Thor Explorations Company Profile


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Thor Explorations

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Thor is a TSX-V listed (THX:TSX-V) Canadian mineral exploration company engaged in the acquisition and exploration and development of mineral properties in West Africa.

Thor’s most advanced project is the Segilola Gold Project, located in Osun State Nigeria, is the highest grade open pit development project in West Africa, with an indicated resource of 556,000 ounces grading at 4.2g/t, an inferred resource of 306,000 ounces grading at 4.7g/t and a probable reserve of 448,000 ounces grading at 4.2 g/t. The Segilola Project also benefits from exceptional metallurgy with recent Definitive Feasibility Study testwork results from the master composite returning gravity recovery of 77.5% and 98.9% total recovery with a 24 hour leach.

The Company’s Definitive Feasibility Study at Segilola is well progressed and Thor is targeting commencement of production at Segilola in Q1 2020. The Segilola resource is open at depth and recent exploration drilling confirms the presence of high grade extensions of the gold system at depth offering the potential for a future transition from open pit to underground.

Segilola was awarded the Best Emerging Mining Project at the 2018 African Mining Indaba.

In addition to the Segilola Project, Thor holds a pipeline of exploration projects with first mover advantage in Nigeria, a 70% interest in the Douta Gold Project located on the Kéniéba Inlier in south-eastern Senegal, and a 49% interest in a JV with Acacia Mining in the Central Houndé Project, located in Burkina Faso.


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Segun Lawson – Chief Executive Officer & Director
Adrian Coates – Non-Executive Director
Dr. Julian Barnes – Non-Executive Director
Chief Kayode Aderinokun – Non-Executive Director
Folorunso “Folli” Adeoye – Non-Executive Director
Ben Hodges – Chief Financial Officer
Alfred Gillman – General Manager Exploration/Resources
James Philip – VP Corporate Development

PEER ANALYSIS – Segilola is the highest grade open pit gold development project in West Africa

Segilola Longitudinal Section showing gram-metre (grade x true thickness) contours with potential extensions of high grade zones


The high grade Segilola project offers Thor a fast, straightforward, low risk and low cost route to production. The Segilola orebody also offers excellent potential for a future underground transition, extending the initial open pit mine life.

Fully Permitted and “Development Ready”

  • 100% owned by Thor
  • 25 year Mining License issued in 2016 and Environmental approvals in place
  • Definitive Feasibility Study well progressed, targeting production in Q1 2020

High Grade Gold Resource & Reserve

  • Global resource of 862koz (NI 43-101), of which: Open Pit Probable Reserve of 448koz @ 4.2g/t, Indicated Resource of 556koz @ 4.3g/t; and Inferred Resource of 2.0Mt@ 4.7g/t for 305koz
  • Current Definitive Feasibility Study drilling indicates potential for reserve enhancement

Low risk operation

  • Open pit mining, conventional gravity and CIL processing with excellent recoveries
  • 500,000tpa plant delivering initial production of 80-100koz pa

Low capital and All-in sustaining costs (“AISC”)

  • Capex – USD 71.4m, AISC – USD 682/oz (lowest quartile on global cost curve)

Identified value enhancement opportunities

  • Multiple optimisation opportunities under review as part of the Definitive Feasibility Study
  • Opportunities identified for follow up drilling on potential satellite deposits
  • Potential for future underground transition from initial open pit operation
Segilola – PFS Project Economics


The Douta license provides Thor with a second project at Makosa and multiple opportunities for additional discoveries to strengthen the Company’s project pipeline.

  • Significant gold discovery at Makosa being advanced to Maiden Resource in 2018
  • Confirmed mineralization over 2.1km strike with several zones up to 35m true width
  • Major Resource Opportunity
  • Makosa discovery runs parallel to Randgold’s 4.4Moz Massawa project 5km away
  • Identified geochemical anomalies on full 32km strike provide multiple targets for initial RAB drilling program to follow current Makosa drilling

The Central Houndé project provides Thor with excellent option value, with Thor’s JV partner Acacia Mining Plc funding all exploration. Thor has a 49% interest reducing to 20% on completion of a Preliminary Feasibility Study.

  • Prospective land package of 486km2 located on an established gold belt with over 12Moz and three mines
  • Several large-scale gold-in-soil anomalies currently being tested with RC drilling, New zones emerging from rock chip sampling.
  • High Grade intersections returned from Legue-Bongui Corridor

Capitalising on Thor’s first mover status in Nigeria and anticipated production at Segilola, the Company is using its in-country team to actively identify prospective opportunities and build the Company’s project pipeline.

  • Initial focus on the 400km schist belt hosting the Segilola deposit
  • Following aeromagnetic assessment, Thor has acquired 4 New licences in 2017 covering 337km2 of geological targets

Contact Details



PHONE: +1-778-373-0102

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