Thor Announces Remaining IN Pit Drill Results at Segilola, Nigeria and Exercise of Options
NEWS RELEASE
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES
FOR IMMEDIATE RELEASE TSXV: THX
December 10, 2020 Shares Outstanding: 621,405,975
Vancouver, British Columbia
THOR ANNOUNCES REMAINING IN PIT DRILL RESULTS AT SEGILOLA, NIGERIA AND
EXERCISE OF OPTIONS
Thor Explorations Ltd. (TSX VENTURE: THX) (“ Thor” or the “Company”) is pleased to announce a
final set of encouraging drill results from its in-pit and extensional diamond core drilling program at its
Segilola Gold Project in Nigeria, which is scheduled to pour first gold in Q2 2021. The diamond core
drilling program was designed to target and de-risk the lower portions of the in-pit resource by
upgrading those portions currently classified as Inferred Resources in the Segilola Definitive
Feasibility Study.
Significant intersections include:
Drillhole SGD211: 32.5m (17m true width) grading at 3.2g/tAu
including 16m at 2.6g/tAu and 4.3m at 14.5g/tAu
Drillhole SGD212: 47.5m (20m true width) grading at 2.2g/tAu
including 18m at 4.0g/tAu and 2.4m at 7.5g/tAu
HOLEID Easting Northing Elevation Length
(m)
From
(m)
To
(m)
Interval
(m)
Grade
(g/tAu)
True
Width
(m)
SGD211 701735 831242 332 178 97.7 100.0 2.3 1.6 1.1
132.0 164.5 32.5 3.2 17.0
includes 132.0 148.0 16.0 2.6 8.5
includes 160.2 164.5 4.3 14.5 2.8
SGD212 701724 831068 353 210 89.0 91.0 2.0 1.1 0.7
141.5 189.0 47.5 2.0 20.0
includes 141.5 143.5 2.0 1.6 0.7
includes 151.8 170.0 18.2 4.0 6.8
includes 186.6 189.0 2.4 7.5 1.1
Table 1: Significant results (0.5g/tAu lower cut off)
Drilling Results
Hole SGD211 confirmed the continuity of mineralisation near the deepest part of the DFS design pit
with grades that are consistent with those previously estimated in that portion of the resource. In
addition, the hole confirmed both strike and downdip continuity of a higher grade footwall zone that
averaged 14.4g/tAu over a true width of 2.8m. This footwall zone was noted in an historic up-dip drill-
hole which returned 2.75m (1.5m true width) at 15.4g/tAu (Figure 1).
Figure 1: SGD211 cross section
Figure 2: SGD212 cross section
Hole SGD212 is located 170m south from SGD211 and was also targeted to intersect the
mineralisation both near and below the base of the DFS design pit. The main lode package
(mineralised lode and internal dilution) was intersected over a true width of 20m at a grade of
2.0g/tAu.
Mineralisation has also been confirmed to a depth of at least 22m below the design pit. The package
included two higher grade zones of 6.8m true width grading 4.0g/tAu and the southern continuation of
the higher-grade footwall zone which returned 1.1m true grading 7.5g/tAu. This footwall zone was
also intersected in an historic up-dip drillhole which returned 2. 5m (1.2m true) at 37g/tAu (Figure 2).
The complete list of drill intersections received to date for the diamond drilling completed in 2020 is
tabled in Appendix 1. Fire assays were carried out by MSA Laboratories, Vancouver on half-core
samples.
Implications
The Company believes that the completed in-pit drilling programme will result in a larger open pit
resource with a higher percentage of Indicated Resources. An updated resource estimate is currently
targeted for early February 2021.
The results from these holes also strongly indicate that the current resource may be expanded below
the current DFS pit design. In the vicinity of SGD212, mineralisation is confirmed to a depth of at least
an additional 22m below the design pit.
There is potential to further increase the resource with future drill-targeting of the hanging-wall and
footwall lodes and to explore the underground potential.
Thor management believes that the additional data collected will have a potentially significant positive
impact on the project economics.
