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NEWS RELEASE
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DISTRIBUTION TO U.S. WIRE SERVICES
FOR IMMEDIATE RELEASE TSXV: THX
April 25, 2018 Shares Outstanding: 326,068,630
Vancouver, British Columbia
STRONG INITIAL DRILL RESULTS INCLUDING 5.5 METRES @ 30.1G/T AU INTERSECTED
AT THOR’S SEGILOLA GOLD PROJECT
Thor Explorations Ltd. (TSX VENTURE: THX) (“Thor” or the “Company”) is pleased to pleased to announce
very encouraging results from its first set of drill results from its ongoing diamond core drilling program on its
100% owned Segilola Gold Project in Nigeria. The Probable reserve at Segilola comprises 448,000 ounces
of gold grading 4.2g/tAu within a global resource base of 862,000 ounces gold.
The Company is also pleased to announce that it has completed the metallurgical drilling program and is
progressing through the exploration and infill programs that form part of its Definitive Feasibility Study (DFS)
and pre-development workstreams at the Segilola Gold Project.
Drilling to date has targeted less defined areas of the open pit resource and Thorʼs management consider
the assay results received to date are likely to result in an upgrade of the open pit resource and reserve.
Highlights include:
• SGD171: 5.9 metres at 16.3g/tAu including 4.4 metres at 23.4g/tAu
• SGD173: 5.5 metres at 30.1g/tAu including 1 metre at 117.6 g/tAu
• SGD174: 10.8 metres at 9.7g/tAu including 0.5 metres at 151.2 g/tAu
• SGD178: 25 metres at 3.4g/tAu
Segun Lawson, President & CEO, stated:
"We are extremely encouraged by these drill results and equally excited by the pending results on our Segilola
Project. As part of our DFS field work, this drilling program was designed to increase the open pit head grade
from its already impressive and robust 4.2g/tAu. Drilling to date has targeted less defined areas of the open
pit resource.
We are also very encouraged with the high grade mineralisation found in the previously under-drilled “saddle”
in the central area of the resource. Follow up drilling will test the deeper high grade lodes identified in the
successful 2017 drill program which are now supported by these new results.
The Company expects to announce additional results in early May. In some holes that have yet to assayed,
such as SGD188(Figure 4), the visual indications are very encouraging. We look forward to updating the
market in May with our next set of drill results and progress on our DFS field work”
Drilling Program
The targeted outcomes of the drilling program, that is still ongoing, are to:
• Increase in open pit reserve grade as result of better definition of the higher grade zones (>10g/tAu)
of the resource
• Upgrade parts of the resource from indicated to measured classification
• Upgrade parts of the resource from inferred to indicated classification in order to be included in
reserve and mine planning studies
• Obtain further confirmation of high grade extensions of the gold-system at depth
• Provide samples for metallurgical testing
• Obtain data for open pit grade control design
The results to date (Table 1) generally confirm the high grade character of the deposit and, in particular, the
northern lode. Refer to Figures 2 to 3.
HOLE ID Easting Northing RL Total
Depth
(m)
Azimuth Dip From
(m)
To
(m)
Downhole
Interval
(m)
True
Thickness
(m)
Average
Grade
(Aug/t)
SGD171 701929 832140 348 93.3 90 -60 72.8 78.7 5.90 4.5 16.3
includes 74.3 78.7 4.40 3.5 23.4
SGD172 701885 831890 334 60.1 90 -60 41.6 43.9 2.30 1.84 2.9
SGD173 701852 831690 340 45.3 90 -60 35 40.5 5.50 4.6 30.1
includes 37 38 1.00 0.8 117.6
SGD174 701833 831502 335 45.5 90 -75 23 33.8 10.80 7.9 9.7
includes 32.4 32.9 0.50 0.3 151.2
and 40.1 41.3 1.20 0.9 8.5
SGD177 701739 831300 342 95 90 -55 83 94.5 11.50 9.8 4.3
includes 88 94 6.00 5.1 7.2
SGD178 701731 831190 350 116.4 90 -80 85 110 25.00 16.0 3.4
includes 94 102.9 8.85 3.0 4.7
and 108.2 110 1.80 1.3 13.8
SGD179 701740 831100 362 149.5 90 -90 91 95 4.00 2.1 5.7
includes 91 93 2.00 1 10.6
and 106 127 21.00 8.5 2.6
includes 106.7 111.3 4.60 2.3 3.4
includes 115 118.4 3.40 1.7 3.8
includes 125.1 126 0.90 0.6 21.3
SGD181 701845 831630 347 80.4 90 -60 no significant result
SGD182 701815 831625 346 95.2 90 -80 67 69.2 2.20 1.9 9.3
SGD183 701772 831626 346 120 90 -60 no significant result
SGD184 701797 831530 338 145.5 90 -85 83.5 85 1.50 1.0 6.7
• Average grades calculated using 1.0g/tAu lower cut off, no top cut
• Included zones calculated at 3g/tAu lower cut off, no top cut
Table 1: Segilola Gold Project: Drillhole intersections
Figure 1: Plan view of 2018 Core Drilling Program with Selected Results
The Segilola gold deposit comprises a main footwall lode and two hangingwall lodes. Modelling of the
mineralisation intersected in SGD184 (1.5m at 6.7g/tAu) suggests that first hangingwall lode forms a
continuous mineralised structure that extends over the entire 1.8km strike length. This lode is characterized
by medium to high grade inercepts with frequent occurrences of visible gold. Analysis of grade contour
longitudinal sections (Figure 2) indicates several plunging shoots within the first hangingwall panel. Further
exploration at depth within these shoot trends is anticipated.
