Thor Explorations Announces First Gold Pour at Segilola Gold Mine

Thor Explorations Announces First Gold Pour at Segilola Gold Mine

Thor Explorations Limited. (TSXV: THX) today announces the first gold pour from its Segilola Gold Mine located in Osun State, Nigeria. The company said in a statement that the pour took place July 30, 2021. It said the process plant ramp-up will continue over the next six weeks with commercial production targeted for September 2021.

At commercial production, the plant will run at a processing rate of 715,000 tonnes per annum, targeting about 85,000 ounces of gold per annum.

Speaking to this development, Segun Lawson, President and Chief Executive, stated: ‘The first gold pour at Segilola, our first mine and the first commercial gold mine in Nigeria, is a significant achievement for the Company.

“This mine has been built in line with the budget and largely on schedule through a global pandemic. The Segilola mine is a high-grade, open-pit mine that has a projected Life of Mine All-In Sustaining Cost of $685 per ounce providing strong cash flows over the life of mine.

‘I want to take this opportunity to once again commend our team’s commitment and hard work in achieving this milestone, especially given COVID-19 related restrictions. We look forward to hosting an on-site inauguration ceremony of Nigeria’s first commercial gold mine with state and federal authorities in the coming months.’

About Thor Explorations

Thor Explorations Ltd. is a mineral exploration company engaged in the acquisition, exploration and development of mineral properties located in Nigeria, Senegal and Burkina Faso.

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Thor Explorations holds a 100% interest in the Segilola Gold Project located in the Osun State of Nigeria and has a 70% economic interest in the Douta Gold Project located in south-eastern Senegal. Thor Explorations trades on AIM and the TSX Venture Exchange under the symbol ‘THX’.