REG - Thor Explorations Ld - POSITIVE EXPLORATION RESULTS FROM DOUTA

Thor ExplorationsAnnouncement

26/06/2024 07:00

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RNS Number : 8669T  Thor Explorations Ltd  26 June 2024

NEWS RELEASE

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR

DISTRIBUTION TO U.S. WIRE SERVICES

 

FOR IMMEDIATE RELEASE
 
       TSXV: THX

June 26,
2024

 

Vancouver, British Columbia

 

THOR EXPLORATIONS ANNOUNCES POSITIVE EXPLORATION RESULTS FROM THE DOUTA GOLD
PROJECT, SENEGAL

 

Thor Explorations Ltd. (TSXV/AIM: THX) ("Thor" or the "Company") is pleased to
announce the first set of drilling results from its 2024 drilling programme at
the Douta Gold Project, Senegal (the "Douta Project"). The drill-intersections
of significant gold mineralisation are from the Makosa East Prospect ("Makosa
East") where the programme commenced.

The Douta Gold Project encompasses the Makosa gold deposit which currently
comprises a total resource of approximately 1.78 million ounces ("Moz") of
gold ("Au") that consists of an indicated resource of 20.2 million tonnes
("Mt") grading 1.3 grammes per tonne ("g/t") Au for 874,900 ounces of gold
("oz Au") together with an Inferred Resource of 24.1 Mt grading 1.2 g/t Au for
909,400 oz Au.

A reverse circulation ("RC") drilling programme has focussed on the extensions
to Makosa East which runs parallel to the main Makosa mineralised trend with
the priority being to increase the oxide component of the existing resource.

The assay results from the drilling completed to date include the following
highlights:

·      Drillhole DTRC941  - 24 metres ("m") at 3.53 g/t Au from 0m

·      Drillhole DTDD920 - 12m at 1.40 g/t Au from 33m

·      Drillhole DTDD921 - 9m at 2.74 g/t Au from 15m

·      Drillhole DTRC936 - 8m at 1.13 g/t Au from 16m

Segun Lawson, President & CEO, stated:

"We are pleased to announce new significant drilling results from the Makosa
East Prospect which forms an important component of the larger Douta resource.
These results will help us in achieving the main purpose of the 2024 drilling
programme, which has been to increase the oxide component of the resource.

"We have been encouraged by the start of this drilling campaign which has
targetted the oxide component and has also delineated gold mineralisation from
surface.

"We look forward to completing the balance of the 15,000 metre drilling
programme in the coming months over a number of prospects in the Douta and
Douta West licences with the objective of incorporating all results into an
updated resource and Preliminary Feasibility Study in the second half of the
year as part of our strategy of bringing the Company's second gold mine into
production."

Introduction

The Douta Gold Project comprises two exploration permits located within the
Kéniéba inlier, eastern Senegal. The Douta permit, EL02038, is held by Thor,
through its wholly owned subsidiary African Star Resources Incorporated
("African Star") which acquired a 70% economic interest in the licence through
a joint venture agreement with the permit holder International Mining Company
SARL ("IMC"). IMC has a 30% free carried interest until the announcement by
Thor of a probable reserve. EL02038 is currently in the process of being
converted from an exploration licence to a mining licence.

 

The Douta West Project, comprising exploration permit E03709, is contiguous
with Thor's EL02038 (Figure 1). Douta West is operated by Thor under an
agreement with Birima Gold Resources Consulting and encompasses several
historic gold-in-soil geochemical anomalies that extend south from the
southern end of the Makosa Tail prospect and that also run parallel and to the
north of the known Makosa trend in a corridor that occupies the ground between
Makosa and Endeavour Mining's Masawa gold mine.

The Company also has an interest in the Sofita Gold Exploration Licence,
located approximately 45km south west of the Douta Project and is operated by
Thor under an agreement with Sofita Services Et Logistiques (Figure 1).

 

Figure 1: Douta Project Location Map

 

Drilling Results

 

In May 2024, Thor commenced the first phase of its 2024 drilling programme of
extensional RC drilling with the objective of increasing the oxide resources
along the northern strike extensions of the Makosa East prospect (Figure 3).