Figure 2: Composite longitudinal section of the footwall and 1st hangwall lodes showing
gram-metre contours and future drill targets
The DFS drilling program has also, in part, been designed to test grade continuity/variability over short
distances so that the optimum grade control drill spacing can be assessed. This information will be used to
underpin any parts of the resource that may be classified as “measured”. Figure 3 illustrates that good
continuity of high grade mineralization is confirmed by SGD173 which is positioned between two historic
drillholes at a typical grade control spacing of about 10m. Geostatistically, this may reduce the nugget effect
and thus possibly enable the classification of “measured” to be assigned to the relevant parts of the resource.
Figure 3: Cross section showing continuity of gold grades around drillhole SGD173
Figure 4: SGD188 – Visible gold in core intersection
DFS Workstreams
Thor is also pleased to announce the following highlights from its ongoing DFS workstreams:
• Metallurgical test work commenced by Independent Metallurgical Operations (IMO) Perth. A
representative sample totalling over 500kg has been obtained for metallurgical testwork. Two
additional twin holes SGD175 and SGD176 were also completed to provide whole core samples for
metallurgical variability testing.
• Waste rock and tailings characterization test work underway with IMO
• Geotechnical and resource infill and extensional drilling continuing
The DFS workstreams are targeted towards de-risking and optimising the Project following the completion of
the Preliminary Feasibility Study (“PFS”) in October 2017.
The targeted outcome of the metallurgical testwork program is to optimise the PFS process flowsheet, with
the expected inclusion of a gravity recovery circuit and investigation of other identified opportunities for
process design enhancements, focussed on operational efficiency, reducing operating cost and increasing
process recoveries, in order to finalise DFS process design criteria.
The targeted outcomes of the geotechnical drilling and phases one and two of the resource drilling are to
improve project definition, increase resource ounces and reduce mining waste tonnages, resulting in further
enhancements to the open pit project economics.
Drilling and Sampling Procedures
All drilling has been undertaken with an Atlas Copco CS-14 diamond rig. Sampling is predominantly quarter-
core HQ. On occasions where NQ coring was necessary, half -core samples were taken. Core logging,
photography and cutting takes place at Thor’s exploration compound in the nearby township of Ilesha. Strict
QAQC procedures are followed with an industry -standard schedule of certified standards, blanks and
duplicates. Samples are transported under supervision directly to the MS Analytical sample preparation
laboratory in Abuja, Nigeria from where the sample pulps are couriered to Canada. Analyses are carried out
by MS Analytical (Vancouver) using the FAS-221 (fire assay, 50g charge) method. A metallic screen fire assay
(MSC-150 1,000g fire assay) is carried out on samples that return an initial fire assay result of >10g/tAu. To
date, the metallic screen fire assay results correlate to within 99% of the normal fire assays.
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 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 and a 70% interest in the Douta Gold Project
located in south-eastern Senegal. Thor also holds a 49% interest in the Bongui and Legue gold permits located
in Houndé greenstone belt, south west Burkina Faso. Thor trades on the TSX Venture Exchange under the
symbol “THX”.
THOR EXPLORATIONS LTD.
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 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. Such forward-looking statements, including but not limited to the completion
of the acquisition of the Segilola Gold Project and the use of the proceeds of the private placement. 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.