REG - Thor Explorations Ld - 100% INTEREST IN DOUTA AND PERMIT ACQUISITION

Thor ExplorationsAnnouncement

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RNS Number : 2827Y  Thor Explorations Ltd  08 September 2025

 

 

 

 

NEWS RELEASE

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR

DISTRIBUTION TO U.S. WIRE SERVICES

 

 

 September 8, 2025            TSXV/AIM: THX

 Vancouver, British Columbia

 

This Announcement contains inside information as defined in Article 7 of the
Market Abuse Regulation No. 596/2014 ("MAR"). Upon the publication of this
Announcement, this inside information is now considered to be in the public
domain.

 

 

THOR EXPLORATIONS INCREASES STAKE TO 100% INTEREST IN THE DOUTA PROJECT AND
COMPLETES THE ACQUISITION OF BOUSANKHOBA PERMIT IN SOUTHEAST SENEGAL

 

 

Thor Explorations Ltd ("Thor" or the "Company") is pleased to announce that it
has signed a binding sale and purchase agreement ("SPA") with its Douta
Project joint venture ("JV") partner, International Mining Company SARL
("IMC"), to acquire IMC's entire outstanding 30% economic interest (the
"Acquisition") in the Douta Gold Project in Senegal ("Douta"). The completion
of the acquisition moves Thor's interest in Douta from 70% to 100%.

The Acquisition will be subject to the completion of certain conditions
precedent including final approval from the Minister of Mines. The total
consideration for the Acquisition is a cash payment of US$3,000,000 and a 1.5%
Net Smelter Royalty ("NSR"). 50% of the cash payment is payable on signing and
50% is payable at completion. The NSR is capped up to a maximum of US$60
million.

 

In addition to the Acquisition, the Company has also acquired an initial 65%
interest in the Bousankhoba Exploration Permit EL02254 ("Bousankhoba").
Bousankhoba is an early-stage gold exploration permit located contiguous to
the east of the Company's Douta West permit (Figure 1). Extensive first stage
exploration completed over Bousankhoba has identified numerous geochemical
targets associated with a major shear zone over an 18 kilometre ("km") strike
length. Two prospects, Massa Massa and Sekhoto, are located along this zone.
An additional prospect known as the Sakhofara is located 7km east of Massa
Massa in the northern part of the permit and is defined by a 3.5km north-east
trending geochemical anomaly. Historical early-stage drilling carried out by
the prior owners of the licence has only tested the Sekhoto prospect,
producing encouraging results including 10 metres ("m") at 3.6 grammes per
tonne ("g/t") of gold ("Au") and 2m at 52g/t Au.

The terms of the Bousankhoba earn-in include a minimum exploration program
over 24 months and an earn-in payment of US$160,000 payable within the first
six months of signing.

 

Segun Lawson, President & CEO, stated:

"We are delighted to have agreed terms and signed binding agreements with IMC,
our Douta Project joint venture partner, to complete this important and
strategic acquisition. This is an acquisition of the remaining 30% economic
interest in the Douta Project that we did not previously own. We appreciate
the significant role of IMC in assisting our journey in Senegal since the
acquisition of our initial interest in Douta as a grass roots exploration
project. We are also thankful for IMC's dedication to making this transaction
efficient and look forward to continuing our productive relationship with IMC
who continue to provide invaluable in-country assistance and guidance.

"With the Douta Project Preliminary Feasibility Study at an advanced stage,
there is compelling strategic rationale for the Acquisition. This is a project
we are very much looking forward to building. Owning it on a 100% basis allows
for an efficient development process and full exposure to the project
economics prior to the Government's 10% free carried interest.

"We are also delighted to have completed the acquisition of a 65% joint
venture initial interest in the Bousankhoba Permit. This permit increases the
footprint of the Douta Project for regional exploration. Historical drilling
at Bousankhoba shows encouraging mineralisation that potentially could be
extensions to mineralisation being presently tested at Baraka 3.

"We are positioned to deliver the Douta Preliminary Feasibility Study in Q4
2025 on a 100% ownership basis, with significant exploration upside potential
and providing us with an expanded project and exploration footprint in
Senegal."

 

 

Figure 1: Douta Project Location Map

 

 

Bousankhoba Overview

 

Geology

The Douta Gold Project, including the Bousankhoba permit, is located within
the Birimian Kéniéba inlier of eastern Senegal. The Bousankhoba permit is
underlain by rocks belonging to the Dialé-Daléma Supergroup that comprise
sedimentary and volcano-sedimentary units which have undergone greenschist
facies metamorphosed. Localised occurrences of amphibolite facies occur in the
vicinity of later-stage intrusive bodies. The rocks within the Bousankoba
permit comprise alternating detrital facies, including sometimes schistose
clays, greywackes, and graphitic schists. In addition, there are
volcano-sedimentary elements represented by coarse to fine lapilli tuffs.

 

The Major Transcurrent Zone ("MTZ") is the main structural feature of the area
and is located to the west of the permit. The MTZ coincides with the contact
between the Mako Supergroup and the Dialé-Daléma Supergroup.

 

Exploration

In the years 1998-2000, the German company Hansa Geomin undertook gold
exploration work, primarily soil geochemistry using an average grid of 200m x
100m. A total of 20,243 samples were collected and assayed for gold. The
results of this program revealed significant north-east trending geochemical
anomalism over an 18km strike length in the western portion of the permit
(Figure 2).

