REG - Thor Explorations Ld - DRILLING RESULTS AND UPDATE ON DOUTA GOLD PROJECT

Thor ExplorationsAnnouncement

24/03/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250324:nRSX8342Ba&default-theme=true

RNS Number : 8342B  Thor Explorations Ltd  24 March 2025

 

NEWS RELEASE

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR

DISTRIBUTION TO U.S. WIRE SERVICES

 

 

FOR IMMEDIATE RELEASE
 
TSXV: THX

24 March 2025

 

 

This Announcement contains inside information as defined in Article 7 of the
Market Abuse Regulation No. 596/2014 ("MAR"). Upon the publication of this
Announcement, this inside information is now considered to be in the public
domain.

 

Vancouver, British Columbia

 

DRILLING RESULTS AND UPDATE ON THE DOUTA GOLD PROJECT, SENEGAL

Thor Explorations Ltd. (TSXV/AIM: THX) ("Thor" or the "Company") is pleased to
announce it has drilled two discovery holes in its Douta-West licence. The
Douta-West Licence lies contiguous to the west of the original Douta licence,
which together, constitute the Douta Gold Project, Senegal (the "Douta
Project"). 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.

The Company is pleased to announce the first set of drilling results from its
2025 regional exploration drilling program at the Baraka 3 Prospect on the
Douta-West Licence. The Baraka 3 Prospect is a 1 kilometre ("km") long drill
target delineated by the Company in 2024 through geological mapping, together
with geochemical surveys and rock chip sampling. The two discovery drill holes
were drilled one hundred metres apart in two adjacent drill sections. The
remaining strike length will be drilled as part of an ongoing drilling
program. Geochemical anomalies along this geological trend extend for
approximately 3km.

The assay results from the two discovery drill holes include:

·      Drillhole DTWRC129 - 19 metres ("m") at 2.46g/t Au from 29m

·      Drillhole DTWRC134 - 26m at 1.31 g/t Au from 21m

In addition, the results have been received from a series of diamond
drillholes that have been completed along the strike length from Makosa North
to Makosa Tail deposits to test for depth extensions and to upgrade the
classification towards the lower parts of the resource.

The assay results from this drilling program include the following highlights:

·      Drillhole DTDD0039 - 9m at 1.35g/t Au from 110m, and

9m at 2.06g/t Au from 127m

·      Drillhole DTDD1040 - 3m at 5.3 g/t Au from 131m

·      Drillhole DTDD1038 - 8m at 1.31g/t Au from 197m

·      Drillhole DTRC0036 - 4m at 2.44g/t Au from 203m, and

    6m at 1.71g/tAu from 220m

Segun Lawson, President & CEO, stated:

"We are thrilled to drill our first discovery holes on the Douta-West licence,
which we acquired in Q1 last year. These holes intersected wide high-grade
gold mineralisation which could complement the existing resource of the Douta
Project. The results demonstrate the exploration upside potential that
continues to exist on the Douta Project, and we will continue to advance
exploration on the Douta-West licence with an updated drilling program.

"We are also pleased to announce positive drilling results from an initial
programme of deeper diamond holes at the Makosa North, Makosa and Makosa Tail
prospects. The drilling was focussed on deeper parts of the resource that are
currently classified mostly as Inferred. These results are expected to allow
for an increase in Indicated Resources to be included in the Douta Preliminary
Feasibility Study ("Douta PFS").

"We are preparing the Douta PFS for a technically robust and optimal economic
outcome which will be significantly derisked and positioned to be fast tracked
to a Definitive Feasibility Study and subsequently, an investment decision.
Positive drilling results from the Baraka 3 Prospect and Makosa could
potentially positively enhance the Douta Project. As such, the immediate focus
is on completing the ongoing drilling programs on Baraka 3 and infill RC
drilling on the shallow inferred resources at Makosa North and Makosa East, to
upgrade to indicated classification so that it can be incorporated into the
Douta mine plan. We will provide an updated timeline on the Douta PFS when all
the drilling results have been received."

 

 

 

Figure 1: Regional Location Map

 

Introduction to Drilling Results

 

The Douta Gold Project comprises two exploration permits located within the
Kéniéba inlier, eastern Senegal. The Douta mining lease application
(Demande) No.11618 (formerly 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 carry until the announcement by Thor of a probable reserve.
The Douta-West exploration licence is also held by Thor through African Star
which acquired a 70% economic interest in the licence through a joint venture
agreement with the permit holder Birima Gold Resources Consulting ("Birima
Gold"). Birima Gold has a 30% free carry until the completion of a Preliminary
Feasibility Study ("PFS"), at which point Birima must contribute to
exploration and development funding of licence or have their economic interest
diluted to a minimum 5% free carry.

 

 

The Douta-West Project, comprising exploration permit E03709, is contiguous
with Thor's Demande No.11618 (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 03634,
located about 45km southwest of the Douta Project and is operated by Thor
under an agreement with Sofita Services Et Logistiques (Figure 1).

Douta-West Exploration Drilling Results

An initial Reverse Circulation ("RC") drilling programme comprising 30 holes
with an average depth of 50m was completed near the southern boundary of the
Douta-West exploration permit in February 2025. The drilling targeted a
termite-mound geochemical anomaly located north from a series of shallow
artisanal workings. Drill samples were analysed by ALS Laboratories in Mali
using the AA26 fire assay method (50 gram charge). Results have so far been
received for seven holes that are located towards the southern end of the
drill pattern (Figure 2). The complete table of results is shown in Appendix
1. The significant intersections from this program are listed in Table 1.

