Business
Thor Explorations Announces First Quarter 2023 Financial and Operating Results, for the Three Months Ending March 31, 2023
Vancouver, British Columbia--(Newsfile Corp. - May 30, 2023) - Thor Explorations Ltd. (TSXV: THX)...
About this update from Thor Explorations Ltd.
[{"type":"text","content":"Thor Explorations Announces First Quarter 2023 Financial and Operating Results, for the Three Months Ending March 31, 2023Vancouver, British Columbia--(Newsfile Corp. - May 30, 2023) - Thor Explorations Ltd. (TSXV: THX) (AIM: THX) (\"Thor Explorations\", \"Thor\" or the \"Company\") is pleased to provide an operational and financial review for its Segilola Gold mine, located in Nigeria (\"Segilola\"), and for the Company's mineral exploration properties located in Nigeria and Senegal for the three months to March 31, 2023 (\"Q1 2023\" or the \"Period\").The Company's Unaudited Consolidated Financial Statements together with the notes related thereto, as well as the Management's Discussion and Analysis for the three months ended March 31, 2023, are available on Thor Explorations' website at https://thorexpl.com/investors/financials/.All figures are in US dollars (\"US$\") unless otherwise stated. Operational HighlightsSegilola ProductionGold production for the Period totaled 20,629 ounces (\"oz\")Mill feed grade was 2.95 grammes per tonne (\"g/t\") gold with recovery at 94.1%An increase in mining rates and the mining of higher grade ore zones is expected in Q2 2023The main operating units of the process plant continue to perform better than expected, with the plant operating above nameplate capacitySegilola Near-Mine ExplorationIdentification of new high grade quartz vein system within 15 kilometers (\"km\") of Segilola, with multiple high grade drillhole intercepts including 1 meter (\"m\") at 310 g/t gold which equates to 10 oz of gold per tonneOngoing drilling will test both the strike length and depth potential of this system with additional drill results expected in Q2 2023Regional exploration is continuing with ongoing drilling programs, stream sediment sampling programs and soil/auger programs with drilling results also expected in Q2 2023. DoutaMineral Resource Estimate (\"MRE\") at Douta supported by a total of 64,567 meters of drilling updated to a global resource of approximately 1.78 million oz of gold, an increase of 144% from its maiden resource.Updated Douta Resource encompasses the Makosa, Makosa Tail and the recently discovered Sambara prospects, all of which remain open along strike and down dipDuring the Period, workstreams designed to advance the project to the prefeasibility stage (\"PFS\") commenced includin...