TSX-listed Thor Explorations has poured first gold at its Segilola Gold Mine located in Osun State, Nigeria. The pour took place this morning, July 30, 2021.
Segilola is Nigeria’s first large-scale gold mine and it is hoped that it will lay the foundation for attracting more mining investment in the country.
The process plant ramp up will continue over the next six weeks with commercial production targeted for September 2021. At commercial production, the plant will run at a processing rate of 715 000 tpa, targeting c.85 000 ozpa.
Segun Lawson, president and CEO, stated: “The first gold pour at Segilola, our first mine and the first commercial gold mine in Nigeria, is a significant achievement for the company. 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.”