The Segilola Gold Project, which produces gold, is the company’s flagship project. It is situated in Osun State, Nigeria, about 120 kilometres northeast of Lagos. The Segilola Gold Mine has already produced for two full years: 98,006 ounces of gold were produced in the calendar year 2022, and 84,609 ounces in the year 2023. In 2024, the company plans to generate between 95,000 and 100,000 ounces of gold.
The Segilola Gold Mine has substantial near-mine exploration upside potential and was constructed on a total probable reserve of 517,800 ounces of gold grading at 4.02g//t in March 2021. The Segilola deposit features a series of stacked, steeply-dipping, parallel quartz-pegmatite veins which are marked by wide-spread high-grade, occasionally visible, free-milling gold.
Typified by abundant, high-grade, occasionally visible free-milling gold. The goal of the most recent drilling campaign was to turn in-pit inferred data into indicated data. A number of steep shoot-structures that were discovered during earlier drilling beneath the planned open pit’s foundation have been interpreted as being part of the hanging wall lodes.
Exploration is planned to upgrade the current inferred underground resource to indicated and evaluate the continuation of the shoots at depth because the full potential of an underground resource has not yet been realised. The company is now producing from its flagship project, the Segilola Gold Project, which it successfully constructed through the Covid-19 pandemic. Thor has officially entered commercial production and anticipates producing 80,000 to 100,000 oz gold in 2022 after a phase of manufacturing ramp-up in the fourth quarter of 2021.
