Aim- and TSX-V-listed Thor Explorations has maintained the full-year production guidance for its Segilola mine, in Nigeria, at between 85 000 oz and 95 000 oz of gold, with the mine having poured 22 784 oz of gold for the quarter ended June 30.

Gold poured for the quarter was slightly lower than the 22 790 oz poured in the first quarter of this year, but higher than the 21 742 oz poured in the second quarter of 2024.

Gold sales totalled 25 900 oz at an average realised price of $3 187/oz, resulting in revenue of $82.5-million.

“I am pleased to report a solid operational second quarter of the year, which continues from the strong start we made to the year,” says president and CEO Segun Lawson.

Having unwound all its hedged gold positions in the previous quarter, Lawson says the company was able to benefit from the full exposure to the high prevailing gold prices, resulting in a record quarterly revenue of $82.5-million, which the company achieved while continuing to maintain its production costs in line with guidance.

He notes that exploration activities in the quarter, which have included multiple drilling campaigns, were increased across the company’s entire portfolio.

“Looking ahead, we are well positioned for the second half of the year,” he says.

Meanwhile, on the exploration front, Lawson notes that underground drilling at Segilola continues, building on the data received during the second quarter.

The company notes that the diamond drilling programme is continuing to test the depth extensions of the Segilola deposit, adding that a total of 4 418 m has been completed across 12 holes.

The drill holes were designed to test the continuity of two main types, namely steep plunging high-grade hanging wall shoots and shallow plunging mineralisation that is projected to continue down-plunge to the south.

Gold mineralisation had been confirmed by the initial drilling programme and Thor Explorations notes that the data indicates that there are potential mineable extensions to the resource beyond the limits of the current openpit design.

During the quarter, in Senegal, along with a number of prefeasibility study (PFS) workstreams, the company undertook drilling programmes at its Makosa North, Bridge and Tail and the Baraka 3 prospect.

The company notes that reverse circulation (RC) drilling to upgrade inferred resources to indicated resources at Makosa North, Makosa Bridge and Makosa East has been completed and an updated resource estimate is in preparation.

In addition to this, Thor Explorations notes that initial metallurgical testwork is being carried out on the Baraka 3 ore, noting that management considers that there is reasonable expectation that the Baraka 3 prospect will provide additional resources to the Douta project.

Thor Explorations expects the current drilling programme assay results to be fully received in the third quarter of this year, following which a Baraka 3 resource will be prepared for inclusion in the updated Douta resource and Douta PFS.

The company says the environmental-impact assessment for the Douta mining licence has been pre-validated by the Ministère des Mines et de la Géologie, with further work being undertaken to meet the requirements of pre-validation.

In Côte d’Ivoire, Thor Explorations says, work at the Guitry project during the quarter comprised an initial 4 000 m RC drilling programme designed to test extensions of the identified interpreted mineralisation and to confirm the revised structural interpretation, with drill results expected to be released in July.

Regarding the Marahui exploration licence, the company notes that exploration activities continued with further geological mapping, rock chip sampling and soil geochemical sampling to define drill targets, delineating a 5-km-long by 200-m-wide anomaly to be drilled following the rainy season.

“We are pleased to have completed our maiden drilling programme on our Guitry project and look forward to releasing these results and from all our drilling programmes shortly, once obtained.

“We also continue to be encouraged by the initial exploration results from the Marahui project, where we are now positioned to kick off a maiden drilling programme at the end of the rainy season,” says Lawson.