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

Thor ExplorationsAnnouncement

10/01/2025 07:00

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RNS Number : 8951S  Thor Explorations Ltd  10 January 2025

 

 

NEWS RELEASE

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR

DISTRIBUTION TO U.S. WIRE SERVICES

 

FOR IMMEDIATE RELEASE
 
TSXV/AIM: THX

January 10, 2025

 

Vancouver, British Columbia

 

 

THOR EXPLORATIONS ANNOUNCES FURTHER POSITIVE 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 its ongoing diamond
drilling programme at the Segilola Gold Mine ("Segilola") that targets the
down-plunge potential beneath the current open pit extents.

The most recent results from the latest four holes drilled include 1.8 metres
("m") grading 39.7 grammes of gold per tonne ("g/tAu") from 222m in drillhole
SNMDD027 and 3.4m grading 4.8g/tAu from 74m in drillhole SNMDD028. These
results further highlight the potential to extend the Segilola resource both
along strike to the south and at depth.

Segun Lawson, President & CEO, stated:

"We are pleased to start the year with additional encouraging drill results of
the on-going diamond drilling programme which is targeting projections of the
Segilola ore body outside the current open pit design. In particular, the
significant intersection of 1.8m grading 39.7g/tAu is encouraging as it
potentially suggests the formation of a high-grade shoot in the northern parts
of the deposit. This intersection is supported by the previously reported
intersection of 1.3m grading 3.35g/tAu located 40m to the south in hole
SNMDD019.

"These new intersections are located in the vicinity of several exploration
holes that the Company drilled in 2018. Results from these holes include 1m
grading 10.2g/tAu and 2.5m grading 8.5g/tAu.Together, these holes demonstrate
high grade continuity of approximately 100m down dip and about 100m along
strike. Based on the new results we intend to continue drill testing of the
Segilola structure, and we look forward to sharing further results in due
course."

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 of late-stage silica-altered zones that are commonly
referred to as "veins" 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 an NQ diamond
core. Half core samples were analysed by fire assay at the SROL Laboratory
which was established by 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 QA/QC work is
being carried out by MSA Laboratories.

 

The significant intersections are shown in Table 1. All intersections are
listed in Appendix 1.

 

 Hole ID   Easting  Northing  Depth  Dip  Azimuth  From     (m)      To    (m)     Interval    (m)     Grade (g/tAu)  True Width (m)
 SNMDD023  4251     10400     92     -60  89       69.0              75.0          6.0                 2.2            5.1
 SNMDD027  4083     11720     257    -70  92       221.8             223.6         1.8                 39.7           1.5
 SNMDD028  4266     10363     93     -78  90       74.0              77.4          3.4                 4.8            2.9

Table 1: Drilling Results That Exceed Four Gramme Metres

(0.5g/tAu cut off, minimum intervals of 0.5m)

 

 

Figure 1: Longitudinal Section Showing Drilling Results

 

 

 
             Figure 2: SNMDD027 Cross Section

 

 

Holes SNMDD019 and SNMDD027 were drilled to follow up several holes that were
completed in 2018 that were designed to test the depth extensions of the 100
lode. Results from these holes include 1m grading 10.2g/tAu in SGD201 and 2.5m
grading 8.5g/tAu in SGD167 (Figure 1).

 

SNMDD019 intersected 1.3m grading 3.35g/tAu approximately 40m north of the
SGD201 intersection. SNMDD027, which was placed 40m north of SNMDD019,
intersected 1.8m grading 39.4g/tAu. Together with the historic holes these new
results confirm high grade continuity over approximately 100m along strike and
100m down dip. The mineralisation intersection in SNMDD027 is open at depth
(Figure2).

 

 

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

 

 

Yellow Jersey PR (Financial
PR)

Charles Goodwin / Shivantha Thambirajah / Zara McKinlay

Tel:  +44 (0) 20 3004 9512

thorexplorations@yellowjerseypr.com
(mailto:thorexplorations@yellowjerseypr.com)

 

BlytheRay (Financial
PR)

Tim Blythe / Megan Ray / Said Izagaren

Tel: +44 207 138 3204

thorexpl@blytheray.com (mailto:thorexpl@blytheray.com)

 

 

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

 

 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             296.7         2.9                 11.24          2.4
 SNMDD012  4055     10834     290    -50  90       269.2             270.6         1.4                 3.22           1.2
 SNMDD014  4042     10962     314    -58  90       299.0             301.4         2.4                 3.46           2.1
 SNMDD015  4200     10793     312    -73  95       118.3             121.1         2.8                 1.24           2.1
                                                   158.5             159.5         1.0                 3.70           0.7
 SNMDD016  4040     10922     361    -58  90       305.7             309.2         3.5                 4.10           3.1
 SNMDD017                                          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
 SNMDD020  4295     10401     70     -59  92       23.1              24.1          1.0                 1.49           0.9
 SNMDD020                                          28.2              29.4          1.2                 1.64           1.0
 SNMDD021  4224     10447     131    -57  93       73.0              74.0          1.0                 3.35           0.9
 SNMDD023  4251     10400     92     -60  89       54.0              55.0          1.0                 4.18           0.9
 SNMDD023                                          69.0              75.0          6.0                 2.18           5.1
 SNMDD024  4232     10399     140    -77  91       103.4             106.0         2.6                 1.00           2.2
 SNMDD024                                          119.2             120.4         1.2                 1.32           1.0
 SNMDD025  4133     10097     248    -70  94       222.2             223.2         1.0                 1.88           0.9
 SNMDD026  4110     10728     326    -73  91       287.0             290.5         3.5                 0.51           3.0
 SNMDD027  4083     11720     257    -70  92       221.8             223.6         1.8                 39.69          1.5
 SNMDD028  4266     10363     93     -78  90       47.0              48.0          1.0                 1.92           0.9
 SNMDD028                                          54.0              56.0          2.0                 1.51           1.7
 SNMDD028                                          74.0              77.4          3.4                 4.82           2.9

Table 2: All Drilling Results

(0.5g/tAu cut off, minimum intervals of 0.5m)

 

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