The primary gold has been poured at Thor Exploration’s (TSXV: THX; AIM: THX) 100%-owned Segilola open-pit mine in Nigeria and the corporate forecasts the mine will produce about 40,000 oz. gold this 12 months.
Industrial manufacturing is focused for September when the plant will likely be operating at a processing fee of 715,000 tonnes per 12 months; Segilola will likely be Nigeria’s first business gold mine, Thor says.
Segilola has a mine lifetime of six years and annual manufacturing in the course of the first 5 years will common 85,000 oz. gold at life-of-mine all-in sustaining prices of US$685 per ounce.
The mine has possible reserves of 4 million tonnes grading 4.02 grams gold per tonne for 517,800 ounces. The estimate used a cut-off grade of 0.30 gram gold per tonne.
At a gold value of US$1,600 per oz., an up to date reserve examine estimated a post-tax web current worth at a 5% low cost fee of $311 million and a post-tax inner fee of return of 85%.
The examine additionally forecast an after-tax payback of preliminary capex ($92 million) in simply over one 12 months.
In response to Thor, the corporate is the one lively gold exploration firm in Nigeria.
Thor’s different belongings in Africa embrace the Douta gold mission in southeastern Senegal and the Central Hounde gold mission in Burkina Faso.
The corporate has accomplished 10,000 metres of drilling up to now this 12 months at its 70%-owned Douta mission, and plans to drill one other 10,000 metres. Drill outcomes reported up to now have included 5 metres of 11 grams gold per tonne ranging from 17 metres in drillhole DTRC155; 5 metres of 10.1 grams gold from 7 metres in DTRC156; and 5 metres of three.3 grams gold from 4 metres in DTRC181. These holes have been drilled at Douta’s southern Makosa Tail prospect, which the corporate found final 12 months.
It’s 100%-owned Central Hounde mission lies within the prolific Hounde belt in southwestern Burkina Faso, about 260 km southwest of Ouagadougou. The mission consists of three early stage exploration permits. .
Main shareholders in Thor as of June have been institutional traders with a 32% stake; the Africa Finance Company (17%); household workplaces (18%); and board and administration (9%).
During the last 12 months Thor’s shares in Toronto have traded in a variety of 16.5¢ and 44.5¢ and at presstime have been altering palms at 33¢.
The junior has about 623 million widespread shares excellent for a market cap of about $205.6 million.