Thor Explorations Ltd has announced it is on course to achieve its gold production target of 95-100,000 ounces from the Segilola mine in Nigeria, following a successful first quarter. The company's president and CEO, Segun Lawson, highlighted the completion of plant upgrades and mining activities from the previous year, which have already resulted in the production of over 19,500 ounces of gold this quarter. These enhancements have notably increased monthly gold production, with March alone seeing 1,200 ounces produced.
In addition to boosting production, Thor Explorations has made significant strides in reducing its financial liabilities. The company has decreased its senior debt facility to just $15 million, marking a substantial step towards financial stability. Furthermore, Thor has accumulated a stockpile of over 6,000 ounces of high-grade gold, underscoring the mine's potential and the effectiveness of the recent upgrades.
Exploration efforts continue across Thor's portfolio, with drilling activities underway at near targets and underground at Segilola, as well as at the Douta and Douta West licences in Senegal. An updated Mineral Resource Estimate and Pre-Feasibility Study (PFS) for the Douta project are anticipated in the second half of 2024, which could further solidify Thor's position in the region.
While the company has temporarily scaled back exploration on its lithium licences, plans are in place for a comprehensive 4,000-metre drilling programme aimed at investigating identified lithium anomalies. This strategic focus on both gold and lithium projects highlights Thor Explorations' commitment to diversifying its exploration and production capabilities, ensuring long-term growth and sustainability in the competitive mining sector.
