Thor Explorations Ld - FURTHER MINERALISATION INTERSECTED BELOW SEGILOLA

Thor Explorations

06/08/2026 07:00

RNS Number : 4840P
  
Thor Explorations Ltd
  
06 August 2026
  
 



 
 
NEWS RELEASE
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR

DISTRIBUTION TO U.S. WIRE SERVICES
 
FOR IMMEDIATE RELEASE                                                                                   TSXV/AIM: THX
 
August 6, 2026                                                                                                                               
 
Vancouver, British Columbia
 
FURTHER HIGH-GRADE MINERALISATION INTERSECTED BELOW SEGILOLA OPEN PIT
Thor Explorations Ltd (TSXV / AIM: THX) ("Thor" or the "Company") is pleased to announce that its ongoing diamond drilling program beneath the current Segilola Gold Mine ("Segilola" or the "Project") open pit continues to intersect high grade gold mineralisation which remains open at depth.
Significant drill intersections from the program include:
·    Drillhole SNMDD089 - 19.4 metres ("m") at 3.01 grammes per tonne of gold ("g/t Au") from 346m
·      Drillhole SNMDD166 - 5.3m at 5.66g/t Au from 300m
·      Drillhole SNMDD171 - 2m at 9.27g/t Au from 420m
·      Drillhole SNMDD170 - 3.4m at 7.58g/t Au from 289m
·      Drillhole SNMDD178 - 1.2m at 11.31g/t Au from 288m
·     Drillhole SNMDD179 - 2.1m at 3.02g/t Au from 296.9m and 3.3m at 5.99 g/t Au from 307.7m and 5.5m at 2.28g/t Au from 312m
 
Segun Lawson, President & CEO, stated
"We are extremely pleased to report these drill results which demonstrate the continuation of high-grade mineralisation beneath the Segilola pit and continue to contribute new ounces to Segilola' s gold inventory well below the current pit design. We are also encouraged that our drilling continues to delineate a high grade steeply dipping shoot in a previously untested area which currently extends to 400m beneath the pit and remains open.
"This has been an extensive drilling program which will continue through the course of the year as we work towards making an underground mining development decision. I am particularly pleased with our growing understanding of the structural controls of the mineralisation, which has been a challenging aspect of this drilling program.
"Our drilling has intersected multiple strong intercepts which include grades between 5 and 11 g/t gold at mineable widths, encountered hundreds of metres below the surface of the final open pit. This provides a strong platform for continued resource growth and potential mine-life extension, enhancing the long-term value of Segilola.
"As our drilling program continues, using four owner-operated rigs, we will focus on testing the along-strike and down-plunge extensions of the deposit where relatively little drill-testing has taken place. We are encouraged that these deeper holes confirm the continuation of the mine rock sequence which remains mineralised and also open at depth. We look forward to receiving further results, which will add to our understanding of the deposit as we progress our plans for potential underground mining.
"Our drilling will continue to both upgrade parts of the remaining inferred underground resource and to increase the overall size of the underground resource with the objective of extending the life of mine at Segilola."
Introduction
The Segilola Gold Project is located 190 kilometres 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 ongoing diamond drilling program that commenced is continuing to test the continuity of mineralisation following the down-plunge trend to the south. Drill sampling is being carried out using HQ diamond core. Half core samples are analysed by fire assay at the SROL 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). Significant results that exceed three gram-metres (average grade x true width) are shown in Table 1. All results are tabled in Appendix 1.



Figure 1: Longitudinal Section Showing Gram-Metre Contours and Drill Intercepts
 
Drilling has focused on two main areas: the Northern Zone, where the targeted mineralisation forms the hanging wall lode, which is variable in geometry ranging from a vertical orientation to a prominent south-plunging orientation at depth, and the Southern Zone, where mineralisation is developed in both the shallow-plunging footwall zones and the hanging wall zones (Figure 1).
 
The main shallow-plunging mineralised structure in the Southern Zone is typically more continuous, with true widths of 3-5m and a strike length of about 800m. Significant intersections from the current drilling include 1.6m grading 3.73g/t Au in drillhole SNMDD090.
 
