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Thor Explorations CEO discusses encouraging drill results at Segilola; project expansion

Thor Explorations Ltd CEO Segun Lawson takes Proactive's Stephen Gunnion through the company’s latest drilling results at its flagship Segilola Gold Project in Nigeria. Lawson shared that the first two holes from a 12-hole drill program have revealed promising gold grades, including one intersection with 11.24 grams per ton over three meters. The drilling aims to explore resources below the current pit, which could extend the mine's life and enhance production beyond current plans.

Lawson explained, "We've never closed this resource out to depth." He also discussed their excitement about these results as the remaining drill holes could confirm underground mining potential. He mentioned that the full program should be completed in the next five weeks, despite some delays due to heavy rain.

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Broadcast on:
07 Oct 2024
Audio Format:
other

Hello, you're watching Proactive. I'm joined by Thor Exploration CEO, Shagan Lawson. Shagan, you've been asked to first drill results from your current drill program at Segalola, and they look encouraging. Take us through the highlights. Sure. First of all, thanks for having me on. Look, we've been producing gold from Segalola for about two and a half years or two and three quarters of the years, and we've always been saying the point that we've never closed this resource out to depth. We have been working away at delineating some underground targets. Historically, we do have an inferred resource underneath the pit. However, we have following completing significant great control drilling over the last three years and carrying out structural studies come up with a new hypothesis of the mineralization, which is now shallow dipping in our belief and dipping to the south. So based on this new model, we've designed an initial 12-hole program. We've completed five holes. We've had the results out for the first two. I was hoping we would have the results for all five, but given the fact that the pending three are taking a bit longer, we decided to go ahead and press release the initial two. We're very encouraged by the results of the initial two. You know, these are below the design pit by well of 50 meters. The better intersection was three meters, 11.24 grams per ton. We also had a meter and a half over three grams per ton. These are the first set of results out and the first indication that mining is achievable beyond the existing my life. So we're very excited about it. We're looking forward to the assay results for the remaining holes. And then if the remainder of the 12 holes confirmed this proof of concept, the plan is to significantly ramp up the amount of drilling we're doing underground. So where do you expect to complete all 12 holes by? We're looking over the next five weeks to complete all 12 holes. You know, where I must say we are drilling in a very period of heavy rains. So the rainy season comes to an end where we're getting rain, you know, significant hours every day. So that is slowing our progress. But you know, we do believe this will be completed over the next five weeks. So as you said, this will increase the life of mine and second dollar. And I presume it would expand the existing resource significantly. That's certainly the hope. You know, our current pitch is designed at a gold price that was way lower than we are. So even we even think there's a wind before transitioning to an underground of deepening the current open pit and taking some of the current resource that we find out. So we do think, you know, there's potential to extend my life in an open pit before transitioning to an underground. I'm sure I'll be chatting to you soon as these remaining results come true. Thank you very much for the update today. Thank you very much. Still exploration CEO, Shagan Lawson.