 

 Prospect  Hole ID  Easting  Northing  Depth  Dip  Azimuth  From     (m)      To    (m)     Interval    (m)     Grade (g/tAu)  True Width (m)
 Baraka 3  DWRC129  159909   1410542   56     -60  310      29                48            19.0                2.46           12.0
 Baraka 3  DWRC134  159926   1410646   50     -60  310      21                47            26.0                1.31           17.0

 

Table 1: Baraka 3 Prospect Significant Results

(0.5 g/t Au lower cut off; minimum width 3m with 3m max internal waste)

 

Figure 2: Baraka 3 Prospect Cross Sections and Drillhole Location Plan

The geology at Baraka 3 comprises a steep west-dipping succession of
greywackes and shale. Gold mineralisation is developed over a true width of
between 12 and 17m and is associated with a greywacke-hosted quartz-carbonate
stockwork that features strong limonitic and sericitic alteration. The main
structure, which is oriented in a northerly direction, has been intersected on
two adjacent drill sections. Drill results are pending on the two northern
sections.

To date drilling has been confined to the southern part of one of six discrete
geochemical anomalies that have been defined by termite mound sampling over an
area that extends for over 3km from Baraka 3 (Figure 3).

 

Target Area 1 extends for over 1km in a northerly direction and, towards the
south, follows a trend of artisanal workings and quartz vein exposures. The
mineralisation has been confirmed over a 250m strike length. This represents a
small fraction of the overall anomalous trend, along which discrete
geochemical anomalies extend for a distance of approximately 3km towards the
north (Figure 3). These anomalies, which include point values of 2.056 g/tAu
and 7.97 g/t Au, suggest that the mineralised structure continues beneath
cover in this direction. In the coming months these anomalies will be tested
with RC drilling. The Company considers these initial results to be highly
encouraging as they open a new exploration opportunity with the potential to
form a satellite deposit to the main Makosa resource area.

 

Figure 3: Baraka 3 Prospect Geochemical Sampling Results

 

Diamond Drilling Results

 

During January 2025, Thor completed a diamond drilling program totalling
1,159m for five holes with an average depth of 232m. The objective of the
program was to test the depth extensions of the resource in order to upgrade
the classification. (Figure 4).

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

 

Figure 4: Douta Project Location Map

 

 Prospect      Hole ID   Easting  Northing  Depth  Dip  Azimuth  From     (m)      To    (m)     Interval    (m)     Grade (g/tAu)  True Width (m)
 Makosa North  DTDD0036  177410   1438705   246    -60  130      203               207           4.0                 2.44           2.6
               DTDD0036                                          220               226           6.0                 1.71           3.9
 Makosa        DTDD0037  175461   1436300   301    -60  130      nsr
 Makosa        DTDD0038  175154   1436001   279                  154               159           5.0                 0.85           3.1
               DTDD0038                                          197               205           8.0                 1.31           4.9
 Makosa Tail   DTDD0039  174489   1434996   180    -60  130      110               119           9.0                 1.35           5.6
               DTDD0039                                          127               136           9.0                 2.06           5.7
               DTDD0039                                          140               150           10.0                0.79           6.4
               DTDD0039                                          155               160           5.0                 1.03           3.2
 Makosa Tail   DTDD0040  173874   1433774   153    -60  130      131               134           3.0                 5.30           1.9

 

Table 2: Douta Project Significant Results

(0.5 g/t Au lower cut off; minimum width 2m with 2m max internal waste)

 

Apart from DTDD0037, which confirmed a pinch-out at depth, all the drillholes
intersected mineralisation either near or below the base of the optimised pit
shell (Figure 5). At Makosa North, which is mostly classified as inferred,
drillhole DTDD0036 intersected mineralisation 155m below the nearest RC hole
and 80m vertically below the base of the pit shell. Further drilling of Makosa
East which located 150m to the east of Makosa North is planned to upgrade this
part of the resource (Figure 5).

 

Figure 5: Drillhole Cross Sections

The Company believes that the results of these diamond drillholes will have a
positive impact on both the classification and global tonnage of the resource.

As most of the Makosa North and Makosa East resource is currently classified
as Inferred and therefore not included in the Douta PFS mine plan, additional
RC infill drilling will be undertaken with the aim of upgrading the existing
Inferred Resource to Indicated, which will potentially enable inclusion of
these resources in the Douta PFS mine plan, which, if included, would have a
positive impact on the economics of the Douta PFS.

Confirmation of Director appointment

 

Further to the announcement of 30 January 2025, the Company is pleased to
confirm the appointment of Franklyn Obinna Edochie, 38, to the Board of the
Company.

 

Franklyn's conditional appointment (being subject to satisfactory completion
of due diligence by the Company's Nominated Adviser and relevant approvals
from the TSX Venture Exchange) was announced following selection by the Africa
Finance Corporation as their representative on Thor's Board of Directors,
replacing Osam Iahen.

 

There are no disclosures regarding Franklyn Obinna Edochie to be made for the
purposes of Schedule 2(g) of the AIM Rules for Companies.

 

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 (mailto: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 3204

 

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

Baraka 3 Drillhole Summary

 Prospect  Hole ID  Easting  Northing  Depth  Dip  Azimuth  From     (m)      To    (m)     Interval    (m)     Grade (g/tAu)  True Width (m)
 Baraka 3  DWRC127  159876   1410558   50     -60  304      nsr
 Baraka 3  DWRC128  159886   1410553   48     -60  305      nsr
 Baraka 3  DWRC129  159909   1410542   56     -60  310      29                48            19.0                2.46           12.0
 Baraka 3  DWRC130  159926   1410523   50     -60  312      nsr
 Baraka 3  DWRC134  159926   1410646   50     -60  310      21                47            26.0                1.31           17.0
 Baraka 3  DWRC135  159946   1410634   50     -60  314      nsr
 Baraka 3  DWRC136  159966   1410623   50     -60  315      nsr

 

 

 

 

 

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DRLEAFDDASNSEAA