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Thor Explorations on track for first gold pour from Segilola in 2021 as it reveals new construction milestones

Construction and procurement is progressing on schedule and on budget, the Vancouver-based company told shareholders

Thor Explorations Ltd. -
Detailed design is around 80% complete, with procurement nearly 60% complete and SAG and ball mills on track for delivery in early 2021

Thor Explorations Ltd (CVE:THX) announced on Monday a series of new construction developments at its Segilola gold project in Nigeria, where the company expects to pour its first gold in 2021.

Construction and procurement is progressing on schedule and on budget, the Vancouver-based company told shareholders.

Thor said it had poured concrete at the process plant site and built the water storage facility up to its final height, with spillway construction making good progress. Detailed design is around 80% complete, with procurement nearly 60% complete and SAG and ball mills on track for delivery in early 2021.

READ: Thor Explorations says augur drilling program at Segilola project revealed gold values of up to 2 grams per ton

CEO Segun Lawson told shareholders that the firm is prioritizing the health and safety of its employees during construction, putting measures in place to monitor and mitigate the spread of COVID-19.

“Our construction team and EPC contractor, Norinco International Cooperation Limited, are continuing to deliver on our targets in a challenging operating environment due to the COVID-19 pandemic,” Lawson said in a statement. “I cannot speak highly enough of the professionalism being displayed day in and day out by our workforce and contractors.”

The firm added that the company has a “strong and proactive” approach to health and safety, with no lost time injuries throughout the nearly 220,000 hours of collective construction work.

Segilola has a 25-year mining licence and the NI-43 101 open pit probable reserve stands at 405,000 ounces of the yellow metal at a grade of 4.2 grams per ton (g/t). The higher confidence indicated resource is 469,000 ounces at 4.7 g/t of gold.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

Quick facts: Thor Explorations Ltd.

Price: 0.2 CAD

TSX-V:THX
Market: TSX-V
Market Cap: $124.24 m
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