Source - Alliance News

Thor Explorations Ltd - Vancouver, British Columbia-based mineral exploration company - Provides operational update for the Segilola gold mine in Nigeria and for the mineral exploration properties in Nigeria, Senegal and Burkina Faso for the three months to September 30. Reports Segilola gold production of 19,104 ounces at an average grade of 2.46 grammes per tonne of gold. Explains the focus of exploration activities is within a 25 kilometre radius from the Segilola operations. Continues reverse circulation drilling, stream sediment sampling and grid auger sampling at the Kola prospect, and diamond drilling at the at Aye-Ile prospect, near Segilola. At the Douta project, says pre-feasibility study workstreams are ongoing, targeting publication by the end of 2023.

Maintains full-year 2023 production guidance of 85,000 ounces of gold and all-in sustaining costs guidance at $1,150 to $1,350 per ounce. Reports mined and processed ore were 302,900 tonnes and 261,700 tonnes, respectively, in the third quarter.

President and Chief Executive Segun Lawson stated: ‘We had anticipated that the mine grade would be lower in the period, and this has resulted in recovered gold being at the low end of expectation for the period.’

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