• Thursday, June 13, 2024
businessday logo

BusinessDay

Canadian gold mining company makes landmark acquisition in Nigeria

download-24

Thor Explorations Ltd, a West African Gold Mining and Exploration company recently announced the acquisition of a 100% interest in the Segilola gold project located in Osun State, Nigeria (the “Segilola Gold Project”)

This was done through the acquisition of Segilola Resources Operating Limited (“SROL”) from Tropical Mines Limited (“TML”) and Delano Gold Mining Industries Limited (“Delano”) and through the acquisition of its joint venture partner Segilola Gold Limited (“SGL”) from Ratel Group Limited (“Ratel”), a wholly owned subsidiary of RTG Mining Inc. (TSX VENTURE:RTG) (“RTG”).

 The Segilola Gold Project

The Company believes that the Segilola Gold Project, which is located in Osun State of Nigeria, approximately 120km northeast of Lagos, is the most advanced gold exploration project in Nigeria. The Segilola Gold Project comprises a proposed open pit gold mining project based on an indicated mineral resource defined by a comprehensive drilling program including 157 drill holes totalling over 12,200 metres to define 555,000 ounces of gold.

Segun Lawson, President & CEO of Thor commented:

“The Segilola Gold Project is now Thor’s flagship project and has the potential to be a landmark project in the Nigerian Mining Sector. Its acquisition is also transformational for Thor, providing Thor with an excellent opportunity to develop and grow an existing high-grade resource with potential to fast track production. The acquisition is a material change in Thor’s portfolio of gold exploration and development assets. Thor’s immediate priority is to update the resource statement for which there is strong rationale for significant upside.

Thor is also pleased to have strengthened its board through the appointment of Kayode Aderinokun and Folli Adeoye to its board. Together they bring over fifty years experience of successfully doing business in Nigeria.

We look forward to near term future where our main aim is to add shareholder value through the development of this project.”