Business
Thor Explorations Ltd.: Exploration Update and Acquisition of New Exploration Licences in Nigeria
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES VANCOUVER, British Columbia, April 24, 2019 (GLOBE NEWSWIRE) -- Thor Explor
About this update from Thor Explorations Ltd.
[{"type":"text","content":" NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES VANCOUVER, British Columbia, April 24, 2019 (GLOBE NEWSWIRE) -- Thor Explorations Ltd. (TSX VENTURE: THX) (“Thor” or the “Company”) is pleased to provide an update on recent exploration and development programs comprising additional infill drilling, trench sampling, drillhole sampling and soil geochemical surveys, that have, over the last few months, continued post the definitive feasibility study (DFS) workstreams. Infill drilling and trenching highlights include: 7.0 metres at 4.10/tAu in infill hole SGRC007 7.0 metres at 5.10g/tAu in infill hole SGRC008 6.7 metres at 4.22g/tAu in trench SGTR001 The Segilola open pit mineral resource comprises 441,000 ounces Au at 4.5g/tAu indicated and 73,000 ounces at 6.8g/tAu inferred. Based on a probable reserve of 405,000 ounces Au at 4.20g/tAu the current project open pit DFS shows a post-tax NPV5% $138m, a 50% IRR and a payback in under 1.4 years. These figures are based on the data as 1 December 2018. Thor management believe that the additional data collected since that date (reported below) will have a potentially significant positive impact on the project economics. Grant of Additional Licences Thor is also pleased to announce that the Office of the Nigeria Mining Cadastre has granted, through Thor's wholly owned subsidiary Segilola Gold Ltd, two new gold exploration licences, located in southwest Nigeria. The new licences, which total 178 square kilometres, are located between 15km and 20km from the Segilola Gold Project and cover significant sections of the structural trends that extend to the south of the Segilola high grade gold deposit. Segun Lawson, President & CEO, stated: \"We are pleased to have already started to generate results that improve the already robust economics of the recently completed Definitive Feasibillity Study, with the infill drill result returning significantly higher than modelled. We are also pleased to have acquired additional prospective ground in the region where we continue to identify new targets and build on our knowledge of Segilola. This is in line with our strategy in Nigeria.” Post Cut Off Data The exploration and development programs that have, over the last few months, continued in parallel with the definitive feasibility study (DFS) workstreams co...