REG-Thor Explorations Ltd. New Makosa "Bridge" Mineralisation at the Douta Gold Project, Senegal

Thor ExplorationsAnnouncement

09/08/2021 07:05

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Thor Explorations Ltd. (THX)
New Makosa "Bridge" Mineralisation at the Douta Gold Project, Senegal

09-Aug-2021 / 08:03 CET/CEST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

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Vancouver, British Columbia--(Newsfile Corp. - August 9, 2021) - Thor
Explorations Ltd. (TSXV: THX) (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
km^2 and is located within the Kéniéba inlier, eastern Senegal. The northeast
trending permit (Figure 1) has an area of 58 km^2. 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  1 here for Figure 1: Douta Project location map)

                        2 92384_310355ff74267847_002.jpg
                      Figure 1: Douta Project location map
             To view an enhanced version of Figure 1, please visit:
 3 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.

          Table 1: Makosa Bridge and Makosa Tail Significant Results 
             (0.5g/tAu lower cut off; maximum 2m internal dilution)

HOLE-ID Easting Northing Elevation Length From  To  Interval  Grade  True Width
                                    (m)   (m)  (m)    (m)    (g/tAu)     (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

 

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  4 here for Figure 2: Makosa Bridge and Makosa Tail Drillhole
Location Map)

                        5 92384_310355ff74267847_003.jpg
         Figure 2: Makosa Bridge and Makosa Tail Drillhole Location Map
             To view an enhanced version of Figure 2, please visit:
 6 https://orders.newsfilecorp.com/files/7003/92384_310355ff74267847_003full.jpg

(Please click  7 here for Figure 3: Makosa Map showing Makosa significant
results obtained in 2021 to date)

                        8 92384_310355ff74267847_004.jpg
   Figure 3: Map showing Makosa significant results obtained in 2021 to date
             To view an enhanced version of Figure 3, please visit:
 9 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:  10 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:  11 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:  12 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. 13 92384_310355ff74267847_005full.jpg

                            14 92384_picture4_550.jpg
     Appendix 1: Makosa Bridge and Makosa Tail RC Drill Results August 2021

            To view an enhanced version of Appendix 1, please visit:
        15 https://orders.newsfilecorp.com/files/7003/92384_picture4.jpg

              NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR  
                       DISTRIBUTION TO U.S. WIRE SERVICES

 16 92384_310355ff74267847_logo.jpg

To view the source version of this press release, please visit
 17 https://www.newsfilecorp.com/release/92384

 18 327

Click on, or paste the following link into your web browser,to view the
associated documents http://www.newsfilecorp.com/release/92384
News Source: Newsfile

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   ISIN:          CA8851491040
   Category Code: Medium priority
   TIDM:          THX
   Sequence No.:  119453
   EQS News ID:   1224819


    
   End of Announcement EQS News Service

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