Thor Explorations says gold price has boosted cash generation as it reiterates production guidance

Friday, April 19, 2024 03:00 AM | TheNewsWire via QuoteMedia

Mentioned in this article

(NewsDirect)

Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) president and CEO Segun Lawson tells Proactive's Stephen Gunnion the company is on track to meet its target of 95-100,000 ounces of gold from the Segilola mine in Nigeria following a productive first quarter.

The company completed plant upgrades and mining activities from the previous year, leading to gold production of over 19,500 ounces in this quarter. These upgrades contributed to increased monthly gold production, reaching 1,200 ounces in March alone. Additionally, Thor Explorations made significant debt repayments, reducing its senior debt facility to only $15 million. The company also built a stockpile of over 6,000 ounces of high-grade gold.

Drilling is continuing across all of its projects including near targets and underground at Segilola and exploration holes at the Douta and Douta West licences in Senegal. An updated Mineral Resource Estimate and PFS at the Douta project is now expected in the second half of 2024.

While the company has slowed down exploration on their lithium licences, it is preparing for a substantial 4,000-metre drilling programme focused on identified lithium anomalies.