REG - Thor Explorations Ld - FURTHER HIGH GRADE INTERSECTIONS AT DOUTA
16/11/2022 07:00
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RNS Number : 5208G Thor Explorations Ltd 16 November 2022
NEWS RELEASE
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES
FOR IMMEDIATE RELEASE
TSXV/AIM: THX
November 16,
2022
Vancouver, British Columbia
FURTHER HIGH GRADE GOLD INTERSECTIONS RECEIVED
AT THE DOUTA GOLD PROJECT IN SENEGAL
Thor Explorations Ltd. (TSX VENTURE/AIM: THX) ("Thor" or the "Company") is
pleased to announce additional drilling results from the Makosa gold deposit
("Makosa") at the Douta Gold Project, 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, grading at 1.53
grams per ton ("g/t"), as announced in its maiden Mineral Resource Estimate
("MRE") published on 18 November 2021.
The results are the latest from an ongoing comprehensive exploration program
of reverse circulation ("RC") drilling, which was designed to both upgrade
parts of the existing resource and to specifically target potentially
higher-grade parts of the deposit.
Highlights include:
· Drillhole DTRC561 7m at 8.96 g/t gold ("Au") from 67m
(including 1m at 52.7 g/tAu)
· Drillhole DTRC540 4m at 13.82 g/tAu from 44m
· Drillhole DTRC570 6m at 5.72 g/tAu from 59m (including 3m
at 8.9 g/tAu)
· Drillhole DTRC539 10m at 3.80 g/tAu from 59m
· Drillhole DTRC536 17m at 1.22 g/tAu from 15m
· Drillhole DTRC550 17m at 2.02 g/tAu from 80m (including
1m at 7.7 g/tAu)
· Drillhole DTRC526 2m at 12.98 g/tAu from 73m
· Drillhole DTRC535 11m at 2.23 g/tAu from 39m (including
1m at 8.44 g/tAu)
· Drillhole DTRC555 10m at 2.70 g/tAu from 31m
· Drillhole DTRC556 11m at 2.30 g/tAu from 78m
· Drillhole DTRC560 5m at 4.80 g/tAu from 74m
Segun Lawson, President & CEO, stated:
"We are pleased to announce further, very positive drilling results from the
southern parts of the Makosa resource area. In addition to upgrading the
resource to a mostly indicated classification, the current drilling program
was designed to test interpreted higher-grade parts of the deposits that were
thought to be related to cross-structures. Several high-grade intervals with
grades of up to 13.8 g/tAu were encountered during the drilling showing that
more higher-grade material has been delineated in line with the program
objectives.
"Notably, we continue to encounter strong mineralisation from the surface, and
at relatively shallow depths. We are continuing this theme of shallow drilling
along the entire strike length of the deposit, with the objective of
delineating a high grade, shallow, mineable deposit.
"We look forward to updating the market with the drill results as we receive
them this year."
Introduction
The Douta Gold Project is a gold exploration permit that covers an area of 103
km(2) and is located within the Kéniéba inlier, eastern Senegal. The
northeast trending permit (Figure 1) has an area of 103 km(2). Thor, through
its wholly owned subsidiary African Star Resources Incorporated ("African
Star"), has acquired a 70% economic interest in the licence from 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 permit is strategically positioned 4km east of the deposits Massawa
North and Massawa Central deposits which form part of the world class
Sabadola-Massawa Project that is owned by Endeavour Mining (Figure 1). The
northern parts permit is bounded by the Makabingui group of gold deposits that
belong to Bassari Resources Ltd.
Makosa
The Makosa resource is currently classified as inferred. In July 2022 Thor
commenced a program of follow up RC and diamond drilling with the objective of
upgrading the higher-grade portions of the resource, that fall within the
optimised pit shell, to indicated classification.
At Makosa, zones of gold mineralisation are developed either within a sheared
gabbro intrusive or within a steep north-westerly dipping sequence of
meta-sedimentary rocks that are in close proximity to the gabbro. Higher grade
zones or shoots are expected to occur along east-west oriented structures that
cut across the main north-east trend of the mineralisation.
The significant intersections from Makosa are listed in Table 1 below. The
full table of results is attached in Appendix 1. Drill samples were analysed
by ALS Laboratories in Mali using the AA26 fire assay method (50g charge).
