REG - Thor Explorations Ld - HIGH GRADE MINERALISATION INTERSECTED AT SEGILOLA

Thor ExplorationsAnnouncement

Mon 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:20250818:nRSR6669Va&default-theme=true

RNS Number : 6669V  Thor Explorations Ltd  18 August 2025

NEWS RELEASE

         NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR

     DISTRIBUTION TO U.S. WIRE SERVICES

 

FOR IMMEDIATE RELEASE
 
               TSXV/AIM: THX

18 August,
2025

 

 

 

THOR EXPLORATIONS ANNOUNCES HIGH GRADE MINERALISATION INTERSECTED AT SEGILOLA

Thor Explorations Ltd (TSXV / AIM: THX), ("Thor Explorations", "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 its exploration properties in Senegal and
Côte d'Ivoire, including the Douta Gold Project in Senegal which is being
advanced towards development.

Thor is pleased to announce further positive results from an advanced diamond
drilling program at the Segilola Gold Mine ("Segilola"), which is targeting
potential mineralisation beneath the current open pit with the objective of
extending the Segilola mine life.

Highlights include:

·      Drillhole SNMDD060 - 4.2 metres ("m") at 12.4 grammes per tonne
("g/t") of gold ("Au") from 295m

·      Drillhole SNMDD061 - 2m at 17.86g/tAu from 195.5m

·      Drillhole SNMDD061 - 4.5m at 3.71g/tAu from 222m

·      Drillhole SNMDD059 - 5.9m at 6.0g/tAu from 291m

 

Segun Lawson, President & CEO, stated:

 

"We are delighted to report continued positive progress from our deep diamond
drilling program at Segilola, which has generated several significant gold
intersections below the current open pit design. This program, which continues
to evolve, has been designed to further explore the along-strike down-plunge
trend of the deposit.

"One of our key corporate priorities as a Company is to extend the Segilola
mine life, and the ongoing drilling program has been designed to do this by
both upgrading parts of the remaining inferred resource and increasing the
size of the overall underground resource to support a longer life-of-mine at
Segilola.

"We are encouraged by these results, which demonstrate continued high grade
mineable mineralisation beneath the pit and look forward to testing these
targets, which remain open. We will also review the options of recovering
these additional ounces by deepening the Segilola open pit. We have increased
our exploration budget to $11.5m  for the year and also look forward to
commissioning the Company's drilling rigs, which will enable a faster, more
flexible drilling program."

Introduction

The Segilola Gold Project is located 190 kilometres ("km") northeast of Lagos
and covers a large area of the Pan African Ilesha Schist Belt. The deposit is
located near the north-east trending Ifewara Shear Zone that extends for
several hundred kilometres through Nigeria.

Gold mineralisation is developed within an overturned sequence of
metamorphosed, strongly foliated meta-sediments at the boundary between the
basement biotite gneiss and calc-silicate and mylonitic biotite-garnet
schists. A unit of massive to 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.

 

Drilling Results

The Segilola ore body is characterised by a pronounced southerly plunging
geometry. A diamond drilling program that commenced in 2024 is continuing to
test the continuity of mineralisation following the down-plunge trend to the
south. To date, a total of 60 holes have been completed for 16,520m. Drill
sampling is being carried out using NQ diamond core. Half core samples are
analysed by fire assay at the Company's laboratory which was established by
MSA Laboratories at the Segilola Mine Site. The final assay results are an
average of the primary assay result (Au1) and two additional fire assays of
the same pulp (AuR1 and AuR2). Further QAQC work is being carried out by MSA
Laboratories. Significant intersections are calculated by reporting above a
lower cut off grade of 0.5g/tAu over a minimum interval length of 0.5m with a
maximum internal dilution of 1m allowed. Significant results that exceed 3
gramme-metres (average grade x true width) are shown in Table 1. All results
are tabled in Appendix 1. Drillhole locations are shown in Figure 1.

