Thor Explorations Ltd. has announced significant new high-grade gold intersections beneath the open pit at its Segilola mine, reinforcing plans for a potential underground operation at the site.
Drilling results include a notable 19.4 metres grading 3.01 grammes of gold per tonne at a depth of 346 metres, with richer, narrower zones such as 1.2 metres at 11.31 grammes and 2 metres at 9.27 grammes found between 290 and 420 metres below surface. These findings confirm the presence of valuable mineralisation well below the open pit.
Segilola, located 190 kilometres northeast of Lagos on the Ilesha Schist Belt, is Nigeria’s first commercial gold mine. The company highlighted that the mineralisation remains open at depth, indicating further potential to expand resources.
Segun Lawson, Chief Executive of Thor Explorations, said: “Our latest results have identified a steeply dipping high-grade gold shoot in a previously untested area extending 400 metres beneath the pit. While the structural controls on the mineralisation present challenges, our understanding of these is improving as drilling continues.”
Currently, four company-owned rigs are actively drilling as part of a programme set to run through the remainder of the year. This activity will support a decision on whether to develop an underground mine at Segilola. In parallel, Thor has engaged a mining consultancy to assess the underground potential and aims to release an updated resource estimate by the end of 2026.
A previous 2018 economic assessment estimated the underground resource at 28,000 ounces grading 9.4 grammes per tonne in the indicated category, with an additional 90,000 ounces at 7.9 grammes in the inferred category. Some of this resource has since been incorporated into an expanded open pit design. However, rising gold prices have improved project economics, and the company is also considering extending the open pit further before transitioning underground.
Complementary geotechnical and metallurgical studies are underway alongside follow-up drilling across the wider licence area to fully evaluate the mine’s future development options.
Thor Explorations remains committed to maximizing the value of Segilola through careful exploration and technical studies, positioning the mine for sustained success in Nigeria’s growing gold sector.
