Name of the Project
Segilola gold project.

Location
Osun state, Nigeria.

Project Owner/s
Aim- and TSX-V-listed Thor Explorations.

Project Description
The project comprises an openpit gold mine, based on a probable reserve of four-million tonnes grading 4.02 g/t gold.

It includes a new 715 000 t/y processing plant comprising a conventional crushing circuit, two-stage grinding, gravity, carbon-in-leach, elution, electrowinning and smelting to produce gold ore.

Production is estimated at 85 000 oz/y over a five-year life-of-mine (LoM).

The full potential of an underground resource has yet to be realised and ongoing exploration is planned to upgrade the current inferred underground resource to indicated resources and test the continuation of the shoots at depth.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The Segilola openpit has a net present value, at a 5% discount rate, of $310-million and an internal rate of return of 85% in the base case, with payback of one-year.

Capital Expenditure
$104.5-million.

Planned Start/End Date
Construction on the project started in March 2020 and first gold was poured in July 2021.

Latest Developments
Thor Explorations has uncovered promising mineralisation near the mine as part of an ongoing diamond drilling programme.

The programme is targeting the down-plunge potential beneath the current openpit extents.

The most recent results from four holes drilled include 1.8 m of gold grading 39.7 g/t from 222 m, and 3.4 m of gold grading 4.8 g/t from 74 m.

“These results further highlight the potential to extend the Segilola resource . . . along strike to the south and at depth,” Thor president and CEO Segun Lawson has said.

Notably, these new intersections are located close to several exploration holes that the company drilled in 2018, which included 1 m of gold grading 10.2 g/t and 2.5 m of gold grading 8.5 g/t.

Combined, all the holes demonstrate high-grade continuity of about 100 m down dip and about 100 m along strike.

Thor continues with drilling on the Segilola structure, with more results to be shared in due course.

Key Contracts, Suppliers and Consultants
Norinco International (engineering, procurement and construction).

Contact Details for Project Information
Thor Explorations, tel +1 778 373 0102 or email info@thorexpl.com.