THX.V · 2024-01-15 12:00:00

Thor Explorations Announces Q4 2023 Operating Update and 2024 Operating Guidance

Production Results

Thor Explorations Announces Q4 2023

Operating Update and 2024 Operating

Guidance

This Announcement contains inside information as defined in Article 7 of the Market Abuse

Regulation No. 596/2014 ("MAR"). Upon the publication of this Announcement, this inside

information is now considered to be in the public domain.

Vancouver, British Columbia--(Newsfile Corp. - January 15, 2024) - Thor Explorations Ltd. (TSXV: THX)

(AIM: THX) ("Thor Explorations" or the "Company") is pleased to provide an operational update for the

Segilola Gold mine, located in Nigeria ("Segilola"), and for the Company's mineral exploration

properties located in Nigeria and Senegal, for the three months to December 31, 2023 (the "Quarter" or

"Q4") as well as full year operational highlights ("FY 2023").

Segilola 2023 Operational Highlights

FY 2023 gold production of 84,609 ounces ("oz"):

21,798 oz during the Quarter at an average grade of 2.77 grammes per tonne ("g/t") of gold

("Au")

Successfully completed push back of Segilola Western Wall

Successfully upgraded process plant elution and electrowinning system

Acquisition of additional gold and lithium exploration tenure in Nigeria

Continuation of drilling programs on near mine and regional targets

Segilola underground exploration drilling program to commence in H1 2024

Segilola 2023 Exploration Update Highlights

Focus of gold exploration activities for FY 2023 has been on prospects within a 40-kilometre

("km") radius from the Segilola project.

Majority of the exploration activities carried out on all the Company's licences, consisted of

Reverse Circulation ("RC") drilling, Diamond Drilling, geochemical stream sediment sampling,

auger drilling and soil sampling,

The Company successfully drilled a number of high-grade intercepts at two key prospects within a

25km radius of the Segilola Plant.

The greenfield discovery at Kola located 23km to the south returned several high-grade

encouraging drill results and has opened up a new front of exploration potential to the south, an

area which is now of priority.

The Ijarigbe Prospect is located 23km north of Segilola. This prospect has been defined by a

number of stream sediment anomalies and soil anomalies which returned values of up to

9.40g/tAu.

Southern Prospects located 25km south of Segilola was drilled during Q4 2023 and returned

encouraging high-grade intercepts, including at the Kola Prospect:

SGRC188: 4 metres at 30.2g/t Au from 14 metres

SGRC 189: 8 metres at 3.0g/t Au from 56 metres

SGRC 190: 7 metres at 26g/t Au from 49 metres

SGRC 194: 7 metres at 34.2g/t Au from 49 metres

Previously unreported drilled in Q4 2023

SGRC 236: 2 metres at 12.61g/t Au from 49 metres

SGD 295: 5 metres at 11.25g/t Au from 15 metres

SGD 296: 3 metres at 2.49g/t Au from 55.5 metres

Douta Exploration Highlights

Final set of drill results received in Q4 2023 after completing a 14,000 metre RC drilling program.

Results highlights include:

DTRC 871: 16 metres at 2.26g/t from 93 metres

DTRC874: 4 metres at 3.55g/t from 91 metres

DTRC 895: 8 metres at 2.61g/t from 8 metres

DTRD 845: 9 metres at 4.33 g/t from 93 metres

Wide zones of near surface, high grade oxide mineralisation identified

Lithium Exploration

Initial set of encouraging drill results received in Q3 2023 as previously announced

Land portfolio increased to include additional project areas

Focus on scout drilling across a number of targets through H1 2024

Continued acquisition of prospective lithium exploration ground in Nigeria

FY 2024 outlook and catalysts

FY 2024 production guidance range set at 95,000 to 100,000 oz of gold

FY 2024 All-in Sustaining Cost ("AISC") guidance range set at $1,100 to $1,200

Strong exploration focus on Segilola near mine drill targets and underground drilling program in H1

2024 with an initial 5,000 metre drilling program delineated

Updated Mineral Resource Estimate at the Douta Project to be completed in Q1 2024

Preliminary Feasibility Study ("PFS") test work is ongoing at the Douta project in Senegal,

focusing on the metallurgy and process flow sheet targeting publication in Q1 2024 following the

updated Mineral Resource Estimate

Continued lithium target generation including a further scout drilling program across a number of

targets

Segun Lawson, President & CEO, stated

"I am pleased that the Company was able to successfully complete what was projected to be the most

operationally challenging year in the Segilola mine plan. We were able to complete the year

producing 84,600 ounces, however, most importantly, we have positioned the mine very strongly for

the coming years."

"We expect that the successful completion of the west wall push back and the improvements made to

the processing plant will allow the mine to operate more efficiently whilst also making accelerated

drawdown of the current high levels of the gold in circuit through the course of the year."

"In Nigeria, we have made small but very important discoveries within trucking distance of the Segilola

plant. The area within a 40km radius of the Segilola Mine has been a key exploration focus for

potential high-grade satellite resources that can be transported economically to the central processing

plant at Segilola. There were encouraging high-grade drill results from the Kola Prospect in the

Southern Prospects, which opens up a new front of exploration potential to the south. In addition,

further encouraging geochemical sampling results from the Central Prospects are indicative of the

potential for high-grade resource within close proximity to the plant. We are looking forward to our

drilling program on our delineated targets in the first half of this year. Now we have completed the

push back of the west wall, our priority this year is on exploration aimed at increasing the Segilola

mine life. With this in mind, we are also commencing our underground drilling program in H1 2024."

