REG - Thor Explorations Ld - HIGH-GRADE EXPLORATION RESULTS AT DOUTA PROJECT

Thor ExplorationsAnnouncement

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RNS Number : 0611E  Thor Explorations Ltd  13 May 2026

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TSXV: THX

May 13, 2026

 

Vancouver, British Columbia

 

HIGH-GRADE EXPLORATION RESULTS CONFIRM EXPANDING GOLD FOOTPRINT AT THE DOUTA
PROJECT, SENEGAL

Thor Explorations Ltd. (TSXV/AIM: THX) ("Thor" or the "Company") is pleased to
announce its first set of drilling results from its 2026 drilling program at
the Douta Project, following the completion of the Douta Pre-Feasibility Study
("PFS") earlier this year.

These drilling results are from the three Licences that constitute the Douta
Project Senegal (the "Douta Project" or the "Project"), namely the original
Douta licence, the Douta West Licence, which lies contiguous to the west of
the original Douta licence, and the adjoining Bousankhoba Licence.

The Douta Gold Project encompasses the Makosa gold deposits and an initial
resource from Baraka 3, which currently comprises a total resource of
approximately 1.97 million ounces ("Moz") of gold ("Au"), consisting of an
indicated resource of 50.6 million tonnes ("Mt") grading 1.0 grammes per tonne
("g/t") Au for 1.7 Moz Au, together with an inferred resource of 9.3 Mt
grading 0.9g/t Au for 0.27 Moz Au. The current reserves total 36.6 Mt grading
1g/t Au for 1.2 Moz Au.

Since the publication of the Pre-Feasibility Study in early 2026, exploration
activities have focused on identifying additional oxide resources that are
either:

·      Extensional to, or peripheral to, the existing Baraka 3 and
Makosa Tail deposits

·      New targets located within the Bousankhoba exploration permit
that have been generated through Rotary Air Blast ("RAB") drilling.

Highlights

The assay results include:

            Baraka 3 Deposit

·      Drillhole DWDD003 -  5.5m at 2.91g/t Au from 185 metres ("m")

·      Drillhole DWRC453 -   7.0m at 4.28g/t Au from 122m

·      Drillhole DWRC523 -   18m at 1.31g/t Au from 90m

·      Drillhole DWRC543 -   9m at 1.62g/t Au from 24m

 

Makosa Tail

·      Drillhole DTRC1211 -  4m at 3.26g/t Au from 24m

·      Drillhole DTRC1193 -  4m at 3.06g/t Au from 20m

 

Bousankhoba Prospect

·      Drillhole BSAC045 -    4m at 17.0g/t Au from 7m

·      Drillhole BSA019 -      4m at 4.56g/t Au from 6m

 

 

 

 

 

Segun Lawson, President & CEO, stated:

"The Douta Pre-Feasibility Study has already confirmed a robust, long-life
project with strong economics and a fast payback period.  The current
drilling campaign on our extended land package is designed to further improve
the project economics by extending the Oxide Phase of the Project. This first
set of drilling results demonstrates the potential for additional exploration
upside within our portfolio, which we intend to continue to drill out through
the development phase of the Project.

"The ongoing 40,000 metre drilling program has been designed to upgrade the
classification of inferred mineralisation that currently lies within the pit
shells, and to test several previously delineated oxide targets in the Douta,
Douta-West and Bousankohba licences.

"These initial results are encouraging as they have successfully intersected
wide, shallow, high-grade oxide mineralisation. At Makosa Tail, drilling has
successfully extended the strike length of the previously defined
mineralisation, and in the Bousankhoba licence, drilling has successfully
intersected new oxide mineralisation.

"The drilling has also successfully intersected mineralisation in currently
inferred areas within and below the designed Baraka 3 PFS pit shells, and we
anticipate this drilling will improve the existing PFS Mineral Reserve.

"We look forward to completing the drilling program, which is targeting
ultimately extending the life of the low cost, high margin Oxide Ore Phase of
the Douta Project. This has been a strong start to achieving this.

"We continue to progress our post PFS workstreams and anticipate full
permitting and the start of construction later this year."