Segun Lawson, President & CEO, stated: “The continuation of positive drill results not only provides
adequate de-risking of a key operational aspect i.e., continuity of mineralisation near the base of the
design pit, but, more significantly, shows continuity outside the current reserve limits. We are aiming
to update the Segilola resource statement in early Q1 2021, prior to mining. We believe that we have
sufficient information through this drilling to materially increase the indicated resource which should,
ultimately, have a positive impact on the recoverable ounces. ”
Definitive Feasibility Study Resource
The currently announced Segilola open pit mineral resource comprises 441,000 ounces Au at
4.5g/tAu indicated and 73,000 ounces at 6.8g/tAu inferred. Based on a probable reserve of 405,000
ounces Au at 4.20g/tAu, the current project open pit DFS shows a post-tax NPV5% US$138m, a 50%
IRR and a payback in under 1.4 years. These figures are based on the data as 1 December 2018 and
a gold price of US$1,300.
With the current reserve, at a US$1,600 gold price, the Segilola Project shows a post-tax NPV5% pf
US$238.1m and at a US$1,800 gold price shows a post-tax NPV5% of US$305m.
Following the completion of the updated reserve statement, the Company’s management expect the
post-tax NPV to be increased materially.
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.
Exercise of options
The Company also announces that the Chief Financial Officer of the Company has exercised 210,000
options at $0.20 each. Following the option, exercise the Company now has 621,405,975 Common
Shares on issue. The Common Shares issued pursuant to the exercise of options will be subject to a
four month and one day holding period expiring on April 11, 2021.
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:
Thor Explorations Ltd
Email: [email protected]
Fig House Communications (Investor Relations)
Tel: +1 416 822 6483
Email: [email protected]
Blytheweigh
Megan Ray / Rachael Brooks
Tel: +44 207 138 3203
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 from 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: Segilola Diamond Drilling Results 2020
HOLE-
ID
Easting Northing Elevation Length From
(m)
To
(m)
Interval
(m)
Grade
(g/tAu)
True Width
(m)
Status
SGD199 701490 831170 372 457.3 409.0 411.3 2.3 1.13 0.9
SGD200 701774 831291 309 55.6 31.0 39.0 8.0 1.10 5.9 reported previously
46.4 48.0 1.6 4.41 1.4
50.7 51.2 0.5 1.72 0.4
SGD201 701726 831607 339 281.3 229.2 230.0 0.8 10.18 .5
SGD202 701964 832134 345 50.0 21.3 24.0 2.7 7.66 2.1 reported previously
SGD203 701871 832071 345 152.3 129.3 129.8 0.5 3.68 0.4 reported previously
141.0 142.0 1.0 0.52 0.8
SGD204 701874 832030 345 136.7 110.4 112.0 1.6 2.29 1.4 reported previously
SGD205 701854 832016 345 154.9 NSR
SGD206 701801 831987 345 231.6 NSR
SGD207 701712 831861 339 300.0 271.7 273.0 1.3 1.12 1.0
278.6 279.1 0.5 0.67 0.4
281.4 282.0 0.6 1.26 0.5
SGD208 701746 831329 333 131.4 105.4 120.3 15.0 7.00 10.0 reported previously
includes 105.4 111.0 5.6 9.20 3.2
and 116.0 120.3 4.3 12.10 2.9
SGD209 701728 831293 323 152.5 118.0 119.0 1.0 5.88 0.8
SGD210 701733 831244 318.9 158.0 93.9 94.4 1.0 1.35 0.8
97.0 97.5 0.5 1.58 0.4
SGD211 701735 831242 332 178.0 97.7 100.0 2.3 1.63 1.1
132.0 164.5 32.5 3.24 17.0
includes 132.0 148.0 16.0 2.55 8.5
includes 160.2 164.5 4.3 14.46 2.8
SGD212 701724 831068 353 210.0 89.0 91.0 2.0 1.14 0.7
141.5 189.0 47.5 2.02 20.0
includes 141.5 143.5 2.0 1.62 0.7
includes 151.8 170.0 18.2 3.95 6.8
includes 186.6 189.0 2.4 7.53 1.1
SGD213 701649 831012 362 205.0 assays pending
SGD214 701756 831643 337 230.0 NSR
SGD215 701440 830526 288.9 assays pending
SGD216 701840 830580 120.8 assays pending
Drillhole Location Map