Segilola Gold Mine produces 21,343 ounces of gold in Q1, 2022

By Francis Kadiri, Abuja.

Canadian mineral exploration company engaged in the acquisition, exploration and development of mineral properties located in Nigeria, Senegal and Burkina Faso, Thor Explorations on Monday, said its Nigerian subsidiary, Segilola Gold Project produced 21,343 ounces of gold in Quarter 1 of 2022, stating that it will henceforth provide quarterly operational updates of its gold production.

‘Thor Explorations Ltd is pleased to provide an interim operational update for the first quarter ended March 31, 2022,’ a statement from the organization said, adding that while 7,220 ounces of gold was produced in March, a total of 21,343 ounces was produced as at end of the first quarter of the year 2022.

The statement, which was signed by the President/Chief Executive Officer, Thor Explorations, Mr Segun Lawson said recovery in March averaged 95.1% with average recovery during the period being 94.1%, adding that 16,658 ounces of gold and 922 ounces of silver were sold while exports occurred regularly throughout the period. The organization said projection for Q2 2022 is between 22,000 to 24,000 ounces with full year guidance unchanged at 80,000 to 100,000 ounces of gold.

According to the update, ‘operations at its 100% owned Segilola Gold Mine in Nigeria were carried out in line with forecast for Q1 2022, with a throughput of 221,920 tonnes at an average head grade of 3.18 grammes per tonne (“g/t”) and overall recovery of 94.1% for a total of 21,343 ounces of gold produced. ‘The Company exported the gold regularly throughout the period selling 16,658 ounces of gold and 922 ounces of silver in the period,’ the statement said.

‘For the month of March, the Segilola process plant continued to operate at a steady state, above design mill throughput, with 69,907 tonnes of ore processed at an average head grade of 3.38g/t and an overall gold recovery of 95.1% for a total of 7,220 ounces of gold produced.

‘As the mining plan moves into the fresh ore, mined ore tonnes and grade are reconciling well to the reserve model and process recoveries are in line with the metallurgical recovery model.

‘The Company is also pleased to report that at the end of Q1 2022, it started commissioning its compressed natural gas generators at Segilola, following which the process plant will transition from diesel to compressed natural gas generation in Q2 2022.

‘The Company is continuously monitoring the potential impact to its operations from global supply chain disruptions and is currently implementing a plan to increase raw material and spares inventories at Segilola in order to mitigate the impact of further disruption.

‘Gold production guidance for the second quarter of 2022 is 22,000 to 24,000 ounces and production guidance for the full year 2022 is maintained at 80,000 to 100,000 ounces.

The organization assured that the company will provide quarterly operational updates henceforth, adding that the project has been able to achieve ‘a steady state of production.’

‘The month of March has closed off a very positive start to the year, completing our first full quarter of gold production. There continues to be production improvements in all aspects, in particular, with recoveries continuing to improve and averaging 95.1% for the month of March. We look forward to the second quarter where we expect further improvement in production and additional newsflow from exploration drilling results from both Nigeria and the Douta Project in Senegal,’ he added.

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