Thor Explorations Unveils Promising Drilling Results at Segilola Gold Mine

Thor Explorations Ltd. (TSXV: THX) (AIM: THX) has announced encouraging initial results from its diamond drilling program at the Segilola Gold Mine in Nigeria. The company, focused on West African mineral exploration and mining, is producing gold from its wholly-owned Segilola mine and advancing the Douta Gold Project in Senegal towards development.

The drilling program targeted the down-plunge potential beneath the current open pit extents at Segilola. Significant results received so far include 3.0 meters grading 11.24 grammes per tonne gold (g/tAu) from 294m in drillhole SNMDD011 and 1.5m grading 3.22g/tAu from 269m in drillhole SNMDD012. These results are from the first two holes of a 12-hole drilling program, with five holes already drilled.

The positive results indicate high-grade gold mineralization 50 meters below the current pit design, suggesting further potentially achievable underground mining below the Segilola pit. This is the first demonstration of such potential since mining began. The initial results come from the southernmost shoot, and the 12-hole program is designed to test the remaining shoots as a first pass.

The discovery of further underground mining potential could impact the current resource estimates and life of mine at Segilola. Upgrading parts of the remaining inferred resource and increasing the overall underground resource size could extend the mine's life. This would have a positive effect on Thor Explorations' overall market valuation and shareholder value.

The potential economic viability of expanding Segilola's underground mining is promising. The high-grade gold mineralization discovered could help offset production costs, making the mine more profitable. However, the estimated capital expenditures required to extend the mine's life and develop an underground resource will need to be carefully considered.

The next steps in Thor Explorations' exploration and development plans for the Segilola Gold Mine include completing the 12-hole drilling program and sharing more results. The company aims to upgrade parts of the remaining inferred resource and increase the overall underground resource size to extend the mine's life.

Thor Explorations will also need to address potential environmental and social impacts of extending the mine's life. Implementing best practices in environmental management and engaging with local communities will be crucial to mitigate these risks.

In conclusion, Thor Explorations' initial positive diamond drilling results from the Segilola Gold Mine suggest further underground mining potential, which could impact the mine's production costs, resource estimates, and life of mine. The company's next steps will focus on completing the drilling program, upgrading resources, and addressing environmental and social concerns.