Segiliola Gold Project

The Company’s flagship project is the Segilola Gold Project which comprises a proposed open pit gold mining project based on an indicated mineral resource defined by a comprehensive drilling program over 16,000 metres of RC and Diamond Drilling to define a high grade resource and probable reserve:

  • High Grade Gold Resource & Reserve
    • Probable Reserve of 3,345,000t @ 4.2g/t for 448,000oz
    • Indicated Resource of 4,037,000t @ 4.3g/t for 556,000oz
    • Inferred Resource of 2,030,000 @ 4.7g/t for 305,000oz

The effective date of the Company’s Mineral Resource estimate is September 27 2017. For further information regarding the Mineral Resource estimate please refer to the technical report titled “NI 43101 Preliminary Feasibility Study for the Segilola Gold Deposit, Osun State, Nigeria for Thor Explorations Ltd.” The technical report will be available under the Company’s profile on SEDAR at www.sedar.com from 19 October 2017.

The Segilola Gold Project is located approximately 120km north east of Lagos in the Osun region of Nigeria.

Segilola Highlights

  • Fully Permitted and “Development Ready”
    • 25 year Mining License issued in September 2016 and Environmental approvals in place
    • 100% owned by Thor
  • High Grade Gold Resource & Reserve
    • Probable Reserve of 3,345,000t @ 4.2g/t for 448,000oz
    • Indicated Resource of 4,037,000t @ 4.3g/t for 556,000oz
    • Inferred Resource of 2,030,000 @ 4.7g/t for 305,000oz
  • Preliminary Feasibility Study Demonstrates Robust cashflow Payback <2years
    • Post-tax NPV 5% / 8% of USD 138m / USD119m and IRR of 53%
    • Initial 2 years of operations head grade >8g/t
    • Low AISC of USD 682/oz over LOM / C1 cost USD 613/oz
  • Low risk, low capital, approach to development
    • Straightforward Processing simple gravity & CIL process with recoveries >96%
    • Proposed milling rate 500ktpa
    • Capex – USD 71.4m, limited pre-strip requirement
    • Project configuration is straightforward
  • Resource upside
    • Identified in-pit conversion of inferred resources and additional opportunities identified
    • “Near mine” resource expansion potential
    • Potential for transition to underground mine – continuity down plunge

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