REG - Thor Explorations Ld - ACQUISITION OF GUITRY PROJECT IN COTE D'IVOIRE

Thor ExplorationsAnnouncement

16/09/2024 07:00

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RNS Number : 2328E  Thor Explorations Ltd  16 September 2024

 

 

 

 

NEWS RELEASE

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR

DISTRIBUTION TO U.S. WIRE SERVICES

 

 

 September 16, 2024           TSXV/AIM: THX

 Vancouver, British Columbia

 

 

 

THOR EXPLORATIONS ANNOUNCES THE ACQUISITION OF THE GUITRY PROJECT AND
EXPANSION INTO COTE D'IVOIRE

 

Thor Explorations Ltd ("Thor" or the "Company") is pleased to announce that it
has expanded its operations into Cote d'Ivoire following the signing of a
binding sale and purchase agreement ("SPA") with Endeavour Mining Corporation
("Endeavour") to acquire a 100% interest in the Guitry Gold Exploration
Project ("Guitry").

The acquisition will be subject to the completion of certain conditions
precedent including final approval of the Minister of Mines. The total
consideration for the acquisition is a cash payment of US$100,000 in cash at
completion and a 2% Net Smelter Royalty.

In addition to the acquisition of Guitry, the Company has also entered into an
option agreement with Goldridge Resources SARL ("Goldridge") to earn up to an
80% interest in the Boundiali Exploration Permit ("Boundiali"), an early-stage
gold exploration permit located in northwest Côte d'Ivoire. Boundiali
contains a number of continuous soil geochemical anomalies that have been
generated by the Company for drilling. The terms of the earn-in include a
minimum exploration programme over 36 months and an option fee payment of
US$150,000 payable within the first 24 months to earn an initial 51% interest.

 

Segun Lawson, President & CEO, stated:

"We are pleased to expand our exploration activities into Cote d'Ivoire. As a
country, Cote D'Ivoire is a West African gold mining and exploration success
story that hosts over 30% of West Africa's greenstone belts and is proving to
be an emerging region for world class gold discoveries. We are delighted with
our low-cost entry into the mining-friendly jurisdiction and believe these two
permits provide an excellent platform from which to grow our activities
there."

"Guitry, in particular, is an advanced exploration project which is
characterised by numerous gold-in-soil geochemical anomalies that have only
been partially drill tested by the previous explorers. Some of the drill
results include 12m grading at 10.4g/tAu, 16m grading at 7.90g/tAu, 24m
grading at 2.02g/tAu and 16m grading at 2.25g/tAu.

 

"The two major prospects, Krakouadiokro and Gbaloukro, are yet to be fully
tested with several additional targets yet to be drilled. We plan on carrying
out further exploration work and drilling and we are targeting a maiden
resource of between 500,000 - 1,000,000 ounces before the end of next year.

 

"We are also pleased to enter into an option agreement with Goldridge to earn
an up to 80% interest in Boundiali. This comes after significant
reconnaissance work in the country for prospective projects that can be easily
derisked and advanced through further exploration.

 

"We look forward to updating our shareholders with our progress in Cote
D'Ivoire in due course."

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Figure 1: Geology of Côte d'Ivoire Showing Location of Guitry Project and
Boundiali Permit

 

Guitry Project Overview

The Guitry Project is located 220 kilometres ("km") due west of Abidjan and
covers 295 square kilometres ("km(2)") of the prospective Tehini (Birimian)
Greenstone Belt, comprising a north-easterly trending sequence of greywacke
sediments and volcano-sedimentary schists and andesite with later granitic
intrusive located to the north. The Tehini Greenstone Belt extends northwards
into Burkina Faso where it hosts large gold deposits such as Hounde (5.2
million ounces ("Moz")) and Mana (2.3Moz). Early-stage exploration at Guitry
completed by Endeavour includes 7,672 soil samples and over 11,000 metres
("m") of drilling.

 

Two main prospects were defined by soil geochemistry: Krakouadiokro and
Gbaloukro. A broad gold in soil anomaly extends over an 8.5km north easterly
trending zone with a continuous 5km long anomaly at Krakouadiokro (Figure 2).
Follow up drilling at Krakouadiokro produced several significant drill
intersections from a relatively small area of drilling (Table 1). Primary gold
mineralisation is still to be systematically targeted and mineralisation
appears to be open along strike to the southwest and down dip at the two main
prospects. There are three adjoining prospects known as Konan-Yaokro to the
north, N'Drikro to the south west and Lafiisou to the south east that have yet
to drill tested.

 

Known gold mineralisation is largely contained within the near-surface
flat-lying supergene horizon which is underlain by sporadic intersections of
primary mineralisation. Only limited drilling of the primary mineralisation
has been completed and remains an attractive ongoing target.

