Gold mid-tiers’ Q3 2024 fundamentals
All-time-high gold prices combined with relatively-contained costs catapulted unit earnings to another epic record.
Thor Explorations (TSXV, AIM: THX) has expanded its operations into Côte d’Ivoire by acquiring the Guitry gold project from Endeavour Mining (LSE, TSX: EDV). Total consideration comprises a cash payment of $100,000 and a 2% net smelter royalty.
Guitry is an advanced exploration project located in a highly prospective greenstone belt. Some of the drill results include 12 metres grading 10.4 g/t gold, 16 metres grading 7.90 g/t gold, 24 metres grading 2.02 g/t gold and 16 metres grading 2.25 g/t gold.
Thor said it plans to conduct further exploration work and drilling, targeting a first resource estimate of between 500,000 and 1 million oz. before the end of next year.
In addition to acquiring Guitry, Thor has entered into an option agreement with Goldridge Resources SARL to earn up to an 80% interest in Boundiali, an early-stage exploration permit.
Boundiali is located in northwest Côte d’Ivoire and contains several continuous soil geochemical anomalies that Thor has identified for drilling.
“Côte d’Ivoire hosts over 30% of West Africa’s greenstone belts and is proving to be an emerging region for world-class gold discoveries,” Thor Exploration CEO Segun Lawson said in a news release.
Thor currently holds a 100% interest in the Segilola gold project in Osun, Nigeria, and a 70% economic interest in the Douta gold project in southeastern Senegal.
Shares of Thor Explorations rose 1.4% by 12:32 p.m. EDT. The miner has a market capitalization of C$226 million ($166 million).
