING UPDATE

Thor ExplorationsAnnouncement

17/04/2025 07:00

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RNS Number : 3673F  Thor Explorations Ltd  17 April 2025

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 April 17, 2025  TSXV/AIM: THX

 

 

THOR EXPLORATIONS ANNOUNCES Q1 2025 OPERATING UPDATE

 

Thor Explorations Ltd. (TSXV / AIM: THX) ("Thor Explorations" or the
"Company") is pleased to provide its first quarter 2025 interim operational
update for the Segilola Gold mine, located in Nigeria ("Segilola"), and for
the Company's mineral exploration properties located in Nigeria, Senegal and
Côte d'Ivoire, for the three months to March 31, 2025 (the "Quarter" or
"Q1").

 

Segilola Q1 Highlights

·      Q1 gold poured of 22,790 ounces ("oz")

·      Gold sales in Q1 2025 of 22,750 oz at an average realized price
of US$2,720 resulting in revenue of $61.9 million

·      All gold forward sales have been successfully delivered, with no
outstanding forward contracts remaining

·      Gold produced from 231,825 tonnes milled at an average grade of
3.24 grammes per tonne ("g/t") of gold

·      Process plant recovery increased to 93.7% in comparison to 89.2%
in Q4 2024

·      Mine production of 272,375 tonnes at an average grade of 2.42g/t
of gold for 21,152oz

·      Ore stockpile decreased by 2,901 oz to 41,399 oz of gold at an
average grade of 0.85g/t of gold

·      Gold in circuit ("GIC"), decreased by 196 oz to 3,959 oz of gold

 

FY 2025 Outlook and Catalysts

·      FY 2025 production guidance range maintained at 85,000 to 95,000
oz of gold

·      FY 2025 All-in Sustaining Cost ("AISC") guidance range maintained
at $800 to $1,000 per ounce.

·      Drilling programs across all the Company's exploration portfolio:

o  Segilola: continuation of underground drilling program

o  Nigeria: continuation of scout drilling programs on identified near-mine
and regional targets

o  Senegal (Douta Project):

§ Infill drilling at Makosa North, Makosa East targeted at converting
inferred resources to indicated resources

§ 8,000 metre ("m") drilling program at Baraka 3 prospect to delineate scale
of opportunity and potentially include additional resources into the PFS mine
plan

§ Further Reverse Circulation ("RC") drilling targeting additional oxide
resources

o  Cote D'Ivoire: Guitry, Marahui and Boundiali licenses, continuation of
geochemical work programs, magnetic surveys and initial drill programs on
identified targets

·      Following completion of Douta Project drilling programs,
preparation of Updated Mineral Resource Estimate and Pre-Feasibility Study
("PFS") at the Douta Project

 

Segun Lawson, President & CEO, stated:

"After completing a strong operational and financial performance in 2024, I am
pleased to report a solid operational first quarter and start to 2025. In the
period, we unwound the entirety of our hedged gold positions and poured 22,790
ounces of gold. This continues to strengthen our balance sheet and provides an
excellent platform from which to implement our strategy and ambitions for the
year.

"In the Quarter, Segilola gold production costs have performed well against
budget and we have continued to increase the intensity of our exploration
activities. Our exploration teams in Nigeria, Senegal and Côte D'Ivoire have
identified several new targets which we look forward to testing over the next
six months. I am excited to be advancing exploration on multiple fronts across
our entire portfolio where we have several value accretive milestones to
unlock. I look forward to working towards these milestones and updating the
market with our progress during the course of Q2."

 

Exploration Q1 2025 Highlights

Nigeria (Segilola)

·      Continuation of diamond drilling program to test the depth
extensions of the Segilola deposit

·      A total of 2,645m has been completed across 12 holes

·      The drillholes were designed to test the continuity of two main
types:

o  Steep plunging high-grade hanging wall shoots

o  Shallow plunging mineralisation that is projected to continue down-plunge
to the south

·      Gold mineralisation had been confirmed by the initial drilling
program

·      The data indicates that there are potential mineable extensions
to the resource beyond the limits of the current open pit design

 

Figure 1: Segilola Oblique Longitudinal Section Showing the arrangement of the
Hanging Wall and Foot Wall Targets

 

 

 