The significant intersections from this programme are listed in Table 1. All
intersections are reported in Appendix 1. Drill samples were analysed by ALS
Laboratories in Mali using the AA26 fire assay method (50 gramme charge).

 

 Hole ID  Easting  Northing  Depth  Dip  Azimuth  From     (m)      To    (m)     Interval    (m)     Grade (g/tAu)  True Width (m)
 DTRC913  176244   1436572   50     -60  130      6                 8             2                   0.75           1.8
 DTRC913                                          11                14            3                   0.58           2.6
 DTRC914  176225   1436587   50     -60  130      11                15            4                   0.70           3.5
 DTRC914                                          19                21            2                   3.47           1.8
 DTRC915  176203   1436603   50     -60  130      38                45            7                   0.70           6.1
 DTRC919  176315   1436769   50     -60  130      0                 4             4                   0.67           3.5
 DTRC919                                          7                 12            5                   0.71           4.4
 DTRC920  176294   1436787   50     -60  130      33                45            12                  1.40           10.5
 DTRC921  176421   1436952   50     -60  130      2                 6             4                   1.42           3.5
 DTRC921                                          15                24            9                   2.74           7.9
 DTRC922  176408   1436962   50     -60  130      19                40            21                  0.82           18.4
 DTRC923  176387   1436981   50     -60  130      48                50            2                   0.80           1.8
 DTRC925  176594   1437072   50     -60  130      18                20            2                   1.19           1.8
 DTRC929  176709   1437221   50     -60  130      16                18            2                   0.79           1.8
 DTRC932  176849   1437366   50     -60  130      3                 5             2                   1.13           1.8
 DTRC936  176941   1437548   50     -60  130      16                24            8                   1.13           7.0
 DTRC936                                          25                30            5                   0.82           4.4
 DTRC936                                          32                38            6                   0.71           5.3
 DTRC936                                          41                43            2                   0.61           1.8
 DTRC937  176922   1437566   50     -60  130      37                43            6                   0.64           5.3
 DTRC939  176989   1437644   50     -60  130      4                 15            11                  0.94           9.6
 DTRC939                                          22                24            2                   0.68           1.8
 DTRC939                                          32                36            4                   1.37           3.5
 DTRC939                                          40                45            5                   1.36           4.4
 DTRC941  177031   1437718   50     -60  130      0                 24            24                  3.53           21.0
 DTRC941                                          31                33            2                   1.64           1.8

 

Table 1: Douta Project Significant Results (>5 gramme-metres: grade*true
width)

(0.5 g/t Au lower cut off; minimum width 2m with 2m max internal waste)

 

The drill results demonstrate the continuity of gold mineralisation at both
the southern and northern end of the Makosa East trend. Several higher-grade
intersections were obtained including 24m grading 3.53 g/t Au in drillhole
DTRC941, 12m grading 1.40 g/t Au in DTRC920 and 9m grading 2.74 g/t Au in
DTRC921. These intersections are located predominantly in the oxidised
weathering zone (Figure 2). The location of the cross section in Figure 2 is
shown on Figure 4.

Figure 2: DTRC941 Cross Section

 

The Makosa East prospect has been tested over a strike length of about 2,700m
on a series of 200m spaced sections (Figures 3 and 4). Additional extensional
and infill drilling is planned to test for additional resources with the
priority being the near-surface, oxidised weathering zone.

Figure 3: Makosa-Makosa East Prospect Location Map

 

Figure 4: Makosa East Prospect Detailed Location Map

 

Ongoing Exploration

The Douta Project permits encompass numerous additional targets that are yet
to be fully tested. Within the Douta licence itself, the main targets are
Mansa, Maka and Sambara (Figure 5). Additional detailed drilling during 2024
is planned to fully test these targets. Target generation using geochemical
sampling methods is continuing within the Douta permit, the adjoining Douta
West permit and the Sofita permit that is located south of the regional centre
of Kedougou.

