REG - Thor Explorations Ld - EXPLORATION UPDATE ON THE DOUTA GOLD PROJECT
05/09/2024 07:00
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RNS Number : 9685C Thor Explorations Ltd 05 September 2024
NEWS RELEASE
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES
FOR IMMEDIATE RELEASE
TSXV/AIM: THX
5 September
2024
Vancouver, British Columbia
EXPLORATION UPDATE ON THE DOUTA GOLD PROJECT, SENEGAL
Thor Explorations Ltd. (TSXV/AIM: THX) ("Thor" or the "Company") is pleased to
announce the latest 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"), a more recently discovered prospect which runs
300 metres ("m") parallel to the east of the previously defined Makosa
deposit.
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 21.2 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 Mt grading 1.2 g/t Au for
909,400 oz Au.
A reverse circulation ("RC") drilling programme this year has focussed on
increasing the percentage of oxide resources with most of the holes being
terminated at relatively shallow depths. This phase of the drilling has
focussed on Makosa East which runs parallel to the main Makosa mineralised
trend, and which is additional to the declared current mineral resource.
Additional infill drilling was completed at the Makosa North, Mansa and Maka
prospects.
The assay results from the drilling completed to date include the following
highlights:
· Drillhole DTRC1012- 32m at 1.76 g/t Au from 0m
· Drillhole DTDD995 - 14m at 1.20 g/t Au from 26m
· Drillhole DTDD1015 - 12m at 1.51 g/t Au from 40m
· Drillhole DTRC1028 - 8m at 1.90 g/t Au from 16m
Segun Lawson, President & CEO, stated:
"We are pleased to announce continuing positive drilling results from the
Douta Prospect and in particular, this set of results from Makosa East which
lies completely outside the existing 1.78 million ounce resource.
"As per our strategy, these results are expected to add additional oxide
material to the resource inventory from which we aim to design the initial
period of a potential future mining operation.
"We are encouraged by these results from a new prospect outside the existing
resource base. The results are from surface and remain open at depth. The
Makosa East Prospect now has a strike length of over 1.5 kilometres. We look
forward to receiving the remaining outstanding results from the vicinity of
the current known deposits and the larger project area with the objective of
updating our resource and subsequently completing our Preliminary Feasibility
Study for the Douta Project."
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 carry 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 45 kilometres ("km") 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
During July and August 2024, Thor completed a RC drilling programme totalling
4,550m for 87 holes with an average depth of 52m. The objective of the
programme was to increase the oxide resources along the Makosa East trend and
to infill earlier wide-spaced drilling at the Makosa North, Mansa and Maka
Prospects (Figure 2).
The significant intersections from this programme are listed in Table 1. All
results are reported in Appendix 1. Drill samples were analysed by ALS
Laboratories in Mali using the AA26 fire assay method (50 gram charge).
Prospect Hole ID Easting Northing Depth Dip Azimuth From (m) To (m) Interval (m) Grade (g/tAu) True Width (m)
Mansa DTRC958 182238 1444156 50 -60 130 20 29 9 1.06 8.1
Makosa East DTRC995 176353 1436886 54 -60 130 26 40 14 1.20 12.6
Makosa East DTRC1012 177020 1437703 72 -60 130 0 32 32 1.76 28.8
Makosa East DTRC1015 177023 1437724 74 -60 130 16 28 12 1.51 10.8
Makosa East DTRC1019 177031 1437748 84 -60 130 46 58 12 1.27 10.8
Makosa North DTRC1028 178018 1439309 66 -60 130 40 48 8 1.90 7.2
Makosa North DTRC1034 178366 1439793 20 -60 130 3 9 6 1.64 5.4
Table 1: Douta Project Significant Results (>5 gram-metres: grade*true
width)
(0.5 g/t Au lower cut off; minimum width 2m with 2m max internal waste)
Previously reported intersections from Makosa East (refer Positive Exploration
Results from the Douta Gold Project, Senegal, June 25, 2024
(https://thorexpl.com/news/thor-explorations-announces-positive-exploration-results-from-the-douta-gold-project-senegal/)
) included:
- 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.
Current drilling results from this area include 32m grading 1.76g/tAu in
DTRC1012 and 12m grading 1.51g/tAu in DTRC1015 (Figure 2). These intersections
are located in the oxidised weathering zone.
Figure 2: Drillhole Location Map
The Makosa East prospect is located parallel to the Makosa mineralised trend
and currently is not included in the Douta resource inventory. Makosa East has
been tested over a strike length of about 3km on a series of 200m spaced
sections (Figure 3). The current programme has infilled the drill pattern to
100m sections over most of the strike length. Towards the northern end,
tighter infill drilling has been adopted in order to obtain a higher resource
classification in a future mineral resource estimate.