 

 Hole ID    East  North  RL   Depth (m)  Dip  Azi-muth  From    (m)     To    (m)     Interval (m)  Grade (g/tAu)  True Width (m)
 SNMDD029   4083  11757  328  270        -67  90        223.4           226.0         2.6           1.87           2.1
 SNMDD031   4272  10304  292  63         -61  89        47.8            49.6          1.8           3.13           1.5
 SNMDD032   4289  10358  307  49         -60  90        33.1            35.0          1.9           3.22           1.6
 SNMDD038   4040  11710  346  305        -66  90        274.0           276.9         2.9           1.90           2.4
 SNMDD045   4067  10806  357  326        -65  91        305.2           310.0         4.8           1.17           3.9
 SNMDD048   4047  10866  359  320        -55  91        300.0           301.9         1.9           2.00           1.7
 SNMDD053A  4078  11755  328  290        -74  91        260.7           262.5         1.8           5.41           1.3
 SNMDD056   4083  10769  355  318        -66  91        291.8           295.4         3.55          1.50           2.9
 SNMDD057   4049  10859  359  305        -53  91        286.5           289.2         2.7           2.05           2.5
 SNMDD058   4091  11791  326  242        -65  91        208.5           211.0         2.5           1.40           2.1
 SNMDD059   4083  10774  355  316        -66  91        291.0           296.9         5.9           6.00           4.7
 SNMDD060   4044  10883  360  302        -49  91        284.0           287.2         3.15          1.14           3.0
 SNMDD060                                               294.8           299.0         4.2           12.48          3.9
 SNMDD061   4114  10725  344  245        -54  91        195.5           197.5         2.0           17.86          1.8
 SNMDD061                                               222.1           226.6         4.46          3.71           4.1

 

Table 1: Significant Drillhole Intersections

( >3gram-metres, 0.5g/tAu cut off, Min. length 0.5m, Max. internal dilution
1m)

 

Drilling has focussed on two main areas: the Northern Zone, where the targeted
mineralisation is confined to a discrete, west-dipping, 100m long shoot with a
pronounced steep southerly plunge, and the Southern Zone where mineralisation
appears to have a shallow-plunging flat geometry in longitudinal section view
(Figure 2).

 

The Southern Zone is characterised by four stacked parallel lodes that dip at
about 60(0) towards the west. In this area the western-most, or hanging wall,
lode, which is referred to as the 400 Lode, is typically 0.5 to 3m thick and
notable for elevated grades. For example, 400 Lode intersections include 2m
grading 17.86g/tAu in SNMDD061.

 

The main mineralised structure in the Southern Zone is referred to as the 300
Lode and is typically more continuous with true widths of 3-5m. Significant
intersections of the 300 Lode from the current drilling include 5.9m grading
6.0g/tAu in drillhole SNMDD059 and 4.2m grading 12.48g/tAu in drillhole
SNMDD060.

 

 

 

 

Figure 1: Drillhole Location Map and Cross Sections

 

 

 

 

 

Figure 2: Longitudinal Section Showing Gramme-Metre Contours and Drill
Intercepts

 

 

Next Steps

The preliminary economic assessment ("PEA") completed in 2018 included an
"underground" indicated resource of 28,000 ounces grading 9.4g/tAu, together
with an inferred resource of 90,000 ounces grading 7.9g/tAu.

 

Given the fundamental change in the project economics brought about by the
current record gold price, the Company will review the option of further
extending the open pit as opposed to transitioning, in the short term, to an
underground operation.

 

The current program is targeting both upgrading the inferred resource below
the pit and increasing the overall size of the resource with the objective of
increasing the life of mine at Segilola.

 

Ongoing work streams will also incorporate geotechnical and metallurgical
studies.