HOLE-ID Easting Northing Length (m) Azimuth Dip From (m) To (m) Interval (m) Grade (g/tAu) True Width (m)
DTRC516 174413 1434422 72 130 -60 47 59 12 1.05 9.8
DTRC518 174432 1434436 78 130 -60 21 34 13 0.98 10.1
DTRC520 174433 1434538 100 130 -60 73 82 9 2.58 7.4
DTRC526 174375 1434656 84 130 -60 60 62 2 12.98 1.6
DTRC532 174429 1434678 36 130 -60 14 26 12 1.18 9.4
DTRC534 174562 1434739 72 130 -60 4 14 10 1.59 7.6
DTRC535 174568 1434786 90 130 -60 39 50 11 2.23 8.4
DTRC536 174506 1434817 60 130 -60 15 32 17 1.22 13.3
DTRC537 174471 1434834 96 130 -60 77 92 15 1.38 11.7
DTRC538 174532 1434753 100 130 -60 39 41 2 6.53 1.5
DTRC539 174462 1434787 84 130 -60 59 69 10 3.80 7.8
DTRC540 174434 1434740 66 130 -60 44 48 4 13.82 3.2
DTRC545 174499 1434769 120 115 -60 86 96 10 1.57 7.7
DTRC546 174533 1434803 120 115 -60 81 90 9 1.56 7.1
DTRC550 174575 1434844 120 115 -60 80 97 17 2.02 13.1
DTRC551 174605 1434830 84 115 -60 43 48 5 2.71 3.8
DTRC555 174532 1434921 79 115 -60 31 41 10 2.70 9.0
and 48 55 7 2.00 6.3
DTRC556 174494 1434938 102 115 -60 78 89 11 2.30 8.5
DTRC559 174576 1434953 65 115 -60 9 23 14 1.48 10.7
DTRC560 174548 1434966 120 115 -60 74 79 5 4.80 3.8
DTRC561 173917 1433737 110 130 -65 67 74 7 8.96 5.0
DTRC563 174249 1434397 93 120 -60 75 81 6 3.24 4.6
DTRC565 175126 1435789 112 130 -60 67 79 12 1.15 9.2
DTRC568 175189 1435801 66 130 -60 24 36 12 1.32 9.4
DTRC570 175150 1435829 108 130 -60 59 65 6 5.72 4.7
DTRC583 175372 1436012 38 130 -60 1 12 11 1.15 8.5
DTRC589 175432 1436077 66 130 -60 14 32 18 0.89 14.0
Table 1: Makosa Significant Results (>10 gramme-metres)
(0.5g/tAu lower cut off; maximum 2m internal dilution, minimum 2m interval)
Figure 1: Douta Project location map
In addition to potentially upgrading the southern part of the Inferred
Resource, the intersection received earlier in 2022 suggested that gold
mineralisation may extend at depth. Drillhole DTRC561 was drilled to test for
depth extensions of a potential higher-grade zone and returned 7m grading 8.96
g/tAu (Figure 3). Additional higher-grade intersections in the area include 6m
grading 5.72 g/tAu in DTRC570 and 4m grading 13.82 g/tAu in DTRC540 (Figure
2).
Figure 2: Makosa Drillhole Location Map
Figure 3: Cross-section showing high grade intersection in drillhole DTRC561
Ongoing Exploration
The Mansa and Maka Prospects are located between Makosa and Sambara (Figure
1). Results from the initial RC drilling at these prosects returned
encouraging results including the following:
Mansa Prospect*
· Drillhole DTRC363 4m at 3.11 g/tAu from 55m
· Drillhole DTRC347 5m at 1.75 g/t Au from
48m
· Drillhole DTRC347 2m at 10.65 g/t Au from
56m
Maka Prospect*
· Drillhole DMRC012 4m at 11.0 g/t Au from 18m
These prospects have the potential to provide additional resources and will be
fully tested in forthcoming drilling programs.
* Sedar Filing February 7, 2022: Commencement of Drilling on the Douta Gold
Project, Senegal
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 has reviewed and approved 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 and
the AIM segment of the London Stock Exchange under the symbol "THX".
