REG - Thor Explorations Ld - FURTHER POSITIVE DRILLING RESULTS FROM SEGILOLA

Thor ExplorationsAnnouncement

02/12/2024 07:00

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RNS Number : 3162O  Thor Explorations Ltd  02 December 2024

 

NEWS RELEASE

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR

DISTRIBUTION TO U.S. WIRE SERVICES

 

FOR IMMEDIATE RELEASE
 
TSXV/AIM: THX

December 02,
2024

 

Vancouver, British Columbia

 

 

FURTHER POSITIVE DIAMOND DRILLING RESULTS FROM SEGILOLA GOLD MINE

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

Thor is pleased to announce further positive results from the initial
proof-of-concept drilling programme that targets the down-plunge potential
beneath the current Segilola open pit extents.

Previously reported results include 3 metres ("m") grading 11.24 grammes of
gold per tonne ("g/tAu")  from 294m in drillhole SNMDD011 and 1.5m grading
3.22g/tAu from 269m in drillhole SNMDD012. The latest batch of results include
3.5m grading 4.10g/tAu in drillhole SNMD016 and 2.4m grading 3.46g/tAu in
drillhole SNMD014.

 

Segun Lawson, President & CEO, stated

"We are encouraged by the latest additional positive results that have been
received from the "proof of concept" drilling programme. This programme
targeted projections of the Segilola ore body below the current open pit
design and has been successful in intersecting high grade mineralisation in
the majority of the holes drilled below the pit.

"The success of the drilling programme to date has warranted the expansion of
the initial 12 hole proof-of -concept drill programme with further holes being
designed to continue to explore the along-strike down-plunge trend of the
southern portion of the deposit and to test new deeper target areas underneath
the pit where relatively little drill-testing has taken place.

"These results have also enabled us to investigate extending the current open
pit mine life, prior to an underground mining operation. We will be carrying
out optimisation studies incorporating the new drilling results and updated
gold price in this regard.

"The plan is to upgrade parts of the remaining inferred resource and to
increase the size of the overall underground resource, both with the objective
of increasing the life of mine at Segilola."

 

Introduction

The high grade Segilola gold deposit is located on the major regional shear
zone that extends for several hundred kilometres through the gold-bearing
Ilesha schist belt (structural corridor) of Nigeria.

Gold mineralisation is developed within an overturned sequence of
metamorphosed, strongly foliated meta-sediments at the boundary between the
basement biotite gneiss (Hanging wall) and calc-silicate and mylonitic
biotite-garnet schists (Foot wall). A unit of massive foliated granodiorite
conformably intrudes the sequence between the quartzites and basement
gneisses. Gold mineralisation is developed with steep west-dipping parallel
lodes that comprise late-stage silica-altered zones that are commonly referred
to as "veins" and which are restricted to the meta-sedimentary unit.

 

 

 

Segilola Exploration Targeting

The southern lodes are characterised by a pronounced southerly plunging
geometry (Figure 1). The initial drillholes were completed on 40m spaced
sections to test the continuity of the high-grade shoots that are projected to
continue down-plunge to the south. Drilling was completed using HQ diamond
core. Half core samples were analysed by fire assay at the SROL Laboratory
which was established by the independent MSA Laboratories at the Segilola Mine
Site. The final assay results are an average of the initial assay result (Au1)
and two additional fire assays of the same pulp (AuR1 and AuR2). Further QAQC
(Quality Assurance & Quality Control)  work is being carried out by MSA
Laboratories.

 

The significant intersections are shown in Table 1.

 

 

 Hole ID   Easting  Northing  Depth  Dip  Azimuth  From     (m)                 To    (m)            Interval    (m)              Grade (g/tAu)  True Width (m)
 SNMDD014  4042     10962     314    -58  90       299.0                        301.4                2.4                          3.46           2.1
 SNMDD015  4200     10793     312    -73  95       158.5                        159.5                1.0                          3.70           0.7
 SNMDD015  4200     10793     312    -73  95       118.3                        121.1                2.8                          1.24           2.1
 SNMDD016  4040     10922     361    -58  90       305.7                        309.2                3.5                          4.10           3.1
 SNMDD017  4045     10886     329    -60  92       nsr
 SNMDD018  4116     10729     344    -57  95       231.6                        233.3                1.7                          3.87           1.4
 SNMDD019  4088     11681     321    72   90       222.5                        223.8                1.3                          3.35           1.1
 PREVIOUSLY ANNOUNCED
 Hole ID   Easting  Northing  Depth  Dip  Azimuth  From     (m)      To    (m)           Interval    (m)                 Grade (g/tAu)           True Width (m)
 SNMDD011  4036     11001     313    -55  90       293.8             296.8               3.0                             11.24                   2.4
 SNMDD012  4055     10834     290    -50  90       269.2             270.6               1.5                             3.22                    1.2

Table 1: Summary of Drillhole Intersections at a 1.5g/tAu cut off

 

 

 

Figure 1: Longitudinal section showing drilling results and target zones

 

Apart from hole SNMDD017, all of the holes drilled to date in this programme
have intersected mineralisation in the predicted locations. Hole SNMDD017 was
drilled to check for the possibility of mineralisation below the projected
shoot and did not intersect any significant mineralisation. Geological
modelling continues to assess the possibility of repeats of the main plunging
shoots in the untested regions at depth (Figure 1).

 

Figure 2: SNMDD016 Cross Section

 

 

Figure 3: Previously Reported SNMDD011 Cross Section

 

Conclusions

·      The initial drilling results have validated the proof-of-concept
high-grade targeting model

·      The results suggest that the minimum underground mining width can
be achieved at a suitable grade.

·      There is justification to continue with an expanded drilling
programme.

·     Studies to be carried out to deepen the pit and extend the open
pit mine life incorporating these drill results where applicable will be
commenced by the Company.

 

 

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.

 

 

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 / Jay Ashfield / Franck Nganou

Tel: +44 (0) 20 7907 8500

 

BlytheRay (Financial PR)

Tim Blythe / Megan Ray / Said Izagaren

Tel: +44 207 138 3203

 

Yellow Jersey PR (Financial
PR)

Charles Goodwin / Shivantha Thambirajah / Soraya Jackson

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.

 

 

 

 

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