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Thor Explorations Ltd.
Summary
| Project: | Segilola | |
|---|---|---|
| Deposit: | Segilola | |
| Location: | Nigeria | |
| Commodities: | Gold | |
| Date: | 9/27/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | Pre-Feasibility Study | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 27-9-2017: Thor Explorations Ltd. announces a Pre-Feasibility Study report for its Segilola deposit at the Segilola project. Initial mineral reserve and PFS study results incl. post-tax NPV(5%) of $138M, IRR of 53%. Thor Explorations Ltd. (TSX VENTURE: TH | |
| Resources: | (Reserve, Prob.): 3.345Mt @ 4.2g/t Au for 448koz Au contained at project | |
| 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 positive results for its Independent Preliminary Feasibility Study (“PFS”) and maiden Probable Mineral Reserve, prepared pursuant to National Instrument 43-101 (“NI 43-101”) for its 100% owned Segilola Gold Project (“Segilola” or the “Project”) in Nigeria. The Project will be comprised of an open pit mine and will include the construction of a new 500,000 tonnes per annum (“tpa”) processing plant, which consists of a conventional crushing circuit, single stage grinding, carbon-in-leach, elution, electrowinning and smelting to produce gold dore. The PFS envisions a Project with a 17 month construction period and a 7 year mine life. The Project description conforms with the Project’s existing 25 year Mining License “ML41” (renewed in September 2016) and approved Environmental Impact Assessment (“EIA”). Segun Lawson, President & CEO, commented: “The Segilola Project benefits from many strong characteristics, including its high grade nature together with execellent metallurgy and attractive government fiscal incentives. This results in robust cashflows from commencement of operations and relatively low capital intensity. We are pleased with the results outlined in the Preliminary Feasibility Study which validates our belief in the potential of the Project. We believe scope exists to improve the Project economics as we continue to optimise and de-risk the Project through the Definitive Feasibility Study phase, which we aim to complete in H1 2018 and to then progress directly to Project development. The Project has significant exploration upside that can potentially both add to our open pit production and extend the life of mine as we continue to expore and assess the potential for a transition to underground mining operations.” | |
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