The six months to June 30 were a “transformational period" for dual-listed Thor Explorations, as it saw the company getting closer to commissioning its 100%-owned Segilola gold project, in Nigeria, which has been in construction since February 2020, president and CEO Segun Lawson said on August 31.

“Since the end of quarter two, we have achieved first gold pour, becoming Nigeria’s first large-scale gold mine, an immense accomplishment, and the culmination of years of dedication and hard work of the Thor team, especially during the challenging circumstances of the pandemic.

“The work doesn’t stop there, as we press forward onto commercial production and the eventual ramp-up to a life-of-mine average annual production of about 90 000 oz of gold,” he noted in an update to shareholders.

Moreover, Thor is aiming, from its own internally generated financial resources, to comprehensively explore its extensive licence holdings in the Segilola region.

During this current quarter, the company increased its exploration activities, focussing on generating high-quality drilling targets, with the objective of adding openpit ounces to the Segilola plant to supplement production and extend the Segilola mine life, Lawson pointed out.

He noted that the second quarter also marked the milestone of the company dual listing its shares onto the Aim market of the LSE.

“We look forward to updating the market in the coming months with progress at Segilola, as well as the activity at our Douta project, in Senegal, where we recently reported outstanding drill results which demonstrated highly encouraging gold mineralisation,” Lawson said.

OPERATIONAL HIGHLIGHTS

Operational milestones at Segilola were achieved in the period under review, including the arrival and phased installation of the process plant equipment – semiautogenous grinding and ball mills.

Mining operations advanced, including site preparation, advanced work at the tailings management facility and water storage dam and the arrival of contract mining fleet to site.

Recruitment for Thor’s technical team for survey, mine engineering and grade control was enhanced during the period and the core of the process plant team is now in place.

The company is now ramping up to commercial production, which is on schedule for the third quarter.

Segilola’s full-year production guidance has been adjusted to 30 000 oz to 35 000 oz, reflecting the first gold pour occurring in July as opposed to the initial target of June.