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Thor Explorations Ltd.
Summary
| Project: | Segilola | |
|---|---|---|
| Deposit: | Segilola | |
| Location: | Nigeria | |
| Commodities: | Gold | |
| Date: | 4/24/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Environmental Approval | |
| Report details: | 24-4-2019: Thor Explorations Ltd. announces an Exploration/Drilling Update report for its Segilola deposit at the Segilola project. Drilling results incl. 7.0m @ 5.10g/t Au from 23.0m. The Segilola open pit mineral resource comprises 441,000 ounces Au at | |
| Resources: | (Resource): 0.1Mt @ 9.4g/t Au (Ind.), 0.35Mt @ 7.9g/t Au (Inf.) | |
| CP/QP: | [Overall Report]: Alfred Gilman (Not stated) | |
| ABSTRACT: | The Segilola open pit mineral resource comprises 441,000 ounces Au at 4.5g/tAu indicated and 73,000 ounces at 6.8g/tAu inferred. Based on a probable reserve of 405,000 ounces Au at 4.20g/tAu the current project open pit DFS shows a post-tax NPV5% $138m, a 50% IRR and a payback in under 1.4 years. These figures are based on the data as 1 December 2018. Thor management believe that the additional data collected since that date (reported below) will have a potentially significant positive impact on the project economics. Grant of Additional Licences Thor is also pleased to announce that the Office of the Nigeria Mining Cadastre has granted, through Thor's wholly owned subsidiary Segilola Gold Ltd, two new gold exploration licences, located in southwest Nigeria. The new licences, which total 178 square kilometres, are located between 15km and 20km from the Segilola Gold Project and cover significant sections of the structural trends that extend to the south of the Segilola high grade gold deposit. Segun Lawson, President & CEO, stated: "We are pleased to have already started to generate results that improve the already robust economics of the recently completed Definitive Feasibillity Study, with the infill drill result returning significantly higher than modelled. We are also pleased to have acquired additional | |
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