Thor Explorations Ltd. (TSXV: THX) (AIM: THX) has announced further positive drilling results from its Segilola Gold Mine in Nigeria, sparking hopes of resource expansion and mine life extension. The company's ongoing diamond drilling program, targeting the down-plunge potential beneath the current open pit extents, has yielded encouraging results, including intersections of 3.0m grading 11.24g/tAu from 294m in drillhole SNMDD011 and 1.5m grading 3.22g/tAu from 269m in drillhole SNMDD012.

These results, along with additional data that will be published in due course, suggest that the high-grade gold mineralization at Segilola may extend beyond the current open pit design. This could lead to an increase in the mine's resource base, potentially extending its mine life and improving its overall economics. Moreover, the company's exploration activities at Segilola are not limited to this drilling program. Thor Explorations is also conducting regional exploration, which has led to the identification of new high-grade quartz vein systems within 15 km of the Segilola mine. These discoveries, such as the one with multiple high-grade drillhole intercepts including 1m at 310g/t Au, further highlight the potential for resource expansion and growth at the Segilola Gold Mine.

The high-grade intersections reported by Thor Explorations at the Segilola Gold Mine are significant in relation to the current mine plan for several reasons. Firstly, the intersections suggest the potential to extend the known mineral resource down-plunge beneath the current open pit extents, which could lead to an increase in the overall mineral resource estimate for the mine. Secondly, by extending the resource, the mine life of Segilola could potentially be extended, as the current mine plan would have additional ore to process. This could have a positive impact on the Company's future cash flows and shareholder value. Thirdly, the high-grade intersections could also support the potential for underground mining at Segilola, which could be more cost-effective and efficient than open-pit mining at deeper levels. This would require further exploration and feasibility studies, but the high-grade intersections are a positive indicator. Lastly, the high-grade intersections could lead to higher production rates and lower all-in sustaining costs (AISC) per ounce of gold produced, as the Company would be mining higher-grade ore. This could have a positive impact on the Company's financial performance.

Based on the positive drilling results from the Segilola Gold Mine, the Company may consider revising its future production guidance. These results suggest that there is potential to extend the Segilola resource both along strike to the south and at depth, which could lead to an increase in the mine's life and production. If the Company decides to pursue further exploration and development based on these results, it may update its production guidance to reflect the potential increase in reserves and resources. However, the Company will need to consider various factors, such as the economic viability of further exploration and development, before making any changes to its production guidance.



In conclusion, Thor Explorations' recent drilling results from the Segilola Gold Mine have the potential to significantly impact the mine's resource base, extending its mine life and improving its overall economics. The high-grade intersections reported by the company could lead to an increase in the mine's resource estimate, potential mine life extension, the possibility of underground mining, and potentially higher production rates and lower AISC. These factors could have a positive impact on the Company's financial performance and shareholder value. As the Company continues to explore and develop the Segilola Gold Mine, investors should keep a close eye on its progress and potential updates to its production guidance.