Initial Drilling Results from Thor's Lithium Prospects Return Significant Intersections of Mineralised Pegmatites
Initial Drilling Results from Thor's Lithium
Prospects Return Significant Intersections of
Mineralised Pegmatites
Vancouver, British Columbia--(Newsfile Corp. - August 16, 2023) - Thor Explorations Ltd (TSXV: THX)
(AIM: THX), "Thor" or the "Company", is a West African-focussed minerals exploration and mining
Company, that currently operates the Segilola Gold Mine in Nigeria and is advancing the Douta Gold
Project in Senegal towards development.
As part of its strategy of identifying high-value mineral resource opportunities, Thor, through its fully-
owned subsidiary Newstar Minerals Ltd ("Newstar"), has acquired significant exploration tenure in south-
west Nigeria that covers both known lithium-bearing pegmatite deposits and a large unexplored
prospective pegmatite-rich belt.
An initial drilling program is being undertaken on one of the Company's prospects located in the West
Oyo Project Area to confirm and delineate lithium-bearing mineralisation, such as spodumene and
lepidolite, at depth. The Company is pleased to announce the first set of results from this initial
exploratory phase.
Key Highlights
Significant intersections include:
Drillhole NRC010: 11metres ("m") at 2.61% Li
2
O from 15m
Drillhole NRC018: 9m at 2.42% Li
2
O from 35m
Drillhole NRC006: 11m at 1.53% Li
2
O from 14m, including 9m at 1.70% Li
2
O from 15m
Spodumene confirmed as the main lithium-bearing mineral together with minor lepidolite
Mineralisation is exposed at surface and is shallow dipping.
Segun Lawson, President & CEO, stated:
"We are extremely encouraged by the first set of results from our initial drilling campaign which was
designed to confirm the development of lithium-bearing minerals within pegmatite bodies that occur
within our permit areas. This is the first area of our portfolio we have drilled and we are
looking forward
to both continuing the drill program on this prospect and extending the drilling over the other lithium-
bearing pegmatites within our portfolio in Oyo State.
Our objective is to expand our exploration activities and drilling program to the other pegmatites within
our permits and commence exploration activities over the larger extent of all our permits areas in
Nigeria.
With the forecasted lithium market deficit expected to grow out by 2040, with an untapped lithium
potential in West Africa, we believe it is a great opportunity to help diversify our existing gold
production.
In addition, we have continued to add further permits containing lithium-bearing pegmatites to our
portfolio. And look forward to updating the market with drill results and the progress of our exploration
over the coming weeks and through to the end of the year."
Introduction
Thor has secured over 600 square kilometres (km
2
) of granted tenure in Nigeria that form Oyo State,
Kwara State and Ekiti State Lithium Project Areas. The Oyo State Project Area encompasses what Thor
considers to be Nigeria's most significant lithium pegmatite occurrence which is currently being
exploited by small-scale
artisanal mining of lithium-bearing minerals.
The Oyo State Lithium Project comprises approximately 38km
2
of exploration tenure that is located
towards the westernmost border of Nigeria and within 200 kilometres of the commercial capital of
Lagos. The project area is unique in the Nigerian context as it is mostly located in a relatively sparsely
populated region of the country but situated within close proximity to large population centres and
advanced infrastructure such as roads, railways and ports.
Target Area 1
Reconnaissance rock chip sampling carried out in 2022 in the western parts of Oyo State returned Li
2
O
analyses of between 1.34% and 9.31%. Thor has secured tenure over this area in a number of joint
venture agreements together with wholly owned exploration permits.
A program of reverse circulation (RC) targeted an identified pegmatite trend that is developed within a
northerly trending mafic sequence that is surrounded by granitoid-gneiss terrain.
The significant results from this program are listed in Table 1 and located in Figure 1.
Hole ID
x
y
Depth
Dip
Azimuth
From
(m)
To
(m)
Interval
(m)
Grade
(%Li2O)
True
Width
(m)
NRC006
494432
899276
110
-60
110
14
25
11
1.53
10.5
includes
15
24
9
1.70
8.6
NRC009
494530
899242
50
-60
110
14
15
1
0.42
1.0
NRC010
494515
899248
60
-60
290
15
26
11
2.61
10.5
NRC018
494450
899300
46
-90
0
26
29
3
1.66
2.9
includes
27
29
2
2.11
1.9
35
44
9
2.42
8.6
NRC019
494445
899365
52
-90
0
33
35
2
1.27
1.9
includes
33
34
1
2.08
1.0
NRC020
494396
899351
50
-90
0
6
10
4
0.43
3.8
NRC024
494500
899300
50
-90
0
35
39
4
1.03
3.8
includes
35
36
1
2.50
1.0
Table 1: Significant Drillhole Intercepts
(0.4%Li
2
O cut-off grade,minimum 1m thickness, up to 2m internal dilution)
Sample analyses were carried out by SGS Randfontein (GE_ICP90A50 and GE_FUZ90A50). Cross
check analyses were carried out by MSA Laboratories, Vancouver (PER-700).
The drilled pegmatite averages 20m in thickness and dips at 5 degrees towards the northwest (Figures
1 and 2). A continuous sheet of coarse spodumene mineralisation of up to 11m thick is developed
towards the upper contact of the pegmatite and mafic country rocks.
Ongoing exploration is underway to locate additional pegmatites in the immediate vicinity of this target
and further to the south where extensive exposures of pegmatites have been mapped in Target Area 2
(Figure 3).
Figure 1: Drilling and Sample Location Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7003/177380_ffdbb91d74889930_002full.jpg
Figure 2: Drilling Cross-Section
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7003/177380_ffdbb91d74889930_003full.jpg
Figure 3: Exploration Target Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7003/177380_ffdbb91d74889930_004full.jpg
Thor/Newstar has also secured additional tenure over this area in a number of joint venture agreements
together with wholly owned exploration permits (Figure 3). Further to the west additional exploration
tenure has been obtained through the granting of a large exploration permit (EL42245) to the northeast
together securing additional ground under an agreement with SCT Mining & Exploration Ltd (Figure 4).
Figure 4: Drilling and Sample Location Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7003/177380_ffdbb91d74889930_005full.jpg
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 the AIM Rules 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:
Thor Explorations Ltd
Tel: 778-373-0102
Fax: 604-434-1487
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:
Ibu Lawson (Investor Relations)
Tel : +44 7909 825 446
Email :
BlytheRay (Financial PR)
Tim Blythe / Megan Ray / Said Izagaren
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. 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
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