Gold was first mined at Segilola commercially by artisanal methods pre-World War II. Post war the business was acquired by the Nigerian Mining Corporation (NMC), who developed the mine through grants, loans and endowments, received from foreign governments.

Between 1984 and 1987, Nigerian Mining Corporation drilled 33 diamond drill holes spread across a strike of 900m. A joint venture between NMC and Pineridge Nig Ltd. (Tropical Mines Ltd),  were able to attract investors to drill a total of 164 exploration holes. Two current directors of Thor Explorations, Chief Kayode Aderinokun, Mr. Folorunso Adeoye , partnered by the late Alhaji S.O Babalola were key in securing further investment for Tropical Mines Ltd, and further promoted the founding of Segilola Resources Operations Limited (SROL).

In August 2016, Thor Explorations Limited, led by MD/CEO Mr Segun Lawson, acquired a 100% interest in the Segilola Gold Project.