Introduction

The Douta Gold Project comprises three permits located within the Kéniéba
inlier, eastern Senegal; the Douta mining lease application Demande No.11618,
Douta West, comprising exploration permit E03709, which contiguous with
Demande No.11618 and the exploration permit EL02254 known as Bousankhoba
(Figures 1 and 2).

 

Since early 2026, the Company has focused on defining new mineral resources
around or extending from the Baraka 3 and Makosa Tail deposits, with the
objective of adding oxide gold ounces that could be integrated into future
resource upgrades or mine planning.

 

Figure 1: Project Location Map

 

Figure 2: Exploration Activity Location Map

Baraka 3 Drilling Results

The geology at Baraka 3 comprises a steep west-dipping succession of
greywackes and shale. Gold mineralisation is developed over a true width of
between 12m and 17m and is associated with a greywacke-hosted quartz-carbonate
stockwork that features strong limonitic and sericitic alteration.

 

Two main zones, a northerly-trending east zone and a north-easterly-trending
west zone, are delineated over a cumulative strike length of approximately 2
kilometres (Figure 3). The drilled holes targeted areas peripheral to the
mineral resource estimate ("MRE") and further along strike towards the north.
Drilling was also completed within the optimised pit shell to convert current
inferred resources to the existing MRE and reserves.

 

Drill samples were analysed by ALS Laboratories in Mali using the AA26 fire
assay method (50 gramme charge). The complete table of results is shown in
Appendix 1. The significant intersections from this program are listed in
Table 1.

 

In the section drilled post the MRE cut-off, a deeper parallel zone returning
7m grading 4.38 g/t Au from 122m was intersected in hole DWRC453 (Figure 3),
whilst hole DWRC163 from the previous drilling programme returned 14m grading
8.91 g/t Au from 1m. Continuing upgrades such as these are expected to add to
the optimised resource base.

The Company believes that the drilling results will positively impact both the
classification and the global tonnage of the resource. The high metallurgical
recoveries at Baraka 3 mean that resources from this area enhance the
viability and efficiency of the mine plan, and thus, further exploration is
planned to enable resource growth.

 

 

 Hole ID  East    North    RL   Depth (m)  Dip  Azi-muth  From    (m)     To    (m)     Interval (m)  Grade (g/tAu)  True Width (m)
 DWDD003  159834  1410589  135  210        -75  134       185             190           5.5           2.91           2.9
 DWRC453  159864  1410760  139  153        -70  130       122             129           7.0           4.28           3.7
 DWRC523  160122  1412469  183  114        -60  130       90              108           18.0          1.32           9.5
 DWRC543  160724  1413385  172  87         -60  130       24              33            9.0           1.62           4.8

 

Table 1: Baraka 3 Significant Results (>5 gramme-metres)

(0.5 g/t Au lower cut off; minimum width 2m with 2m max internal waste)

 

Figure 3: Baraka 3 Drillhole Location Map

Makosa Tail

A total of 58 reverse circulation ("RC") drillholes (3,247m) were completed
both within the currently planned open pit area and the strike extensions to
the southwest (Figure 4). Significant intersections are summarised in Table 2.

The results received to date, including 4m grading 3.26g/t Au from 4m in hole
DTRC1211, indicate that extensions to the mineralisation extend beyond the
perimeter of the current pit design. Further drilling is planned to follow
this trend towards the southwest.

 

 Hole ID   East    North    RL   Depth (m)  Dip  Azi-muth  From    (m)     To    (m)     Interval (m)  Grade (g/tAu)  True Width (m)
 DTRC1176  174189  1433789  199  35         -60  130       11              13            2.0           1.73           1.7
 DTRC1187  174124  1433616  229  50         -60  130       21              24            3.0           1.56           2.6
 DTRC1188  174099  1433630  226  66         -60  130       49              52            3.0           1.09           2.6
 DTRC1193  173949  1433489  217  50         -60  130       20              24            4.0           3.06           3.4
 DTRC1210  173784  1433583  210  46         -60  130       27              32            5.0           0.81           4.3
 DTRC1211  173772  1433599  210  48         -60  130       24              28            4.0           3.26           3.4

 

Table 2: Makosa Tail Significant Results (>3 gramme-metres)

(0.5 g/t Au lower cut off; minimum width 2m with 2m max internal waste)

Figure 4: Makosa Tail Drillhole Location Map

 

Bousankhoba Exploration Drilling Results

The Bousankhoba permit is underlain by rocks of the Dialé-Daléma Supergroup,
consisting of sedimentary and volcano-sedimentary sequences metamorphosed to
greenschist facies, with localised amphibolite facies near later-stage
intrusive bodies. This geological environment is highly prospective for
vein-hosted, shear-related gold systems typical of the region.

