Thor Explorations Announces Drilling Results and Update on the Douta Gold Project, Senegal
Thor Explorations Announces Drilling Results
and Update on the Douta Gold Project, Senegal
Vancouver, British Columbia--(Newsfile Corp. - March 24, 2025) - Thor Explorations Ltd. (TSXV: THX)
(AIM: THX) ("
Thor
" or the "
Company
") is pleased to announce it has drilled two discovery holes in its
Douta-West licence. The Douta-West Licence lies contiguous to the west of the original Douta licence,
which together, constitute the Douta Gold Project, Senegal (the
"Douta Project"
). The Douta Gold
Project encompasses the Makosa gold deposit which currently comprises a total resource of
approximately 1.78 million ounces (
"Moz
") of gold ("
Au
") that consists of an Indicated Resource of 20.2
million tonnes ("
Mt
") grading 1.3 grammes per tonne ("
g/t
") Au for 874,900 ounces of gold ("
oz Au
")
together with an Inferred Resource of 24.1 Mt grading 1.2 g/t Au for 909,400 oz Au.
The Company is pleased to announce the first set of drilling results from its 2025 regional exploration
drilling program at the Baraka 3 Prospect on the Douta-West Licence
.
The Baraka 3 Prospect is a 1
kilometre ("
km
") long drill target delineated by the Company in 2024 through geological mapping,
together with geochemical surveys and rock chip sampling. The two discovery drill holes were drilled one
hundred metres apart in two adjacent drill sections. The remaining strike length will be drilled as part of
an ongoing drilling program. Geochemical anomalies along this geological trend extend for
approximately 3km.
The assay results from the two discovery drill holes include:
Drillhole DTWRC129 - 19 metres ("
m
") at 2.46g/t Au from 29m
Drillhole DTWRC134 - 26m at 1.31 g/t Au from 21m
In addition, the results have been received from a series of diamond drillholes that have been completed
along the strike length from Makosa North to Makosa Tail deposits to test for depth extensions and to
upgrade the classification towards the lower parts of the resource.
The assay results from this drilling program include the following highlights:
Drillhole DTDD0039 - 9m at 1.35g/t Au from 110m, and
9m at 2.06g/t Au from 127m
Drillhole DTDD1040 - 3m at 5.3 g/t Au from 131m
Drillhole DTDD1038 - 8m at 1.31g/t Au from 197m
Drillhole DTRC0036 - 4m at 2.44g/t Au from 203m, and
6m at 1.71g/tAu from 220m
Segun Lawson, President & CEO, stated:
"We are thrilled to drill our first discovery holes on the Douta-West licence, which we acquired in Q1
last year. These holes intersected wide high-grade gold mineralisation which could complement the
existing resource of the Douta Project. The results demonstrate the exploration upside potential that
continues to exist on the Douta Project, and we will continue to advance exploration on the Douta-
West licence with an updated drilling program.
"We are also pleased to announce positive drilling results from an initial programme of deeper
diamond holes at the Makosa North, Makosa and Makosa Tail prospects. The drilling was focussed
on deeper parts of the resource that are currently classified mostly as Inferred. These results are
expected to allow for an increase in Indicated Resources to be included in the Douta Preliminary
Feasibility Study ("
Douta PFS
").
"We are preparing the Douta PFS for a technically robust and optimal economic outcome which will
be significantly derisked and positioned to be fast tracked to a Definitive Feasibility Study and
subsequently, an investment decision. Positive drilling results from the Baraka 3 Prospect and
Makosa could potentially positively enhance the Douta Project. As such, the immediate focus is on
completing the ongoing drilling programs on Baraka 3 and infill RC drilling on the shallow inferred
resources at Makosa North and Makosa East, to upgrade to indicated classification so that it can be
incorporated into the Douta mine plan. We will provide an updated timeline on the Douta PFS when
all the drilling results have been received."
