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Thor Explorations Ltd. Announces Positive Exploration Results from the Douta Gold Project, Senegal

26.06.2024  |  Newsfile

Vancouver, June 26, 2024 - Thor Explorations Ltd. (TSXV: THX) (AIM: THX) ("Thor" or the "Company") is pleased to announce the first set of drilling results from its 2024 drilling programme at the Douta Gold Project, Senegal (the "Douta Project"). The drill-intersections of significant gold mineralisation are from the Makosa East Prospect ("Makosa East") where the programme commenced.

The Douta Gold Project encompasses the Makosa gold deposit which currently comprises a total resource of approximately 1.78 million ounces ("Moz") of gold ("Au") that consists of an indicated resource of 20.2 million tonnes ("Mt") grading 1.3 grammes per tonne ("g/t") Au for 874,900 ounces of gold ("oz Au") together with an Inferred Resource of 24.1 Mt grading 1.2 g/t Au for 909,400 oz Au.

A reverse circulation ("RC") drilling programme has focussed on the extensions to Makosa East which runs parallel to the main Makosa mineralised trend with the priority being to increase the oxide component of the existing resource.

The assay results from the drilling completed to date include the following highlights:

  • Drillhole DTRC941 - 24 metres ("m") at 3.53 g/t Au from 0m
  • Drillhole DTDD920 - 12m at 1.40 g/t Au from 33m
  • Drillhole DTDD921 - 9m at 2.74 g/t Au from 15m
  • Drillhole DTRC936 - 8m at 1.13 g/t Au from 16m

Segun Lawson, President & CEO, stated:

"We are pleased to announce new significant drilling results from the Makosa East Prospect which forms an important component of the larger Douta resource. These results will help us in achieving the main purpose of the 2024 drilling programme, which has been to increase the oxide component of the resource.

"We have been encouraged by the start of this drilling campaign which has targetted the oxide component and has also delineated gold mineralisation from surface.

"We look forward to completing the balance of the 15,000 metre drilling programme in the coming months over a number of prospects in the Douta and Douta West licences with the objective of incorporating all results into an updated resource and Preliminary Feasibility Study in the second half of the year as part of our strategy of bringing the Company's second gold mine into production."

Introduction

The Douta Gold Project comprises two exploration permits located within the Kéniéba inlier, eastern Senegal. The Douta permit, EL02038, is held by Thor, through its wholly owned subsidiary African Star Resources Incorporated ("African Star") which acquired a 70% economic interest in the licence through a joint venture agreement with the permit holder International Mining Company SARL ("IMC"). IMC has a 30% free carried interest until the announcement by Thor of a probable reserve. EL02038 is currently in the process of being converted from an exploration licence to a mining licence.

The Douta West Project, comprising exploration permit E03709, is contiguous with Thor's EL02038 (Figure 1). Douta West is operated by Thor under an agreement with Birima Gold Resources Consulting and encompasses several historic gold-in-soil geochemical anomalies that extend south from the southern end of the Makosa Tail prospect and that also run parallel and to the north of the known Makosa trend in a corridor that occupies the ground between Makosa and Endeavour Mining's Masawa gold mine.

The Company also has an interest in the Sofita Gold Exploration Licence, located approximately 45km south west of the Douta Project and is operated by Thor under an agreement with Sofita Services Et Logistiques (Figure 1).



Figure 1: Douta Project Location Map

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7003/214383_c51cf405f46518af_002full.jpg

Drilling Results

In May 2024, Thor commenced the first phase of its 2024 drilling programme of extensional RC drilling with the objective of increasing the oxide resources along the northern strike extensions of the Makosa East prospect (Figure 3).

The significant intersections from this programme are listed in Table 1. All intersections are reported in Appendix 1. Drill samples were analysed by ALS Laboratories in Mali using the AA26 fire assay method (50 gramme charge).