 

In 2007, the permit was granted to Libah Investment, which, in a JV with the
Australian company Bassari Resources, also undertook additional exploration
work between 2009 and 2016, including termite mound and rock geochemistry (541
samples), regolith mapping, trenching, and Rotary Air Blast ("RAB") drilling
at the Sekhoto prospect. A total of 241 angled RAB holes were drilled for
10,959m at an average depth of 45m. Significant results from the trenching and
drilling are shown in Tables 1 and 2 respectively.

 

 

Figure 2: Bousankhoba Location Map

 

 

 Prospect     Trench ID  From     (m)      To    (m)     Interval    (m)     Grade (g/tAu)  Sample Type
 Massa Massa  TRB04      8                 10            2                   11.2           channel
 Massa Massa  TRB07      29                30            1                   6.16           quartz vein
              TRB07      34                35            1                   6.48           quartz vein
 Sekhoto      TRB01      34                35            1                   52.4           quartz vein
              TRB01      64                65            1                   10.9           quartz vein

 

Table 1: Significant Trench Results

 

 

 Hole ID  Easting  Northing  Depth  Dip  Azimuth  From     (m)      To    (m)     Interval    (m)     Grade (g/tAu)  True Width (m)
 RBB078   821038   1418660   47     -60  125      32                37            5                   2.71           2.3
 RBB100   820095   1419311   30     -60  125      6                 11            5                   2.08           1.8
 RBB104   820896   1419336   51     -60  125      11                14            5                   4.05           3.4
 RBB106   820935   1419306   53     -60  125      11                12            1                   0.72           0.6
 RBB112   820867   1419478   56     -60  125      44                45            1                   0.68           0.6
 RBB112                                           45                49            4                   0.66           0.6
 RBB113   820889   1419461   65     -60  125      19                20            1                   4.02           3.4
 RBB113                                           20                21            1                   2.15           1.8
 RBB121   820758   1419320   56     -60  125      36                37            1                   0.95           0.8
 RBB123   820802   1419288   53     -60  125      23                24            1                   0.76           0.6
 RBB123                                           47                50            3                   0.67           0.6
 RBB131   820699   1419246   51     -60  125      29                34            5                   0.63           0.5
 RBB131                                           39                42            3                   3.50           3.0
 RBB132   820721   1419230   56     -60  125      9                 14            5                   1.06           0.9
 RBB134   820765   1419201   61     -60  125      38                42            4                   2.66           2.3
 RBB150   820619   1419074   44     -60  125      11                13            2                   0.55           0.5
 RBB150                                           22                28            6                   1.61           1.4
 RBB214   820963   1418606   50     -60  125      44                50            6                   1.79           1.5
 RBB229   820811   1419397   53     -60  125      7                 12            5                   1.19           1.0
 RBB233   820982   1419508   45     -60  125      44                45            1                   1.06           0.9

 

Table 2: Significant RAB Drilling Results

 

At the Sekhoto Prospect, mineralisation has been identified over a strike
length of approximately 1.5km and coincides with a prominent north-easterly
trending shear zone (Figure 4). Several partially tested parallel structures
are developed to the west and east of this main shear zone.

 

 

 

Figure 3: Sekhoto Prospect Exploration Map

 

 

Exploration Opportunities

Extensive first stage exploration, completed over the Bousankhoba permit, has
identified numerous geochemical targets associated with a major shear zone
over an 18km strike length. Two prospects, Massa Massa and Sekhoto, are
located along this zone. An additional prospect known as the Sakhofara is
located 7km east of Massa Massa in the northern part of the permit and is
defined by a 3.5km north-east trending geochemical anomaly.

 

To date, follow-up RAB drilling has only been confined to the Sekhoto Prospect
has been drilled. The significant intersections obtained in the RAB drilling
are yet to be followed with systematic reverse circulation ("RC").

 

The prospectivity of the permit is further enhanced by its location between
Baraka 3 to the south and Basari Resource's 1 million ounce Makabingui deposit
to the north. It is possible that the mineralised shear zone extends through
all three gold occurrences.

 

Thor considers the Bousankhoba permit to be highly prospective with the
potential to provide satellite resources that will complement the Douta Gold
Project.

 

Douta Project Overview

The Douta Gold Project comprises three exploration permits located within the
Kéniéba inlier, eastern Senegal. The Douta mining lease application
(Demande) No.11618 (formerly EL02038) is held by Thor, through its wholly
owned subsidiary African Star Resources Incorporated ("African Star") and now
owns a 100% economic interest in the licence.

 

The Douta-West exploration licence is also held by Thor through African Star,
which acquired a 70% economic interest in the licence through a joint venture
agreement with the permit holder Birima Gold Resources Consulting ("Birima
Gold"). Birima Gold has a 30% free carry until the completion of a Preliminary
Feasibility Study, at which point Birima must contribute to exploration and
development funding of the licence or have their economic interest diluted to
a minimum 5% free carry.

 

The Douta-West Project, comprising exploration permit E03709, is contiguous
with Thor's Demande No.11618 (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.

 

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 Explorations

Thor Explorations Ltd. is a mineral exploration company engaged in the
acquisition, exploration, development and production 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,
Nigeria

-     a 100% economic interest in the Douta Gold Project located in
south-eastern Senegal

-     a 100% interest in the Guitry Gold Project Cote D'Ivoire

-     additional exploration tenure in Nigeria, Senegal and Cote d'Ivoire
comprising of wholly and majority owned interests

 

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

Info: Email: info@thorexpl.com (mailto:info@thorexpl.com)

Investor Relations: Email: investor.relations@thorexpl.com
(mailto:investor.relations@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 / 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

Tel:  +44 (0) 20 3004 9512

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