Gold producer Thor Explorations aims to define an updated resource for its Segilola gold project in Nigeria by the end of 2025.
The company’s financial and operating results for the three and six months ending June 30 show that the focus was on underground resource drilling and developing near mine drill targets as it works to extend the current mine life.
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A diamond drilling programme continued during Q2 2025, with 4,418 m completed in 12 holes to test the depth extensions of the Segilola deposits.
The drilling continued to the end of the period and will continue through to the end of the calendar year. Following the arrival of three drilling rigs post period end, the company now intends to increase its rate of exploration drilling once commissioned.
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Thor Explorations continued with geochemical target generation, mainly south of Segilola, with a total of 5,051 geochemical samples collected in the period. Exploration activity included a drone aeromagnetic survey over the existing and new tenure located to the south of the Segilola mine.
A total of 26 km2 was covered during the period and the data submitted for processing and interpretations. A follow-up drilling programme designed to test surrounding geochemical signatures and potential extensions along strike commenced towards the end of the period.
Segun Lawson, president and CEO, stated: “I am pleased with the company’s operational performance for the second quarter and first half of 2025, with record quarterly figures across revenue, EBITDA and net profit.”
“We were unhedged and exposed to the high gold price environment, resulting in a record-breaking quarter. Exploration work has progressed at Segilola, with a focus on underground resource drilling as the company works to extend the current Segilola mine life.”
“A drilling programme is ongoing, which has been evolving to test different interpretations of the down dip mineralisation. We will continue to drill through to the end of the calendar year when we aim to define an updated resource for Segilola.”