REG - Thor Explorations Ld - New Makosa "Bridge" Mineralisation at Douta

Thor ExplorationsAnnouncement

09/08/2021 08:20

RNS Number : 9875H
  
Thor Explorations Ltd
  
09 August 2021
  
 

 
NEWS RELEASE
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR

DISTRIBUTION TO U.S. WIRE SERVICES
 
FOR IMMEDIATE RELEASE                                                                               TSXV / AIM: : THX
August 9, 2021                                                                             Shares Outstanding: 623,570,509
 
Vancouver, British Columbia
 
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
NEW MAKOSA "BRIDGE" MINERALISATION AT THE DOUTA GOLD PROJECT, SENEGAL
Thor Explorations Ltd. (TSXV / AIM: THX) ("Thor" or the "Company") is pleased to announce further drilling results from the southern Makosa Tail and Makosa Bridge prospects at its Douta Project, Senegal. Wide-spaced exploratory drill sections were completed over a 1,600m previously untested gap between Makosa to the north and Makosa Tail to the south. This zone is referred to as Makosa Bridge. Results received to date indicate that gold mineralisation is developed within sheared sedimentary and gabbroic host rocks over the strike length of Makosa Bridge thus connecting Makosa Tail and Makosa.
Highlights include:
Makosa Bridge
·      Drillhole DTRC206
9m at 2.39/tAu from 54m
·      Drillhole DTRC235
                        8m at 2.48g/tAu from 31m
·      Drillhole DTRC238
                        7m at 1.22g/tAu from 33m, and
                        3m at 2.88g/tAu from 77m
·      Drillhole DTRC245
                        10m at 1.27g/tAu from 56m
Makosa Tail
·      Drillhole DTRC208
        4m at 4.67g/tAu from 41m
·      Drillhole DTRC210
        11m at 2.26g/tAu from 37m
·      Drillhole DTRC223
        3m at 7.47g/tAu from 69m
Segun Lawson, President & CEO, stated
"The initial drilling results from the newly discovered Makosa Bridge prospect are very encouraging. Importantly, the results have established that continuous gold mineralisation is developed over a strike length of nearly 7.5km extending from Makosa Tail in the south to Makosa North. From these reconnaissance drill results it appears that the Makosa system is developing in scale and Makosa North is not yet closed off to the north. We are looking forward to receiving the last set of results aimed at extending Makosa North, after which we will be working towards a maiden resource at Makosa."
Introduction
The Douta Gold Project is a gold exploration permit that covers an area of 58 km2 and is located within the Kéniéba inlier, eastern Senegal. The northeast trending permit (Figure 1) has an area of 58 km2. Thor, through its wholly owned subsidiary African Star Resources Incorporated ("African Star"), has  an economic interest in 70% in partnership with the permit holder, International Mining Company SARL ("IMC"). IMC has a 30% free carried interest in its development until the announcement by Thor of a Probable Reserve.
The Douta licence 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 Teranga Gold Corporation (Figure 1). 
Makosa Tail was discovered in late 2020 in an initial 21 hole Reverse Circulation ("RC") drilling program that targeted the interpreted southern extensions of the Makosa mineralised system. The gap between the two established prospects comprised 1,500m strike length of un-tested sheared sedimentary and gabbroic intrusive rocks that to the north are associated with the Makosa mineralisation. This gap, known as Makosa Bridge, was targeted with an initial seven 200m-spaced exploratory drill cross-sections.
(Please click here for Figure 1: Douta Project location map)
Figure 1: Douta Project location map
To view an enhanced version of Figure 1, please visit:

https://orders.newsfilecorp.com/files/7003/92384_310355ff74267847_002full.jpg
 
Drilling Results
Drill testing of the Makosa Bridge was accomplished on seven drill sections which were spaced 200m apart. This wide spacing was considered to be appropriate for the first phase of drill testing. Based on the positive results received, additional, closer-spaced (infill) drilling will be undertaken.
At the Makosa Tail prospect several infill holes were completed to further test the continuity of mineralisation.  These holes also returned positive results including 11m grading 2.26g/tAu in drillhole DTRC210. Drillhole DTRC223 returned 3m grading 7.47g/tAu suggesting the existence of a higher grade component to the mineralisation. Further drilling is planned to better understand the controls and geometry of the higher grade structures.
The results are from the exploratory RC drilling program at Makosa Bridge together with infill drillholes at Makosa Tail are shown in Table 1 and Figures 2 and 3. The full table of results is attached in Appendix 1.
 