Deposit Classification Tonnage (xMt) Grade (g/t Au) Contained Metal (koz Au) Thor Interest Attributable Ounces Source
Segilola Indicated* 4.06 4.66 608 100% 608 1
Segilola Inferred* 0.443 4.78 68 100% 68 1
Makosa Inferred 15.3 1.53 730 70% 511 2
*not depleted for mining
Source
1 Sedar Filing March 21 2019: Technical Report On The Segilola Gold
Project Feasibility Study, Osun State, Nigeria
2 Sedar Filing Jan 4 2022: Independent Technical Report: Mineral
Resource Estimate, Douta Gold Project, Senegal
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 / 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
(mailto:investor.relations@thorexpl.com)
BlytheRay (Financial
PR)
Tim Blythe / Megan Ray / Rachael Brooks
Tel: +44 (0) 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 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: RC Drill Results November 2022
HOLE-ID X Y Length (m) Azimuth Dip From (m) To (m) Interval (m) Grade (g/tAu) True Width (m)
DTRC510 174301 1434430 48 130 -60 nsr
DTRC511 174404 1434382 55 130 -60 31 33 2 0.66 1.5
DTRC511 34 41 7 1.05 5.4
DTRC512 174375 1434396 100 130 -60 69 79 10 0.65 7.9
DTRC513 174323 1434487 48 130 -60 29 30 1 1.88 0.7
DTRC513 41 44 3 0.68 2.2
DTRC514 174299 1434499 82 130 -60 nsr
DTRC515 174343 1434478 35 130 -60 15 17 2 1.11 1.5
DTRC516 174413 1434422 72 130 -60 39 42 3 0.61 2.4
DTRC516 47 59 12 1.05 9.8
DTRC516 62 66 4 0.59 3.3
DTRC517 174452 1434428 30 130 -60 19 29 10 0.56 7.8
DTRC518 174432 1434436 78 130 -60 21 34 13 0.98 10.1
DTRC518 44 45 1 1.53 0.8
DTRC518 61 65 4 0.91 3.2
DTRC519 174460 1434526 72 130 -60 30 34 4 3.00 3.1
DTRC520 174433 1434538 100 130 -60 52 55 3 0.65 2.4
DTRC520 61 62 1 2.00 0.8
DTRC520 73 82 9 2.58 7.4
DTRC521 174377 1434565 36 130 -60 6 8 2 0.79 1.5
DTRC522 174353 1434576 48 130 -60 38 42 4 0.54 3.1
DTRC523 174335 1434584 77 130 -60 69 70 1 2.50 0.8
DTRC524 174497 1434599 78 130 -60 14 19 5 0.56 3.8
DTRC525 174467 1434613 126 130 -60 nsr
DTRC526 174375 1434656 84 130 -60 60 62 2 12.98 1.6
DTRC527 174401 1434643 42 130 -60 4 11 7 1.64 5.3
DTRC527 21 27 6 0.74 4.6
DTRC528 174511 1434639 84 130 -60 nsr
DTRC529 174467 1434660 150 130 -60 85 88 3 0.60 2.3
DTRC529 91 94 3 0.58 2.3
DTRC529 138 146 8 0.59 6.0
DTRC530 174392 1434696 90 130 -60 10 14 4 0.54 3.0
DTRC531 174416 1434685 54 130 -60 nsr
DTRC532 174429 1434678 36 130 -60 14 26 12 1.18 9.4
DTRC533 174542 1434688 72 130 -60 19 21 2 1.78 1.5
DTRC534 174562 1434739 72 130 -60 4 14 10 1.59 7.6
DTRC534 23 25 2 2.25 1.5
DTRC535 174568 1434786 90 130 -60 39 50 11 2.23 8.4
DTRC536 174506 1434817 60 130 -60 7 13 6 0.52 4.6
DTRC536 15 32 17 1.22 13.3
DTRC536 47 54 7 1.40 5.5
DTRC537 174471 1434834 96 130 -60 14 16 2 1.21 1.6
DTRC537 44 53 9 0.62 7.0
DTRC537 67 72 5 0.53 3.9
DTRC537 77 92 15 1.38 11.7
DTRC538 174532 1434753 100 130 -60 39 41 2 6.53 1.5
DTRC538 48 54 6 0.94 4.6
DTRC538 86 88 2 1.09 1.5
DTRC539 174462 1434787 84 130 -60 59 69 10 3.80 7.8
DTRC540 174434 1434740 66 130 -60 3 4 1 2.31 0.8
DTRC540 44 48 4 13.82 3.2
DTRC540 60 64 4 0.87 3.2
DTRC541 174512 1434702 120 130 -60 23 25 2 1.47 1.5
DTRC541 52 55 3 0.55 2.2
DTRC541 65 73 8 1.24 6.1