An extensive first-stage exploration program, comprising 20,243 soil
geochemical samples, has defined multiple gold anomalies associated with a
major shear zone extending over 18 kilometres of strike. Two priority targets,
Massa Massa and Sekhoto, are positioned along this significant structural
corridor.

Sekhoto North Results

At the Sekhoto Prospect, gold mineralisation has been delineated over
approximately 1.5 kilometres of strike, coinciding with a prominent north-east
trending shear zone (Figure 5). Several parallel mineralised structures,
partially tested to the east and west, offer significant potential for
additional discoveries.

Approximately 3 kilometres north of Sekhoto, the Sekhoto North Prospect has
been defined by strong gold-in-soil anomalies. A first-pass air-core drilling
program over these anomalies that was completed by Thor in early 2026,
delivered multiple significant intersections, confirming the presence of
bedrock-hosted gold mineralisation and validating the soil geochemical data
(see Table 3).

Initial drilling has returned standout intercepts, including:

·      4 metres grading 17 g/t Au,

·      4 metres grading 4.56 g/t Au, and

·      2 metres grading 9.09 g/t Au.

 

 Hole ID  Easting   Northing   RL     Depth  From (m)  To (m)  Interval (m)  Grade (g/tAu)  True Width
 BSAC001  171299    1422502    170    37     9         11      2             0.64           1.1
                                             14        16      2             9.09           1.1
                                             32        34      2             0.92           1.1
 BSAC005  171221    1422502    168    45     42        44      2             0.55           1.1
 BSAC006  171246    1422502    170    27     17        19      2             2.50           1.1
 BSAC009  171278    1422499    169    27     5         8       3             2.69           1.7
 BSAC019  171549    1422497    171    10     6         10      4             4.56           2.2
 BSAC020  171555    1422496    171    18     3         5       2             1.66           1.1
 BSAC027  171559    1422808    168    19     17        19      2             0.50           1.1
 BSAC028  171570    1422806    168    33     22        24      2             0.87           1.1
 BSAC042  172002    1422616    160    34     14        17      3             1.08           1.6
 BSAC045  172028    1422722    159    42     7         11      4             16.99          2.0
 BSAC049  171875    1422820    158     33    22        24      2             0.63           1.1
 BSAC050  171896    1422818    158    18     10        14      4             1.29           4.0
 BSAC058  171997    1422921    153    50     18        21      3             0.94           2.6
 BSAC060  171131     1422303    170   29     27        29      2             1.93           1.1
 BSAC062   171996   1422920     168    50    32        34      2             2.98           1.1
 BSAC063  171206    1422301    166    29     0         3       3             0.60           2.6

 

Table 3: Bousankhoba Significant Results

(0.5 g/t Au lower cut off; minimum width 2m with 2m max internal waste)

 

Figure 5: Sekhoto North Sampling Results

 

 

These results demonstrate the potential for significant high-grade
mineralisation within a structurally controlled system, with gold hosted in
multiple sub-parallel shear zones across the prospect area.

 

Building on these positive results, the Company has designed a follow-up work
program comprising both extensional air-core ("AC") and infill RC drilling.
This campaign aims to:

·      Better define the geometry and continuity of the mineralised
zones,

·      Test for strike and depth extensions of the high-grade
structures, and

·      Refine geological and structural models to support future
resource evaluation.