Figure 5: Makosa East Prospect Detailed Location Map

 

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% interest in the Douta Gold Project
located in south-eastern Senegal. Thor trades on 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 (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 / Nilesh Patel / 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 / Zara McKinlay

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

 

Makosa East Drilling Results

(0.25g/tAu lower cut off; minimum width 2m with 2m max internal waste)

 

 Hole ID  Easting  Northing  Depth  Dip  Azimuth  From     (m)      To    (m)     Interval    (m)     Grade (g/tAu)  True Width (m)
 DTRC913  176244   1436572   50     -60  130      4                 14            10                  0.49           8.8
 DTRC913                                          18                24            6                   0.37           5.3
 DTRC914  176225   1436587   50     -60  130      11                16            5                   0.63           4.4
 DTRC914                                          18                22            4                   1.89           3.5
 DTRC915  176203   1436603   50     -60  130      36                45            9                   0.62           7.9
 DTRC916  176190   1436616   50     -60  130      nsr
 DTRC917  176353   1436736   50     -60  130      24                26            2                   0.30           1.8
 DTRC917                                          44                47            3                   0.76           2.6
 DTRC918  176335   1436753   50     -60  130      35                38            3                   0.29           2.6
 DTRC918                                          42                44            2                   0.35           1.8
 DTRC919  176315   1436769   50     -60  130      0                 9             9                   0.58           7.9
 DTRC919                                          10                13            3                   0.61           2.6
 DTRC920  176294   1436787   50     -60  130      32                49            17                  1.06           14.9
 DTRC921  176421   1436952   50     -60  130      1                 7             6                   1.07           5.3
 DTRC921                                          14                27            13                  2.02           11.4
 DTRC922  176408   1436962   50     -60  130      19                40            21                  0.81           18.4
 DTRC923  176387   1436981   50     -60  130      45                50            5                   0.53           4.4
 DTRC924  176614   1437046   50     -60  130      15                21            6                   0.67           5.3
 DTRC924                                          43                45            2                   0.45           1.8
 DTRC925  176594   1437072   50     -60  130      10                13            3                   0.48           2.6
 DTRC925                                          17                20            3                   0.90           2.6
 DTRC926  176570   1437084   50     -60  130      nsr
 DTRC927  176550   1437103   50     -60  130      nsr
 DTRC928  176731   1437205   50     -60  130      nsr
 DTRC929  176709   1437221   50     -60  130      1                 8             7                   0.34           6.1
 DTRC929                                          14                18            4                   0.49           3.5
 DTRC930  176691   1437239   50     -60  130      nsr                                                 .
 DTRC931  176675   1437256   50     -60  130      nsr
 DTRC932  176849   1437366   50     -60  130      1                 5             4                   0.77           3.5
 DTRC933  176835   1437384   50     -60  130      nsr
 DTRC934  176814   1437402   50     -60  130      nsr
 DTRC935  176799   1437413   50     -60  130      nsr
 DTRC936  176941   1437548   50     -60  130      16                30            14                  0.95           12.3
 DTRC936                                          32                43            11                  0.60           9.6
 DTRC937  176922   1437566   50     -60  130      33                45            12                  0.45           10.5
 DTRC938  176903   1437582   50     -60  130      nsr
 DTRC939  176989   1437644   50     -60  130      0                 24            24                  0.65           21.0
 DTRC939                                          31                37            6                   1.02           5.3
 DTRC939                                          40                45            5                   1.36           4.4
 DTRC940  176966   1437662   50     -60  130      nsr
 DTRC941  177031   1437718   50     -60  130      0                 28            28                  3.10           24.5
 DTRC941                                          31                33            2                   1.65           1.8
 DTRC941                                          48                50            2                   0.39           1.8
 DTRC942  177081   1437801   50     -60  130      32                34            2                   0.47           1.8
 DTRC942                                          44                46            2                   0.38           1.8
 DTRC943  177065   1437817   50     -60  130      10                13            3                   0.34           2.6
 DTRC944  177141   1437881   50     -60  130      nsr
 DTRC945  177205   1437959   50     -60  130      nsr
 DTRC946  177186   1437969   50     -60  130      nsr

 

 

 

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