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Thor Explorations Announces Financial and Operating Results for the Three and Nine Months Ending September 30, 202327.11.2023 | 8:00 Uhr | Newsfile
Focus on drilling regional Segilola gold targets, continuation of lithium prospects Vancouver, November 27, 2023 - Thor Explorations Ltd. (TSXV: THX) (AIM: THX) ("Thor Explorations", "Thor" or the "Company") is pleased to provide an operational and financial review for its Segilola Gold mine, located in Nigeria ("Segilola"), and for the Company's mineral exploration properties located in Nigeria and Senegal for three ("Q3 2023" or the "Period") and nine months to September 30, 2023. Financial Highlights of Q3 2023 and nine months to Sept 2023
* all-in sustaining cost Operational Highlights for Q3 2023 Gold production targets on track for FY23 guidance
Focused exploration at Segilola
Ongoing Preliminary Feasibility Study Workstreams of Douta Project
Thor Lithium Exploration at Oyo Project
ESG
Outlook
Segun Lawson, CEO, commented: "Our Q3 2023 gold production of 19,104oz is in-line with our August guidance update of 85,000oz for the full year 2023.We are pleased to have achieved this and to have completed the pushback of the west wall which means that the pit conditions have significantly improved. We are now well positioned to mine more flexibly and efficiently going forwards. Our process plant continues to perform above design capacity. Upgrades to the process plant leaching and electrowinning circuits are being phased-in over Q4 2023 and Q1 2024, which are expected to result in a release of gold-in-circuit and increased plant recoveries from December 2023, continuing throughout 2024. In terms of financial performance, whilst the lower grades have led to lower revenue and profits in the quarter, we have maintained good levels of positive cash flow. We anticipate a stronger financial performance in the final quarter as the mine grade increases. The resource drilling at our Douta gold project in Senegal, which was targeting the higher-grade zones of the inferred resource, has been completed and final assays are pending. The Environmental and Social Impact Assessment is ongoing and metallurgical test work is continuing at IMO Laboratory in Perth, Western Australia. To maximise the full potential of the 1.78 Moz of gold resource at Douta, we are extending the metallurgical testwork program with IMO and will also be conducting further testwork with our engineering design partner JinPeng engineering in China to confirm equipment selection. It is important that we confirm a robust process design that maximises the overall economics of the project and that provides us with the confidence to progress directly to project implementation. We are therefore postponing the preparation of an updated resource for Douta until confirmation of the process design and thereafter release of the PFS, targeting Q1 2024. We have made good early progress at our West Oyo Lithium Project in Nigeria, with an encouraging initial set of drilling results. We have been able to confirm and delineate lithium-bearing mineralisation, with spodumene confirmed as the primary lithium-bearing mineral. Our plan is to expand our drilling program to the other pegmatites across our permits and expect to receive further results in Q4 2023." The Group's Consolidated Condensed Interim Financial Statements together with the notes related thereto, as well as the Management's Discussion and Analysis for the three and nine months ended September 30, 2023, are available on Thor Explorations' website at https://thorexpl.com/investors/financials/. About Thor Explorations For further information please contact: Thor Explorations Ltd. Canaccord Genuity (Nominated Adviser & Broker) Hannam & Partners (Broker) Fig House Communications (Investor Relations) Yellow Jersey PR (Financial PR) BlytheRay (Financial PR) Qualified Person Production Metrics
Key Exploration updates Exploration Activity Summary Q3 2023 Segilola near mine exploration continued as a priority for the Group in 2023. The Group also completed its field exploration activities at the Douta Project in Senegal and is now completing various workstreams for the Douta Preliminary Feasibility Study. The Group continued to expand its portfolio in Nigeria through the acquisition of additional pegmatite bearing lithium licences in various locations via entering into joint venture agreements with existing licence holders. The majority of the exploration activities carried out on all the Group's licences, consisted of Reverse Circulation drilling, Diamond Drilling, geochemical stream sediment sampling, auger drilling and soil sampling. Work continued on the Kola target which is located about 20km from the Segilola Mine following the significant geochemical signature and follow up drill results that included several anomalous zones. In Senegal, the Group's Douta Project encompasses a mineral resource of 1.78 million ounces ("Moz") of gold ("Au"). Workstreams focussed on the proposed process flow sheet in support of a Preliminary Feasibility Study (PFS) commenced during the quarter following the completion of the resource drilling program. As part of its strategy of identifying high-value mineral resource opportunities, Thor, through its fully owned subsidiary Newstar Minerals Ltd, continued to carry out drilling activities on its West Oyo Lithium project however the drilling program was interrupted due to heavy rains in Oyo, delaying the drill results to Q4 2023. Exploration drilling statistics summary for the Period
Nigeria Gold Introduction The high grade Segilola gold deposit is located on the major regional shear zone that extends for several hundred kilometres through the gold-bearing Ilesha schist belt (structural corridor) of Nigeria. The key objective of the exploration strategy is to extend the life of mine ("LOM") at Segilola. Approximately 80% of the Group's Nigerian exploration effort is concentrated within a 25km radius from the Segilola operation such that potential gold-bearing material can be easily trucked to the existing plant. In parallel to this, the Group also continued to carry out generative exploration activities in areas that are further from the mine.
