REG - Thor Explorations Ld - DRILLING RESULTS FROM LITHIUM PROSPECTS

Thor ExplorationsAnnouncement

16/08/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230816:nRSP4271Ja&default-theme=true

RNS Number : 4271J  Thor Explorations Ltd  16 August 2023

NEWS RELEASE

 

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR

DISTRIBUTION TO U.S. WIRE SERVICES

 

FOR IMMEDIATE RELEASE
 
TSXV/AIM: THX

AUGUST  16, 2023
 

 

 

INITIAL DRILLING RESULTS FROM THOR'S LITHIUM PROSPECTS RETURN SIGNIFICANT
INTERSECTIONS OF MINERALISED PEGMATITES

 

Thor Explorations Ltd (TSXV / AIM: THX), "Thor" or the "Company", is a West
African-focussed minerals exploration and mining Company, that currently
operates the Segilola Gold Mine in Nigeria and is advancing the Douta Gold
Project in Senegal towards development.

 

As part of it's strategy of identifying high-value mineral resource
opportunities,Thor, through its fully-owned subsidiary Newstar Minerals Ltd
("Newstar"), has acquired significant exploration tenure in south-west Nigeria
that covers both known lithium-bearing pegmatite deposits and a large
unexplored prospective pegmatite-rich belt.

 

An initial drilling program is being undertaken on one of the Company's
prospects located in the West Oyo Project Area to confirm and delineate
lithium-bearing mineralisation, such as spodumene and lepidolite, at depth.
The Company is pleased to announce the first set of results from this initial
exploratory phase.

 

Key Highlights

 

·      Significant intersections include:

 

-     Drillhole NRC010: 11metres ("m") at 2.61% Li(2)O from 15m

-     Drillhole NRC018: 9m at 2.42% Li(2)O from 35m

-     Drillhole NRC006: 11m at 1.53% Li(2)O from 14m, including 9m at
1.70% Li(2)O from 15m

 

·      Spodumene confirmed as the main lithium-bearing mineral together
with minor lepidolite

·      Mineralisation is exposed at surface and is shallow dipping.

 

Segun Lawson, President & CEO, stated:

"We are extremely encouraged by the first set of results from our initial
drilling campaign which was designed to confirm the development of
lithium-bearing minerals within pegmatite bodies that occur within our permit
areas. This is the first area of our portfolio we have drilled and we are
looking forward to both continuing the drill program on this prospect and
extending the drilling over the other lithium-bearing pegmatites within our
portfolio in Oyo State.

 

Our objective is to expand our exploration activities and drilling program to
the other pegmatites within our permits and commence exploration activities
over the larger extent of all our permits areas in Nigeria.

 

With the forecasted lithium market deficit expected to grow out by 2040, with
an untapped lithium potential in West Africa, we believe it is a great
opportunity to help diversify our existing gold production.

 

In addition, we have continued to add further permits containing
lithium-bearing pegmatites to our portfolio. And look forward to updating the
market with drill results and the progress of our exploration over the coming
weeks and through to the end of the year."

 

 

 

 

 

Introduction

 

Thor has secured over 600 square kilometres (km(2)) of granted tenure in
Nigeria that form Oyo State, Kwara State and Ekiti State Lithium Project
Areas. The Oyo State Project Area encompasses what Thor considers to be
Nigeria's most significant lithium pegmatite occurrence which is currently
being exploited by small-scale  artisanal mining of lithium-bearing minerals.

 

The Oyo State Lithium Project comprises approximately 38km(2) of exploration
tenure that is located towards the westernmost border of Nigeria and within
200 kilometres of the commercial capital of Lagos. The project area is unique
in the Nigerian context as it is mostly located in a relatively sparsely
populated region of the country but situated within close proximity to large
population centres and advanced infrastructure such as roads, railways and
ports.

