REG - Thor Explorations Ld - NEW SAMBARA DISCOVERY AND DRILL RESULTS AT MAKOSA
12/09/2022 07:30
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RNS Number : 0212Z Thor Explorations Ltd 12 September 2022
NEWS RELEASE
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES
FOR IMMEDIATE RELEASE
TSXV/AIM: THX
September 12,
2022
Vancouver, British Columbia
NEW SAMBARA DISCOVERY AND FURTHER POSITIVE DRILL RESULTS FROM MAKOSA
AT THE DOUTA GOLD PROJECT, SENEGAL
Thor Explorations Ltd. (TSXV / AIM: THX) ("Thor" or the "Company") is pleased
to announce initial drilling results from both the newly discovered Sambara
Prospect together with continued encouraging results from the Makosa gold
deposit ("Makosa") at its Douta Gold Project, Senegal (the "Douta Project").
The Douta Gold Project currently encompasses the Makosa gold deposit which
currently comprises an Inferred Resource of 730,000 ounces of gold as
announced in its maiden Mineral Resource Estimate ("MRE") published on 18
November 2021.
A comprehensive exploration program, comprising approximately 5,000 metres of
reverse circulation ("RC") drilling in the first phase, was designed to both
upgrade parts of the existing resource and to test a newly identified target
located towards the northern parts of the exploration licence which is known
as Sambara. Initial results suggest that Sambara could potentially develop
into a supplemental high-grade resource. In addition, drilling at the southern
extremity of Makosa has resulted in a high grade intersection which indicates
that robust mineralisation extends at depth.
Highlights include:
Sambara
· Drillhole DTRC426 6m at 4.80g/t Au from 65m
· Drillhole DTRC431 6m at 4.80g/t Au from 12m
· Drillhole DTRC491 2m at 6.39g/t Au from 8m
· Drillhole DTRC493 6m at 2.58g/t Au from 57m
· Drillhole DTRC497 2m at 5.85g/t Au from 26m
Makosa
· Drillhole DTRC504 8m at 4.77g/t Au from 62m
· Drillhole DTRC506 4m at 2.95g/t Au from 1m
Segun Lawson, President & CEO, stated
"We are pleased to report a successful initial drilling campaign on the
Sambara prospect. Significantly, this has established that gold mineralisation
is developed in the northern parts of our exploration permit. We look
forward to advancing exploration on this discovery which we hope will
supplement the Makosa resource.
"In addition, the first batch of samples from the Makosa upgrade drilling
program have produced very positive results that suggest that the resource may
extend at depth. We are looking forward to receiving further results from our
drilling program which will continue over the next six weeks."
Introduction
The Douta Gold Project is a gold exploration permit E02038 that covers an area
of area of 58km² and is located within the Kéniéba inlier, eastern Senegal.
The permit encompasses the Makosa Gold Deposit which currently comprises an
Inferred Resource of 730,000 ounces of gold. The northeast trending permit
(Figure 1) has an area of 58 km².
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 Endeavour Mining (Figure 1). The
northern part of the permit is bounded by the Makabingui group of gold
deposits that belong to Bassari Resources Ltd.
Figure 1: Douta Project location map
Sambara
The Sambara Prospect is located 15km north-east along strike from the Makosa
resource (Figure 1). Drilling targeted an anomalous zone defined by auger
geochemical sampling. The area is located 2km directly north of the Makabingui
group gold deposits that belong to Bassari Resources Ltd and which
collectively contain approximately 340,000oz of gold in the indicated category
and 670,000oz of gold in the inferred category.
Drill testing of the geochemical anomaly was carried out over nine sections
that were spaced at either 100m or 200m apart (Figure 2). 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.
Figure 2: Sambara Drillhole Location Map
The significant intersections from the initial RC drilling program at Sambara
are listed in Table 1. 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).
The results indicate multiple parallel, steep sub-vertically dipping,
mineralised zones that are developed within a shale/greywacke sequence that is
developed closely adjacent to the Makabingui Granitic Intrusive.
