Thor Announces Continuing Positive
NEWS RELEASE
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES
FOR IMMEDIATE RELEASE
TSXV: THX
June 1
, 2021
Shares Outstanding:
621,405,975
Vancouver, British Columbia
THOR ANNOUNCES
CONTINUING
POSITIVE
RESULTS
FROM
RC INFILL DRILLING AT
MAKOSA
TAIL
PROSPECT, SENEGAL
Thor Explorations Ltd. (TSX VENTURE: THX) (“
Thor
” or the “
Company
”) is pleased to announce
an
encouraging
first set of drill results from the southern Makosa Tail Prospect at its Douta Projec
t,
Senegal. The exploratory
drill
ing program was designed to infill the initial wide
-
spaced drilling that
was completed in late 2020 which
led
to the Makosa Tail discovery. The results received to date
confirm the continuation of the Makosa mineralised sys
tem along strike to the south.
Highlights
include:
Makosa
Tail Prospect
mineralisation confirmed over
1,0
00m of strike length
in a number of
parallel lodes
including a
3
00m high grade zone
in a previously untested area.
Drillhole
DTRC
155
5m at
11.0
/tAu from
17
m
Drillhole DTRC1
56
5
m at
10.1
/tAu from
7
m
Drillhole
DTRC1
81
5
m at
3.3
/t from
4
m
Mineralisation remains open
ended to the north
, south and at depth
Segun Lawson, President & CEO, stated
“
The
Makosa
Tail
prospect
continues
to
deliver
encouraging
drilling
results
with
numerous
significant
intersection
s
reported
from
the
near
-
surface
zone
in
the
follow
-
up
program
to
the
initial
discovery
holes
that
were
drilled
in
late
202
0
.
This
is
excellent
start
to
the
larger
exploration
and
resource
definition
drilling
campaign
and
has
achieved
the
initial
objective
of
testing
Makosa
Tail
which
is
open
along
strike
and
at
depth.
We
are
looking
forward
to
completing
the
ongoing
drilling
between
Makosa
Tail
and
Makosa
and
receiving
the
results,
after
which
the
rig
will
be
move
d
to
Makosa
North
to
test
the
northern
extension
of
Makosa.
“
Introduction
The Douta Gold Project is a gold exploration permit that covers an area of
58
km
2
and is located
within the Kéniéba inlier, eastern Senegal. The
northeast trending
permit
(Figure 1) has
an area of
58
km
2
.
Thor, through its wholly owned subsidiary African Star Resources Incorporated (“African Star”),
contractually acquired
a 70%
interes
t in
the licence from the permit holder International Mining
Company SARL (“IMC”). IMC has a 30% free carry until the announcement by Thor of a Probable
R
eserve.
The Douta licence is strategically positioned
4km east of
the deposits Massawa
North and Massawa
Central deposits
which
form
part of the
world class
Sabadola
-
Massawa Project that is owned by
Teranga Gold Corporation
(Figure 1).
Makosa Tail was discovered i
n
late
202
0
in an initial
21
RC drillholes
that targeted the
interpreted
southern
extensions of the Makosa mineralised system
(Figure 2)
.
Drilling Results
The
results are from the
exploratory RC drilling
program
at Makosa
Tai
l are shown in
Table 1 and
Figure
2
.
The full table of
results is attached in Appendix 1
.
