Thor Explorations Ltd on Monday said initial drilling results from a reconnaissance programme found high-grade gold intersects near the Segilola mine in Nigeria.

Thor Explorations is a mineral exploration company focused on developing assets in Nigeria, Senegal and Burkina Faso.

Thor Explorations said there are several additional targets in the area that require drill testing, with potential for additional high-grade deposits.

‘As you would expect, visible gold is prevalent throughout the core from this and the other significant intervals. These results are the culmination of systematic and persistent exploration work leading to the discovery of this high-grade mineralisation. Importantly, it demonstrates the significant exploration potential outside of the immediate Segilola mine precinct,’ said Chief Executive Officer Segun Lawson.

‘Our strategy is to develop the Western Prospects together with other such opportunities located within a 25 kilometre radius of Segilola, to provide a pipeline of high-grade material that will extend the current 4 years of production at Segilola.’

Shares in Thor Explorations closed up 4.9% to 17.30 pence each in London on Monday afternoon.

Copyright 2023 Alliance News Ltd. All Rights Reserved.