Segilola Southern Prospects The southern prospects cover an area that is located to the south from the Segilola Gold Mine. Regional stream sediment sampling located an area of interest at what is now referred to as the Kola target. Kola is located about 20km from the Segilola Mine. Further follow up drill testing of this greenfield target intersected several high grade anomalous zones of interest including 13m grading 11.57g/tAu. Further drilling at the Kola Target has delineated high grade mineralisation extensions to the north-west and the south-east as illustrated in Figure 2.2 below. Drilling is ongoing throughout Q4 2023 to test these extensional targets.
To view an enhanced version of this graphic, please visit: Kola Prospect Significant Results Q3 2024
(0.5g/tAu lower cut off; maximum 1m internal dilution) Segilola Western Prospects Igila Aye-Ile
(0.5g/tAu lower cut off; maximum 1m internal dilution)
To view an enhanced version of this graphic, please visit: Newstar Lithium Thor has secured over 600km2 of granted tenure in Nigeria that form Oyo State, Kwara State and Ekiti State Lithium Project Areas. The Oyo State Project Area encompasses what Thor considers to be one of Nigeria's most significant lithium pegmatite occurrence which is currently being exploited by small-scale lithium mining. In the period, Thor has added further licences in Ekiti to its portfolio. The Oyo State Lithium Project comprises approximately 38km2 of exploration tenure that is located towards the westernmost border of Nigeria and within 200km of the commercial capital of Lagos. The project area is unique in the Nigerian context as it is mostly located in a relatively sparsely populated region of the country but within close proximity to large population centres and advanced infrastructure such as road, rail and ports. Target Area 1 A program of reverse circulation targeted an identified pegmatite trend that is developed within northerly trending mafic sequence that is surrounded by granitoid-gneiss terrain. The significant results from this program are listed below.
(0.4%Li2O cut-off grade, minimum 1m thickness, up to 2m internal dilution) Sample analyses were carried by SGS Randfontein (GE_ICP90A50 and GE_FUZ90A50). Cross check analyses were carried out by MSA Laboratories, Vancouver (PER-700). The drilled pegmatite averages 20m in thickness and dips at 5 degrees towards the north west. A continuous sheet of coarse spodumene mineralisation of up to 11m thick is developed towards the upper contact of the pegmatite and mafic country rocks. On going exploration is underway to locate additional pegmatites in the immediate vicinity of this target and further to the south where extensive exposures of pegmatites have been mapped in Target Area 2.
To view an enhanced version of this graphic, please visit: Thor/Newstar has also secured additional tenure over this area in a number of joint venture agreements together with wholly owned exploration permits. Further to the west additional exploration tenure has been obtained through the granting of a large exploration permit (EL42245) to the north east together securing additional ground under an agreement with SCT Mining & Exploration Ltd. The ongoing drilling program has been extended to test all the mapped pegmatites with results expected to be announced by the Group in Q4 2023. Senegal Introduction The Douta Gold Project is a gold exploration permit E02038, located within the Kéniéba inlier, eastern Senegal. The northeast-trending license has an area of 58 km2. Thor, through its wholly owned subsidiary African Star Resources Incorporated ("African Star"), has a 70% economic interest in partnership with the permit holder International Mining Company SARL ("IMC"). IMC has a 30% free carried interest in its development until the announcement by Thor of a Probable Reserve. The Douta licence Is strategically positioned 4km east of Massawa North and Massawa Central deposits, which form part of the world-class Sabadola-Massawa Project owned by Endeavour Mining. The Makabingui deposit, belonging to Bassari Resources Ltd., is immediately located east of the northern portion of E02038 (Figure 2.5). Drilling Results Drilling has been focussed in the following areas:
Potential Resource Upgrade In April 2023 Thor commenced a program of infill RC drilling with the objective of upgrading the inferred portions of the resource that fall within the optimised pit shell, to indicated classification. At Makosa, zones of gold mineralisation are developed either within a sheared gabbro intrusive or within a steep north-westerly dipping sequence of meta-sedimentary rocks that are in close proximity to the gabbro. Higher grade zones or shoots are suspected to occur along east-west oriented structures that cut across the main north-east trend of the mineralisation. The significant intersections from this program are listed in table below. Drill samples were analysed by ALS Laboratories in Mali using the AA26 fire assay method (50 gram charge). Douta Project Significant Results (>20 gram-metres: grade*true width)
(0.5g/tAu lower cut off; minimum width 2m with 2m max internal waste) The drill results demonstrate the continuity of gold mineralisation both along strike and down dip. Several higher-grade intersections were obtained including 2m grading 13.90g/tAu g/tAu in drillhole DTRC806, 3m grading 25.35g/tAu in DTRC807 and 6m grading 4.94g/tAu in DTRC812. In addition to upgrading the resource classification, intersections such as these will likely have a positive effect in locally elevating the average resource grade. With the exploration fieldwork complete, the Group aims to announce an updated resource in Q4 2023. The preliminary feasibility study workstreams are ongoing with a preliminary feasibility study expected to be completed in Q1 2024.
To view an enhanced version of this graphic, please visit: Metallurgical Sampling Exploration At the Sambara prospect several RC holes were drilled to test both the extremities of the Sambara deposit and a soil geochemical anomaly that was located in the northwestern part of the exploration licence. Best results include 5m grading 1.35g/tAu in drillhole DTRC726 and 4m grading 1.43g/tAu in DTRC729. Further testing along the prospective strike length is planned for the remainder of 2023. Drillhole location map showing Significant Results (>20gram-metres) To view an enhanced version of this graphic, please visit:
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