Thor Explorations Increases Stake to 100% Interest in the Douta Project and Completes the Acquisition of Bousankhoba Permit in Southeast Senegal
Thor Explorations Increases Stake to 100%
Interest in the Douta Project and Completes
the Acquisition of Bousankhoba Permit in
Southeast Senegal
Vancouver, British Columbia--(Newsfile Corp. - September 8, 2025) - Thor Explorations Ltd (TSXV:
THX) (AIM: THX) ("
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
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7003/265251_f2e4af49b4d868a2_002full.jpg
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
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7003/265251_f2e4af49b4d868a2_003full.jpg
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
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7003/265251_f2e4af49b4d868a2_004full.jpg
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:
Investor Relations: Email:
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Tel: +44 (0) 20 7523 8000
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Tel: +44 (0) 20 7907 8500
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Tim Blythe / Megan Ray / Said Izagaren
Tel: +44 207 138 3203
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Charles Goodwin / Shivantha Thambirajah
Tel:
+44 (0) 20 3004 9512
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