DTRC542 174469 1434722 162 130 -60 nsr
DTRC543 174399 1434755 109 115 -60 17 19 2 0.74 1.5
DTRC543 21 29 8 1.22 6.1
DTRC544 174422 1434805 126 115 -60 120 124 4 2.14 3.2
DTRC545 174499 1434769 120 115 -60 86 96 10 1.57 7.7
DTRC546 174533 1434803 120 115 -60 14 16 2 1.85 1.5
DTRC546 81 90 9 1.56 7.1
DTRC547 174433 1434852 136 115 -60 8 11 3 1.01 2.3
DTRC547 18 20 2 0.72 1.5
DTRC547 73 75 2 0.71 1.5
DTRC547 117 123 6 0.75 5.0
DTRC547 134 136 2 1.32 1.7
DTRC548 174496 1434881 116 115 -60 27 31 4 0.50 3.0
DTRC548 44 47 3 1.67 2.2
DTRC548 54 57 3 0.98 2.2
DTRC549 174467 1434894 164 115 -60 70 77 7 1.13 5.1
DTRC550 174575 1434844 120 115 -60 80 97 17 2.02 13.1
DTRC551 174605 1434830 84 115 -60 43 48 5 2.71 3.8
DTRC551 58 61 3 0.51 2.3
HOLE-ID X Y Length (m) Azimuth Dip From (m) To (m) Interval (m) Grade (g/tAu) True Width (m)
DTRC552 174647 1434868 72 115 -60 35 37 2 0.98 1.6
DTRC553 174606 1434887 92 115 -60 nsr
DTRC554 174562 1434907 54 115 -60 11 21 10 0.83 7.7
DTRC555 174532 1434921 79 115 -60 31 41 10 2.70 9.0
48 55 7 2.00 6.3
58 62 4 1.00 0.8
DTRC556 174494 1434938 102 115 -60 78 89 11 2.30 8.5
DTRC557 174667 1434911 84 115 -60 53 58 5 0.65 3.9
DTRC558 174649 1434920 61 115 -60 nsr
DTRC559 174576 1434953 65 115 -60 9 23 14 1.48 10.7
DTRC559 29 38 9 1.06 6.9
DTRC560 174548 1434966 120 115 -60 63 70 7 0.62 5.3
DTRC560 74 79 5 4.80 3.8
DTRC561 173917 1433737 110 130 -65 67 74 7 8.96 5.0
DTRC562 173897 1433690 102 130 -70 54 56 2 1.49 1.3
DTRC563 174249 1434397 93 120 -60 75 81 6 3.24 4.6
DTRC564 174519 1434980 66 115 -60 nsr
DTRC565 175126 1435789 112 130 -60 67 79 12 1.15 9.2
DTRC565 83 87 4 2.51 3.1
DTRC566 175081 1435817 106 130 -60 nsr
DTRC567 175161 1435761 66 130 -60 1 10 9 0.91 7.1
DTRC567 13 18 5 1.70 4.0
DTRC567 36 38 2 0.80 1.6
DTRC567 58 59 1 1.63 0.8
DTRC568 175189 1435801 66 130 -60 24 36 12 1.32 9.4
DTRC569 175120 1435795 153 130 -70 3 6 3 0.97 1.9
DTRC569 99 102 3 1.53 1.9
DTRC570 175150 1435829 108 130 -60 59 65 6 5.72 4.7
DTRC571 175133 1435850 84 130 nsr
DTRC572 175203 1435843 72 130 -50 16 24 8 0.69 7.1
DTRC573 175203 1435843 42 130
DTRC574 177108 1438647 42 130 nsr
DTRC575 175236 1435877 54 130 -50 3 9 6 1.37 5.1
DTRC575 22 26 4 1.46 3.4
DTRC575 46 47 1 1.61 0.9
DTRC576 175255 1435908 78 130 -60 11 14 3 0.64 2.3
DTRC576 26 30 4 0.97 3.1
DTRC576 38 40 2 1.12 1.5
DTRC577 173259 1435952 98 130 -60 3 16 13 0.86 10.2
DTRC577 24 32 8 1.25 6.3
DTRC577 38 42 4 1.09 3.2
DTRC577 59 61 2 0.76 1.6
DTRC578 175317 1435999 60 130 -60 nsr
DTRC579 175297 1436011 72 130 -60 nsr
DTRC580 175279 1436025 102 130 -60 3 6 3 1.03 2.3
DTRC580 42 47 5 1.23 3.8
DTRC580 66 76 10 0.88 7.8
DTRC581 175348 1436000 62 130 -50 nsr
DTRC582 175333 1436018 90 130 -60 nsr
DTRC583 175372 1436012 38 130 -60 1 12 11 1.15 8.5
DTRC584 175364 1436028 70 130 -60 1 2 1 1.30 0.8
DTRC585 175385 1435939 30 130 -60 19 29 10 0.59 7.7
DTRC586 175386 1436054 48 130 -60 6 17 11 0.60 8.4
DTRC586 26 28 2 1.33 1.5
DTRC588 175394 1436008 60 130 -60 2 6 4 1.04 3.1
DTRC588 15 18 3 1.99 2.3
DTRC589 175432 1436077 66 130 -60 14 32 18 0.89 14.0
DTRC589 33 41 8 0.64 6.3
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