Based on the drilling completed to date the mineralised zone extends over a
strike length of approximately 500m. Systematic infill and step-out drilling
is planned to fully assess the extent of mineralisation.
HOLE-ID X Y Z Depth (m) Azi-muth Dip From (m) To (m) Interval (m) Grade (g/tAu) True Width (m)
DTRC426 187999 1451958 146 72 130 -50 65 71 6 4.80 2.5
incl 70 71 1 0.80 10.1
DTRC431 188165 1452076 150 84 130 -50 12 18 6 4.80 3.6
DTRC491 188174 1452068 160 42 130 -60 8 10 2 6.39 1.3
DTRC492 188155 1452081 160 60 130 -60 23 26 3 1.64 1.9
DTRC493 188146 1452093 160 96 130 -60 10 11 1 3.33 0.6
and 41 42 1 2.53 0.6
and 57 63 6 2.58 3.7
includes 59 63 4 3.32 2.3
DTRC496 188230 1452156 145 70 130 -60 8 13 5 1.12 3.2
DTRC497 188094 1452008 158 45 130 -60 15 20 5 1.74 3.1
DTRC497 130 -60 26 28 2 5.85 1.2
DTRC498 188080 1452020 163 90 130 -60 17 22 5 0.55 3.2
and 29 34 5 1.07 3.2
and 60 61 1 4.72 0.6
Table 1: Sambara Significant Results
(0.5g/tAu lower cut off; maximum 2m internal dilution, minimum 2m interval)
Makosa
The Makosa resource is currently classified as Inferred. In July 2022 Thor
commenced a 20,000m 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.
Initial results from drillholes completed at the southern extremity of the
deposit include 8m at 4.77g/t gold from 62m in drillhole DTRC504 (Figures 3
and 4). The significant intersections from Makosa are listed in Table 2. The
full table of results is attached in Appendix 1. In addition to potentially
upgrading this part of the resource, the intersection suggests that gold
mineralisation may extend at depth. Two additional drillholes (DTRC561 and
DTRC562) have subsequently been drilled to test for depth extensions to this
higher grade zone. Assays for these two holes are pending.
HOLE-ID X Y Z Length (m) Azi-muth Dip From (m) To (m) Interval (m) Grade (g/tAu) True Width (m)
DTRC502 173909 1433683 198 70 130 -60 45 52 7 1.11 4.6
DTRC504 173926 1433729 155 80 130 -60 47 50 3 1.48 1.9
and 62 70 8 4.77 5.1
DTRC505 173877 1433642 155 72 130 -60 34 39 5 1.92 3.1
and 53 60 7 0.60 4.4
DTRC506 173898 1433630 200 30 130 -60 1 5 4 2.95 2.5
includes 1 4 3 3.29 1.8
DTRC508 174264 1434389 190 60 130 -60 19 21 2 3.12 1.2
and 47 53 6 0.51 3.7
DTRC509 174304 1434427 190 42 130 -60 38 40 2 2.84 1.2
Table 2: Makosa Significant Results
(0.5g/tAu lower cut off; maximum 2m internal dilution, minimum 2m interval)
Figure 3: Makosa Drillhole Location Map
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 intrusive
(Figure 5). Higher grade zones or shoots are suspected to occur along
east-west oriented structures that cut across the main north-east trend of the
mineralisation. This potential to upgrade the resource will be assessed by
ongoing infill drilling along the Makosa mineralised trend.
Figure 4: Makosa Map showing selected significant intersections
Figure 5: Makosa Cross Section
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 3.11g/tAu from 55m
· Drillhole DTRC347 5m at 1.75g/t Au from 48m
· Drillhole DTRC347 2m at 10.65g/t Au from
56m
Maka Prospect*
· Drillhole DMRC012 4m at 11.0g/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 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.
