Further High Grade Gold Intersections Received at the Douta Gold Project in Senegal
Further High Grade Gold Intersections
Received at the Douta Gold Project in Senegal
Vancouver, British Columbia--(Newsfile Corp. - November 16, 2022) - Thor Explorations Ltd. (TSXV:
THX) (AIM: THX) ("
Thor
" or the "
Company
") is pleased to announce additional drilling results from the
Makosa gold deposit (
"Makosa")
at the Douta Gold Project, Senegal (the
"Douta Project"
).
The Douta Gold Project encompasses the Makosa gold deposit which currently comprises an Inferred
Resource of 730,000 ounces of gold, grading at 1.53 grams per ton ("
g/t
"), as announced in its maiden
Mineral Resource Estimate (
"MRE
") published on 18 November 2021.
The results are the latest from an ongoing comprehensive exploration program of reverse circulation
("
RC
") drilling, which was designed to both upgrade parts of the existing resource and to specifically
target potentially higher-grade parts of the deposit.
Highlights include:
Drillhole DTRC561 7m at 8.96 g/t gold ("Au") from 67m (including 1m at 52.7 g/tAu)
Drillhole DTRC540 4m at 13.82 g/tAu from 44m
Drillhole DTRC570 6m at 5.72 g/tAu from 59m (including 3m at 8.9 g/tAu)
Drillhole DTRC539 10m at 3.80 g/tAu from 59m
Drillhole DTRC536 17m at 1.22 g/tAu from 15m
Drillhole DTRC550 17m at 2.02 g/tAu from 80m (including 1m at 7.7 g/tAu)
Drillhole DTRC526 2m at 12.98 g/tAu from 73m
Drillhole DTRC535 11m at 2.23 g/tAu from 39m (including 1m at 8.44 g/tAu)
Drillhole DTRC555 10m at 2.70 g/tAu from 31m
Drillhole DTRC556 11m at 2.30 g/tAu from 78m
Drillhole DTRC560 5m at 4.80 g/tAu from 74m
Segun Lawson, President & CEO, stated:
"We are pleased to announce further, very positive drilling results from the southern parts of the
Makosa resource area. In addition to upgrading the resource to a mostly indicated classification, the
current drilling program was designed to test interpreted higher-grade parts of the deposits that were
thought to be related to cross-structures. Several high-grade intervals with grades of up to 13.8 g/tAu
were encountered during the drilling showing that more higher-grade material has been delineated in
line with the program objectives.
"Notably, we continue to encounter strong mineralisation from the surface, and at relatively shallow
depths. We are continuing this theme of shallow drilling along the entire strike length of the deposit,
with the objective of delineating a high grade, shallow, mineable deposit.
"We look forward to updating the market with the drill results as we receive them this year."
Introduction
The Douta Gold Project is a gold exploration permit that covers an area of 103 km
2
and is located within
the Kéniéba inlier, eastern Senegal. The northeast trending permit (Figure 1) has an area of 103 km
2
.
Thor, through its wholly owned subsidiary African Star Resources Incorporated ("
African Star
"), has
acquired a 70% economic interest 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 Reserve.
The Douta permit 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
Endeavour Mining (Figure 1). The northern parts permit is bounded by the Makabingui group of gold
deposits that belong to Bassari Resources Ltd.
Makosa
The Makosa resource is currently classified as inferred. In July 2022 Thor commenced a program of
follow up RC and diamond drilling with the objective of upgrading the higher-grade portions of the
resource, that fall within the optimised pit shell, to indicated classification.
At Makosa, zones of gold mineralisation are developed either within a sheared gabbro intrusive or within
a steep north-westerly dipping sequence of meta-sedimentary rocks that are in close proximity to the
gabbro. Higher grade zones or shoots are expected to occur along east-west oriented structures that cut
across the main north-east trend of the mineralisation.
The significant intersections from Makosa are listed in Table 1 below. The full table of results is attached
in Appendix 1. Drill samples were analysed by ALS Laboratories in Mali using the AA26 fire assay
method (50g charge).
