Segilola Gold Mine in Nigeria Announced Operational Updates

SEATTLE (Scrap Monster): Thor Explorations Ltd. provided an operational update on its Segilola Gold Mine in Nigeria covering the three months from July to September this year. It also provided outlook for Q4 2022.

According to the company, the Q3 2022 gold production of 26, 523 ounces exceeded the earlier guidance of 23,000 – 25,000 ounces. The total mined quantity registered minor decline from 4,031,584 tonnes to 4,018,431 tonnes. The volume of mined ore declined from 284,079 tonnes in Q2 2022 to 225,182 tonnes in Q3. The processed ore volume increased from 211,582 tonnes in the prior quarter to 241,434 in the third quarter. The company reported average ore mined grade of 4.43 grammes per tonne.

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Commenting on its outlook, the company announced a production guidance of 25,000 to 27,000 ounces of gold for the upcoming quarter. It kept the full year 2022 production guidance unchanged at 90,000 to 100,000 ounces of gold. Also, the full year all-in sustaining cost (AISC) remains at $850 to $950 per ounce.

Segun Lawson, President & CEO, Thor Explorations Ltd. said that the company is extremely pleased with the performance of all the operational teams who have delivered this outstanding quarter during the rainy season. It looks forward to commence deeper exploration drilling at Segilola during Q4 this year, he added.