Thor Explorations Ltd. has announced the allocation of an $11.5 million exploration budget for 2025, alongside new high-grade gold mineralisation intersections from its advanced diamond drilling programme at the Segilola gold mine in Osun State, Nigeria.

According to the company, the drilling campaign is targeting mineralisation beneath the current open-pit design with the aim of extending the mine’s operational life.

Segun Lawson, Thor’s President and Chief Executive Officer, said the drilling results show several significant gold intersections along the down-plunge trend of the deposit.
“One of our key corporate priorities is to extend the Segilola mine life,” Lawson stated. “The ongoing drilling programme has been designed to achieve this by upgrading parts of the remaining inferred resource and increasing the size of the overall underground resource.”

The company added that it is evaluating options to deepen the open pit to recover additional ounces identified during drilling. The $11.5 million exploration spend will also fund the commissioning of Thor’s own drilling rigs, which it says will enable a faster and more flexible programme.

Lawson noted that the latest results “demonstrate continued high-grade mineable mineralisation beneath the pit,” and confirmed that exploration will remain a central focus for the company through 2025.

The Segilola gold project is regarded as Nigeria’s most advanced commercial gold mine, with Thor Explorations operating the site since production began in 2021.