 
 
Figure 2: Longitudinal Section Showing Mineralisation Trends and Drill Intercepts
 




Hole ID


East


North


Depth (m)


Dip


Azi-muth


From    (m)


To         (m)


Interval (m)


Grade (g/tAu)


True Width (m)




SNMDD089


4083


11797


368


-84


91


346.0


365.4


19.4


3.01


9.0




SNMDD090


4099


10749


278


-61


92


256.1


258.2


2.1


3.73


1.6




SNMDD097


4199


10469


210


-79


90


437.3


439.8


2.5


3.60


1.2




SNMDD098


4032


11724


485


-84


90


448.0


456.3


8.3


1.41


4.1




SNMDD101


4203


10448


231


-84


90


198.5


203.2


4.7


1.52


2.1




SNMDD107


4035


10833


382


-70


90


345.1


348.4


3.3


1.27


2.2




SNMDD114


4031


11756


442


-80


80


411.5


423.3


11.8


1.26


6.4




SNMDD125


4020


11783


420


-78


90


397.7


406.2


8.5


1.55


4.7




SNMDD128


4068


11823


390


-79


81


349.3


363.0


13.7


1.80


7.0




SNMDD129


4065


11849


429


-84


132


384.9


392.4


7.5


1.66


3.2




SNMDD138


4141


11605


174


-55


90


123.6


124.9


1.3


4.93


1.1




SNMDD141


3968


11264


420


-63


90


353.3


354.7


1.4


2.83


1.1




SNMDD144


4157


11542


155


-53


90


110.8


111.5


0.7


5.92


0.6




SNMDD150


4206


11690


89


-80


90


30.5


31.8


1.3


4.10


0.7




SNMDD165


4027


11936


327


-65


90


299.9


301.7


1.8


10.50


1.4




SNMDD166


4068


11843


321


-71


90


300.1


305.4


5.3


5.66


3.3




SNMDD170


4076


11899


372


-74


91


288.7


292.1


3.4


7.58


2.2
























and


303.0


307


4.0


1.16


2.6




SNMDD171


3951


11221


480


-67


90


420.1


422.1


2.0


9.27


1.6




SNMDD178


4092


11959


276


-74


90


256.0


257.2


1.2


11.31


0.7




SNMDD179


4067


11864


334.4


-75


90


297.4


299


1.6


3..67


1.02
























and


307.7


311


3.3


10.19


2.11
























and


312.5


316


3.5


2.86


2.24




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

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 












Figure 3: Selected Underground Drilling Cross Sections from Segilola Northern Zone
 
 
 
 
  
Figure 4: Selected Underground Drilling Cross Sections from Segilola Southern Zone
 
Conclusions
The preliminary economic assessment (PEA) completed in 2018 included an "underground" indicated resource of 28,000 ounces grading 9.4g/t Au together with an inferred resource of 90,000 ounces grading 7.9g/t Au. A portion of this resource has since been incorporated within a larger open pit design.
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 prior to transitioning to an underground operation in the short term.
 
It is anticipated that the current program will both upgrade the inferred resource below the pit and increase the size the overall of the resource, with the objective of increasing the life of mine at Segilola.
Ongoing work streams will also incorporate geotechnical and metallurgical studies.
 
Forward Programs
The Group has engaged a mining consultancy to conduct a high-level review of the underground potential as well as potential open pit mine life extension at current compiled potential resources to support the continuation of the drilling program. The Group is now aiming to define an updated resource by the end of 2026.
 
In addition to this, exploration activities were carried out on all the Group's licenses. A follow-up drilling program designed to test surrounding geochemical signatures and potential extensions along strike commenced during the period.
 