 

At Krakouadiokro, the drilling data undergone by Endeavour indicates a large
area of lateritic-hosted mineralisation that overlies a primary gold source.
Drillhole 21GUAC072 intersected 3m grading 4.74 grammes per tonne ("g/t") in
fresh rock at a depth of about 62m indicating the development of high-grade
primary mineralisation. The primary zone represents an attractive target for
higher grade mineralisation and requires further drill testing. Geochemical
sampling has confirmed continuity of gold anomalism for 2km towards the south
west which is yet to be drill tested.

 

Figure 2: Detailed Map of the Krakouadiokro and Gbaloukro Prospects

 

 

 Hole ID     x       y       Depth  Dip  Azimuth  From  To  Interval (m)  Grade (g/tAu)
 18GUAC008   240484  605198  50     -50  90       0     16  16            2.25
 18GUAC015   240436  605398  50     -50  90       8     12  4             5.80
 18GUAC018   240560  605402  50     -50  90       8     20  12            10.40
 18GUAC068   240461  605201  60     -50  90       8     24  16            0.90
 21GURC069   240598  605375  82     -60  315      48    58  10            3.05
 21GURC073   240466  605380  87     -60  315      27    32  5             3.63
 21GURD072   240530  605149  123    -60  315      67    70  3             4.74
 21GURD074   240624  605347  151    -60  315      24    28  4             2.87
 21GURD078   240279  604950  150    -60  315      49    54  5             3.85
 GTAC22-134  241031  604211  30     -50  90       5     6   1             12.04
 GTAC22-143  240898  604344  35     -50  90       30    34  4             5.73
 GTRC22-091  240703  605266  148    -50  90       65    67  2             6.97
 GTAC22-127  240639  607515  58     -50  90       38    40  2             5.54

 

Table 1: Significant Historic Intersections from Endeavour's drilling data -
Krakouadiokro Prospect

 

 

Exploration Opportunities

·      Prospective geology that features contrasting and well-structured
lithologies.

·      Large and continuous gold in soil anomalies over large areas.

·      Significant drill intersections obtained from a relatively small
area of drilling.

·      Primary gold mineralisation still to be systematically targeted.

·      Mineralisation open along strike to the southwest and down dip at
Krakouadiokro.

·      Soil anomalies remain to be tested at Krakouadiokro, Gbaloukro,
Konan-Yaokro, N'Drikro and Lafissou.

 

Boundiali Overview

The project, comprising a 160km(2) exploration permit, is located in
northwestern Cote d'Ivoire in an under explored portion of the highly
prospective Boundiali Greenstone Belt which hosts several high-grade gold
deposits; Perseus Mining Ltd's Sissingue gold deposit to the north and Montage
Gold's recent 4Moz Kone gold discovery to the south.

 

Mineralisation, which is part of the Boundiali greenstone belt, is hosted in a
sedimentary package comprising alternating sandstones and shales with minor
intraformational conglomerates. Broad zones of relatively low-grade,
disseminated, mineralisation envelope higher grade zones which are in some
instances associated with quartz veining with visible gold.

 

Mineralisation in the area is developed in discrete higher-grade zones within
a broad low-grade envelope within a folded sedimentary package. Extensive
sulphide and carbonate alteration occurs with higher grade zones being
associated with structurally controlled zones of quartz veining.

 

Oxidation extends to approximately 50m vertical depth and being a sedimentary
protolith is soft and friable.

 

As part of an initial due diligence assessment of the prospectivity of this
area, Thor completed a soil geochemical programme comprising 9,800 samples
that were collected over the central portion of the exploration permit. This
programme confirmed several low-level, gold-in-soil, responses, the most
prominent of which being a 1km wide and 5km long north westerly trending
anomaly that is located in the eastern sector of the exploration permit.

 

Exploration Opportunities

·      Located within the prospective Birimian Greenstone Belt that
features a high gold endowment.

·      Large and continuous, low level, gold-in-soil anomalies confirmed
over a large area.

·      Under explored with no drilling within the permit area.

 

 

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 Explorations

 

Thor Explorations Ltd. is a mineral exploration company engaged in the
acquisition, exploration, development and production of mineral properties
located in Nigeria, Senegal and Burkina Faso. Thor Explorations holds a 100%
interest in the Segilola Gold Project located in Osun State, Nigeria and has a
70% economic interest in the Douta Gold Project located in south-eastern
Senegal. Thor Explorations trades on AIM and 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 (mailto:info@thorexpl.com)

 

Canaccord Genuity (Nominated Adviser & Broker)

Henry Fitzgerald-O'Connor / James Asensio / 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 3204

 

Yellow Jersey PR (Financial
PR)

Charles Goodwin / Shivantha Thambirajah / Zara McKinlay

Tel:  +44 (0) 20 3004 9512

 

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