Thor Explorations Announces Q2 2023 Operating Update

Vancouver, British Columbia–(Newsfile Corp. – July 12, 2023) – Thor Explorations Ltd. (TSXV: THX) (AIM: THX) (“Thor Explorations” or the “Company”) is pleased to provide an operational update for the Segilola Gold mine, located in Nigeria (“Segilola”), and for the Company’s mineral exploration properties located in Nigeria, Senegal and Burkina Faso for the three months to June 30, 2023 (the “Quarter” or “Q2”).HighlightsSegilola ProductionGold production of 23,078 ounces (“oz”) during the Quarter at an average grade of 2.99 grammes per tonne (“g/t”) of gold (“Au”)Segilola ExplorationFocus of exploration activities within a 25 kilometre (“km”) radius from the Segilola operationsContinuation of diamond and reverse circulation (“RC”) drilling on identified high-grade quartz-vein style mineralisation at Igala and Ayelle prospects within 15 km of Segilola with several significant intersections obtainedInitial identification of new mineralised trend located 23km south of Segilola with an RC drilling campaign underway to assess both primary and saprolite gold mineralisation Douta ProjectPre-Feasibility Study (“PFS”) workstreams are ongoing Environmental and Social Impact Assessment ongoing and dry season biodiversity survey completedMetallurgical and geotechnical drilling programs have been completed and metallurgical samples have been delivered to the laboratory Resource drilling continuing targeting upgrades to the higher-grade parts of the existing inferred resource to indicated classification together with step-out drilling at Sambara which commenced in the QuarterMineralisation remains open along strike between the known prospects with further growth potential along 20 kilometres of under-explored prospective strike length covered by the Douta exploration permitThor Lithium ExplorationAcquisition of over 500 square kilometres (“km2”) of tenure in south-west Nigeria covering both known lithium bearing pegmatite deposits and a large unexplored prospective pegmatite-rich beltAs previously announced, initial field inspection and selective sampling of key sites have returned significant lithium grades from both spodumene and lepidolite mineralisation. Sampling of part of a key pegmatite deposit that falls within Thor’s tenure returned an analysis of between 1.34% lithium oxide (“Li20”) and 9.31% Li20Location 6 is the site of the largest known spodumene-lepidolite pegmatite in Nigeria. The pegmatite outcrops over a strike length of several hundred metres averaging 20 metres (“m”) true thickness. The full extent of this pegmatite body is yet to be determined. A small-scale mining operation is currently extracting a variety of spodumene known as kunzite for its gemstone qualitiesAn initial drill program of 5,000m, utilizing three RC drilling rigs, is ongoing at our priority target – (Location 6). To date, the main pegmatite has been intersected in five holes averaging 20m true thickness over 150m of strike. Samples have been dispatched for analysisA metallurgical sampling program is due to commence in Q3 2023CorporateFinal payment of the 1.5% net smelter royalty pursuant to the acquisition of the Segilola Gold Project in 2016 was made to VOX Royalty Corp. Final payments of the remaining 1.5% net smelter royalty to all other royalty holders will be made in Q3 2023 following which all royalties payable pursuant to the Segilola Gold Project acquisition agreements will be complete.OutlookFY 2023 production guidance range of 85,000 to 95,000 oz of gold maintainedH2 2023 drilling programs:Continuation of step-out drilling at Douta gold project in SenegalContinuation of drilling at Segilola gold regional targets Continuation of drilling at L06 lithium prospect in NigeriaCompletion of the Douta PFSContinued assessment of prospective exploration properties in NigeriaContinued exploration programs across exploration portfolio in Nigeria Segun Lawson, President & CEO, stated: “I am pleased to report another solid quarter of gold production at Segilola for Q2 2023. The planned step-up in mining operations has been achieved and we are well positioned to meet our targets for H2 2023.”We are also encouraged by ongoing exploration in Nigeria, where drilling has been continuing on two priority targets. We look forward to updating the market with drill results from Nigeria and Senegal in the coming weeks. “In Senegal, the Douta Pre-Feasibility Study workstreams are progressing and remain on track for completion by the end of the year. “The standout highlight of the Quarter has been the acquisition of a potentially significant and prospective lithium exploration portfolio and the commencement of an initial drilling program where visual inspection of the RC drill chips has been very encouraging, with 20m true thickness of pegmatite intersected over 150m of strike.” Production and Sales updateIn Q2 2023, mined and processed ore were 278,600 tonnes and 255,200 tonnes respectively. The average mined grade was 2.43 g/t and mill head grade 2.99 g/t, blended from mining and existing stockpile.Gold recovery of 23,078oz during the Quarter was in line with expectation.Mining operations increased over Q1 and the planned step-up in production target of 5,500,000 tonnes per quarter was achieved in Q2. Mining is forecast to remain at this level for the next three quarters.The process plant throughput continued to operate above design during the Quarter. Equipment for the conversion of theCarbon In Leach (“CIL”) to Carbon In Pulp (“CIP”) and leaching circuit upgrade has been shipped from China and is expected to arrive in Q3 2023 and enhancements to the circuit are to be completed in Q4 2023. The enhancements are aimed at further improving process plant recoveries above the 94% achieved in Q1 and Q2 2023.Ore stockpile of 297,060 tonnes of ore grading 1.06 g/t containing approximately 10,090oz and gold in-circuit of approximately 3,203oz.During the Quarter, Segilola exported 20,852oz of payable gold and 2,884oz of payable silver.UnitsQ2 2023Q1 2023Q4 2022Q3 2022Q2 2022Q1 2022MiningTotal MinedTonnes5,633,700 4,194,700 4,296,500 4,018,400 4,031,600 3,759,500 Waste MinedTonnes5,355,100 3,996,300 3,974,100 3,793,200 3,747,500 3,533,600 Ore MinedTonnes278,600 198,400 322,400 225,200 284,100 226,300 Gradeg/t Au2.43 2.85 3.51 4.43 3.63 2.68 ProcessingOre ProcessedTonnes255,200231,000254,800241,400211,600221,900Gradeg/t Au2.992.953.383.583.663.18Recovery%94.094.195.095.595.594.1Gold Recoveredoz23,10020,60026,30026,50023,80021,300 Note: Figures roundedFurther details can be found on the Company’s website: www.thorexpl.com. About Thor ExplorationsThor Explorations Ltd. is a mineral exploration company engaged in the acquisition, exploration, development and production of mineral properties located in Nigeria, Senegal and Burkina Faso. Thor Explorations holds a 100% interest in the Segilola Gold Project located in Osun State, Nigeria and has a 70% economic interest in the Douta Gold Project located in south-eastern Senegal. Thor Explorations trades on AIM and the TSX Venture Exchange under the symbol “THX”. THOR EXPLORATIONS LTD. Segun Lawson President & CEOFor further information please contact: Thor Explorations Ltd Email: info@thorexpl.com Canaccord Genuity (Nominated Adviser & Broker)Henry Fitzgerald-O’Connor / James Asensio / Thomas DiehlTel: +44 (0) 20 7523 8000Hannam & Partners (Broker)Andrew Chubb / Matt Hasson / Jay Ashfield / Franck NganouTel: +44 (0) 20 7907 8500Fig House Communications (Investor Relations) Tel: +1 416 822 6483 Email: investor.relations@thorexpl.com BlytheRay (Financial PR) Tim Blythe / Megan Ray / Said Izagaren Tel: +44 207 138 3203NOT FOR DISSEMINATION IN THE UNITED STATES OR FORDISTRIBUTION TO U.S. WIRE SERVICESTo view the source version of this press release, please visit https://www.newsfilecorp.com/release/173170