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% economic interest in the Douta Gold
Project located in south-eastern Senegal. Thor trades on the TSX Venture
Exchange and AIM 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
Ibu Lawson (Head of Investor Relations)
Email: ibu.lawson@thorexpl.com (mailto:ibu.lawson@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
(mailto:investor.relations@thorexpl.com)
BlytheRay (Financial
PR)
Tim Blythe / Megan Ray / Rachael Brooks
Tel: +44 207 138 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 September 2022
Prospect HOLE-ID X Y Z Length (m) Azi-muth Dip From (m) To (m) Interval (m) Grade (g/tAu) True Width (m)
Sambara DTRC407 187763 1451550 134 66 130 -50 nsr
Sambara DTRC408 187734 1451577 133 66 130 -50 nsr
Sambara DTRC409 187703 1451603 134 66 130 -50 nsr
Sambara DTRC410 187672 1451628 136 66 130 -50 nsr
Sambara DTRC411 187981 1451724 140 66 130 -50 2 3 1 0.80 3.1
Sambara and 17 18 1 0.80 0.8
Sambara DTRC412 187950 1451748 140 66 130 -50 21 22 1 0.80 0.9
Sambara and 58 59 1 0.80 1.7
Sambara and 64 66 2 1.60 1.5
Sambara DTRC413 187919 1451773 138 66 130 -50 25 26 1 0.80 1.3
Sambara DTRC414 187885 1451795 138 100 130 -50 71 72 1 0.80 1.4
Sambara and 82 83 1 0.80 1.2
Sambara and 94 95 1 0.80 0.7
Sambara DTRC415 187854 1451819 141 66 130 -50 nsr
Sambara DTRC416 187823 1451844 142 66 130 -50 nsr
Sambara DTRC417 187792 1451870 143 78 130 -50 nsr
Sambara DTRC418 187761 1451894 144 66 130 -50 nsr
Sambara DTRC419 187730 1451918 146 66 130 -50 nsr
Sambara DTRC420 187697 1451942 148 66 130 -50 nsr
Sambara DTRC421 188401 1451404 144 34 130 -50 nsr
Sambara DTRC422 188379 1451423 145 78 130 -50 nsr
Sambara DTRC423 188089 1451888 153 66 130 -50 nsr
Sambara DTRC424 188063 1451911 152 60 130 -50 nsr
Sambara DTRC425 188029 1451931 147 72 130 -50 1 2 1 0.80 1.5
Sambara and 19 20 1 0.80 0.5
Sambara and 24 25 1 0.80 5.4
Sambara DTRC426 187999 1451958 146 72 130 -50 29 30 1 0.80 0.6
Sambara and 45 47 2 1.60 3.3
Sambara incl 45 46 1 0.80 6.0
Sambara and 56 57 1 0.80 1.6
Sambara and 65 71 6 4.80 2.5
Sambara incl 70 71 1 0.80 10.1
Sambara DTRC427 187967 1451983 146 66 130 -50 nsr
Sambara DTRC428 187935 1452008 146 66 130 -50 54 55 1 0.80 0.7
Sambara DTRC429 187904 1452032 147 78 130 -50 nsr
Sambara DTRC430 188196 1452051 149 66 130 -50 nsr
Sambara DTRC431 188165 1452076 150 84 130 -50 1 4 3 2.40 1.4
Sambara and 7 8 1 0.80 0.9
Sambara and 12 18 6 4.80 3.6
Sambara incl 15 16 1 0.80 9.0
Sambara and 27 28 1 0.80 27.0
Sambara DTRC432 188134 1452102 150 66 130 -50 nsr
Sambara DTRC433 188104 1452127 150 72 130 -50 26 27 1 0.80 2.4
Sambara DTRC434 188073 1452153 150 66 130 -50 nsr
Sambara DTRC435 188042 1452178 150 66 130 -50 23 24 1 0.80 0.6
