Thor Explorations Announces High Grade Mineralisation Intersected at Segilola
Thor Explorations Announces High Grade
Mineralisation Intersected at Segilola
Vancouver, British Columbia--(Newsfile Corp. - August 18, 2025) - Thor Explorations Ltd (TSXV: THX)
(AIM: THX) ("
Thor Explorations
", "
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 its exploration properties in Senegal and Côte d'Ivoire, including the
Douta Gold Project in Senegal which is being advanced towards development.
Thor is pleased to announce further positive results from an advanced diamond drilling program at the
Segilola Gold Mine ("
Segilola
"), which is targeting potential mineralisation beneath the current open pit
with the objective of extending the Segilola mine life.
Highlights include:
Drillhole SNMDD060 - 4.2 metres ("
m
") at 12.4 grammes per tonne ("
g/t
") of gold ("
Au
") from
295m
Drillhole SNMDD061 - 2m at 17.86g/tAu from 195.5m
Drillhole SNMDD061 - 4.5m at 3.71g/tAu from 222m
Drillhole SNMDD059 - 5.9m at 6.0g/tAu from 291m
Segun Lawson, President & CEO, stated:
"We are delighted to report continued positive progress from our deep diamond drilling program at
Segilola, which has generated several significant
gold intersections below the current open pit design.
This program, which continues to evolve, has been designed to further explore the along-strike down-
plunge trend of the deposit.
"One of our key corporate priorities as a Company is to extend the Segilola mine life, and the ongoing
drilling program has been designed to do this by both upgrading parts of the remaining inferred
resource and increasing the size of the overall underground resource to support a longer life-of-mine
at Segilola.
"We are encouraged by these results, which demonstrate continued high grade mineable
mineralisation beneath the pit and look forward to testing these targets, which remain open. We will
also review the options of recovering these additional ounces by deepening the Segilola open pit. We
have increased our exploration budget to $11.5m
for the year and also look forward to commissioning
the Company's drilling rigs, which will enable a faster, more flexible drilling program."
Introduction
The Segilola Gold Project is located 190 kilometres ("
km
") northeast of Lagos and covers a large area
of the Pan African Ilesha Schist Belt. The deposit is located near the north-east trending Ifewara Shear
Zone that extends for several hundred kilometres through Nigeria.
Gold mineralisation is developed within an overturned sequence of metamorphosed, strongly foliated
meta-sediments at the boundary between the basement biotite gneiss and calc-silicate and mylonitic
biotite-garnet schists. A unit of massive to 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.
Drilling Results
The Segilola ore body is characterised by a pronounced southerly plunging geometry. A diamond drilling
program that commenced in 2024 is continuing to test the continuity of mineralisation following the down-
plunge trend to the south. To date, a total of 60 holes have been completed for 16,520m. Drill sampling
is being carried out using NQ diamond core. Half core samples are analysed by fire assay at the
Company's laboratory which was established by MSA Laboratories at the Segilola Mine Site. The final
assay results are an average of the primary assay result (Au1) and two additional fire assays of the
same pulp (AuR1 and AuR2). Further QAQC work is being carried out by MSA Laboratories. Significant
intersections are calculated by reporting above a lower cut off grade of 0.5g/tAu over a minimum interval
length of 0.5m with a maximum internal dilution of 1m allowed. Significant results that exceed 3 gramme-
metres (average grade x true width) are shown in Table 1. All results are tabled in Appendix 1. Drillhole
locations are shown in Figure 1.
Hole ID
East
North
RL
Depth (m)
Dip
Azi-muth
From
(m)
To
(m)
Interval
(m)
Grade
(g/tAu)
True
Width (m)
SNMDD029
4083
11757
328
270
-67
90
223.4
226.0
2.6
1.87
2.1
SNMDD031
4272
10304
292
63
-61
89
47.8
49.6
1.8
3.13
1.5
SNMDD032
4289
10358
307
49
-60
90
33.1
35.0
1.9
3.22
1.6
SNMDD038
4040
11710
346
305
-66
90
274.0
276.9
2.9
1.90
2.4
SNMDD045
4067
10806
357
326
-65
91
305.2
310.0
4.8
1.17
3.9
SNMDD048
4047
10866
359
320
-55
91
300.0
301.9
1.9
2.00
1.7
SNMDD053A
4078
11755
328
290
-74
91
260.7
262.5
1.8
5.41
1.3
SNMDD056
4083
10769
355
318
-66
91
291.8
295.4
3.55
1.50
2.9
SNMDD057
4049
10859
359
305
-53
91
286.5
289.2
2.7
2.05
2.5
SNMDD058
4091
11791
326
242
-65
91
208.5
211.0
2.5
1.40
2.1
SNMDD059
4083
10774
355
316
-66
91
291.0
296.9
5.9
6.00
4.7
SNMDD060
4044
10883
360
302
-49
91
284.0
287.2
3.15
1.14
3.0
SNMDD060
294.8
299.0
4.2
12.48
3.9
SNMDD061
4114
10725
344
245
-54
91
195.5
197.5
2.0
17.86
1.8
SNMDD061
222.1
226.6
4.46
3.71
4.1
Table 1: Significant Drillhole Intersections
( >3gram-metres, 0.5g/tAu cut off, Min. length 0.5m, Max. internal dilution 1m)
Drilling has focussed on two main areas: the Northern Zone, where the targeted mineralisation is
confined to a discrete, west-dipping, 100m long shoot with a pronounced steep southerly plunge, and the
Southern Zone where mineralisation appears to have a shallow-plunging flat geometry in longitudinal
section view (Figure 2).
The Southern Zone is characterised by four stacked parallel lodes that dip at about 60
0
towards the
west. In this area the western-most, or hanging wall, lode, which is referred to as the 400 Lode, is
typically 0.5 to 3m thick and notable for elevated grades. For example, 400 Lode intersections include
2m grading 17.86g/tAu in SNMDD061.