 

Target Area 1

 

Reconnaissance rock chip sampling carried out in 2022 in the western parts of
Oyo State returned Li(2)O analyses of between 1.34% and 9.31%. Thor has
secured tenure over this area in a number of joint venture agreements together
with wholly owned exploration permits.

 

A program of reverse circulation (RC) targeted an identified pegmatite trend
that is developed within a northerly trending mafic sequence that is
surrounded by granitoid-gneiss terrain.

 

The significant results from this program are listed in Table 1 and located in
Figure 1.

 

 

 

 Hole ID  x       y       Depth  Dip  Azimuth  From     (m)      To    (m)     Interval    (m)     Grade (%Li2O)  True Width (m)
 NRC006   494432  899276  110    -60  110      14                25            11                  1.53           10.5
                          includes             15                24            9                   1.70           8.6
 NRC009   494530  899242  50     -60  110      14                15            1                   0.42           1.0
 NRC010   494515  899248  60     -60  290      15                26            11                  2.61           10.5
 NRC018   494450  899300  46     -90  0        26                29            3                   1.66           2.9
                          includes             27                29            2                   2.11           1.9
                                               35                44            9                   2.42           8.6
 NRC019   494445  899365  52     -90  0        33                35            2                   1.27           1.9
                          includes             33                34            1                   2.08           1.0
 NRC020   494396  899351  50     -90  0        6                 10            4                   0.43           3.8
 NRC024   494500  899300  50     -90  0        35                39            4                   1.03           3.8
                          includes             35                36            1                   2.50           1.0

Table 1: Significant Drillhole Intercepts

(0.4%Li(2)O cut-off grade,minimum 1m thickness, up to 2m internal dilution)

 

 

 

Sample analyses were carried out by SGS Randfontein (GE_ICP90A50 and
GE_FUZ90A50). Cross check analyses were carried out by MSA Laboratories,
Vancouver (PER-700).

 

The drilled pegmatite averages 20m in thickness and dips at 5 degrees towards
the northwest (Figures 1 and 2). A continuous sheet of coarse spodumene
mineralisation of up to 11m thick is developed towards the upper contact of
the pegmatite and mafic country rocks.

 

Ongoing exploration is underway to locate additional pegmatites in the
immediate vicinity of this target and further to the south where extensive
exposures of pegmatites have been mapped in Target Area 2 (Figure 3).

 

 

 

 

Figure 1: Drilling and Sample Location Map

 

 

 

Figure 2: Drilling Cross-Section

 

 

 

 

 

 

 

 

 

 

 

Figure 3: Exploration Target Map

 

 

Thor/Newstar has also secured additional tenure over this area in a number of
joint venture agreements together with wholly owned exploration permits
(Figure 3). Further to the west additional exploration tenure has been
obtained through the granting of a large exploration permit (EL42245) to the
northeast together securing additional ground under an agreement with SCT
Mining & Exploration Ltd (Figure 4).

 

 

 

 

Figure 4: Drilling and Sample Location Map

 

 

 

 

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 and a 70% interest in the Douta
Gold Project located in south-eastern Senegal. Thor also holds a 49% interest
in the Bongui and Legue gold permits located in Houndé greenstone belt, south
west Burkina Faso. 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

Tel: 778-373-0102

Fax: 604-434-1487

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 / Jay Ashfield / Franck Nganou

Tel: +44 (0) 20 7907 8500

 

Fig House Communications (Investor Relations)

Tel: +1 416 822 6483

Email: investor.relations@thorexpl.com

 

Ibu Lawson (Investor Relations)

Tel : +44 7909 825 446

Email : ibu.lawson@thorexpl.com (mailto:ibu.lawson@thorexpl.com)

 

BlytheRay (Financial PR)

Tim Blythe / Megan Ray / Said Izagaren

Tel: +44 207 138 3203

 

 

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. Such forward-looking statements, including but not limited to the
completion of the acquisition of the Segilola Gold Project and the use of the
proceeds of the private placement.  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.

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  DRLPAMLTMTIBBTJ