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Thor Explorations reports lower-than-planned Q1 gold production, reiterates 2023 guidance

Kitco Media
By Vladimir Basov
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(Kitco News) - Thor Explorations (TSXV: THX) announced on Monday that in Q1 2023, its Segilola gold mine in Nigeria produced 20,629 ounces of gold (Q1 2022: 21,343 ounces).

The company said that gold production during the quarter was approximately 5% lower than planned due to lower production drilling rates as a result of more challenging ground conditions (large boulders) at the upper levels of the western push-back.

Importantly, Thor added that its FY 2023 production guidance range remains at 85,000 to 95,000 oz of gold weighted towards the second half of the year.

The company also noted that exploration is continuing on a number of greenfield opportunities in Nigeria which are delivering “encouraging results.”

President and CEO Segun Lawson stated, “I am pleased to report another quarter of solid production at Segilola for Q1 2023. The planned west wall push-back is progressing and we are well positioned for an increase in gold production following its completion late in Q2 2023 as the mine head grade improves over the next 3-6 months.

“The 2023 Mineral Resource Estimate at Douta has more than doubled the contained gold within the Douta permit to over 1.7 million ounces, with the Indicated Resource component of the resource alone exceeding 870,000 oz of gold. This is an excellent result and we’re targeting further growth of the total resource as we proceed with a further 40,000 metres of drilling over the course of the year.”

Thor Explorations is a mineral exploration company engaged in the acquisition, exploration, development and production of mineral properties located in Nigeria, Senegal and Burkina Faso. Thor Explorations holds a 100% interest in the Segilola gold project located in Osun State, Nigeria and has a 70% economic interest in the Douta gold project located in south-eastern Senegal.

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Kitco Media

Vladimir Basov

Vladimir (PhD, MEng in Mining) is a professional mining engineer, scientist and analyst that has more than 20 years of practical in-field and research experience. He is particularly interested in collecting, processing baseline data and writing insightful data-driven mining industry analytics, articles, statistical and research reports.

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