Thor announces positive drilling results from Segilola Gold Mine

Thor Explorations announced positive results from its ongoing diamond drilling programme at the Segilola Gold Mine in Nigeria on Friday, which targeted the down-plunge extensions beneath the current open-pit limits.

The AIM-traded firm said the latest drill results highlighted the potential to expand the Segilola resource both along strike to the south and at depth.

Notable results included 1.8 metres grading 39.7 grams of gold per tonne from a depth of 222 metres in drillhole SNMDD027, and 3.4 metres grading 4.8 grams per tonne from 74 metres in drillhole SNMDD028.

The findings built on previous drilling that demonstrated high-grade continuity over about 100 metres along strike and 100 metres down dip.

Thor said the Segilola deposit lay within the gold-rich Ilesha schist belt of Nigeria, on a regional shear zone extending for hundreds of kilometers.

Gold mineralisation was concentrated in steep, west-dipping lodes within metamorphosed meta-sediments, marked by late-stage silica alteration.

The board said the recent drilling programme focussed on the southern lodes, which exhibited a pronounced southerly plunging geometry.

Initial holes were spaced 40 metres apart to test the continuity of high-grade zones projected to continue at depth.

The results confirmed the presence of high-grade mineralisation, with the latest assays reinforcing Segilola's potential for resource growth.

Thor said it was continuing to advance Segilola as a key asset in its West African portfolio, while also progressing the Douta Gold Project in Senegal toward development.

“We are pleased to start the year with additional encouraging drill results of the ongoing diamond drilling programme which is targeting projections of the Segilola ore body outside the current open pit design,” said president and chief executive officer Segun Lawson.

“In particular, the significant intersection of 1.8 metres grading 39.7 grams of gold per tonne is encouraging as it potentially suggests the formation of a high-grade shoot in the northern parts of the deposit.

“This intersection is supported by the previously reported intersection of 1.3 metres grading 3.35 grams per tonne located 40 metres to the south in hole SNMDD019.”

Lawson said the new intersections were located in the vicinity of several exploration holes that the company drilled in 2018.

“Results from these holes include one metre grading 10.2 grams of gold per tonne and 2.5 metres grading 8.5 grams of gold per tonne.

“Together, these holes demonstrate high grade continuity of approximately 100 metres down dip and about 100 metres along strike.

“Based on the new results we intend to continue drill testing of the Segilola structure, and we look forward to sharing further results in due course.”

At 1437 GMT, shares in Thor Explorations were up 2.82% at 18.25p.

Reporting by Josh White for Sharecast.com.