 
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
 
Canaccord Genuity (Nominated Adviser & Broker)
Henry Fitzgerald-O'Connor / James Asensio / Harry Rees
Tel: +44 (0) 20 7523 8000
 
Hannam & Partners (Broker)
Andrew Chubb / Matt Hasson / Jay Ashfield
Tel: +44 (0) 20 7907 8500
 
BlytheRay (Financial PR)           
Tim Blythe / Megan Ray / Said Izagaren
Tel: +44 207 138 3204
 
Yellow Jersey PR (Financial PR)
Charles Goodwin / Shivantha Thambirajah 
Tel:  +44 (0) 20 3004 9512
 
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


Depth (m)


Dip


Azi-muth


From    (m)


To    (m)


Interval (m)


Grade (g/tAu)


True Width (m)




SNMDD089


4083


11797


368.4


-84.0


91


346.0


365.4


19.4


3.01


9.0




SNMDD090


4099


10749


278.3


-61.5


92


256.1


258.2


2.1


3.73


1.6




SNMDD091


4218


10418


126.4


-55.0


90


93.8


94.5


0.7


2.10


0.6




SNMDD092


4048


11640


476.3


-84.0


90


nsr




















SNMDD093


4168


10503


218.6


-72.0


90


192.2


195.5


3.3


1.18


2.1




SNMDD094


4137


10601


243.3


-63.0


122


213.6


214.9


1.3


2.32


0.9




SNMDD095


4102


11639


330.2


-81.0


90


nsr




















SNMDD096


4020


11783


518.3


-83.0


90


nsr




















SNMDD097


4199


10469


209.7


-79.0


90


437.3


439.8


2.5


3.6


1.2




SNMDD098


4032


11724


485.4


-84.0


90


448.0


456.3


8.3


1.41


4.1




SNMDD100


4097


10748


347.6


-76.0


90


297.9


299.0


1.1


1.2


0.6




SNMDD101


4203


10448


230.9


-84.0


90


198.5


203.2


4.7


1.52


2.1




SNMDD102


3990


11103


407.3


-68.0


90


370.0


371.0


1


0.54


0.7




SNMDD104


4065


11864


386.5


-80.0


90


nsr




















SNMDD105


4102


10421


303.6


-74.0


90


284.4


287.0


2.6


0.68


1.5




SNMDD106


4009


11229


323.6


-62.0


90


290.1


291.1


1


0.68


0.8




SNMDD107


4035


10833


382.1


-70.0


90


345.1


348.4


3.3


1.27


2.2




SNMDD108


4188


10477


254.3


-84.0


90


223.4


227.0


3.6


0.66


1.7




SNMDD109


4015


11695


623.9


-87.0


130


nsr




















SNMDD110


4093


10708


332.9


-73.0


90


nsr




















SNMDD111


4092


10420


371.6


-75.0


142


nsr




















SNMDD112


4027


11227


326.6


-63.0


95


295.5


296.4


0.9


2.03


0.7




SNMDD114


4031


11756


441.9


-80.0


80


411.5


423.3


11.8


1.26


6.4




SNMDD115


4083


11797


338.4


-79.0


90


nsr




















SNMDD116


4093


10421


344.5


-62.0


132


307.0


308.0


1


0.7


0.6




SNMDD117


4034


11724


473.2


-78.0


90


383.0


384.0


1


0.88


0.6




SNMDD118


4010


10987


368.7


-64.0


105


nsr




















SNMDD120


4084


11797


293.4


-76.0


90


nsr




















SNMDD121


4033


10886


453.0


-63.0


90


331.0


334.6


3.6


0.72


2.6




SNMDD122


4104


11963


206.7


-64.0


90


nsr




















SNMDD124


4091


10421


304.1


-50.0


127


nsr




















SNMDD125


4020


11783


420.0


-78.0


90


397.7


406.2


8.5


1.55


4.7




SNMDD126


4107


12276


221.1


-66.0


90


nsr




















SNMDD128


4068


11823


390.1


-79.0


81


349.3


363.0


13.7


1.8


7.0




SNMDD129


4065


11849


428.5


-84.0


132


384.9


392.4


7.5


1.66


3.2




SNMDD130


4015


11687


587.5


-81.0


90


nsr




















SNMDD131


3993


11905


540.0


-82.0


90


nsr




















SNMDD132