"We are also pleased with the progress made at Douta. We were encouraged by the final set of drill

results received in Q4 2023 and have been working on the Preliminary Feasibility Study. The current

focus has been on the metallurgy and the process flowsheet, and we expect to update the market with

an updated resource estimate and, subsequently, a Preliminary Feasibility Study in Q1 2024."

Production Summary

Units

2023

Total

Q4 2023

Q3 2023

Q2 2023

Q1 2023

Mining

Total Mined

Tonnes

20,984,861

5,483,291

5,673,193

5,633,688

4,194,689

Waste Mined

Tonnes

19,753,580

5,031,932

5,370,279

5,355,105

3,996,264

Ore Mined

Tonnes

1,231,283

451,360

302,915

278,583

198,425

Grade

g/t Au

2.32

1.93

2.44

2.43

2.85

Processing

Ore Processed

Tonnes

1,010,343

262,439

261,671

255,231

231,001

Grade

g/t Au

2.79

2.77

2.46

2.99

2.95

Recovery

93.5

93.4

92.3

94.0

94.1

Gold Recovered

84,609

21,798

19,104

23,078

20,629

Table 1: Production Summary

Nigeria Exploration

In Nigeria, Thor's exploration focus is its wholly-owned exploration permits within a 40km radius of the

Segilola mining operation. Two main advanced exploration target areas, i.e., the Central and Southern

Prospect Areas, have been defined within a 40km radius of the Segilola Gold Mine (Figure 1). These

areas encompass a number of targets, some of which have received initial drill testing.

Figure 1: Segilola Exploration Targets

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/7003/194241_b5e54403a4c01b59_002full.jpg

Central Prospects

There are two main focus areas with this prospect:

Ijarigbe

Ekiti

Ijarigbe

The Ijarigbe Prospect is located 22km north of Segilola and is defined by numerous stream sediment

anomalies ranging from 0.65 to 23.13g/tAu. Initial follow up geochemical soil sampling has returned

values of up to 9.40g/tAu (Figure 2).

Figure 2: Ijarigbe Prospect Map

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/7003/194241_b5e54403a4c01b59_003full.jpg

Southern Prospects

The Southern Prospects is located 23km south of the Segilola Gold Mine within a 100% Thor-owned

exploration permit (Figure 1). The prospect developed from a low-level stream sediment anomaly

located in the northern portion of EL28801 which was confirmed by follow-up auger-assisted soil

geochemistry that returned values of up to 4g/tAu. Targeting of this anomalous zone was carried out with

reverse circulation drilling.

Initial positive results included 7 metres grading 25.98g/tAu in the near-surface weathered horizon.

Additional drilling located primary bedrock mineralisation grading 8 metres at 30.19g/tAu. Initial data

suggest that the geological controls relate to a steeply-dipping north-easterly trending zone within a

biotite gneiss sequence. Exploration testing of the general area is continuing. The significant

intersections are listed in Table 2.

Hole ID

Depth

Dip

Azimuth

From

(m)

Interval

(m)

Grade (g/tAu)

SGRC236

699901

807898

-60

2.24

SGRC236

12.61

SGD292

699925

807869

59.5

-60

280

0.92

SGD295

699924

807891

72.3

-60

270

11.25

SGD296

699967

807891

100

-60

270

55.5

58.4

2.9

2.49

Table 2: Southern Prospects Significant Results

(0.5g/tAu lower cut off; maximum 1m internal dilution)

Figure 3: Southern Prospects Drillhole Location Map

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/7003/194241_b5e54403a4c01b59_004full.jpg

Newstar Lithium

Thor has secured over 600 square kilometres ("km

") of granted tenure in Nigeria that form Oyo State,

Kwara State and Ekiti State Lithium Project Areas. Activities for the Quarter comprised initial exploratory

drilling in the Ekiti Project Area. Exploration activities were focussed on the Oyo and Ekiti areas with

surface geochemical programs and shallow drilling undertaken.

Sample

Type

Number

Auger/Soil

671

Total

671

Table 3: Geochemical Sampling Statistics

Oyo

Lithological mapping carried out in Q3 2023 identified exposure of several northerly trending

pegmatites. A reconnaissance geochemical soil program was designed covering a total area of 40km

on a spacing of 400 metres by 50 metres in EL42245. The objective is to produce a robust project-wide

dataset that will provide comprehensive multi-element data which will guide the ongoing exploration of

the region.

During the reporting period 671 samples were collected and submitted for laboratory

analysis. Results are pending.

Figure 4: Oyo Project Area

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/7003/194241_b5e54403a4c01b59_005full.jpg

Ekiti

Widespread pegmatite occurrences have been located in the Ekiti area (Figure 4). A limited drilling

program has commenced to follow-up on reconnaissance mapping and rock chip sampling carried out

to the west and north of Ijero. Results from this drilling are pending.

Figure 5: Ekiti Project Area

To view an enhanced version of this graphic, please visit:

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