HOLE-ID
Easting
Northing
Length (m)
Azimuth
Dip
From
(m)
To
(m)
Interval
(m)
Grade
(g/tAu)
True Width
(m)
DTRC516
174413
1434422
72
130
-60
47
59
12
1.05
9.8
DTRC518
174432
1434436
78
130
-60
21
34
13
0.98
10.1
DTRC520
174433
1434538
100
130
-60
73
82
9
2.58
7.4
DTRC526
174375
1434656
84
130
-60
60
62
2
12.98
1.6
DTRC532
174429
1434678
36
130
-60
14
26
12
1.18
9.4
DTRC534
174562
1434739
72
130
-60
4
14
10
1.59
7.6
DTRC535
174568
1434786
90
130
-60
39
50
11
2.23
8.4
DTRC536
174506
1434817
60
130
-60
15
32
17
1.22
13.3
DTRC537
174471
1434834
96
130
-60
77
92
15
1.38
11.7
DTRC538
174532
1434753
100
130
-60
39
41
2
6.53
1.5
DTRC539
174462
1434787
84
130
-60
59
69
10
3.80
7.8
DTRC540
174434
1434740
66
130
-60
44
48
4
13.82
3.2
DTRC545
174499
1434769
120
115
-60
86
96
10
1.57
7.7
DTRC546
174533
1434803
120
115
-60
81
90
9
1.56
7.1
DTRC550
174575
1434844
120
115
-60
80
97
17
2.02
13.1
DTRC551
174605
1434830
84
115
-60
43
48
5
2.71
3.8
DTRC555
174532
1434921
79
115
-60
31
41
10
2.70
9.0
and
48
55
7
2.00
6.3
DTRC556
174494
1434938
102
115
-60
78
89
11
2.30
8.5
DTRC559
174576
1434953
65
115
-60
9
23
14
1.48
10.7
DTRC560
174548
1434966
120
115
-60
74
79
5
4.80
3.8
DTRC561
173917
1433737
110
130
-65
67
74
7
8.96
5.0
DTRC563
174249
1434397
93
120
-60
75
81
6
3.24
4.6
DTRC565
175126
1435789
112
130
-60
67
79
12
1.15
9.2
DTRC568
175189
1435801
66
130
-60
24
36
12
1.32
9.4
DTRC570
175150
1435829
108
130
-60
59
65
6
5.72
4.7
DTRC583
175372
1436012
38
130
-60
1
12
11
1.15
8.5
DTRC589
175432
1436077
66
130
-60
14
32
18
0.89
14.0
Table 1: Makosa Significant Results (>10 gramme-metres)
(0.5g/tAu lower cut off; maximum 2m internal dilution, minimum 2m interval)
Figure 1: Douta Project location map
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/7003/144438_d13d15e1543e6a2c_002full.jpg
In addition to potentially upgrading the southern part of the Inferred Resource, the intersection received
earlier in 2022 suggested that gold mineralisation may extend at depth. Drillhole DTRC561 was drilled
to test for depth extensions of a potential higher-grade zone and returned 7m grading 8.96 g/tAu (Figure
3). Additional higher-grade intersections in the area include 6m grading 5.72 g/tAu in DTRC570 and 4m
grading 13.82 g/tAu in DTRC540 (Figure 2).
Figure 2: Makosa Drillhole Location Map
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/7003/144438_d13d15e1543e6a2c_003full.jpg
Figure 3: Cross-section showing high grade intersection in drillhole DTRC561
To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/7003/144438_d13d15e1543e6a2c_004full.jpg
Ongoing Exploration
The Mansa and Maka Prospects are located between Makosa and Sambara (Figure 1). Results from
the initial RC drilling at these prosects returned encouraging results including the following:
Mansa Prospect*
Drillhole DTRC363 4m at 3.11 g/tAu from 55m
Drillhole DTRC347 5m at 1.75 g/t Au from 48m
Drillhole DTRC347 2m at 10.65 g/t Au from 56m
Maka Prospect*
Drillhole DMRC012 4m at 11.0 g/t Au from 18m
These prospects have the potential to provide additional resources and will be fully tested in forthcoming
drilling programs.
