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Thor Explorations Ltd.
Summary
| Project: | Segilola | |
|---|---|---|
| Deposit: | Segilola | |
| Location: | Nigeria | |
| Commodities: | Gold | |
| Date: | 9/11/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 11-9-2017: Thor Explorations Ltd. announces a Resource Estimation report for its Segilola deposit at the Segilola project. Updated mineral resource. Thor Explorations Ltd. (TSX VENTURE: THX) (“Thor” or the “Company”) is pleased to announce an update | |
| Resources: | (Resource): 4.03Mt @ 4.3g/t Au for 556koz Au (Ind.) & 2.03Mt @ 4.7g/t Au for 306koz Au (Inf.) | |
| CP/QP: | [Resources]: Chris Speedy (Auralia Mining Consulting Pty Ltd.) | |
| ABSTRACT: | Thor Explorations Ltd. (TSX VENTURE: THX) (“Thor” or the “Company”) is pleased to announce an updated independent mineral resource estimate following the completion of the current phase of drilling at its 100% owned Segilola Gold Project. The Company is also pleased to announce that it expects to complete the ongoing Preliminary Feasibility Study (“PFS”) on the Segilola Gold Project in October 2017. Segun Lawson, President & CEO, commented "We are working hard to progress the project to implementation. The current drilling program has not only delivered a good indication of the resource potential external to the pit shell being considered in the PFS, but has also enhanced our understanding of the orebody, resulting in a significant uplift in average grade, an expansion of the overall resource base and an improved level of confidence in pit optimisation and mine design parameters. The PFS is well progressed and we look forward to presenting the results of the study along with the maiden reserve for the Segilola project.” The Company had previously announced its intention to undertake a Preliminary Economic Assessment (“PEA”) However, following a GAP analysis on the existing project technical and design work and a review of development options, the Company has elected to advance directly to completion of a PFS with pit optimisation and mine design work being undertaken on the updated independent resource (presented above). In the preparation of the PFS, the Company has drawn on the significant technical studies and processing design that had been undertaken on the project prior to acquisition by the Company. The Company has supplemented this information with further technical work and renewal of cost information where applicable. The PFS is being compiled by Auralia Mining Consulting Pty Ltd of Perth, Western Australia. | |
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