REG - Thor Explorations Ld - Drilling Commences at Douta Gold Project

Thor ExplorationsAnnouncement

07/02/2022 07:00

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RNS Number : 8112A  Thor Explorations Ltd  07 February 2022

 

NEWS RELEASE

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR

DISTRIBUTION TO U.S. WIRE SERVICES

 

FOR IMMEDIATE RELEASE
 
TSXV / AIM: THX

February 7 2022

 

Vancouver, British Columbia

 

COMMENCEMENT OF DRILLING ON THE DOUTA GOLD PROJECT, SENEGAL

 

Thor Explorations Ltd. (TSX VENTURE/AIM: THX) ("Thor" or the "Company") is
pleased to announce the commencement of the 2022 exploration campaign at the
Douta Gold Project in Senegal (the "Douta Project").

The Douta Gold Project encompasses the Makosa Gold Deposit which currently
comprises an Inferred Resource of 730,000 ounces of gold as announced in its
maiden Mineral Resource Estimate ("MRE") published on 18 November 2021. A
comprehensive exploration program, that commences with a first phase of 5,000
metres of reverse circulation ("RC") drilling, has been designed to extend the
strike extensions of the resource which remains open-ended along strike to the
north. During 2022 the work program, which includes an additional 25,000
metres of RC and diamond drilling, is also targeting an upgrade to the
existing resource at Makosa and testing three priority targets within the
licence.

Segilola Gold Mine

The Company is also pleased to report that operations at its 100% owned
Segilola Gold Mine in Nigeria continued to perform at budget and design
capacity without any unplanned stoppages during January. Total gold production
for the month, was 7,041 ounces with regular gold exports occurring without
any issues.

 

The Segilola process plant is now running continuously above the design mill
throughput, with 75,714 tonnes of ore processed during the month (a 19.2%
increase on December) at approximately 3g/t. The gravity circuit also
outperformed its design specification, with a recovery of over 60%. The
overall gold recovery during January was 93%. As previously disclosed, the
Company anticipates producing 20,000 to 22,000 ounces ("oz") during Q1 2022
and full year production for 2022 of 80,000 to 100,000 oz.

Segun Lawson, President & CEO, stated

"The Makosa resource of 730,000 ounces of gold provides a solid base for
growth. Our exploration efforts are now focussed on expanding the resource
along the prospective corridor that runs along the full 30km length of our
exploration licence. Priority during the first phase of drilling will be given
to extensional drilling at Makosa North where the mineralisation remains
open-ended towards the north-east.  We are equally excited with the
greenfield discovery Mansa, which is located on the same structure as Makosa.
We look forward to keeping the market updated on the progress of the drilling
program at Douta."

"At the Segilola Gold Project in Nigeria, we have had a solid start to the
year with the plant performance, gold production and gold shipments all
improving month on month. "

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".

 Deposit   Classification  Tonnage (xMt)  Grade (g/t Au)  Contained Metal    (koz Au)     Thor Interest  Attributable Ounces
 Segilola  Indicated*      4.06           4.66            608                             100%           608
 Segilola  Inferred*       0.443          4.78            68                              100%           68
 Makosa    Inferred        15.3           1.53            730                             70%            511

*not depleted for mining

 

THOR EXPLORATIONS LTD.

Segun Lawson

President & CEO

 

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.

 

 

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 / Thomas Diehl

 

Tel: +44 (0) 20 7523 8000

 

Hannam & Partners (Broker)

Andrew Chubb / Matt Hasson / Nilesh Patel / Franck Nganou

 

Tel: +44 (0) 20 7907 8500

 

Fig House Communications (Investor Relations)

Tel: +1 416 822 6483

Email: investor.relations@thorexpl.com
(mailto:investor.relations@thorexpl.com)

 

Blytheweigh (Financial
PR)

Tim Blythe / Megan Ray / Rachael Brooks

Tel: +44 207 138 3203

 

Introduction

Map showing the Douta Project Location (Figure 1) can be viewed at the
following link:

http://www.rns-pdf.londonstockexchange.com/rns/8112A_1-2022-2-6.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/8112A_1-2022-2-6.pdf)

The Douta Gold Project comprises a gold exploration permit, E02038, which
covers an area of 58 square kilometres ("km(2)") and is located within the
Kéniéba inlier, eastern Senegal. Thor, through its wholly owned subsidiary
African Star Resources Incorporated ("African Star"), has a 70% economic
interest in partnership with the permit holder International Mining Company
SARL ("IMC"). IMC has a 30% free carried interest in its development until the
announcement by Thor of a Probable Reserve.

The Douta licence is strategically positioned 4km east of the deposits Massawa
North and Massawa Central deposits which form part of the world class
Sabodala-Massawa Project that is owned by Endeavour Mining (Figure 1). The
Makabingui deposit, belonging to Bassari Resources Ltd, is located immediately
to the east of the northern portion of E02038.

Gold Mineralisation

At the Douta Project, gold mineralisation is structurally controlled and is
hosted within the faulted and sheared contact between gabbroic intrusive and
sedimentary rock units which form regional-scale north east-striking, north
west-dipping structural corridors. The Makosa deposit, which is located
towards the southern portion of this structural zone, is currently defined
over a strike length of 6km. The northern extension of the deposit remains
open-ended with mineralised intersections obtained on the northernmost line of
drilling including 10m grading 1.42 grammes per tonne ("g/t") gold ("Au") from
48m in RC hole DTRC311. Between this intersection and the Mansa Prospect there
remain approximately 5km of untested prospective strike (Figure 1).

Mansa is one of three additional target areas located in the central and
northern parts of the exploration licence.

 

Figure 1: Douta Project Location Map

Mansa Prospect

Initial RC drilling undergone at Mansa in 2021 has returned encouraging
results including:

·   4m at 3.11g/t Au from 55m in hole DTRC363

·   5m at 1.75g/t Au from 48m in hole DTRC347

·   2m at 10.65g/t Au from 56m in hole DTRC339

Maka Prospect

At the Maka Prospect a limited RC program completed by Thor in 2018 returned a
best result of 4m at 11.0g/t Au from 18m in DMRC012.

 

Samba Prospect

To the north of the Makosa deposit, Thor has defined, through geochemical
surveys, the Samba Prospect.

 

Exploration Program

Thor intends to progress the Makosa resource expansion drilling together with
parallel workstreams including detailed metallurgical sampling and testing,
environmental and social baseline monitoring as part of an Environmental and
Social Impact Assessment, geotechnical and hydrological studies.

 

The main resource expansion priorities are:

1.   Extensional drilling northwards from the Makosa Resource that will
bridge the gap between the Makosa and the Mansa prospects.

2.   Infill and resource definition drilling at the Mansa Prospect.

3.   Initial drill testing at the Samba Prospect.

 

The broad project-level objectives are:

·      To upgrade the Inferred Resource to a sufficient inventory of
material in the Indicated Resource category so that preliminary mining studies
can be undertaken.

·      To identify higher grade mineralisation in the oxide zone that
can be upgraded to Indicated Resources as a priority.

·      Continued drilling to increase the overall resource base through
extensional drilling along the prospective corridor.

 

 

 

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.

 

 

 

 

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