*
Sedar Filing February 7, 2022: Commencement of Drilling on the Douta Gold Project, Senegal
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
approved 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. Mining and
production commenced at Segilola in 2021. Thor holds a 70% interest in the Douta Gold Project located
in south-eastern Senegal. Thor trades on the TSX Venture Exchange and the AIM segment of the
London Stock Exchange under the symbol "THX".
Deposit
Classification
Tonnage (xMt)
Grade (g/t Au)
Contained Metal
(koz Au)
Thor Interest
Attributable
Ounces
Source
Segilola
Indicated*
4.06
4.66
608
100%
608
1
Segilola
Inferred*
0.443
4.78
68
100%
68
1
Makosa
Inferred
15.3
1.53
730
70%
511
2
*not depleted for mining
Source
1 Sedar Filing March 21 2019: Technical Report On The Segilola Gold Project Feasibility Study, Osun State, Nigeria
2 Sedar Filing Jan 4 2022: Independent Technical Report: Mineral Resource Estimate, Douta Gold Project, Senegal
THOR EXPLORATIONS LTD.
Segun Lawson
President & CEO
For further information please contact:
Thor Explorations Ltd
Email:
Canaccord Genuity (Nominated Adviser & Broker)
Henry Fitzgerald-O'Connor / James Asensio / Thomas Diehl
Tel: +44 (0) 20 7523 8000
Hannam & Partners (Broker)
Andrew Chubb / Matt Hasson / Jay Ashfield / Franck Nganou
Tel: +44 (0) 20 7907 8500
Fig House Communications (Investor Relations)
Tel: +1 416 822 6483
Email:
BlytheRay (Financial PR)
Tim Blythe / Megan Ray / Rachael Brooks
Tel: +44 (0) 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 form 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: RC Drill Results November 2022
HOLE-ID
X
Y
Length (m)
Azimuth
Dip
From
(m)
To
(m)
Interval
(m)
Grade
(g/tAu)
True Width
(m)
DTRC510
174301
1434430
48
130
-60
nsr
DTRC511
174404
1434382
55
130
-60
31
33
2
0.66
1.5
DTRC511
34
41
7
1.05
5.4
DTRC512
174375
1434396
100
130
-60
69
79
10
0.65
7.9
DTRC513
174323
1434487
48
130
-60
29
30
1
1.88
0.7
DTRC513
41
44
3
0.68
2.2
DTRC514
174299
1434499
82
130
-60
nsr
DTRC515
174343
1434478
35
130
-60
15
17
2
1.11
1.5
DTRC516
174413
1434422
72
130
-60
39
42
3
0.61
2.4
DTRC516
47
59
12
1.05
9.8
DTRC516
62
66
4
0.59
3.3
DTRC517
174452
1434428
30
130
-60
19
29
10
0.56
7.8
DTRC518
174432
1434436
78
130
-60
21
34
13
0.98
10.1
DTRC518
44
45
1
1.53
0.8
DTRC518
61
65
4
0.91
3.2
DTRC519
174460
1434526
72
130
-60
30
34
4
3.00
3.1
DTRC520
174433
1434538
100
130
-60
52
55
3
0.65
2.4
DTRC520
61
62
1
2.00
0.8
DTRC520
73
82
9
2.58
7.4
DTRC521
174377
1434565
36
130
-60
6
8
2
0.79
1.5
DTRC522
174353
1434576
48
130
-60
38
42
4
0.54
3.1
DTRC523
174335
