Thor Explorations hits high-grade gold below Segilola pit as underground study advances

Mining Gold & Silver Written by: Ian Lyall 07:32 Thu 06 Aug 2026 --> Proactive has a commercial relationship with Thor Explorations Ltd. This article was produced independently under Proactive's Editorial Standards Policy . Disclaimer No investment advice About this content Editorial Standards & Policies Share article About this content × About Ian Lyall Ian Lyall, a seasoned journalist and editor, brings over three decades of experience to his role as Managing Editor at Proactive. Overseeing Proactive's editorial and broadcast operations across six offices on three continents, Ian is responsible for quality control, editorial policy, and content production. He directs the creation of 50,000 pieces of real-time news, feature articles, and filmed interviews annually. Prior to Proactive, Ian helped lead the business output at the Daily... Read more About the publisher Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience. All our content is produced independently by our experienced and qualified teams of news journalists. Proactive news team spans the world’s key finance and investing hubs with bureaus and studios in London, New York, Toronto, Vancouver, Sydney and Perth. We are experts in medium and small-cap markets, we also keep our community up to date with blue-chip companies, commodities and broader investment stories. This is content that excites and engages motivated private investors. The team delivers news and unique insights across the market including but not confined to: biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto and emerging digital and EV technologies. Use of technology Proactive has always been a forward looking and enthusiastic technology adopter. Our human content creators are equipped with many decades of valuable expertise and experience. The team also has access to and use technologies to assist and enhance workflows. Proactive will on occasion use automation and software tools, including generative AI. Nevertheless, all content published by Proactive is edited and authored by humans, in line with best practice in regard to content production and search engine optimisation. Thor Explorations Ltd ( TSX-V:THX AIM:THX OTC:THXPF ) View Price & Profile Thor Explorations hits high-grade gold below Segilola pit as underground study advances Published: 07:32 06 Aug 2026 BST Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF, FRA:T2X) has intersected further high-grade gold beneath the open pit at its Segilola mine in Nigeria, strengthening the case for an underground operation at the site. The AIM and TSX Venture-listed miner said drilling had cut 19.4 metres grading 3.01 grammes of gold per tonne from 346 metres down in hole SNMDD089. Narrower but richer hits included 1.2 metres at 11.31 grammes and 2 metres at 9.27 grammes, both around 290 to 420 metres below surface. Grade is measured in grammes of gold per tonne of rock, and anything above roughly 5 grammes is generally considered high grade for an underground mine. The company said the mineralisation remains open at depth, meaning drilling has not yet found its lower limit. Segilola sits 190 kilometres northeast of Lagos on the Ilesha Schist Belt, and is Nigeria's first commercial gold mine. Segun Lawson, chief executive, said the results had identified a steeply dipping high-grade shoot in a previously untested area extending 400 metres beneath the pit. He described the structural controls on the mineralisation as a challenging aspect of the programme, though understanding of them was improving. Four company-owned rigs are drilling and the programme will run through the rest of the year, ahead of a decision on whether to develop an underground mine. Thor has hired a mining consultancy to review the underground potential and is targeting an updated resource estimate by the end of 2026. A 2018 economic assessment put the underground resource at 28,000 ounces grading 9.4 grammes in the indicated category, with a further 90,000 ounces at 7.9 grammes in the less certain inferred category. Some of that has since been absorbed into a larger open pit design. Record gold prices have shifted the economics, and the company said it would now consider extending the open pit further before moving underground. Geotechnical and metallurgical studies are also under way, alongside follow-up drilling on the wider licence area. Continue reading