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  • Thor Explorations Ltd. (THX) has provided an update for its Segilola Gold Mine in Nigeria
  • During the three-month period ended June 30, 23,785 ounces of gold were produced
  • The senior debt facility tranche of US$14.5 million was paid, reducing the debt to $38 million
  • The company anticipates producing between 23,000 and 25,000 ounces of gold in Q3
  • Shares of Thor Explorations are up 9.76 per cent, trading at C$0.22 at 11:53 a.m. EDT

Thor Explorations (THX) has announced an update for its Segilola Gold Mine in Nigeria for the three months ended June 30, 2022.

Over the three-month period, Thor Explorations produced 23,785 ounces of gold and paid US$14.5 million towards its senior debt facility tranche, reducing it to $38 million.

The company also gave its guidance for Q3 2022, stating it anticipates producing between 23,000 and 25,000 ounces of gold.

“We remain very pleased by the Company’s operational performance, which continues to improve in all areas month on month. Q2 2022 gold production is up 11% on Q1 2022, returning a total of 45,128 oz of gold produced in the first half of the year,” Segun Lawson, president and CEO of Thor Explorations, said in a release.

The company said its full-year 2022 production guidance has also been narrowed down to 85,000 and 100,000 ounces of gold, while its full-year all-in sustaining cost remains between $850 and $950 ounces of gold.

Thor Explorations has its presence in three West African jurisdictions, including Nigeria, Senegal and Burkina Faso.

The company’s flagship project is none other than the Segilola Gold Project, which is located in Osun State, Nigeria roughly 120 kilometers northeast of Lagos.

Shares of Thor Explorations are up 9.76 per cent, trading at C$0.22 at 11:53 a.m. EDT.

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