1434584
77
130
-60
69
70
1
2.50
0.8
DTRC524
174497
1434599
78
130
-60
14
19
5
0.56
3.8
DTRC525
174467
1434613
126
130
-60
nsr
DTRC526
174375
1434656
84
130
-60
60
62
2
12.98
1.6
DTRC527
174401
1434643
42
130
-60
4
11
7
1.64
5.3
DTRC527
21
27
6
0.74
4.6
DTRC528
174511
1434639
84
130
-60
nsr
DTRC529
174467
1434660
150
130
-60
85
88
3
0.60
2.3
DTRC529
91
94
3
0.58
2.3
DTRC529
138
146
8
0.59
6.0
DTRC530
174392
1434696
90
130
-60
10
14
4
0.54
3.0
DTRC531
174416
1434685
54
130
-60
nsr
DTRC532
174429
1434678
36
130
-60
14
26
12
1.18
9.4
DTRC533
174542
1434688
72
130
-60
19
21
2
1.78
1.5
DTRC534
174562
1434739
72
130
-60
4
14
10
1.59
7.6
DTRC534
23
25
2
2.25
1.5
DTRC535
174568
1434786
90
130
-60
39
50
11
2.23
8.4
DTRC536
174506
1434817
60
130
-60
7
13
6
0.52
4.6
DTRC536
15
32
17
1.22
13.3
DTRC536
47
54
7
1.40
5.5
DTRC537
174471
1434834
96
130
-60
14
16
2
1.21
1.6
DTRC537
44
53
9
0.62
7.0
DTRC537
67
72
5
0.53
3.9
DTRC537
77
92
15
1.38
11.7
DTRC538
174532
1434753
100
130
-60
39
41
2
6.53
1.5
DTRC538
48
54
6
0.94
4.6
DTRC538
86
88
2
1.09
1.5
DTRC539
174462
1434787
84
130
-60
59
69
10
3.80
7.8
DTRC540
174434
1434740
66
130
-60
3
4
1
2.31
0.8
DTRC540
44
48
4
13.82
3.2
DTRC540
60
64
4
0.87
3.2
DTRC541
174512
1434702
120
130
-60
23
25
2
1.47
1.5
DTRC541
52
55
3
0.55
2.2
DTRC541
65
73
8
1.24
6.1
DTRC542
174469
1434722
162
130
-60
nsr
DTRC543
174399
1434755
109
115
-60
17
19
2
0.74
1.5
DTRC543
21
29
8
1.22
6.1
DTRC544
174422
1434805
126
115
-60
120
124
4
2.14
3.2
DTRC545
174499
1434769
120
115
-60
86
96
10
1.57
7.7
DTRC546
174533
1434803
120
115
-60
14
16
2
1.85
1.5
DTRC546
81
90
9
1.56
7.1
DTRC547
174433
1434852
136
115
-60
8
11
3
1.01
2.3
DTRC547
18
20
2
0.72
1.5
DTRC547
73
75
2
0.71
1.5
DTRC547
117
123
6
0.75
5.0
DTRC547
134
136
2
1.32
1.7
DTRC548
174496
1434881
116
115
-60
27
31
4
0.50
3.0
DTRC548
44
47
3
1.67
2.2
DTRC548
54
57
3
0.98
2.2
DTRC549
174467
1434894
164
115
-60
70
77
7
1.13
5.1
DTRC550
174575
1434844
120
115
-60
80
97
17
2.02
13.1
DTRC551
174605
1434830
84
115
-60
43
48
5
2.71
3.8
DTRC551
58
61
3
0.51
2.3
HOLE-ID
X
Y
Length (m)
Azimuth
Dip
From
(m)
To
(m)
Interval
(m)
Grade
(g/tAu)
True Width
(m)
DTRC552
174647
1434868
72
115
-60
35
37
2
0.98
1.6
DTRC553
174606
1434887
92
115
-60
nsr
DTRC554
174562
1434907
54
115
-60
11
21
10
0.83
7.7
DTRC555
174532
1434921
79
115
-60
31
41
10
2.70
9.0
48
55
7
2.00
6.3
58
62
4
1.00
0.8
DTRC556
174494
1434938
102
115
-60
78
89
11
2.30
8.5
DTRC557
174667
1434911
84
115
-60
53
58
5
0.65
3.9
DTRC558
174649
1434920
61
115
-60
nsr
DTRC559
174576
1434953
65
115
-60
9
23
14
1.48
10.7
DTRC559
29
38
9
1.06
6.9