Name of the Project
Segilola gold project.

Location
Nigeria.

Client
Thor Explorations.

Project Description
A definitive feasibility study on Segilola has proposed the construction of an openpit mine, which will include the construction of a new 625 000 t/y processing plant that will comprise a conventional crushing circuit, two-stage grinding, gravity, carbon-in-leach, elution, electro­winning and smelting to produce gold doré. Production is estimated at 80 000 oz/y over the life-of-mine (LoM).

The project has an initial five-year LoM.

The project has probable mineral reserves of three-million tonnes grading at 4.2 g/t gold.

A preliminary economic assessment (PEA) has also been undertaken for a proposed supplemental underground project at Segilola.

Underground production is estimated at 33 000 oz/y.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The Segilola openpit has a pretax net present value (NPV), at a 5% discount rate, of $138-million and an after-tax internal rate of return of 50%, with an after-tax payback of 1.4 years on initial capital. The Segilola underground project has a pretax NPV, at a 5% discount rate, of $35-million.

Value
The Segilola openpit has an estimated preproduction capital expenditure of $87-million. The underground operation has an estimated development capital expenditure of $13-million.

Duration
The DFS envisages construction starting in the second quarter of 2019 and an 18-month construction period.

Latest Developments
Thor is at an advanced stage of negotiations with potential project finance lenders.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Too early to state.

Contact Details for Project Information
Thor Explorations, tel +1 778 373 0102 or email info@thorexpl.com.