Segilola Gold Project

Suite 250, 1075 West Georgia Street

Vancouver, BC, Canada V6E 3C9

Tel: 1.778.373.0102 Fax: 1.604.639.4670

NEWS RELEASE

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR

DISTRIBUTION TO U.S. WIRE SERVICES

FOR IMMEDIATE RELEASE TSXV: THX

April 12, 2017 Shares Outstanding: 285,193,003

Vancouver, British Columbia

Segilola Gold Project:

- Commencement of a follow up 5,500m Diamond Drill Program; and

- Commencement of Independent, Preliminary Economic Assessment (PEA) of initial

open pit options

HIGHLIGHTS OF THE PROPOSED DRILLING PROGRAM:

To date, the Segilola Gold Project has been drilled over a strike extent of approximately 2,000

metres with comprehensive exploration programs, including 157 drill holes totalling 12,203m

of diamond drilling to an average depth of 150m.

The mineralized zone, which forms essentially a single elongate body varying from 2 to over

20 metres in thickness, is 2,000 metres in strike and between 70 and 200 metres in depth. It

is open -ended to the south and down -dip. An alysis of the current data suggests the

continuation of high grade shoots at depth below the existing drilled resource (Figure 1).

A selection of significant drillhole intersections that were obtained by previous explorers are

shown on Figure 1 and in Table 1.

The proposed exploratory drilling program comprises an initial “proof of concept” phase that,

subject to results, may be followed by a more detailed infill progr am. The objective of the

proof of concept phase is to determine the potential for a down-dip and down -plunge

resource that may support a future underground mining operation. All drilling will be carried

out using medium diameter (HQ) diamond coring to ensu re representative and high sample

quality.

Figure 1 : Longitudinal section view of the Segilola Gold Project showing high grade trends within the gram -

metres model (grade x true thickness) and areas that will be targeted in the current drilling program. Selected

drill intervals show average gold grades over downhole interval.

Segun Lawson, President & CEO of Thor Explorations Ltd (the “Company”) commented:

“The open-ended nature of the down -plunge high grade zones within the current resource

envelope at Segilola was a key factor in the Company’s acquisition of the Segilola deposit and

the commencement of the drilling program marks the start of an exciting period for the

Company as we test the continuity of the mineral body.”

Figure 2 : Drillhole location plan showing extents of current resource and location of drillholes referred to in

Figure 1 and Table 1.

HOLE ID Easting Northing RL Total

Depth

(m)

Azimuth Dip From

(m)

To

(m)

Downhole

Interval

(m)

True

Thickness

(m)

Average

Grade

(Aug/t)

