REG - Thor Explorations Ld - ACQUISITION OF EXPLORATION LICENCES IN SENEGAL

Thor ExplorationsAnnouncement

03/04/2024 07:30

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RNS Number : 0636J  Thor Explorations Ltd  03 April 2024

 

 

 

 

NEWS RELEASE

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR

DISTRIBUTION TO U.S. WIRE SERVICES

 

 

 April 3(rd) 2024             TSXV/AIM: THX

 Vancouver, British Columbia

 

 

THOR EXPLORATIONS ANNOUNCES ACQUISITION OF EXPLORATION LICENCES IN SENEGAL

 

Thor Explorations Ltd. (TSXV / AIM: THX) ("Thor Explorations" or the
"Company") is pleased to announce that it has recently completed the
acquisition of interests in two licences in southeast Senegal where it is
currently advancing the Douta Gold Project to a Preliminary Feasibility stage.
The Company has acquired an up to 85% interest in the strategically located
Douta-West Licence which lies contiguous to the Douta Gold Project and an up
to 80% interest in the Sofita Licence located approximately 20 kilometres
("km") south of the Douta Gold Project.

 

Highlights:

-     Douta-West Licence in Senegal contains advanced exploration targets
and provides immediate additional exploration potential to the Douta Gold
Project

-     Drilling programs at the Douta Gold Project scheduled for Q2 2024
will be extended to Douta-West

 

Acquisition Terms:

-     Douta-West

o  Payment of US$120,000 to Birima Gold SARL ("Birima"), payable in two equal
tranches six months apart for an initial 70% interest

o  Free carry to Birima until the completion of a Preliminary Feasibility
Study ("PFS") after which there is a contribute or dilute provision for Birima
who will retain a 5% free carried interest should they choose not to
contribute

o  The Government of Senegal will retain a 10% interest as per the Mining
Laws of Senegal

-     Sofita Licence

o  Work program of US$300,000 over two years and payment of US$20,000 to
Sofita Services & Logistiques ("Sofita") for an 80% interest in the Sofita
Licence with Sofita and the Government of Senegal each retaining a 10% free
carried interest for the life of the licence

 

Segun Lawson, President & CEO, stated:

"We are pleased to acquire additional, strategically located, ground in
Senegal where we have been successfully operating and advancing the Douta Gold
Project for a number of years. We are currently carrying out our preliminary
feasibility study workstreams at the Douta Gold Project and look forward to
now completing this during Q3 2024 following finalisation of the process flow
sheet.

"The acquisition of the Douta-West permit, which has a number of geochemical
targets, allows us to potentially add scale to the Douta Gold Project, in
particular, extensions to Makosa Tail. We look forward to commencing
exploration on this new permit with our existing exploration team and from our
exploration camp at Douta.

"We are excited by the year ahead, where we are continuing exploration at our
wholly-owned Segilola Gold mine to expand its life of mine, completing the
preliminary feasibility study for Douta and will commence exploration on our
newly acquired licences. This exploration strategy is in addition to
generating cash flow from our wholly-owned Segilola Gold Mine in Nigeria,
where we have a guidance of 95,000 to 100,000 ounces in 2024, which we'll use
to completely de-leverage the Company's balance sheet from its senior debt
facility this year."

 

Douta West Project

 

The Douta West Project, comprising exploration permit E03709, covers an area
of 93km(2) and is contiguous with Thor's wholly-owned Douta Gold Project,
E02038 (Figure 1). Douta West 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's
Masawa gold mine.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Figure 1: Douta Gold Project, Birima Gold Resources Licence (Douta-West) and
Sofita Licence

 

Sofita Licence - Senegal

 

The Sofita Licence is located 10km south of the town of Koudougou and about
45km south west from the Douta Gold Project and comprises a single exploration
licence that covers an area of 56.5km2 (Figure 1). The licence covers rocks
belonging to the Diale-Dalema Supergroup of the eastern part of the
Kedougou-Kenieba Inlier and is essentially composed of Paleoproterozoic rock
formations. These rocks are similar to those that host the gold resources of
the Douta Gold Project.

 

Thor intends to undertake initial surface geochemical surveys with the view to
generating exploration targets that could be followed by drilling.

 

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 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".

 

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.

 

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)

Henry Fitzgerald-O'Connor / James Asensio / Harry Rees

 

Tel: +44 (0) 20 7523 8000

 

Hannam & Partners (Broker)

Andrew Chubb / Matt Hasson / 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 / Said Izagaren

Tel: +44 207 138 3203

 

Yellow Jersey (PR)

Charles Goodwin / Shivantha Thambirajah / Soraya Jackson

Tel: + 44 20 3004 9512

 

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