Figure 1: Regional Location Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7003/245766_8d5b1fa374d2292e_002full.jpg
Introduction to Drilling Results
The Douta Gold Project comprises two exploration permits located within the Kéniéba inlier, eastern
Senegal. The Douta mining lease application (Demande) No.11618 (formerly EL02038) is held by Thor,
through its wholly owned subsidiary African Star Resources Incorporated (
"African Star"
) which
acquired a 70% economic interest in the licence through a joint venture agreement with 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-West exploration licence is also held by Thor through African Star
which acquired a 70% economic interest in the licence through a joint venture agreement with the permit
holder Birima Gold Resources Consulting ("
Birima Gold
"). Birima Gold has a 30% free carry until the
completion of a Preliminary Feasibility Study ("
PFS
"), at which point Birima must contribute to
exploration and development funding of licence or have their economic interest diluted to a minimum 5%
free carry.
The Douta-West Project, comprising exploration permit E03709, is contiguous with Thor's Demande
No.11618 (Figure 1). Douta-West is operated by Thor under an agreement with Birima Gold Resources
Consulting and encompasses several historic gold-in-soil geochemical anomalies that extend south from
the southern end of the Makosa Tail prospect and that also run parallel and to the north of the known
Makosa trend in a corridor that occupies the ground between Makosa and Endeavour Mining's Masawa
gold mine.
The Company also has an interest in the Sofita Gold Exploration Licence 03634, located about 45km
southwest of the Douta Project and is operated by Thor under an agreement with Sofita Services Et
Logistiques (Figure 1).
Douta-West Exploration Drilling Results
An initial Reverse Circulation ("
RC
") drilling programme comprising 30 holes with an average depth of
50m was completed near the southern boundary of the Douta-West exploration permit in February 2025.
The drilling targeted a termite-mound geochemical anomaly located north from a series of shallow
artisanal workings. Drill samples were analysed by ALS Laboratories in Mali using the AA26 fire assay
method (50 gram charge). Results have so far been received for seven holes that are located towards
the southern end of the drill pattern (Figure 2). The complete table of results is shown in Appendix 1. The
significant intersections from this program are listed in Table 1.
Prospect
Hole ID
Easting
Northing
Depth
Dip
Azimuth
From
(m)
To
(m)
Interval
(m)
Grade
(g/tAu)
True Width
(m)
Baraka 3
DWRC129
159909
1410542
56
-60
310
29
48
19.0
2.46
12.0
Baraka 3
DWRC134
159926
1410646
50
-60
310
21
47
26.0
1.31
17.0
Table 1: Baraka 3 Prospect Significant Results
(0.5 g/t Au lower cut off; minimum width 3m with 3m
max internal waste)
Figure 2: Baraka 3 Prospect Cross Sections and Drillhole Location Plan
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7003/245766_8d5b1fa374d2292e_003full.jpg
The geology at Baraka 3 comprises a steep west-dipping succession of greywackes and shale. Gold
mineralisation is developed over a true width of between 12 and 17m and is associated with a
greywacke-hosted quartz-carbonate stockwork that features strong limonitic and sericitic alteration. The
main structure, which is oriented in a northerly direction, has been intersected on two adjacent drill
sections. Drill results are pending on the two northern sections.
To date drilling has been confined to the southern part of one of six discrete geochemical anomalies that
have been defined by termite mound sampling over an area that extends for over 3km from Baraka 3
(Figure 3).
Target Area 1 extends for over 1km in a northerly direction and, towards the south, follows a trend of
artisanal workings and quartz vein exposures. The mineralisation has been confirmed over a 250m
strike length. This represents a small fraction of the overall anomalous trend, along which discrete
geochemical anomalies extend for a distance of approximately 3km towards the north (Figure 3). These
anomalies, which include point values of 2.056 g/tAu and 7.97 g/t Au, suggest that the mineralised
structure continues beneath cover in this direction. In the coming months these anomalies will be tested
with RC drilling. The Company considers these initial results to be highly encouraging as they open a
new exploration opportunity with the potential to form a satellite deposit to the main Makosa resource
area.
