Nigeria : Thor sees incremental potential on Segilola gold project

Thor Explorations Ltd, Toronto listed company, saw an increase in average grade of indicated resource from 3.8g/t to 4.3g/tAu in its wholly owned gold project Segilola in Osun State, Nigeria.

In this most advanced gold project with an indicated resource of 555,000 ounces grading at 3.8g/t, the company welcomed additional inferred resource of 305,000 ounces at 4.7g/t Au. Thor Explorations disclosed these developments on 11 September as it anticipates completing in October this year the well progressed pre-feasibility study for this project located approximately 120km north east of Lagos.

“We are working hard to progress the project to implementation”. President and CEO Segun Lawson commented. He said current drilling program in the project has not only delivered a good indication of the resource potential external to the pit shell being considered in the PFS, but has also enhanced the understanding of the ore body. This results “in a significant uplift in average grade, an expansion of the overall resource base and an improved level of confidence in pit optimisation and mine design parameters”, he added.

Mining licence related to the project covers an area of 17.2 km2 within a larger exploration licence of 27 km2. Gold mineralisation at Segilola extends from surface to a depth of up to 300m down dip over a strike length of 2km. The project area is served by good infrastructure that includes a sealed road to the proposed development site. It is fully permitted and the related mining licence was renewed in September 2016 for a period of 25 years.

In its portfolio in Africa, Thor Explorations Ltd, Canadian mineral exploration company, has 70% ownership of Douta gold project in south-eastern Senegal and 49% interest in the Bongui and Legue gold permits located in Houndé greenstone belt, south west Burkina Faso.