THX:CC - Thor Explorations says gold price has boosted cash generation as it reiterates production guidance
(NewsDirect)
Thor Explorations Ltd (TSX-V:THX, AIM:THX,OTC:THXPF) president and CEO Segun Lawson tells Proactive'sStephen Gunnion the company is on track to meet its target of95-100,000 ounces of gold from the Segilola mine in Nigeria followinga productive first quarter.
Thecompany completed plant upgrades and mining activities from theprevious year, leading to gold production of over 19,500 ounces inthis quarter. These upgrades contributed to increased monthly goldproduction, reaching 1,200 ounces in March alone. Additionally, ThorExplorations made significant debt repayments, reducing its seniordebt facility to only $15 million. The company also built a stockpileof over 6,000 ounces of high-grade gold.
Drilling is continuing across all of its projects including neartargets and underground at Segilola and exploration holes at the Doutaand Douta West licences in Senegal. An updated Mineral ResourceEstimate and PFS at the Douta project is now expected in the secondhalf of 2024.
While the company hasslowed down exploration on their lithium licences, it is preparing fora substantial 4,000-metre drilling programme focused on identifiedlithium anomalies.
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