Aim-listed mineral exploration company Thor Explorations (THX) says gold sales generated revenue of $55.7-million for the quarter ended September 30, and $121.9-million for the nine months ended September 30.

The company achieved net profit of $4.1-million for the quarter and $10.4-million for the nine-month period.

THX notes that, following the reporting period, it has fully transitioned from diesel to 6 MW compressed natural gas generators, reducing its greenhouse-gas (GHG) emissions by 53%.

Further, the company achieved gold production of 26 523 oz for the quarter and 71 651 oz for the nine-month period at the Segilola gold mine, in Nigeria.

"Average mill feed grade during the quarter was 3.58 g/t and recovery 95.5%. Additionally, 28 787 oz of gold and 1 931 oz of silver were sold in the quarter, and 67 617 oz of gold and 4 204 oz of silver were sold during the nine-month period to the end of September."

The company further acquired additional exploration licences in Osun state and Kwara state, in Nigeria, and entered into a joint venture agreement over a further exploration licence in Kwara state.

THX achieved an all-in sustaining cost of $986/oz for the quarter and $909/oz for the nine-month period. The company has net debt of $40.7-million, down from $47.4-million at the end of the second quarter. The company also repaid $10.3-million of its senior debt facility, reducing its senior debt facility to $28.9-million.

Earnings before interest, taxes, depreciation and amortisation were $14.1-million for the quarter and $41.2-million for the nine-month period.

An initial 1 280 m of reverse circulation and diamond drilling was also carried out at Segilola.

At Douta, a reverse circulation drilling programme together with a target-generation termite geochemistry programme occurred to test the Makosa East soil geochemistry anomaly. A total of 824 m of reverse circulation drilling at the Sambara prospect at Douta was completed. Gold mineralisation was discovered over about 500 m of strike, the company says.

"This has been another outstanding quarter for the company. Over the nine-month period, the Segilola mine has continued to produce at a steady rate, with the company increasing production guidance twice over the last nine months. I am grateful for the dedication and hard work shown by the team at site during this quarter and across the rainy season to keep production steady," says THX president and CEO Segun Lawson.

"Proudly and notably, the company repaid another large sum of its senior debt facility in the period, having now reduced the facility by almost half since commercial production commenced.

"The exploration programmes upcoming across our portfolio provide great potential for the company, and I am positive that we have the teams, both managerial and on the ground, to realise the full potential of each project," he adds.

"Our relationship with the communities surrounding Segilola remains strong, while we continue to develop the project and explore the surrounding areas it is important to also develop the local communities and bring equal benefit to the region. I look forward to providing more updates in the future on Thor's exciting portfolio," Lawson concludes.