SGD034 701764 831377 350 136 90 -70 83.15 87 3.85 2.46 5.4

including 84 85 1.00 0.64 17.1

89 95 6.00 3.84 19.1

including 92.9 93.9 1.00 0.64 93.6

99 105 6.00 3.84 13.3

including 101 102 1.00 0.64 32.0

and 102 104 2.00 1.28 17.2

SGD051 701907 832014 339 111 90 -71 65.4 70 4.60 2.90 34.6

including 67.4 69.5 2.10 1.32 71.5

SGD077 701840 831715 340 220 90 -75 63 68.7 5.70 3.25 25.2

including 64 67.85 3.85 2.19 35.2

and 64 65.85 1.85 1.05 56.6

SGD083 701838 831666 342 157 90 -85 65.35 68.35 3.00 1.26 42.5

SGD107 701720 831060 362 133 90 -84 87 92 5.00 2.20 4.6

102 117 15.00 6.60 3.9

118.5 131 12.50 5.50 10.0

including 123.5 126 2.50 1.10 32.4

SGD108 701732 831239 342 150 90 -80 101.3 112 10.70 5.35 7.3

including 101.3 105 3.70 1.85 12.0

and 110.4 111.2 0.80 0.40 32.2

118 124 6.00 3.00 11.6

including 121 122.8 1.80 0.90 34.6

SGD110 701730 831186 347 156 90 -88 111.65 130 18.35 6.79 3.7

including 127.5 129.5 2.00 0.74 20.4

137 147 10.00 3.70 7.3

including 137 139 2.00 0.74 16.1

and 142 145 3.00 1.11 9.0

SGD115 701712 831010 356 147 90 -90 88.2 130 41.80 14.21 3.8

including 105 121 16.00 5.44 6.9

and 127.4 130 2.60 0.88 12.3

SGD118 701671 830824 336 103 90 -85 80 95 15.00 6.30 5.4

including 92 95 3.00 1.26 18.9

SGD145 701593 830601 325 168 90 -90 73 79 6.00 2.04 26.6

SGD146 701606 830654 328 176 90 -85 87 94 7.00 2.94 17.6

152 155 3.00 1.26 7.9

Table 1: Selected drillhole results and variable cut offs from previous exploration Company (CGA Mining)

that demonstrate high grade nature of the resource (highlighted intervals are illustrated on Figure 1)

The drilling program is expected to run through to the end of July 2017.

PRELIMINARY ECONCOMIC ASSESSMENT

The Company is pleased to announce the engagement of Auralia Mining Consulting Pty Ltd to

undertake a n Independent Preliminary Economic Assessment (“PEA”) in accordance with

standards mandated by NI 43-101.

The PEA will determine the open pit mining and processing parameters and establishing,

within limits, the associated capital expenditures and operating costs. The PEA will be based

on the Company’s existing NI 43 -101 compliant indicated mineral resource estimate of

550,000oz grading at 3.8g/t dated March 2016, additional metallurgical and geotechnical test

work and other relevant data. To the best of the Company’s knowledge, informatio n and

belief, there is no new material scientific or technical information that would make the

disclosure of the previously indicated mineral resource inaccurate or misleading. The PEA will

also consider the potential phasing of operations, with the commen cement of production

from the near surface northern zone of the deposit.

The Company intends to complete the PEA in the second quarter of 2017. The Company

expects to present the PEA as part of an updated NI 43-101 report.

QUALIFIED PERSON

The above information has been prepared under the supervision of Alfred Gillman (FAusIMM,

CP), who is designated as a " qualified person" under National Instrument 43 -101 and has

reviewed and approves the content of this news release.

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 in Osun State Nigeria

approximately 120km northeast of Lagos. The Segilola Gold Project is considered to be the

most advanced gold project in Nigeria. Thor holds a 70% interest in the Douta Gold Project

located in southeastern Senegal. The Douta Gold Project lies within the Kéniéba Inl ier which

hosts significant gold resources and has attracted major international mining companies. Thor

also holds a 100% interest in the Bongui and Legue gold permits located in Houndé

greenstone belt, south west Burkina Faso. Thor trades on the TSX Ventu re Exchange under

the symbol “THX”.

THOR EXPLORATIONS LTD.

Per: “Segun Lawson”

President & CEO

For further information please contact:

Tel: 778-373-0102

Fax: 604-434-1487

Email: [email protected]

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 S tates or to, or for the benefit or account of,

a U.S. person, except pursuant to an available exemption from such registration requirements.

Forward-Looking Information

This news release contains “forward-looking information” and “forward-looking statements”

(collectively, “forward-looking information”) within the meaning of applicable securities laws.

Forward-looking information is generally identifiable by use of the words “believes,” “may,”

“plans,” “will,” “anticipates,” “intends,” “could”, “estimates” , “expects”, “forecasts”,

“projects” and similar expressions, and the negative of such expressions. Forward -looking

information in this news release includes, without limitation, statements about the

Company’s drilling program and what it will mean to the Company as it tests the continuity

of the mineral body, as well as statements regarding the completion of the PEA, what it will

determine and the intended completion date.

All forward-looking information herein is qualified in its entirety by this cautionary statement,

and the Company disclaims any obligation to revise or update any such forward -looking

information or to publicly announce the result of any revisions to any of the forward-looking

information contained herein to reflect future results, event s or developments, except as

required by law.