Segilola is a high-grade gold project located 120km from the capital city of Lagos
Canadian gold explorer Thor Explorations has announced the first gold pour from its Segilola gold mine, located in the Nigerian state of Osun.
Thor Explorations intends to continue the ramp up of process plant for the next six weeks, with commercial production targeted for September 2021.
The plant is expected to run at a processing rate of 715,000 tonnes per annum, targeting nearly 85,000 ounces of gold per annum, at commercial production.
According to the company, the first gold pour at Segilola marks its first mine and the first commercial gold mine in Nigeria.
Thor Explorations president and CEO Segun Lawson said: “This mine has been built in line with the budget and largely on schedule through a global pandemic. The Segilola mine is a high-grade, open pit mine that has a projected Life of Mine All-In-Sustaining Cost of $685 per ounce providing strong cash flows over the life of mine.
“I want to take this opportunity to once again commend our team’s commitment and hard work in achieving this milestone, especially given Covid-19 related restrictions.
“We look forward to hosting an on-site inauguration ceremony of Nigeria’s first commercial gold mine with state and federal authorities in the coming months.”
The Segilola gold project is a high-grade gold project in Osun, Nigeria, being developed by Thor Explorations.
The property is located around 120km from the capital city of Lagos and hosted within the ML41 mining licence.
Preliminary feasibility study (PFS) for the project was completed in 2017, and the definitive feasibility study (DFS) and the preliminary economic assessment (PEA) in 2019.
The project is hosted within the ML41 mining licence.
Gold mineralisation is primarily contained within structural compartments formed by the crossing of a westerly-dipping footwall calc-silicate suite and sub-vertical shear zones.
Thor Explorations is a mineral exploration company engaged in the acquisition, exploration and development of mineral properties located in Nigeria, Senegal and Burkina Faso.
It holds a 100% interest in the Segilola gold project and a 70% economic interest in the Douta gold project located in south-eastern Senegal.