(Ecofin Agency) - The Douta project, owned 70% by Canada’s Thor Explorations, is a key asset for Senegal's long-term gold production plans. The project contains 1.78 million ounces (over 50 tonnes) of gold, and the company is working to increase this estimate.

This year, Thor Explorations identified several high-grade gold deposits at the Makosa East prospect within the Douta project. In a press release dated September 4, the company stated that these drilling results are part of its strategy to boost the mineral resources of the project.

The reverse circulation drilling program found gold grades ranging from 1.20 g/t to 1.90 g/t at depths of less than 50 meters, making it suitable for open-pit mining if a gold mine is developed at Douta.

"In line with our strategy, these results should add additional oxide material to the resource inventory, from which we aim to design the initial phase of a potential future mining operation," said Segun Lawson, CEO of Thor Explorations.

Once the results are fully analyzed, the company plans to release an updated mineral resource estimate by the end of the year. This update will help finalize a pre-feasibility study, which will detail Douta's production capacity and the investment needed to realize its potential.

Developing a mine at Douta would significantly enhance Senegal's gold production, which currently relies on two industrial mines: Sabodala-Massawa and Mako. In 2022, Senegal produced 15 tonnes of gold, generating CFA540 billion ($912 million) in export revenues.

Emiliano Tossou