Thor Explorations intends to continue the ramp up of process plant for the next six weeks, with
commercial production targeted for September 2021.
The plant is expected to run at a processing rate of 715,000
tonnes per annum, targeting nearly 85,000 ounces of gold per annum, at
commercial production.
According to the company, the first gold pour at Segilola
marks its first mine and the first commercial gold mine in Nigeria.
Thor Explorations president and CEO Segun Lawson said: “This
mine has been built in line with the budget and largely on schedule through a
global pandemic. The Segilola mine is a high-grade, open pit mine that has a
projected Life of Mine All-In-Sustaining Cost of $685 per ounce providing
strong cash flows over the life of mine.
“I want to take this opportunity to once again commend our
team’s commitment and hard work in achieving this milestone, especially given
Covid-19 related restrictions.
“We look forward to hosting an on-site inauguration ceremony
of Nigeria’s first commercial gold mine with state and federal authorities in
the coming months.”
The Segilola gold project is a high-grade gold project in
Osun, Nigeria, being developed by Thor Explorations.
The property is located around 120km from the capital city
of Lagos and hosted within the ML41 mining licence.
Preliminary feasibility study (PFS) for the project was
completed in 2017, and the definitive feasibility study (DFS) and the
preliminary economic assessment (PEA) in 2019.
The project is hosted within the ML41 mining licence.
Gold mineralisation is primarily contained within structural
compartments formed by the crossing of a westerly-dipping footwall
calc-silicate suite and sub-vertical shear zones.
Thor Explorations is a mineral exploration company engaged
in the acquisition, exploration and development of mineral properties located
in Nigeria, Senegal and Burkina Faso.
It holds a 100% interest in the Segilola gold project and a
70% economic interest in the Douta gold project located in south-eastern
Senegal.
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