Sambara DTRC436 188477 1452094 132 66 130 -50 nsr
Sambara DTRC437 188445 1452118 132 66 130 -50 nsr
Sambara DTRC438 188415 1452144 133 66 130 -50 nsr
Sambara DTRC439 188382 1452166 134 66 130 -50 nsr
Sambara DTRC440 188358 1452184 135 60 130 -50 nsr
Sambara DTRC441 188333 1452198 138 50 130 -50 nsr
Sambara DTRC442 188305 1452223 143 66 130 -50 nsr
Sambara DTRC443 188461 1452361 145 78 130 -50 45 46 1 0.80 1.4
Sambara DTRC444 188493 1452336 146 66 130 -50 nsr
Sambara DTRC445 188429 1452385 144 78 130 -50 15 16 1 0.80 5.1
Sambara DTRC446 188396 1452408 144 66 130 -50 nsr
Sambara DTRC447 188366 1452435 145 66 130 -50 nsr
Sambara DTRC448 188333 1452460 146 62 130 -50 nsr
Sambara DTRC449 188302 1452483 147 66 130 -50 nsr
Sambara DTRC450 188466 1451481 145 42 130 -50 nsr
Sambara DTRC451 188417 1451390 144 24 130 -50 nsr
Sambara DTRC452 188440 1451370 144 66 130 -50 nsr
Sambara DTRC491 188174 1452068 160 42 130 -60 8 10 2 6.39 1.3
Sambara DTRC492 188155 1452081 160 60 130 -60 23 26 3 1.64 1.9
Sambara DTRC493 188146 1452093 160 96 130 -60 10 11 1 3.33 0.6
Sambara DTRC493 130 -60 41 42 1 2.53 0.6
Sambara DTRC493 130 -60 57 63 6 2.58 3.7
Sambara includes 130 -60 59 63 4 3.32 2.3
Sambara DTRC494 188270 1452126 138 70 130 -60 nsr
Sambara DTRC495 188238 1454149 135 72 130 -60 nsr
Sambara DTRC496 188230 1452156 145 70 130 -60 8 13 5 1.12 3.2
Sambara DTRC497 188094 1452008 158 45 130 -60 15 20 5 1.74 3.1
Sambara DTRC497 130 -60 26 28 2 5.85 1.2
Sambara DTRC498 188080 1452020 163 90 130 -60 17 22 5 0.55 3.2
Sambara DTRC498 130 -60 29 34 5 1.07 3.2
Sambara DTRC498 130 -60 38 41 3 0.60 1.9
Sambara DTRC498 130 -60 52 55 3 0.66 1.9
Sambara DTRC498 130 -60 60 61 1 4.72 0.6
Sambara DTRC499 187991 1451963 157 120 130 -60 94 96 2 0.79 1.3
Sambara DTRC500 187948 1451867 154 70 130 -60 nsr
Sambara DTRC501 187931 1451883 141 89 130 -60 nsr
Sambara DTRC561 173918 1433737 155 110 130 -65 assays pending
Sambara DTRC562 173908 1433698 155 95 130 -70 assays pending
Makosa DTRC490 179486 1441097 178 66 130 -60 11 18 7 0.41 5.3
Makosa DTRC502 173909 1433683 198 70 130 -60 45 52 7 1.11 4.6
Makosa DTRC503 173944 1433716 197 45 130 -60 nsr
Makosa DTRC504 173926 1433729 155 80 130 -60 47 50 3 1.48 1.9
Makosa DTRC504 130 -60 62 70 8 4.77 5.1
Makosa DTRC505 173877 1433642 155 72 130 -60 34 39 5 1.92 3.1
Makosa DTRC505 130 -60 53 60 7 0.60 4.4
Makosa DTRC506 173898 1433630 200 30 130 -60 1 5 4 2.95 2.5
Makosa includes 130 -60 1 4 3 3.29 1.8
Makosa DTRC507 174278 1434385 191 48 130 -60 nsr
Makosa DTRC508 174264 1434389 190 60 130 -60 19 21 2 3.12 1.2
Makosa DTRC508 130 -60 47 53 6 0.51 3.7
Makosa DTRC509 174304 1434427 190 42 130 -60 38 40 2 2.84 1.2
("NSR") refers to No Significant Result intersected.
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