·      Near-mine and regional drill target generation

o  This geochemical sampling was mainly concentrated to the south of the
Segilola Gold Mine, where we have identified several new targets which have
returned highly anomalous results over significant strike lengths

·      Auger drilling and shallow core sampling programs remain ongoing,
with the aim of testing selected geochemical anomalies

 

Senegal

·      During the quarter, along with a number of PFS workstreams, the
Company undertook drilling programs at Makosa North and Tail and the  Baraka
3 Prospect. This resulted in the drilling of two discovery holes at Baraka 3.
The results of this can be found in the Company's announcement from 24 March
2025

·      Planning commenced for further resource development and
exploration drilling programs. These programs include:

o  RC drilling to upgrade inferred resources to indicated resources at Makosa
North, Makosa Bridge and Makosa East

o  8,000 metre RC drilling program at Baraka 3

o  Initial drill testing of anomalies at Makosa West

·      Douta Project PFS workstreams continued and an updated timeline
will be provided following completion of the current drilling programs
currently anticipated to be in Q2 2025

·      The Environmental Impact Assessment for the Douta Mining License
was completed and submitted to the Ministère des Mines et de la Géologie

 

Côte d'Ivoire

·      Guitry Project - Work during the Quarter comprised a review of
the historic database and preparation of geochemical work and initial RC
drilling program designed to test extensions of the identified mineralisation

·      Marahui Exploraion Licence - Exploration activities continued
with further geological mapping and soil geochemical sampling to define drill
targets. The soil geochemistry sampling defined two parallel anomalous
structures, with the larger one being a 4 kilometre ("km") long by 200m wide
anomaly

·      Boundiali Project - Completion of a soil geochemical program in
which samples were collected over the central portion of the exploration
permit. This program confirmed several low-level gold-in-soil responses the
most prominent, of which being a 1km wide and 5km long north westerly trending
anomaly that is located in the eastern sector of the exploration permit

 

 

Production Summary

                 Units   Q1 2025    Q4 2024    Q3 2024    Q2 2024    Q1 2024

 Mining
 Total Mined     Tonnes  2,874,533  3,781,881  4,024,002  4,710,220  4,939,647
 Waste Mined     Tonnes  2,602,158  3,398,182  3,668,487  4,171,122  4,473,752
 Ore Mined       Tonnes  272,375    383,699    355,515    491,935    465,895
 Grade           g/t Au  2.42       2.30       2.01       1.78       2.07

 Processing
 Ore Processed   Tonnes  231,825    247,075    201,958    174,000    235,933
 Grade           g/t Au  3.23       3.08       3.22       3.42       2.85
 Recovery        %       93.7       89.2       88.5       94.6       90.7
 Gold Recovered  oz      22,594     21,827     18,496     18,090     19,589
 Gold Poured     oz      22,790     24,662     20,110     21,742     18,543

 

Table 1: Production Summary

 

 

 

 Sample Type    Number
 3, 027 an      511
 Soil           2,525
 Termite Mound  99
 Rock Chip      121
 Total          3,256

 

Table 2: SROL Geochemical Sampling Statistics Q1 2025

 

 

THOR EXPLORATIONS LTD.

Segun Lawson

President & CEO

 

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 Côte d'Ivoire. 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".

 

For further information please contact:

 

Thor Explorations Ltd

Email: info@thorexpl.com

 

Canaccord Genuity (Nominated Adviser & Broker)

James Asensio / Henry Fitzgerald-O'Connor / Harry Rees

 

Tel: +44 (0) 20 7523 8000

 

Hannam & Partners (Broker)

Andrew Chubb / Matt Hasson / Jay Ashfield / Franck Nganou

 

Tel: +44 (0) 20 7907 8500

 

BlytheRay (Financial PR)

Tim Blythe / Megan Ray / Said Izagaren

Tel: +44 207 138 3203

 

Yellow Jersey PR (Financial
PR)

Charles Goodwin / Shivantha Thambirajah / Zara McKinlay

Tel:  +44 (0) 20 3004 9512

 

 

Qualified Person
The above information has been prepared under the supervision of Alfred
Gillman (Fellow AusIMM, CP), who is designated as a "qualified person" under
National Instrument 43-101 and the AIM Rules and has reviewed and approves the
content of this news release. He has also reviewed QA/QC, sampling, analytical
and test data underlying the information.

 

 

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