 

 

 

Qualified Person
The above information has been prepared under the supervision of Alfred
Gillman (Fellow AusIMM, Chartered Professional), 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)

James Asensio / Henry Fitzgerald-O'Connor / 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

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: Drillhole Intersections

(0.5g/tAu cut off, Min. length 0.5m, Max. internal dilution 1m)

 

 Hole ID    East  North  RL   Depth (m)  Dip  Azi-muth  From    (m)     To    (m)     Interval (m)  Grade (g/tAu)  True Width (m)
 SNMDD029   4083  11757  328  270        -67  90        223.4           226.0         2.6           1.87           2.1
 SNMDD031   4272  10304  292  63         -61  89        24.0            25.0          1             1.08           0.9
 SNMDD031                                               47.8            49.6          1.8           3.13           1.5
 SNMDD032   4289  10358  307  49         -60  90        29.3            30.0          0.7           1.62           0.6
 SNMDD032                                               33.1            35.0          1.9           3.22           1.6
 SNMDD033   4073  11848  328  233        -56  90        207.0           208.2         1.15          1.68           1.1
 SNMDD034   4239  10258  299  97         -60  90        79.6            81.4          1.84          1.78           1.6
 SNMDD035   4205  10301  300  127        -58  90        90.1            90.9          0.8           2.11           0.7
 SNMDD036   4206  10266  300  125        -60  90        119.0           120.0         1             1.69           0.9
 SNMDD037   4122  11886  318  200        -69  90        173.0           175.5         2.5           0.84           2.0
 SNMDD038   4040  11710  346  305        -66  90        274.0           276.9         2.9           1.90           2.4
 SNMDD039   4091  11730  327  228        -55  90        nsr
 SNMDD040   4077  12137  337  251        -66  91        nsr
 SNMDD041   4047  10825  358  374        -64  49        nsr
 SNMDD042   3900  9550   292  627        -65  94        nsr
 SNMDD043   4043  11676  345  389        -77  91        359.4           360.5         1.1           3.00           0.8
 SNMDD044   3981  10854  359  572        -77  91        nsr
 SNMDD045   4067  10806  357  326        -65  91        305.2           310.0         4.8           1.17           3.9
 SNMDD046   4053  9465   286  292        -48  91        nsr
 SNMDD047   4047  11665  345  326        -68  91        nsr
 SNMDD048   4047  10866  359  320        -55  91        296.0           298.0         2             0.89           1.8
 SNMDD048                                               300.0           301.9         1.9           2.00           1.7
 SNMDD049   4038  10988  363  326        -60  91        279.3           280.2         0.9           0.53           0.8
 SNMDD050   4032  10944  362  347        -63  91        292.7           293.8         1.1           0.61           0.9
 SNMDD050                                               297.0           297.7         0.7           0.79           0.6
 SNMDD050                                               301.3           302.0         0.72          2.59           0.6
 SNMDD051   4155  10648  320  221        -69  91        201.0           202.0         1             1.07           0.8
 SNMDD052   4154  10648  320  301        -83  91        nsr
 SNMDD053A  4078  11755  328  290        -74  91        260.7           262.5         1.8           5.41           1.3
 SNMDD054   3992  11102  367  351        -55  91        327.4           328.0         0.6           2.62           0.5
 SNMDD055   4105  10723  343  272        -65  91        229.9           231.0         1.1           1.82           0.9
 SNMDD055                                               251.7           253.0         1.3           1.54           1.1
 SNMDD055                                               268.1           269.0         0.9           0.85           0.7
 SNMDD056   4083  10769  355  318        -66  91        291.8           295.4         3.55          1.50           2.9
 SNMDD057   4049  10859  359  305        -53  91        286.5           289.2         2.7           2.05           2.5
 SNMDD058   4091  11791  326  242        -65  91        208.5           211.0         2.5           1.40           2.1
 SNMDD059   4083  10774  355  316        -66  91        291.0           296.9         5.9           6.00           4.7
 SNMDD060   4044  10883  360  302        -49  91        284.0           287.2         3.15          1.14           3.0
 SNMDD060                                               294.8           299.0         4.2           12.48          3.9
 SNMDD061   4114  10725  344  245        -54  91        195.5           197.5         2             17.86          1.8
 SNMDD061                                               222.1           226.6         4.46          3.71           4.1
 SNMDD061                                               230.0           231.1         1.05          2.24           1.0

Appendix 2: Longitudinal Section Showing Gramme-Metre Contours and Drill
Intercepts

 

 

 

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  DRLEAKPXFFKSEFA