By: Creamer media

“In the quarter, our focus at Segilola [in Nigeria] has been to extend the mine life. Our drilling activities continue underneath the pit, where we continue to intersect mineable gold mineralisation. Our drilling activities will continue throughout the year with the aim of drilling and delineating sufficient ore tonnage to proceed with underground mine development," says president and CEO Segun Lawson.

Thor Explorations sold 15 417 oz of gold at an average realised price of $4 829/oz for the quarter ended March 31. 

The company ended the quarter with a cash balance of $154-million and gold bullion inventory of 4 000 oz for an adjusted net cash position of $173-million.

It also continues to advance exploration at its Douta project, in Senegal, and at its Guitry, Marahui and Boundiali licences, in Côte d'Ivoire.

“In Senegal, following the completion of the Douta preliminary feasibility study (PFS) . . . our exploration activities have materially increased. We are looking to optimise the PFS where we have identified areas of significant upside potential.

"This includes drilling within the existing pit shells, delineating additional oxide targets and extensive air-core drilling and rock-chip sampling at our newest Bousankhoba licence. We expect results from our drilling programmes in Senegal to be released in the second quarter and have the objective of reaching our final investment decision for the project in the second half of this year," Lawson points out.