REG - Thor Explorations Ld - POSITIVE DIAMOND DRILLING RESULTS FROM SEGILOLA

Thor ExplorationsAnnouncement

07/10/2024 07:00

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RNS Number : 0892H  Thor Explorations Ltd  07 October 2024

 

NEWS RELEASE

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR

DISTRIBUTION TO U.S. WIRE SERVICES

 
 
 
       TSXV: THX

October 7,
2024

 

Vancouver, British Columbia

 

 

INITIAL POSITIVE DIAMOND DRILLING RESULTS FROM SEGILOLA GOLD MINE

Thor Explorations Ltd (TSXV / AIM: THX), "Thor" or the "Company"), is a West
African-focussed minerals exploration and mining Company, currently producing
gold from its wholly owned Segilola Gold Mine in Nigeria and is advancing its
Douta Gold Project in Senegal towards development.

Thor is pleased to announce the first set of results from an initial drilling
programme that targets the down-plunge potential beneath the current open pit
extents at the Segilola Gold Mine.

Significant results received to date include 3.0 metres ("m") grading 11.24
grammes per tonne gold ("g/tAu") from 294m in drillhole SNMDD011 and 1.5m
grading 3.22g/tAu from 269m in drillhole SNMDD012. These are the initial
results received from the first two holes drilled out of an ongoing 12 hole
drilling programme of which five holes have been drilled. Additional drilling
results will be published in due course.

Segun Lawson, President & CEO, stated

"We are pleased to intersect high-grade gold mineralisation 50 metres below
the current pit design.  This is an encouraging start to the
"proof-of-concept" drilling programme, which has returned positive
intersections in the projected locations below the current open pit design.
 The proof-of-concept drilling programme has been designed to target shallow
dipping high grade shoots delineated by the grade control data modelled since
the start of mining combined with the interpretations based on additional
structural studies.

"This is the first demonstration since we started mining that there is further
potentially achievable underground mining below the designed Segilola pit.

"The initial results have come from the southern most shoot and the 12-hole
programme is designed to test the remaining shoots as a first pass, prior to
extending the programme.

"The target is to both upgrade parts of the remaining inferred resource and to
increase the size overall of the underground resource with the objective of
increasing the life of mine at Segilola. We look forward to completing the
programme and sharing more results in due course."

 

Introduction

 

The high grade Segilola gold deposit is located on the major regional shear
zone that extends for several hundred kilometres through the gold-bearing
Ilesha schist belt (structural corridor) of Nigeria.

Gold mineralisation is developed within an overturned sequence of
metamorphosed, strongly foliated meta-sediments at the boundary between the
basement biotite gneiss (Hanging wall) and calc-silicate and mylonitic
biotite-garnet schists (Foot wall). 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.

 

Segilola Exploration Targeting

 

The southern lodes are characterised by a pronounced southerly plunging
geometry (Figure 1). Within the broader zone of gold mineralisation two high
grade shoots, that show good continuity at a 10g/tAu cut off, are developed
(Figure 2B). The inferred down-plunge extensions of these two shoots, referred
to as ribbons R1 and R2, form the primary drilling targets (Figure 2C). The
initial drillholes were completed to test the ribbon concept with further
step-out drilling dependent on the outcomes. The significant intersections are
shown in Table 1.

 

Figure 1: Completed Grade Control Drilling over Resource Drilling Model.
Drilling results from southern most shoot (Green Arrow)

 

 

 

Figure 2A: Longitudinal sections of the southern portion of the Segilola
Deposit showing high grade shoots (ribbons) R1 and R2 developed within broader
halo of lower grade mineralisation.

Other drillholes excluded for clarity

 

 

 Hole ID   Easting  Northing  Depth  Dip  Azimuth  From     (m)      To    (m)     Interval    (m)     Grade (g/tAu)  True Width (m)
 SNMDD011  4036     11001     313    -55  90       293.8             296.8         3.0                 11.24          2.4
 SNMDD012  4055     10834     290    -50  90       269.2             270.6         1.5                 3.22           1.2

 

Table 1: Significant Drillhole Intersections at a 1.5g/tAu cut off

 

 

Hole SNMDD011 intersected the lower ribbon R2 with a 3.0m downhole interval
grading 11.24g/tAu at approximately 50m below the current final pit design
(Figure 2B). The true width of 2.4m would satisfy the minimum mining width
criteria for the development of an underground resource. Figure 2B also shows
the historic drillhole SGD111 which appears to have intersected the lode below
the projected R1 ribbon. Hole SNMDD012 intersected the upper ribbon R1 with a
1.5m downhole interval grading 3.22g/tAu.

 

 

Figure 2B: SNMDD011 Cross Section

 

It should be noted that there are numerous historic exploration drillholes in
the target area. All holes intersected the resource lode. However, only a few
of these holes specifically intersected the R1 and R2 ribbons. Results from
additional proof of concept drillholes, which follows the R2 ribbon
down-plunge, are pending.

 

Conclusions

 

·    The initial drilling results appear to have validated the
proof-of-concept high-grade targeting model.

·    The initial results suggest that the minimum underground mining
width can be achieved at a suitable grade.

·    There is justification to continue with an expanded drilling
programme.

 

 

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 / Nilesh Patel / Franck Nganou

 

Tel: +44 (0) 20 7907 8500

 

BlytheRay (Financial
PR)

Tim Blythe / Megan Ray / Said Izagaren

Tel: +44 2071 383 204

 

Yellow Jersey PR (Financial
PR)

Charles Goodwin / Shivantha Thambirajah / Zara McKinlay

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.

 

 

 

 

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