The main mineralised structure in the Southern Zone is referred to as the 300 Lode and is typically more
continuous with true widths of 3-5m. Significant intersections of the 300 Lode from the current drilling
include 5.9m grading 6.0g/tAu in drillhole SNMDD059 and 4.2m grading 12.48g/tAu in drillhole
SNMDD060.
Figure 1: Drillhole Location Map and Cross Sections
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7003/262805_7ae611afd40f9998_002full.jpg
Figure 2: Longitudinal Section Showing Gramme-Metre Contours and Drill Intercepts
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7003/262805_7ae611afd40f9998_003full.jpg
Next Steps
The preliminary economic assessment (
"PEA"
) completed in 2018 included an "underground" indicated
resource of 28,000 ounces grading 9.4g/tAu, together with an inferred resource of 90,000 ounces
grading 7.9g/tAu.
Given the fundamental change in the project economics brought about by the current record gold price,
the Company will review the option of further extending the open pit as opposed to transitioning, in the
short term, to an underground operation.
The current program is targeting both upgrading the inferred resource below the pit and increasing the
overall size of the resource with the objective of increasing the life of mine at Segilola.
Ongoing work streams will also incorporate geotechnical and metallurgical studies.
Qualified Person
The above information has been prepared under the supervision of Alfred Gillman (Fellow AusIMM,
Chartered Professional), 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)
James Asensio / Henry Fitzgerald-O'Connor / 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
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.
Appendix 1: Drillhole Intersections
(0.5g/tAu cut off, Min. length 0.5m, Max. internal dilution 1m)
Hole ID
East
North
RL
Depth (m)
Dip
Azi-muth
From
(m)
To
(m)
Interval
(m)
Grade
(g/tAu)
True
Width (m)
SNMDD029
4083
11757
328
270
-67
90
223.4
226.0
2.6
1.87
2.1
SNMDD031
4272
10304
292
63
-61
89
24.0
25.0
1
1.08
0.9
SNMDD031
47.8
49.6
1.8
3.13
1.5
SNMDD032
4289
10358
307
49
-60
90
29.3
30.0
0.7
1.62
0.6
SNMDD032
33.1
35.0
1.9
3.22
1.6
SNMDD033
4073
11848
328
233
-56
90
207.0
208.2
1.15
1.68
1.1
SNMDD034
4239
10258
299
97
-60
90
79.6
81.4
1.84
1.78
1.6
SNMDD035
4205
10301
300
127
-58
90
90.1
90.9
0.8
2.11
0.7
SNMDD036
4206
10266
300
125
-60
90
119.0
120.0
1
1.69
0.9
SNMDD037
4122
11886
318
200
-69
90
173.0
175.5
2.5
0.84
2.0
SNMDD038
4040
11710
346
305
-66
90
274.0
276.9
2.9
1.90
2.4
SNMDD039
4091
11730
327
228
-55
90
nsr
SNMDD040
4077
12137
337
251
-66
91
nsr
SNMDD041
4047
10825
358
374
-64
49
nsr
SNMDD042
3900
9550
292
627
-65
94
nsr
SNMDD043
4043
11676
345
389
-77
91
359.4
360.5
1.1
3.00
0.8
SNMDD044
3981
10854
359
572
-77
91
nsr
SNMDD045
4067
10806
357
326
-65
91
305.2
310.0
4.8
1.17
3.9
SNMDD046
4053
9465
286
292
-48
91
nsr
SNMDD047
4047
11665
345
326
-68
91
nsr
SNMDD048
4047
10866
359
320
-55
91
296.0
298.0
2
0.89
1.8
SNMDD048
300.0
301.9
1.9
2.00
1.7
SNMDD049
4038
10988
363
326
-60
91
279.3
280.2
0.9
0.53
0.8
SNMDD050
4032
10944
362
347
-63
91
292.7
293.8
1.1
0.61
0.9
SNMDD050
297.0
297.7
0.7
0.79
0.6
SNMDD050
301.3
302.0
0.72
2.59
0.6
SNMDD051
4155
10648
320
221
-69
91
201.0
202.0
1
1.07
0.8
SNMDD052
4154
10648
320
301
-83
91
nsr
SNMDD053A
4078
11755
328
290
-74
91
260.7
262.5
1.8
5.41
1.3
SNMDD054
3992
11102
367
351
-55
91
327.4
328.0
0.6
2.62
0.5
SNMDD055
4105
10723
343
272
-65
91
229.9
231.0
1.1
1.82
0.9
SNMDD055
251.7
253.0
1.3
1.54
1.1
SNMDD055
268.1
269.0
0.9
0.85
0.7
SNMDD056
4083
10769
355
318
-66
91
291.8
295.4
3.55
1.50
2.9
SNMDD057
4049
10859
359
305
-53
91
286.5
289.2
2.7
2.05
2.5
SNMDD058
4091
11791
326
242
-65
91
208.5
211.0
2.5
1.40
2.1
SNMDD059
4083
10774
355
316
-66
91
291.0
296.9
5.9
6.00
4.7
SNMDD060
4044
10883
360
302
-49
91
284.0
287.2
3.15
1.14
3.0
SNMDD060
294.8
299.0
4.2
12.48
3.9
SNMDD061
4114
10725
344
245
-54
91
195.5
197.5
2
17.86
1.8
SNMDD061
222.1
226.6
4.46
3.71
4.1
SNMDD061
230.0
231.1
1.05
2.24
1.0
Appendix 2: Longitudinal Section Showing Gramme-Metre Contours and Drill Intercepts
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7003/262805_7ae611afd40f9998_005full.jpg
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/262805