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Projects located in world class target exploration regions
Thor has assembled a prospective lithium land package through target generation and ground reconnaissance exploration through its wholly owned subsidiary Newstar Minerals Ltd. The company’s initial focus is on south-west Nigeria. A growing and evolving land package of 600km2 has been acquired, producing some initial scout rock-chip sampling results which confirm presence of lithium mineralisation. Newstar’s land package is situated in close proximity to established infrastructure including Lagos Port; and covers key spodumene and lepidolite pegmatites.
Segilola Gold Project
The Company’s flagship project is the gold producing Segilola Gold Project located in Osun State, Nigeria, approximately 120 kilometres (“km”) northeast of Lagos. Since its completion in Q4 2021, The Segilola Gold Project has completed two full years of production, with full year gold 2022 production of 98,006 ounces of gold and 84,609 ounces of gold in the 2023 calendar year. The Company expects to produce approximately 85,000 ounces of gold in the 2024 calendar year. The Segilola Gold Mine was built based on a total probable reserve of 517,800 ounces of gold grading at 4.02g//t in March 2021.
Douta Project
The Douta Gold Project is a gold exploration permit, E02038, which covers an area of 58km2 and is located within the Kéniéba inlier, eastern Senegal. Thor, through its wholly owned subsidiary African Star Resources SARL (“African Star”), has a 70% economic interest in partnership with the permit holder International Mining Company SARL (IMC). IMC has a 30% free carried interest in its development until the announcement by Thor of a Probable Reserve.
The Mineral Resource Estimate for the Douta Project was announced in November 2021, is classified as Inferred Resources and is constrained within optimised pit shells and comprises 15.3Mt grading 1.5g/tAu for 730,000 ounces of gold.