 

Massa Massa Results

The Massa Massa Prospect is located in the northern portion of the Bousankhoba
exploration permit and covers an area of extensive artisanal gold workings.
These workings align with a series of parallel north-east trending shear zones
that form a semi-continuous strike length of 4.2 kilometres. Exploration
completed to date comprises 564 rock chip samples that were collected from the
vicinity of the artisanal workings. High-grade rock chip samples, which are
distributed continuously along the sampled workings, are associated with
ferruginous quartz-veining that is developed within a steep west-dipping
sequence of shale and greywacke.

 

The Company intends to immediately mobilise an RC rig to this area, which has
yet to be drill-tested.

Figure 6: Massa Massa Geochemical Sampling Results

 

 

 

 

 

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 approved 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 / Rory Blundell / Harry Rees

 

Tel: +44 (0) 20 7523 8000

 

Hannam & Partners (Broker)

Andrew Chubb / Matt Hasson / Jay Ashfield / Franck Nganou

 

Tel: +44 (0) 20 7907 8500

 

Yellow Jersey PR (Financial
PR)

Charles Goodwin / Shivantha Thambirajah

 

Tel:  +44 (0) 20 3004 9512

 

BlytheRay (Financial
PR)

Tim Blythe / Megan Ray / Said Izagaren

 

Tel: +44 207 138 3204

 

 

 

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

Baraka 3 Drillhole Summary >2 gram-metres

(0.5g/tAu cut off, 2m minimum width, 2m maximum internal dilution)

 Hole ID  East    North    RL   Depth (m)  Dip  Azi-muth  From    (m)     To    (m)     Interval (m)  Grade (g/tAu)  True Width (m)
 DWDD003  159834  1410589  135  210        -75  134       185             190           5.5           2.91           2.9
 DWDD004  159878  1410745  139  120        -60  130       88              92            3.5           1.38           1.9
 DWDD004                                                  101             107           6.0           1.39           3.2
 DWDD005  159918  1410840  141  33         -60  130       17              24            6.8           1.91           3.6
 DWDD005                                                  25              29            3.5           1.15           1.9
 DWRC453  159864  1410760  139  153        -70  130       122             129           7.0           4.28           3.7
 DWRC484  159913  1410847  141  50         -60  130       19              21            2.0           0.90           1.1
 DWRC484                                                  23              26            3.0           1.17           1.6
 DWRC484                                                  30              37            7.0           0.87           3.7
 DWRC489  162731  1415309  172  50         -60  130       5               7             2.0           0.67           1.1
 DWRC496  159940  1410933  143  50         -60  130       10              12            2.0           1.92           1.1
 DWRC497  159919  1410946  142  84         -60  130       40              45            5.0           1.14           2.7
 DWRC499  159960  1411038  145  60         -60  130       21              26            5.0           1.17           2.7
 DWRC499                                                  32              36            4.0           0.61           2.1
 DWRC499                                                  50              52            2.0           0.83           1.1
 DWRC500  159936  1411054  146  96         -60  130       70              73            3.0           1.64           1.6
 DWRC503  160162  1412413  182  45         -60  130       26              30            4.0           1.07           2.1
 DWRC520  160054  1412669  187  114        -60  130       51              53            2.0           0.84           1.1
 DWRC522  159984  1412590  192  114        -60  130       42              44            2.0           0.74           1.1
 DWRC522                                                  85              87            2.0           0.68           1.1
 DWRC523  160122  1412469  183  114        -60  130       90              108           18.0          1.32           9.5
 DWRC529  160570  1413103  175  87         -60  130       4               7             3.0           1.17           1.6
 DWRC543  160724  1413385  172  87         -60  130       24              33            9.0           1.62           4.8
 DWRC543                                                  41              43            2.0           0.91           1.1
 DWRC544  160706  1413401  174  78         -60  130       8               10            2.0           0.52           1.1
 DWRC544                                                  56              58            2.0           0.92           1.1
 DWRC544                                                  61              65            4.0           0.60           2.1
 DWRC544                                                  68              75            7.0           0.65           3.7
 DWRC547  160783  1413467  183  50         -60  130       22              24            2.0           0.58           1.1
 DWRC548  160763  1413484  183  54         -60  130       12              15            3.0           0.67           1.6
 DWRC548                                                  45              51            6.0           0.59           3.2

 

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