Thor Explorations, a leading West African minerals exploration and mining company, is making significant strides in diversifying its portfolio by venturing into the untapped lithium market in Nigeria.
The company, known for its successful operation of the Segilola gold mine in Nigeria and the development of the Douta gold project in Senegal, aims to leverage its first-mover advantage in the region to identify high-value mineral resources.
Under its fully owned subsidiary Newstar Minerals, Thor Explorations has recently acquired substantial tenure in southwest Nigeria.
This tenure encompasses both known lithium-bearing pegmatite deposits and a large unexplored prospective pegmatite-rich belt.
By strategically targeting this region, Thor aims to capitalize on vital infrastructure, such as port facilities in Lagos and Cotonou, which are in close proximity.
In Nigeria, Thor has secured over 600 km2 of granted tenure, covering the West Oyo, Kwara State, and Ekiti State lithium project areas.
Among these, the West Oyo project area is particularly significant, as it hosts Nigeria’s most substantial lithium pegmatite occurrence and is currently being mined on a small scale.
Thor Explorations intends to apply its in-country first-mover experience in large-scale hard-rock gold exploration, mine development, and production to de-risk the lithium venture.
While continuing to expand its gold business, Thor Explorations will concurrently focus on the exploration and development of lithium-pegmatite opportunities.
Initial field inspections and selective sampling have yielded promising results, with significant lithium grades discovered in both ‘hard-rock’ spodumene and lepidolite mineralization.
Key pegmatite deposits within Thor’s tenure have returned lithium oxide (“Li2O”) analysis ranging from 1.34% to 9.31% Li2O.
The company’s objective is to establish its first large-scale lithium mine without the need to sell ownership positions or dilute existing Thor shareholders.
Thor will maintain its focus on exploring the mine life potential at Segilola, while simultaneously producing the pre-feasibility study for the Douta project.
To learn more about Thor’s lithium opportunity, a presentation can be found on the company’s website homepage.
Segun Lawson, President & CEO of Thor Explorations, expressed enthusiasm for the new venture, stating, “We are excited to bring this opportunity to our shareholders.
Nigeria is renowned for its high-grade lithium-pegmatite deposits, many of which are currently mined on an artisanal scale for their associated gemstones and tantalum.
With our significant land package and existing lithium production, we plan to implement modern exploration and development techniques that are socially and environmentally appropriate to unlock Nigeria’s larger-scale pegmatite potential.”
Lawson further emphasized the company’s commitment to developing both the gold and lithium businesses without diluting shareholder value.
Thor Explorations believes that its established in-country presence, experience, financing partnerships, and Chinese development relationships position it well to expedite the path to production for commercially feasible opportunities.