Figure 3: Baraka 3 Prospect Geochemical Sampling Results
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7003/245766_8d5b1fa374d2292e_004full.jpg
Diamond Drilling Results
During January 2025, Thor completed a diamond drilling program totalling 1,159m for five holes with an
average depth of 232m. The objective of the program was to test the depth extensions of the resource in
order to upgrade the classification. (Figure 4).
The significant intersections from this program are listed in Table 1. All results are reported in Appendix
1. Drill samples were analysed by ALS Laboratories in Mali using the AA26 fire assay method (50 gram
charge).
Figure 4: Douta Project Location Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7003/245766_8d5b1fa374d2292e_005full.jpg
Prospect
Hole ID
Easting
Northing
Depth
Dip
Azimuth
From
(m)
To
(m)
Interval
(m)
Grade
(g/tAu)
True
Width (m)
Makosa North
DTDD0036
177410
1438705
246
-60
130
203
207
4.0
2.44
2.6
DTDD0036
220
226
6.0
1.71
3.9
Makosa
DTDD0037
175461
1436300
301
-60
130
nsr
Makosa
DTDD0038
175154
1436001
279
154
159
5.0
0.85
3.1
DTDD0038
197
205
8.0
1.31
4.9
Makosa Tail
DTDD0039
174489
1434996
180
-60
130
110
119
9.0
1.35
5.6
DTDD0039
127
136
9.0
2.06
5.7
DTDD0039
140
150
10.0
0.79
6.4
DTDD0039
155
160
5.0
1.03
3.2
Makosa Tail
DTDD0040
173874
1433774
153
-60
130
131
134
3.0
5.30
1.9
Table 2: Douta Project Significant Results
(0.5 g/t Au lower cut off; minimum width 2m with 2m max internal waste)
Apart from DTDD0037, which confirmed a pinch-out at depth, all the drillholes intersected mineralisation
either near or below the base of the optimised pit shell (Figure 5). At Makosa North, which is mostly
classified as inferred, drillhole DTDD0036 intersected mineralisation 155m below the nearest RC hole
and 80m vertically below the base of the pit shell. Further drilling of Makosa East which located 150m to
the east of Makosa North is planned to upgrade this part of the resource (Figure 5).
Figure 5: Drillhole Cross Sections
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7003/245766_8d5b1fa374d2292e_006full.jpg
The Company believes that the results of these diamond drillholes will have a positive impact on both the
classification and global tonnage of the resource.
As most of the Makosa North and Makosa East resource is currently classified as Inferred and therefore
not included in the Douta PFS mine plan, additional RC infill drilling will be undertaken with the aim of
upgrading the existing Inferred Resource to Indicated, which will potentially enable inclusion of these
resources in the Douta PFS mine plan, which, if included, would have a positive impact on the
economics of the Douta PFS.
Confirmation of Director appointment
Further to the announcement of 30 January 2025, the Company is pleased to confirm the appointment of
Franklyn Obinna Edochie, 38, to the Board of the Company.
Franklyn's conditional appointment (being subject to satisfactory completion of due diligence by the
Company's Nominated Adviser and relevant approvals from the TSX Venture Exchange) was
announced following selection by the Africa Finance Corporation as their representative on Thor's Board
of Directors, replacing Osam Iahen.
There are no disclosures regarding Franklyn Obinna Edochie to be made for the purposes of Schedule
2(g) of the AIM Rules for Companies.
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. 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 under the symbol "THX".
THOR EXPLORATIONS LTD.
Segun Lawson
President & CEO
For further information please contact:
Thor Explorations Ltd
Email:
Canaccord Genuity (Nominated Adviser & Broker)
James Asensio / Henry Fitzgerald-O'Connor / Harry Rees
Tel: +44 (0) 20 7523 8000
Hannam & Partners (Broker)
Andrew Chubb / Matt Hasson / Nilesh Patel / Franck Nganou
Tel: +44 (0) 20 7907 8500
BlytheRay (Financial PR)
Tim Blythe / Megan Ray / Said Izagaren
Tel: +44 207 138 3204
Yellow Jersey PR (Financial PR)
Charles Goodwin / Shivantha Thambirajah / Zara McKinlay
Tel:
+44 (0) 20 3004 9512
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.