About Us


To be Nigeria's leading gold mining and exploration business.


Mining and exploring for gold in a safe and environmentally responsible manner, Bringing sustainable development and prosperity to the communities in which we operate, Delivering operational excellence and superior shareholder return.


Health and Safety - Zero Harm
Environmental Stewardship
Respect and Dignity

Welcome to Segilola Resources Operating Limited


SROL is a company, domiciled in Nigeria, that operates the Segilola Gold Project, located in Osun State Nigeria. SROL is a subsidiary of Thor Explorations Ltd.(Thor), a West African focused gold exploration and development company listed on the Toronto Venture Exchange (TSXV:THX).

The Segilola Gold Project  is Nigeria’s most advanced gold project with an indicated resource of 608,000 ounces grading at 4.7g/t, an inferred resource of 68,000 ounces grading at 4.8g/t and a probable reserve of 518,000 ounces grading at 4.02 g/t. It is one of the highest-grade open pit gold projects in West Africa.

Thor completed a bankable feasibility study in early 2019. The Project is centred on the Segilola gold deposit which is currently the largest defined deposit in Nigeria.  The Project is an open pit mining operation delivering ore to a gold process plant to produce gold doré bars. Construction commenced in March 2020, with mining operations commencing February 2021 and commissioning of the process plant in Q4 2021.

The projected Life of Mine (LOM) is six years. The LOM total material moved will be 71.0 million tonnes including ore production of 4.0 million tonnes at an average head grade of 4.02 g/t Au.  The process plant is designed for a throughput of 715,000 tpa of ore and gold recovery is projected to be 97%.  The total gold recovered over the LOM is 505,000 oz, at an annual average rate of 87,000 oz.

Engineering Procurement and Construction (EPC)

  • Thor contracted Norinco International (A Chinese State owned construction company) to carry out the construction of the mine facilities and process plant.
  • The works included, a construction camp, a permanent camp, a gold process plant and other integrated services, including a Water Storage Dam, a Tailings Management Facility, security facilities, mine workshop facilities, a power generation plant and other service infrastructure.
  • The value of the EPC contract being USD66 Million, with total project cost being USD86 Million.
  • The works are now complete with the EPC contractor still on site for maintenance, training and operational guidance


  • Production commenced at the northern end of the deposit and the pit is now established with ore being delivered to the processing plant.
  • 4 Mt of ore and 67.0 Mt of waste being extracted over a period of five years at an average Head Grade of 4.02 g/t.
  • Key professional staff including geology, grade control, survey, mine engineering and mine planning are controlling the mining process.
  • The mining is being carried out by a Mining Contractor, with all the mobile equipment provided, operated and maintained by the contractor.
  • The mining contractor is using standard open pit mining methods using 90t and 45t excavators and 60t and 30t dump trucks.


  • Conventional crush, grind, gravity, and a carbon-in-pulp leach process, followed by carbon adsorption and then elution, electrowinning, and doré bar production.
  • A nameplate capacity of 715,000 tpa, although this capacity is being exceeded.
  • The Process Plant was commissioned in Q4 , 2021. First production of gold was in Q3, 2021.
  • The hiring of key professional staff, is complete.


  • Exploration activities in the area are expected to increase throughout 2022, with drilling activities focussed in the mining license and in adjoining exploration license areas around Ilesha.
  • It is highly probable that resources will be discovered in the areas where we drill, extending the life of the mine past the current 5 year projection.

Service Departments

Several service departments have been developed to create the business environment to enable the company to operate effectively.

  • Human Resource Management
  • Commercial Services
  • Administration Services
  • Health , Safety and Environment
  • Community Development Services
  • Financial Services
  • Security Services
  • Information Services
  • Government Services