Thor Explorations Announces Further Positive Diamond Drilling Results from Segilola Gold Mine
Thor Explorations Announces Further Positive
Diamond Drilling Results from Segilola Gold
Mine
Vancouver, British Columbia--(Newsfile Corp. - December 2, 2024) - Thor Explorations Ltd (TSXV:
THX) (AIM: THX) ("
Thor
" or the "
Company
"), is a West African-focussed minerals exploration and
mining Company, that is currently producing gold from its wholly owned Segilola Gold Mine in Nigeria
and is advancing the Douta Gold Project in Senegal towards development.
Thor is pleased to announce further positive results from the initial proof-of-concept drilling programme
that targets the down-plunge potential beneath the current Segilola open pit extents.
Previously reported results include 3 metres ("m") grading 11.24 grammes of gold per tonne ("g/tAu")
from 294m in drillhole SNMDD011 and 1.5m grading 3.22g/tAu from 269m in drillhole SNMDD012. The
latest batch of results include 3.5m grading 4.10g/tAu in drillhole SNMD016 and 2.4m grading 3.46g/tAu
in drillhole SNMD014.
Segun Lawson, President & CEO, stated
"We are encouraged by the latest additional positive results that have been received from the "proof
of concept" drilling programme. This programme targeted projections of the Segilola ore body below
the current open pit design and has been successful in intersecting high grade mineralisation in the
majority of the holes drilled below the pit.
"The success of the drilling programme to date has warranted the expansion of the initial 12 hole
proof-of -concept drill programme with further holes being designed to continue to explore the along-
strike down-plunge trend of the southern portion of the deposit and to test new deeper target areas
underneath the pit where relatively little drill-testing has taken place.
"These results have also enabled us to investigate extending the current open pit mine life, prior to an
underground mining operation. We will be carrying out optimisation studies incorporating the new
drilling results and updated gold price in this regard.
"The plan is to upgrade parts of the remaining inferred resource and to increase the size of the overall
underground resource, both with the objective of increasing the life of mine at Segilola."
Introduction
The high grade Segilola gold deposit is located on the major regional shear zone that extends for
several hundred kilometres through the gold-bearing Ilesha schist belt (structural corridor) of Nigeria.
Gold mineralisation is developed within an overturned sequence of metamorphosed, strongly foliated
meta-sediments at the boundary between the basement biotite gneiss (Hanging wall) and calc-silicate
and mylonitic biotite-garnet schists (Foot wall). A unit of massive foliated granodiorite conformably
intrudes the sequence between the quartzites and basement gneisses. Gold mineralisation is developed
with steep west-dipping parallel lodes that comprise late-stage silica-altered zones that are commonly
referred to as "veins" and which are restricted to the meta-sedimentary unit.
Segilola Exploration Targeting
The southern lodes are characterised by a pronounced southerly plunging geometry (Figure 1). The
initial drillholes were completed on 40m spaced sections to test the continuity of the high-grade shoots
that are projected to continue down-plunge to the south. Drilling was completed using HQ diamond core.
Half core samples were analysed by fire assay at the SROL Laboratory which was established by the
independent MSA Laboratories at the Segilola Mine Site. The final assay results are an average of the
initial assay result (Au1) and two additional fire assays of the same pulp (AuR1 and AuR2). Further
QAQC (Quality Assurance & Quality Control) work is being carried out by MSA Laboratories.
The significant intersections are shown in Table 1.
Hole ID
Easting
Northing
Depth
Dip
Azimuth
From
(m)
To
(m)
Interval
(m)
Grade
(g/tAu)
True Width
(m)
SNMDD014
4042
10962
314
-58
90
299.0
301.4
2.4
3.46
2.1
SNMDD015
4200
10793
312
-73
95
158.5
159.5
1.0
3.70
0.7
SNMDD015
4200
10793
312
-73
95
118.3
121.1
2.8
1.24
2.1
SNMDD016
4040
10922
361
-58
90
305.7
309.2
3.5
4.10
3.1
SNMDD017
4045
10886
329
-60
92
nsr
SNMDD018
4116
10729
344
-57
95
231.6
233.3
1.7
3.87
1.4
SNMDD019
4088
11681
321
72
90
222.5
223.8
1.3
3.35
1.1
PREVIOUSLY ANNOUNCED
Hole ID
Easting
Northing
Depth
Dip
Azimuth
From
(m)
To
(m)
Interval
(m)
Grade
(g/tAu)
True Width
(m)
SNMDD011
4036
11001
313
-55
90
293.8
296.8
3.0
11.24
2.4
SNMDD012
4055
10834
290
-50
90
269.2
270.6
1.5
3.22
1.2
Table 1: Summary of Drillhole Intersections at a 1.5g/tAu cut off
Figure 1: Longitudinal section showing drilling results and target zones
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7003/232091_ff7373a2943b485e_001full.jpg
Apart from hole SNMDD017, all of the holes drilled to date in this programme have intersected
mineralisation in the predicted locations. Hole SNMDD017 was drilled to check for the possibility of
mineralisation below the projected shoot and did not intersect any significant mineralisation. Geological
modelling continues to assess the possibility of repeats of the main plunging shoots in the untested
regions at depth (Figure 1).
Figure 2: SNMDD016 Cross Section
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7003/232091_ff7373a2943b485e_002full.jpg
Figure 3: Previously Reported SNMDD011 Cross Section
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7003/232091_ff7373a2943b485e_003full.jpg
Conclusions
The initial drilling results have validated the proof-of-concept high-grade targeting model
The results suggest that the minimum underground mining width can be achieved at a suitable
grade.
There is justification to continue with an expanded drilling programme.
Studies to be carried out to deepen the pit and extend the open pit mine life incorporating these
drill results where applicable will be commenced by the Company.
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.
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 / Harry Rees
Tel: +44 (0) 20 7523 8000
Hannam & Partners (Broker)
Andrew Chubb / Matt Hasson / Jay Ashfield / Franck Nganou
Tel: +44 (0) 20 7907 8500
BlytheRay (Financial PR)
Tim Blythe / Megan Ray / Said Izagaren
Tel: +44 207 138 3203
Yellow Jersey PR (Financial PR)
Charles Goodwin / Shivantha Thambirajah / Soraya Jackson
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.
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.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES
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