Figure 1:
Makosa Tail
location map
HOLE
-
ID
Easting
Northing
Elevation
Length
(m)
From
(m)
To
(m)
Interval
(m)
Grade
(g/tAu)
True
Width
(m)
DTRC155
825102
1433697
205
42
17.0
22.0
5.0
11.0
4.0
DTRC155
and
25.0
32.0
7.0
0.7
5.6
DTRC156
825036
1433743
198
25
7.0
12.0
5.0
10.1
4.0
DTRC157
825011
1433758
198
60
37.0
42.0
5.0
1.1
4.0
DTRC160
825045
1433790
198
50
3.0
6.0
3.0
1.9
2.4
DTRC164
825003
1433694
198
43
15.0
23.0
8.0
1.1
6.4
DTRC165
824974
1433721
200
90
37.0
39.0
2.0
3.4
1.6
DTRC165
and
50.0
56.0
6.0
1.1
4.8
DTRC172
825150
1433844
195
106
62.0
66.0
4.0
1.8
3.2
DTRC178
824961
1433673
201
66
32.0
40.0
8.0
1.4
6.4
DTRC179
824977
1433661
202
42
9.0
12.0
3.0
1.3
2.4
DTRC181
824923
1433575
206
42
4.0
9.0
5.0
3.3
4.0
DTRC186
825213
1433983
195
90
75.0
80.0
5.0
1.9
4.0
DTRC192
825282
1434126
192
92
72.0
75.0
3.0
1.3
2.4
DTRC195
825331
1434211
189
91
61.0
63.0
2.0
3.4
1.6
DTRC197
825340
1434263
186
108
101.0
104.0
3.0
2.0
2.4
DTRC198
825382
1434367
188
92
30.0
36.0
6.0
0.8
4.8
DTRC199
825441
1434379
189
66
17.0
19.0
2.0
1.8
1.6
DTRC199
and
24.0
29.0
5.0
2.2
4.0
DTRC201
825461
1434415
189
50
26.0
28.0
2.0
2.8
1.6
DTRC201
and
31.0
39.0
8.0
0.9
6.4
Table 1: Makosa
Tail
Significant results
(0.5g/tAu lower cut off; maximum 2m internal dilution
, minimum 2m interval
)
The
follow up
RC program was completed using a
reduced
line
spacing of
50
m over Makosa Tail
.
The
program comprised 3,765m completed in 52
holes
with an average depth of
7
2
m
. The focus of the
drilling was on near
-
surface potential over the previously drilled strike length on Makosa Tail.
Drill samples were analysed by ALS laboratories in Mali using t
he AA26 fire assay method (50g
charge).
The results indicate
multiple
parallel, steep north
-
westerly dipping, mineralised horizons that are
developed within a shale/greywacke sequence. Most significant
,
is the discovery of
several higher
grade zones
towards the southern end of the drilled area where the drill coverage is wide
-
spaced.
Drillhole DTRC1
5
5
returned 5
m at
11.0
g/tAu from
1
7
m
(Figure
2
)
.
Hole
DTRC1
56
which
was drilled
on the same section as DTRC155
returned
5m at 1
0.1
g
/tAu from
7
m
.
Implications
The
Makosa Tail
drilling has intersected multiple parallel lodes over a strike length of 1,000m with a
higher grade zone potentially extend
ing
for
300m
.
Significantly, there is a 1,600m strike length between Makosa Tail and Makosa that is yet
to be drill
-
tested.
Systematic infill and step
-
out drilling is planned to fully assess the ever
-
increasing scale of the project.
