Proactive - Interviews for investors

Thor Explorations expands program following encouraging drill results from Segilola

Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) CEO Segun Lawson talked with Proactive's Stephen Gunnion about the company’s latest drill results at the Segilola Gold Mine in Nigeria. Lawson shared that the drilling program has revealed promising signs of high-grade gold mineralisation, extending beyond the current mine plan. “We’re very pleased with how the results have come back,” Lawson said, highlighting intersections such as 3.5 meters grading over 4 grams per tonne, located more than 100 meters below the pit design. The ongoing drilling program, initially set at 12 holes, has now been expanded. Additional rigs are being mobilised to accelerate the program, aiming to delineate more gold resources and potentially extend the open pit’s life of mine. Plans are also underway to evaluate transitioning to underground mining operations. Lawson explained that with gold prices now significantly higher than when feasibility studies were first conducted, new optimisations are being explored to deepen the pit and assess the economic potential of previously drilled high-grade zones. Stay updated with Proactive for more insights into Thor Explorations Ltd’s progress. Don’t forget to like this video, subscribe to our channel, and enable notifications to catch future updates. #ThorExplorations #GoldMining #SegilolaMine #NigeriaMining #GoldExploration #MiningNews #ResourceInvestment #SegunLawson #ProactiveInvestors #invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews

Duration:: 3m
Broadcast on:: 03 Dec 2024
Audio Format:: other

Hello, you're watching Proact, and I'm joined by Thor Exploration CEO, Shagan Lawson. Shagan, very good to speak with you today. You've announced more positive drill results from your regular Goldmine in Nigeria, and you're now planning to expand the current programme. Yes, that's correct. Thanks for having me on. I think first and foremost, it's important to say we're very pleased with how drilling results have continued to progress, and the underlying messages that there is more Gold than the current existing mine plan. So that's certainly a positive we're very pleased with. We designed this drill programme to test a proof of concept with these shallow dipping high-grade shoots underneath the pit, which have never been closed out. And our previous, our first set of results gave us much encouragement, which was at the beginning of December, where we had an intersection three metres wider, over 11 grams per ton, and both intersections were mineralised, and the second intersection was rating over three grams per ton, and mineable widths. So we we had some holes pending, we've since got those assay results back, we're very pleased with how the results have come back. In particular, we had an intersection which was three and a half metres wide, grading of over four grams per ton, and it's worth noting that that intersection, as you'll see from one of the cross sections in our press release, was over 100 metres below the current pit design. So there's certainly a lot of scope here for upside. What that's done now, you know, we had an initial 12 holes designed, we are now increasing that programme, and we're actually going to increase the rate at which we're drilling. So we're going to add more rigs and ramp up the drilling rate to try and flesh out these drill results. Is the objective to expand, first of all, the open pits, life of mine, but also move into an underground manual operation as well? Yeah, that's certainly right. That's a great summary, because we had delineated an underground component and inferred underground resource. However, you know, back in the time when we were designing the definitive feasibility study and upgrading the resource for secularism, we ran these pit optimisations that go price well below $2000. Now we've drilled and we've confirmed with high confidence, certainly in the south of the pit, mineable widths of governmentalisation at very high grades, currently close to wherever mining, you know, 50 to 100 metres below the pit, where they are going to kick off studies to run these optimisations at today's goal price. And we believe that, you know, the pit will be deepened and we'll eat into some of these, this global mineralisation we've drilled. So it's certainly very positive in terms of upside potential here and extending the open pit in my life. However, there will be an inflection point to transition from an open pit to an underground. And that's all we continue to work towards. Well, Shae, I hope you'll keep us posted on any progress. Of course, we'll be chatting about that as well as some of your other operations at the mines and many resourcing tomorrow conference this week. Yes, looking forward to that. Yeah, we are too. That's Thor Exploration CEO, Shaegan Wilson.