Additional extensional and infill drilling is planned to test for additional
resources with the priority being the near-surface, oxidised weathering zone.
Figure 3: Drillhole Location Map - Makosa East
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. Additional detailed drilling during 2024 is planned
to fully test these targets. Target generation using geochemical sampling
methods in continuing within the Douta permit, the adjoining Douta West permit
and the Sofita permit that is located south of the regional centre of
Kedougou.
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 / Soraya Jackson
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
(0.5g/tAu lower cut off; minimum width 2m with 2m max internal waste)
Prospect Hole ID Easting Northing Depth Dip Azimuth From (m) To (m) Interval (m) Grade (g/tAu) True Width (m)
Mansa DTRC958 182238 1444156 50 -60 130 15 19 4 0.63 3.6
20 29 9 1.06 8.1
Mansa DTRC959 182220 1444174 50 -60 130 45 50 5 0.70 4.5
Mansa DTRC960 182202 1444191 50 -60 130 8 10 2 0.82 1.8
Mansa DTRC961 182374 1444270 50 -60 130 nsr
Mansa DTRC962 182356 1444288 50 -60 130 nsr
Mansa DTRC963 182338 1444306 50 -60 130 18 20 2 0.96 1.8
Mansa DTRC964 182320 1444322 50 -60 130 nsr
Mansa DTRC965 182447 1444345 50 -60 130 nsr
Mansa DTRC966 182430 1444363 50 -60 130 nsr
Mansa DTRC967 182413 1444381 50 -60 130 10 13 3 0.76 2.7
Mansa DTRC968 182395 1444399 50 -60 130 41 46 5 0.57 4.5
Mansa DTRC969 182614 1443402 50 -60 130 nsr
Mansa DTRC970 182592 1443415 50 -60 130 nsr
Mansa DTRC971 182571 1443428 50 -60 130 nsr
Mansa DTRC972 182691 1443527 50 -60 130 nsr
Mansa DTRC973 182670 1443541 50 -60 130 nsr
Mansa DTRC974 182648 1443554 50 -60 130 nsr
Mansa DTRC975 182747 1443612 50 -60 130 nsr
Mansa DTRC976 182726 1443625 50 -60 130 nsr
Mansa DTRC977 182705 1443638 50 -60 130 28 30 2 2.35 1.8
Mansa DTRC978 182684 1443651 50 -60 130 nsr
Mansa DTRC979 182662 1443665 50 -60 130 nsr
Mansa DTRC980 181823 1442835 50 -60 130 nsr
Mansa DTRC981 181803 1442848 50 -60 130 40 44 4 1.02 3.6
Mansa DTRC982 181782 1442861 50 -60 130 nsr
Mansa DTRC983 181846 1442940 50 -60 130 nsr
Mansa DTRC984 181861 1442927 50 -60 130 9 16 7 0.75 6.3
Mansa DTRC985 181955 1443028 50 -60 130 nsr
Mansa DTRC986 181936 1443045 50 -60 130 nsr
MakosaEast DTRC987 176179 1436516 40 -60 130 7 9 2 0.61 1.8
MakosaEast DTRC988 176157 1436528 50 -60 130 1 5 4 0.54 3.6
MakosaEast DTRC989 176297 1436662 50 -60 130 3 6 3 0.74 2.7
23 25 2 0.83 1.8
MakosaEast DTRC990 176279 1436682 62 -60 130 54 56 2 1.10 1.8
MakosaEast DTRC991 176260 1436698 50 -60 130 nsr
MakosaEast DTRC992 176241 1436714 50 -60 130 nsr
MakosaEast DTRC993 176275 1436802 84 -60 130 nsr
MakosaEast DTRC994 176371 1436869 50 -60 130 6 9 3 0.55 2.7
MakosaEast DTRC994 20 22 2 1.09 1.8
MakosaEast DTRC995 176353 1436886 54 -60 130 18 22 4 1.03 3.6
26 40 14 1.20 12.6
MakosaEast DTRC996 176487 1437028 46 -60 130 nsr
MakosaEast DTRC997 176467 1437044 55 -60 130 31 34 3 1.10 2.7
MakosaEast DTRC998 176531 1437120 50 -60 130 19 26 7 0.85 6.3
MakosaEast DTRC999 176512 1437136 60 -60 130 46 48 2 0.84 1.8
MakosaEast DTRC1000 176892 1437497 50 -60 130 40 42 2 1.95 1.8