Figure
2
:
Makosa
Tail
drillhole
location map
Figure
3
:
Makosa Tail Cross Section A
-
B
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 Burk
ina 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:
Fig House Communications (Investor Relations)
Tel: +1 416 822 6483
Email:
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 c
ause the actual results of the Company to differ
materially f
ro
m 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
pr
oduce 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 f
orward
-
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 fo
rward
-
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:
Makosa
Tail
RC Drill Results
May 2021
HOLE
-
ID
Easting
Northing
Elevation
Length
(m)
From
(m)
To
(m)
Interval
(m)
Grade
(g/tAu)
True
Width
(m)
DTRC154
825065
1433715
205
99
NSR
DTRC155
825102
1433697
205
42
17.0
22.0
5.0
11.0
4.0
DTRC155
25.0
32.0
7.0
0.7
5.6
DTRC156
825036
1433743
198
25
7.0
12.0
5.0
10.1
4.0
DTRC157
825011
1433758
198
60
37.0
42.0
5.0
1.1
4.0
DTRC158
825114
1433746
205
66
NSR
DTRC159
825083
1433767
205
99
NSR
DTRC160
825045
1433790
198
50
3.0
6.0
3.0
1.9
2.4
DTRC161
825020
1433811
198
84
43.0
46.0
3.0
0.7
2.4
DTRC162
825064
1433655
204
54
NSR
DTRC163
825038
1433676
205
100
NSR
DTRC164
825003
1433694
198
43
15.0
23.0
8.0
1.1
6.4
DTRC165
824974
1433721
200
90
37.0
39.0
2.0
3.4
1.6
DTRC165
50.0
56.0
6.0
1.1
4.8
DTRC166
824960
1433790
198
114
NSR
DTRC167
825134
1433783
201
50
NSR
DTRC168
825107
1433806
199
90
NSR
DTRC169
825077
1433832
197
54
NSR
DTRC170
825045
1433858
196
60
NSR
DTRC171
825179
1433819
199
78
NSR
DTRC172
825150
1433844
195
106
62.0
66.0
4.0
1.8
3.2
DTRC173
825103
1433878
194
46
NSR
DTRC174
825170
1433884
197
108
NSR
DTRC175
825125
1433915
196
45
NSR
DTRC176
825049
1433609
208
54
NSR
DTRC177
825024
1433626
204
84
NSR
DTRC178
824961
1433673
201
66
32.0
40.0
8.0
1.4
6.4
DTRC179
824977
1433661
202
42
9.0
12.0
3.0
1.3
2.4
DTRC180
824896
1433600
207
84
NSR
DTRC181
824923
1433575
206
42
4.0
9.0
5.0
3.3
4.0
DTRC181
12.0
16.0
4.0
0.5
3.2
DTRC182
824968
1433537
209
105
NSR
DTRC183
825194
1433928
195
84
NSR
DTRC184
825220
1433907
198
48
NSR
DTRC185
825240
1433957
197
42
NSR
DTRC186
825213
1433983
195
90
75.0
80.0
5.0
1.9
4.0
DTRC187
825264
1434007
196
42
NSR
DTRC188
825231
1434031
194
96
74.0
77.0
3.0
0.9
2.4
DTRC189
825219
1434104
191
84
NSR
DTRC190
825247
1434082
192
96
NSR
DTRC191
825307
1434106
192
60
24.0
28.0
4.0
0.6
3.2
DTRC191
31.0
33.0
2.0
0.7
1.6
DTRC192
825282
1434126
192
92
72.0
75.0
3.0
1.3
2.4
DTRC192
81.0
83.0
2.0
0.5
1.6
DTRC193
825309
1434173
191
120
NSR
DTRC194
825363
1434187
189
54
NSR
DTRC195
825331
1434211
189
91
61.0
63.0
2.0
3.4
1.6
DTRC195
69.0
71.0
2.0
0.8
1.6
DTRC196
825405
1434214
190
42
NSR
DTRC197
825340
1434263
186
108
101.0
104.0
3.0
2.0
2.4
DTRC198
825382
1434367
188
92
30.0
36.0
6.0
0.8
4.8
DTRC198
56.0
58.0
2.0
0.7
1.6
DTRC199
825441
1434379
189
66
11.0
13.0
2.0
1.0
1.6
DTRC199
17.0
19.0
2.0
1.8
1.6
DTRC199
24.0
29.0
5.0
2.2
4.0
DTRC200
825417
1434397
188
84
49.0
51.0
2.0
1.1
1.6
DTRC200
62.0
65.0
3.0
0.9
2.4
DTRC201
825461
1434415
189
50
15.0
17.0
2.0
1.3
1.6
DTRC201
26.0
28.0
2.0
2.8
1.6
DTRC201
31.0
39.0
8.0
0.9
6.4
DTRC202
825388
1434475
190
117
DTRC203
825076
1433712
190
78
DTRC204
825481
1434469
190
60
DTRC205
825459
1434490
190
29