Hole ID Easting Northing Depth Dip Azimuth From (m) To (m) Interval (m) Grade (g/tAu) True Width (m)
DTRC913 176244 1436572 50 -60 130 6 8 2 0.75 1.8
DTRC913 11 14 3 0.58 2.6
DTRC914 176225 1436587 50 -60 130 11 15 4 0.70 3.5
DTRC914 19 21 2 3.47 1.8
DTRC915 176203 1436603 50 -60 130 38 45 7 0.70 6.1
DTRC919 176315 1436769 50 -60 130 0 4 4 0.67 3.5
DTRC919 7 12 5 0.71 4.4
DTRC920 176294 1436787 50 -60 130 33 45 12 1.40 10.5
DTRC921 176421 1436952 50 -60 130 2 6 4 1.42 3.5
DTRC921 15 24 9 2.74 7.9
DTRC922 176408 1436962 50 -60 130 19 40 21 0.82 18.4
DTRC923 176387 1436981 50 -60 130 48 50 2 0.80 1.8
DTRC925 176594 1437072 50 -60 130 18 20 2 1.19 1.8
DTRC929 176709 1437221 50 -60 130 16 18 2 0.79 1.8
DTRC932 176849 1437366 50 -60 130 3 5 2 1.13 1.8
DTRC936 176941 1437548 50 -60 130 16 24 8 1.13 7.0
DTRC936 25 30 5 0.82 4.4
DTRC936 32 38 6 0.71 5.3
DTRC936 41 43 2 0.61 1.8
DTRC937 176922 1437566 50 -60 130 37 43 6 0.64 5.3
DTRC939 176989 1437644 50 -60 130 4 15 11 0.94 9.6
DTRC939 22 24 2 0.68 1.8
DTRC939 32 36 4 1.37 3.5
DTRC939 40 45 5 1.36 4.4
DTRC941 177031 1437718 50 -60 130 0 24 24 3.53 21.0
DTRC941 31 33 2 1.64 1.8


Table 1: Douta Project Significant Results (>5 gramme-metres: grade*true width)
(0.5 g/t Au lower cut off; minimum width 2m with 2m max internal waste)

The drill results demonstrate the continuity of gold mineralisation at both the southern and northern end of the Makosa East trend. Several higher-grade intersections were obtained including 24m grading 3.53 g/t Au in drillhole DTRC941, 12m grading 1.40 g/t Au in DTRC920 and 9m grading 2.74 g/t Au in DTRC921. These intersections are located predominantly in the oxidised weathering zone (Figure 2). The location of the cross section in Figure 2 is shown on Figure 4.



Figure 2: DTRC941 Cross Section

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7003/214383_c51cf405f46518af_003full.jpg

The Makosa East prospect has been tested over a strike length of about 2,700m on a series of 200m spaced sections (Figures 3 and 4). Additional extensional and infill drilling is planned to test for additional resources with the priority being the near-surface, oxidised weathering zone.



Figure 3: Makosa-Makosa East Prospect Location Map

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7003/214383_c51cf405f46518af_004full.jpg



Figure 4: Makosa East Prospect Detailed Location Map

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7003/214383_c51cf405f46518af_005full.jpg

Ongoing Exploration

The Douta Project permits encompass numerous additional targets that are yet to be fully tested. Within the Douta licence itself, the main targets are Mansa, Maka and Sambara (Figure 5). Additional detailed drilling during 2024 is planned to fully test these targets. Target generation using geochemical sampling methods is continuing within the Douta permit, the adjoining Douta West permit and the Sofita permit that is located south of the regional centre of Kedougou.



Figure 5: Makosa East Prospect Detailed Location Map

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7003/214383_c51cf405f46518af_006full.jpg

Qualified Person
The above information has been prepared under the supervision of Alfred Gillman (Fellow AusIMM, CP), who is designated as a "qualified person" under National Instrument 43-101 and the AIM Rules and has reviewed and approves the content of this news release. He has also reviewed QA/QC, sampling, analytical and test data underlying the information.

About Thor

Thor Explorations Ltd. is a Canadian mineral exploration company engaged in the acquisition, exploration and development of mineral properties located in Nigeria, Senegal and Burkina Faso. Thor holds a 100% interest in the Segilola Gold Project located in Osun State of Nigeria. Mining and production commenced at Segilola in 2021. Thor holds a 70% interest in the Douta Gold Project located in south-eastern Senegal. Thor trades on the TSX Venture Exchange under the symbol "THX".

THOR EXPLORATIONS LTD.
Segun Lawson
President & CEO

For further information please contact:

Thor Explorations Ltd
Email: info@thorexpl.com

Canaccord Genuity (Nominated Adviser & Broker)
James Asensio / Henry Fitzgerald-O'Connor / Harry Rees

Tel: +44 (0) 20 7523 8000

Hannam & Partners (Broker)
Andrew Chubb / Matt Hasson / Nilesh Patel / Franck Nganou

Tel: +44 (0) 20 7907 8500

BlytheRay (Financial PR)
Tim Blythe / Megan Ray / Said Izagaren
Tel: +44 207 138 3203

Yellow Jersey PR (Financial PR)
Charles Goodwin / Shivantha Thambirajah / Zara McKinlay
Tel: +44 (0) 20 3004 9512

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release does not constitute an offer to purchase securities. The securities to be offered in the offering have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to, or for the benefit or account of, a U.S. person, except pursuant to an available exemption from such registration requirements.

