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The Company’s flagship project is the Segilola Gold Project which comprises a proposed open pit gold mining project based on a probable reserve of 518,000 ounces of gold grading at 4.02 grams per ton.

he Segilola Project Definitive Feasibility Study was completed in February 2019 and considered an open pit mine, and the construction of a new 625,000tpa processing plant, consisting of a conventional crushing circuit, two stage grinding, gravity, carbon-in-leach, elution, electrowinning and smelting to produce gold ore. In March 2021, following further resource definition drilling, design optimisation the Company updated the reserve statement and the process plant design capacity and optimum pit design, which has resulted in a larger pit design and an increase in production plant capacity to 715,000tpa.

Segilola Probable Reserve Estimate

MethodCategoryTonnage (kt)Grade (g/t gold)Contained Metal ('000 oz gold)
Open CutProbable4,0074.02518

Segilola Resource Estimate

Open Pit (>0.30g/t)Potential underground (>2.5g/t)
CategoryTonnes (kt)Grade (g/t AU)Gold (koz)Tonnes (kt)Grade (g/t Au)Gold (koz)
Indicated3,7004.55323866.176
Inferred322.534115.065

The Segilola deposit comprises a system of stacked, steeply-dipping, parallel quartz-pegmatite veins which are characterised by wide-spread high-grade, sometimes visible, free-milling gold. The most recent drilling campaign focussed on converting in-pit inferred to indicated. Previous drilling beneath the base of the proposed open pit identified several steep shoot-structures which have been interpreted within the hanging wall lodes (Figure 4). The full potential of an underground resource has yet to be realised and ongoing exploration is planned to upgrade the current inferred underground resource to indicated and to test the continuation of the shoots at depth.

Segilola Project After Tax Economic Sensitivity

Downside Case
$1400/oz gold
Base Case
$1600/oz gold
Upside Case
$1800/oz gold
High Upside Case
$2000/oz gold
Cashflow$272m$372m$473m$575m
NPV (5% discount rate)$225m$310m$404m$494m
IRR63%85%107%130%
Payback Period1.310.80.7

Thor has focused its activities on the development of the Segilola Gold Project, initially through a Preliminary Feasibility Study, completing a Definitive Feasibility Study in 2019, and then completing a Project Financing of US$104.5m comprised of equity, debt and a stream facility in 2020. The Project went into construction on 1st March 2020 and is scheduled to pour its first gold in June 2021.

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