Thor Explorations issues 1Q23 operating update

Segilola Production

• Gold production of 20 629 oz during the Quarter at an average grade of 2.95 g/t of gold (Au).

Segilola Near-Mine Exploration

• Identification of new high-grade quartz vein system within 15 km of Segilola, with multiple high grade drillhole intercepts including 1 m at 310 g/t Au which equates to 10 oz of gold per t.

Douta Exploration

• Mineral Resource Estimate (Douta Resource) updated to approximately 1.78 million oz of gold, an increase of 144% in total resource as compared with the 2022 maiden mineral resource estimate declared for Douta in November 2021.
• Douta Resource constrained within optimised pit shells and comprised of: An initial Indicated Mineral Resource of 20.2 million t grading 1.3 g/t Au for 874 900 oz Au; and Inferred Mineral Resource of 24.1 million t grading 1.2 g/t Au for 909 400 oz Au.
• Douta Resource supported by a total of 64 567 m of drilling.
• Updated Douta Resource encompasses the Makosa, Makosa Tail and the recently discovered Sambara prospects, all of which remain open along strike and down dip.
• Drilling is ongoing at Douta with a further 40 000 m drilling programme to be completed in 2023 consisting of diamond drilling and reverse circulation drilling. Mineralisation remains open along strike between the known prospects with further growth potential along 20 km of under-explored prospective strike length covered by the Douta exploration permit.

Corporate

• Senior debt facility with Africa Finance Corp. (AFC) amended and restated to facilitate the Company's growth opportunities.
• Senior debt facility reduced to US$27.9 million as at 31 March 2023.

Outlook

• FY 2023 production guidance range remains at 85 000 – 95 000 oz of gold weighted towards the second half of the year.
• Completion of the Douta preliminary feasibility study (PFS) in 4Q23.
• Applications for and acquisition of identified prospective exploration properties in Nigeria.
• Continued exploration programs across exploration portfolio in Nigeria. · 1H23 drilling programmes: o Resumption of drilling at Segilola aimed at increasing resources for potential future transition to underground operation and mine life extension.
• Step-out drilling at Douta project in Senegal, aimed at further increasing existing resource.
• Continuation of drilling at Segilola regional targets.
• Initial programme at the Company's new Malete prospect.

Segun Lawson, President & CEO, 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 2Q23 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 oz, 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 m of drilling over the course of the year. Exploration is continuing on a number of greenfield opportunities in Nigeria which are delivering encouraging results as highlighted by our recent ten oz per ton drillhole intersection near Segilola. We have also continued to evaluate potential opportunities to leverage our technical capabilities and first mover advantage in Nigeria and I look forward to presenting our progress in this respect in 2Q23."

Read the article online at: https://www.globalminingreview.com/finance-business/17042023/thor-explorations-issues-1q23-operating-update/