Cautionary Note Regarding Forward-Looking Statements

Except for the statements of historical fact contained herein, the information presented constitutes "forward looking statements" within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions that could cause the actual results of the Company to differ materially form the forward-looking statements. Such forward-looking statements, including but not limited to, the Company's ability to fully finance the Project, to bring the Project into operation or to produce gold from the Project, and the use of the proceeds. The words "may", "could", "should", "would", "suspect", "outlook", "believe", "anticipate", "estimate", "expect", "intend", "plan", "target" and similar words and expressions are used to identify forward-looking information. The forward-looking information in this news release describes the Company's expectations as of the date of this news release and accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time.

Appendix 1

Makosa East Drilling Results
(0.25g/tAu lower cut off; minimum width 2m with 2m max internal waste)

Hole ID Easting Northing Depth Dip Azimuth From (m) To (m) Interval (m) Grade (g/tAu) True Width (m)
DTRC913 176244 1436572 50 -60 130 4 14 10 0.49 8.8
DTRC913 18 24 6 0.37 5.3
DTRC914 176225 1436587 50 -60 130 11 16 5 0.63 4.4
DTRC914 18 22 4 1.89 3.5
DTRC915 176203 1436603 50 -60 130 36 45 9 0.62 7.9
DTRC916 176190 1436616 50 -60 130 nsr
DTRC917 176353 1436736 50 -60 130 24 26 2 0.30 1.8
DTRC917 44 47 3 0.76 2.6
DTRC918 176335 1436753 50 -60 130 35 38 3 0.29 2.6
DTRC918 42 44 2 0.35 1.8
DTRC919 176315 1436769 50 -60 130 0 9 9 0.58 7.9
DTRC919 10 13 3 0.61 2.6
DTRC920 176294 1436787 50 -60 130 32 49 17 1.06 14.9
DTRC921 176421 1436952 50 -60 130 1 7 6 1.07 5.3
DTRC921 14 27 13 2.02 11.4
DTRC922 176408 1436962 50 -60 130 19 40 21 0.81 18.4
DTRC923 176387 1436981 50 -60 130 45 50 5 0.53 4.4
DTRC924 176614 1437046 50 -60 130 15 21 6 0.67 5.3
DTRC924 43 45 2 0.45 1.8
DTRC925 176594 1437072 50 -60 130 10 13 3 0.48 2.6
DTRC925 17 20 3 0.90 2.6
DTRC926 176570 1437084 50 -60 130 nsr
DTRC927 176550 1437103 50 -60 130 nsr
DTRC928 176731 1437205 50 -60 130 nsr
DTRC929 176709 1437221 50 -60 130 1 8 7 0.34 6.1
DTRC929 14 18 4 0.49 3.5
DTRC930 176691 1437239 50 -60 130 nsr .
DTRC931 176675 1437256 50 -60 130 nsr
DTRC932 176849 1437366 50 -60 130 1 5 4 0.77 3.5
DTRC933 176835 1437384 50 -60 130 nsr
DTRC934 176814 1437402 50 -60 130 nsr
DTRC935 176799 1437413 50 -60 130 nsr
DTRC936 176941 1437548 50 -60 130 16 30 14 0.95 12.3
DTRC936 32 43 11 0.60 9.6
DTRC937 176922 1437566 50 -60 130 33 45 12 0.45 10.5
DTRC938 176903 1437582 50 -60 130 nsr
DTRC939 176989 1437644 50 -60 130 0 24 24 0.65 21.0
DTRC939 31 37 6 1.02 5.3
DTRC939 40 45 5 1.36 4.4
DTRC940 176966 1437662 50 -60 130 nsr
DTRC941 177031 1437718 50 -60 130 0 28 28 3.10 24.5
DTRC941 31 33 2 1.65 1.8
DTRC941 48 50 2 0.39 1.8
DTRC942 177081 1437801 50 -60 130 32 34 2 0.47 1.8
DTRC942 44 46 2 0.38 1.8
DTRC943 177065 1437817 50 -60 130 10 13 3 0.34 2.6
DTRC944 177141 1437881 50 -60 130 nsr
DTRC945 177205 1437959 50 -60 130 nsr
DTRC946 177186 1437969 50 -60 130 nsr

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/214383


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