MakosaEast DTRC1001 176962 1437530 41 -60 130 62 65 3 0.66 2.7
MakosaEast DTRC1002 176980 1437592 35 -60 130 nsr
MakosaEast DTRC1003 176960 1437610 75 -60 130 54 56 2 0.64 1.8
MakosaEast DTRC1004 176942 1437627 83 -60 130 nsr
MakosaEast DTRC1005 177010 1437631 48 -60 130 nsr
MakosaEast DTRC1006 177044 1437650 32 -60 130 nsr
MakosaEast DTRC1007 177022 1437669 46 -60 130 42 44 2 0.80 1.8
MakosaEast DTRC1008 177003 1437684 90 -60 130 0 6 6 1.01 5.4
67 75 8 0.89 7.2
79 85 6 0.66 5.4
MakosaEast DTRC1009 176981 1437703 48 -60 130 nsr 0.0
MakosaEast DTRC1010 177055 1437669 28 -60 130 21 23 2 0.60 1.8
MakosaEast DTRC1011 177038 1437686 47 -60 130 12 20 8 0.96 7.2
29 32 3 1.66 2.7
42 46 4 0.95 3.6
Prospect Hole ID Easting Northing Depth Dip Azimuth From (m) To (m) Interval (m) Grade (g/tAu) True Width (m)
MakosaEast DTRC1012 177020 1437703 72 -60 130 0 32 32 1.76 28.8
65 69 4 0.60 3.6
MakosaEast DTRC1013 177001 1437719 54 -60 130 nsr
MakosaEast DTRC1014 177054 1437699 53 -60 130 22 24 2 1.44 1.8
MakosaEast DTRC1015 177023 1437724 74 -60 130 0 11 11 0.99 9.9
16 28 12 1.51 10.8
33 41 8 1.17 7.2
50 52 2 0.69 1.8
60 64 4 0.63 3.6
67 73 6 1.23 5.4
MakosaEast DTRC1016 177089 1437702 30 -60 130 nsr
MakosaEast DTRC1017 177070 1437718 50 -60 130 nsr
MakosaEast DTRC1018 177050 1437733 65 -60 130 27 29 2 0.70 1.8
MakosaEast DTRC1019 177031 1437748 84 -60 130 12 24 12 0.81 10.8
25 28 3 1.48 2.7
46 58 12 1.27 10.8
68 71 3 0.80 2.7
MakosaEast DTRC1020 177081 1437739 50 -60 130 nsr
MakosaEast DTRC1021 177061 1437754 63 -60 130 44 46 2 0.97 1.8
MakosaEast DTRC1022 177041 1437770 60 -60 130 50 52 2 0.66 1.8
MakosaEast DTRC1023 177124 1437767 36 -60 130 nsr
MakosaEast DTRC1024 177101 1437786 42 -60 130 nsr
MakosaEast DTRC1025 177040 1437707 34 -60 130 9 15 6 0.55 5.4
16 20 4 0.59 3.6
Makosa North DTRC1026 177909 1439121 33 -60 130 20 22 2 0.67 1.8
Makosa North DTRC1026 0 -60 27 33 6 0.96 5.4
Makosa North DTRC1027 177890 1439137 60 -60 130 20 23 3 1.24 2.7
Makosa North DTRC1028 178018 1439309 66 -60 130 40 48 8 1.90 7.2
52 54 2 0.97 1.8
62 65 3 0.81 2.7
Makosa North DTRC1029 178037 1439293 24 -60 130 nsr
Makosa North DTRC1030 178142 1439459 32 -60 130 nsr
Makosa North DTRC1031 178122 1439475 50 -60 130 47 50 3 0.94 2.7
Makosa North DTRC1033 178242 1439655 57 -60 130 47 53 6 0.81 5.4
Makosa North DTRC1034 178366 1439793 20 -60 130 3 9 6 1.64 5.4
Makosa North DTRC1035 178346 1439808 54 -60 130 43 45 2 0.70 1.8
Makosa North DTRC1036 179557 1441167 50 -60 130 nsr
Makosa North DTRC1037 179538 1441184 72 -60 130 22 28 6 0.62 5.4
30 34 4 0.57 3.6
36 40 4 0.80 3.6
43 45 2 0.87 1.8
Makosa North DTRC1038 179584 1441272 84 -60 130 66 74 8 0.65 7.2
Makosa North DTRC1039 179659 1441341 57 -60 130 42 47 5 1.05 4.5
Makosa North DTRC1041 180237 1441900 50 -60 130 12 19 7 0.77 6.3
Makosa North DTRC1042 180218 1441916 66 -60 130 46 54 8 0.65 7.2
Makosa North DTRC1043 180130 1441732 50 -60 130 nsr
Makosa North DTRC1044 180112 1441749 56 -60 130 nsr
Makosa North DTRC1045 180417 1442044 50 -60 130 nsr
Makosa North DTRC1046 180385 1442068 78 -60 130 24 30 6 0.59 5.4
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