Toronto-listed Thor Explorations (LSE:THX) has gone live for trading today on the London Stock Exchange AIM segment. Thor is a Canadian-listed acquisition, exploration and development company which has a focus on mineral properties in West Africa.
Thor Explorations’ most advanced project is its 100% owned Segilola Gold Project, based in Osun, Nigeria. It is considered Nigeria’s most advanced gold project with a total probable reserve of 517,000 oz of gold grading at 4.02 g/t as of March 2021.
“We continue to focus on pouring first gold at the Segilola Project in Nigeria in July 2021, targeting publication of a Maiden resource at Douta in Senegal by the end of 2021 and the exploration programs focused on the Company’s exploration licences running along the Ilesha Schist belt in Nigeria,” said CEO Segun Lawson.
He said the company had a strong pipeline of organic opportunities supported by low-cost production at Segilola, with a target of 40,000 ounces this calendar year and forecast of over 100,000 ounces in 2022.
“The Segilola Gold Project is a pioneering project in Nigeria which we have supported through its development,” added Olamilekan Adegbite, Minister of Mines and Steel Development for Nigeria. “Listing on the AIM market of the London Stock Exchange is not only a testament to the outstanding work carried out by Thor Explorations, but it is also a demonstration that [the] Nigerian mining sector is well positioned to attract international mining companies and investment. We look forward to providing them with our continued support as they transition into mining operations, gold production and further exploration activities in Nigeria.”
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This is not a one trick pony however. Thor Explorations is also working on the southern Makosa Tail Prospect in Senegal. It completed an exploratory drilling program there in late 2020 which led to its Makosa Tail discovery. It is seeing numerous significant intersections from the near surface zone. This Douta Gold Project is operating under an exploration permit that covers 58 square kilometres. Thor contractually acquired a 70% interest in the licence from permit holder International Mining Company SARL, which has a 30% free carry until the announcement by Thor of a probable reserve.
However, it seems to be the Nigerian gold opportunity that is getting most of the focus at the moment. This is its flagship project, on which it completed its feasibility study in February 2019. It is an open pit mining project which will require a new processing plant, a conventional crushing circuit and plenty of other infrastructure. In March this year Thor updated its original gold estimates, expanding likely size of pit design and a bigger production plant further than initially envisaged.
“This milestone for Thor Explorations also represents a breakthrough for Nigeria in unlocking value from what we consider the nation’s vast mineral potential,” said Samaila Zubairu, President & CEO of the Africa Finance Corporation. “As a significant investor in the Thor Explorations, it also showcases AFC’s unique ability to identify good quality early stage infrastructure projects to attract foreign investment. We look forward to a continued partnership with Thor Explorations, the Ministry of Mines and the Central Bank of Nigeria in supporting the Segilola project, its gold offtake, and to continue to advance Nigeria’s mining sector.”
Note that Sprott Capital Partners exercised all of its broker warrants in Thor Explorations 14 June at 18 cents each. This gives it just north of 623m common shares on issue in Canada. Sprott has a four month compulsory holding period.