HOLE-ID


Easting


Northing


Elevation


Length (m)


From (m)


To   (m)


Interval   (m)


Grade (g/tAu)


True Width (m)




DTRC206


174425


1434497


190


29


54.0


63.0


9.0


2.39


7




DTRC206


 


 


 


 


65.0


67.0


2.0


2.09


2




DTRC208


174145


1433879


203


30


41.0


45.0


4.0


4.67


3




DTRC210


174137


1433865


200


60


37.0


48.0


11.0


2.26


8




DTRC217


173885


1433643


198


90


23.0


31.0


8.0


2.08


6




DTRC218


174061


1433725


196


84


36.0


37.0


1.0


10.65


1




DTRC223


174137


1433774


208


96


69.0


72.0


3.0


7.47


2




DTRC228


174512


1434615


204


60


44.0


47.0


3.0


1.43


2




DTRC229


174453


1434661


205


66


60.0


62.0


2.0


2.98


2




DTRC231


174422


1434689


197


66


18.0


22.0


4.0


1.00


3




DTRC231


 


 


 


 


26.0


33.0


7.0


1.13


5




DTRC234


174614


1434791


198


60


4.0


16.0


12.0


1.20


9




DTRC235


174591


1434808


197


60


31.0


39.0


8.0


2.48


6




DTRC237


174530


1434856


197


60


21.0


26.0


5.0


0.87


4




DTRC237


 


 


 


 


29.0


33.0


4.0


1.01


3




DTRC238


174503


1434879


200


80


33.0


40.0


7.0


1.22


5




DTRC238


 


 


 


 


59.0


65.0


6.0


0.68


5




DTRC238


 


 


 


 


77.0


80.0


3.0


2.88


2




DTRC241


174674


1434993


200


60


38.0


40.0


2.0


2.07


2




DTRC243


174625


1435033


178


62


5.0


9.0


4.0


1.30


3




DTRC245


174571


1435076


200


66


56.0


66.0


10.0


1.27


8




DTRC261


174892


1435543


180


66


7.0


13.0


6.0


1.01


5




DTRC262


175143


1435593


180


60


47.0


48.0


1.0


4.73


1




DTRC266


175021


1435693


200


72


67.0


70.0


3.0


2.71


2




DTRC269


175185


1435820


180


74


30.0


43.0


13.0


1.58


10




DTRC271


175236


1435890


194


63


13.0


19.0


6.0


0.94


5




DTRC271


 


 


 


 


27.0


35.0


8.0


1.36


6




DTRC272


175218


1435903


196


92


57.0


68.0


11.0


2.00


9




 
Table 1: Makosa Bridge and Makosa Tail Significant Results 
(0.5g/tAu lower cut off; maximum 2m internal dilution)
 
Drill samples were analysed by ALS laboratories in Mali using the AA26 fire assay method (50g charge).
The results indicate multiple parallel, steep north-westerly dipping, mineralised horizons that are developed within a shale/greywacke sequence. Most significantly, is the discovery of several higher grade zones towards the southern end of the drilled area where the drill coverage is wide-spaced.
Systematic infill and step-out drilling is planned to fully assess the potential scale of the project.
(Please click here for Figure 2: Makosa Bridge and Makosa Tail Drillhole Location Map) 
Figure 2: Makosa Bridge and Makosa Tail Drillhole Location Map
To view an enhanced version of Figure 2, please visit:

https://orders.newsfilecorp.com/files/7003/92384_310355ff74267847_003full.jpg
 
(Please click here for Figure 3: Makosa Map showing Makosa significant results obtained in 2021 to date)
Figure 3: Map showing Makosa significant results obtained in 2021 to date
To view an enhanced version of Figure 3, please visit:

https://orders.newsfilecorp.com/files/7003/92384_310355ff74267847_004full.jpg
 
Qualified Person

The above information has been prepared under the supervision of Alfred Gillman (Fellow AusIMM, CP), Group Exploration Manager, 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.
 
Further details can be found on the Company's website: www.thorexpl.com 
About Thor Explorations
Thor Explorations Ltd. is a mineral exploration company engaged in the acquisition, exploration and development of mineral properties located in Nigeria, Senegal and Burkina Faso. Thor Explorations holds a 100% interest in the Segilola Gold Project located in Osun State of Nigeria and has a 70% economic interest in the Douta Gold Project located in south-eastern Senegal. Thor Explorations trades on AIM and the TSX Venture Exchange under the symbol "THX". 
 
THOR EXPLORATIONS LTD. 
Segun Lawson 
President & CEO
For further information please contact: 
Thor Explorations Ltd 
Email: 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 / Nilesh Patel / Franck Nganou
Tel: +44 (0) 20 7907 8500
Fig House Communications (Investor Relations) 
Tel: +1 416 822 6483 
Email: investor.relations@thorexpl.com 
Blytheweigh (Financial PR)                                    
Tim Blythe / Megan Ray / Rachael Brooks 
Tel: +44 207 138 3203
 
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 from 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: Makosa Bridge and Makosa Tail RC Drill Results August 2021
To view Appendix 1, please visit:

https://orders.newsfilecorp.com/files/7003/92384_picture4.jpg
 

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