4009


11740


539.7


-83.0


90


nsr




















SNMDD133


3995


11830


594.1


-85.0


90


561.0


564.0


3


1.06


1.3




SNMDD135


3963


11175


618.0


-81.0


90


nsr




















SNMDD137


3994


11905


468.0


-77.0


90


nsr




















SNMDD138


4141


11605


174.0


-55.0


90


123.6


124.9


1.3


4.93


1.1




SNMDD139


4092


11725


193.7


-44.0


90


156.2


157.2


1


0.83


0.9




SNMDD140


4096


11772


193.5


-45.0


90


nsr




















SNMDD141


3968


11264


420.0


-63.1


90


353.3


354.7


1.4


2.83


1.1




SNMDD142


4094


11712


200.6


-48.0


90


nsr




















SNMDD143


4094


11792


190.7


-45.0


105


nsr




















SNMDD144


4157


11542


154.9


-53.0


90


110.8


111.5


0.7


5.92


0.6




SNMDD145


4114


11648


290.0


-45.0


90


141.9


142.7


0.8


0.67


0.7




SNMDD146


4146


11585


173.3


-62.0


90


nsr




















SNMDD147


4109


11628


296.5


-50.0


90


151.3


152.7


1.4


0.87


1.3




SNMDD148


4026


11935


448.8


-78.0


90


nsr




















SNMDD149


4070


12196


347.7


-80.0


90


nsr




















SNMDD150


4206


11690


89.0


-80.0


90


30.5


31.8


1.3


4.10


0.7




SNMDD151


4195


11791


89.6


-65.0


90


34.0


34.8


0.8


1.48


0.6




SNMDD152


4198


11770


80.6


-70.4


91


29.3


35.0


5.7


0.55


3.7




SNMDD153


4205


11710


77.3


-70.0


90


24.0


25.9


1.9


1.76


1.2




SNMDD154


4202


11731


95.3


-80.0


90


nsr




















SNMDD155


4200


11750


80.7


-75.0


90


36.0


37.0


1


0.54


0.6




SNMDD156


3965


11264


440.3


-64.0


90


385.9


386.9


1


0.66


0.7




SNMDD157


4057


10674


461.7


-79.0


90


nsr




















SNMDD158


3981


11293


494.2


-76.0


90


nsr




















SNMDD159


4112


11522


284.3


-73.0


90


nsr




















SNMDD160


3922


11428


497.7


-70.3


91


nsr




















SNMDD162


3971


11263


359.3


-53.0


90


329.3


332.0


2.7


0.67


2.4




SNMDD163


3964


11243


475.2


-76.0


90


445.0


446.0


1


0.6


0.8




SNMDD164


4112


11526


419.9


-87.0


90


nsr




















SNMDD165


4027


11936


326.6


-65.0


90


299.9


301.7


1.8


10.5


1.4




SNMDD166


4068


11843


321.2


-71.0


90


300.1


305.4


5.3


5.66


3.3




SNMDD167


3962


11229


449.3


-66.0


90


396.0


397.0


1


1.92


0.7




SNMDD169


4111


11516


232.2


-59.0


90


nsr




















SNMDD170


4076


11899


372.0


-74.0


91


288.7


292.1


3.41


7.58


2.2
























and


303.0


307


4.0


1.16


2.6




SNMDD171


3951


11221


480.0


-67.0


90


420.1


422.1


2


9.27


1.6




SNMDD172


4043


11452


322.1


-60.0


90


nsr




















SNMDD173


3982


11293


425.1


-70.0


90


nsr




















SNMDD174


3977


11027


392.8


-65.0


90


nsr




















SNMDD175


3968


11080


389.3


-60.0


90


355.35


358.3


2.95


0.61


2.5




SNMDD177


3966


11145


383.6


-62.0


90


352.2


355.6


3.4


0.87


2.7




SNMDD178


4092


11959


275.6


-74.0


90


256.0


257.2


1.2


11.31


0.7




SNMDD179


4067


11864


334.4


-75


90


297.4


299


1.6


3.67


1.02
























and


307.7


311


3.3


10.19


2.11
























and


312.5


316


3.5


2.86


2.24




 
 




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