Thor Explorations Announces Segilola Exploration Update High grade intersects including 10 ounces of gold per ton at near-mine exploration area 15km west of Segilola
Thor Explorations Announces Segilola
Exploration Update
High grade intersects including 10 ounces of gold per ton at
near-mine exploration area 15km west of Segilola
Vancouver, British Columbia--(Newsfile Corp. - February 27, 2023) - Thor Explorations Ltd. (TSXV:
THX) (AIM: THX) ("Thor" or the "Company") is pleased to announce the initial drilling results from a
reconnaissance drilling program that is currently underway at the Company's Western Prospects that are
located approximately 15km to the west of the Company's wholly owned Segilola Gold Mine in Nigeria.
Thor, is a West African focussed minerals exploration, development and mining company. In Nigeria, the
Company recently brought the Segilola Gold Mine into operation, producing 98,008 ounces of gold in
2022, its first calendar year of operation and is actively progressing gold exploration and assessing
other high-value mineral resource opportunities in the country. The Company is also advancing the Douta
Gold Project in Senegal which currently comprises an Inferred Resource of 730,000 ounces of gold,
grading at 1.53 grammes / ton (g/t).
Highlights include:
Drillhole SGD238
2m at 227g/tAu from 80m
includes 1m at 310g/tAu (equivalent to 10 ounces Au/t)
Drillhole SGD235 3.1m at 14.32g/tAu from 28m
Drillhole SGD236 2m at 6.24g/tAu from 46.5m
Initial conclusions
High grade gold anomalism has been defined by exploratory geochemical programs comprising
soil/auger and rock chip sampling. The first holes of the initial drilling program on the primary
geochemical target have returned high grade gold intersections from a sub-vertical narrow quartz
vein system.
Parts of this vein system contain grades of 1m at 310g/tAu which equates to 10 ounces of gold per
ton.
There are several additional targets in the area that require drill testing.
There is potential for additional high-grade deposits in this area.
With further exploration success, this area may provide an important satellite source of high-grade
material for the Segilola Gold Mine
Segun Lawson, President & CEO, stated,
"I am thrilled to announce these drilling results that include an intersection grading 227g/tAu over a
length of 2m. Within this intersection is a 1m length that carries ten ounces per ton. As you would
expect, visible gold is prevalent throughout the core from this and the other significant intervals.
These results are the culmination of systematic and persistent exploration work leading to the
discovery of this high-grade mineralisation. Importantly, it demonstrates the significant exploration
potential outside of the immediate Segilola mine precinct. Our strategy is to develop the Western
Prospects together with other such opportunities located within a 25km radius of Segilola, to provide a
pipeline of high-grade material that will extend the current 4 years of production at Segilola."
Background
The Western JV Prospects (the "Western Prospects") are located about 15km directly west from the
Segilola Gold Mine and cover mostly amphibolitic rocks that contrast with the more gneissic terrain that
is developed at Segilola itself. The Western Prospects comprise several exploration permits that are
held under exercised option agreements. The area is easily accessed through a series of sealed roads
and gravel tracks.
To date, exploration has comprised grid-based soil geochemical sampling using a hand-held auger drill
and rock chip sampling of exposures located mostly inside shallow, abandoned, artisanal diggings. In
the central parts of the Western Prospects, the sampling has defined an area measuring approximately
3km along strike and 1km wide that is oriented in a north-westerly direction (Figure 1).
Figure 1: Western Prospects location map
To view an enhanced version of this graphic, please visit:
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Initial results from the soil geochemistry program returned values of 6.50 g/tAu and 10g/tAu towards the
south east portion of this area. Close-spaced soil sampling is continuing. These values are typically
located towards the base of a 1-2m thickness transported laterite profile. Rock chip sampling returned
some high-grade values including 65.1g/tAu in the central part of the area and several sampling in
excess of 30g/tAu located towards the north west (Figure1). Based on these results an initial drill testing
program comprising both diamond core and reverse circulation ("RC") drilling was initiated in January
2023.
The significant intersections from the Western Prospects are listed in Table 1.
HOLE ID
Easting
Northing
Length (m)
Azimuth
Dip
From
(m)
To
(m)
Downhole
Interval (m)
Average
Grade
(Aug/t)
True Width
(m)
SGD235
683308
838018
50
230.0
-60
27.9
31.00
3.1
14.32
1.2
SGD236
683310
838020
90
222.0
-65
10.0
13.00
3.0
1.25
0.9
SGD236
15.5
17.00
1.5
0.99
0.5
SGD236
46.5
48.50
2.0
6.24
0.6
SGD236
50.2
54.40
4.2
0.52
1.3
SGD236
55.4
56.40
1.0
0.30
0.3
SGD237
623325
838042
140
221.0
-60
81.2
82.65
1.5
0.38
0.5
SGD238
683265
837997
80
90.0
-60
80.0
82.00
2.0
226.88
1.0
includes
81.0
82.00
1.0
310.00
0.5
SGD239
683236
837999
140
90.0
-60
assays pending
SGRC146
683352
837981
50
230.0
-60
assays pending
SGRC147
683374
388009
100
230.0
-60
assays pending
SGRC148
683255
838042
100
90.0
-60
assays pending
Table 1: Segilola Exploration Significant Results
(0.3g/tAu lower cut off; maximum 0.5m internal dilution)
The mineralised zones are confirmed prior to analysis by counts of visible gold in the core.
Quarter core
drill samples were analysed at the accredited Segilola Mine Laboratory using the 50g charge fire assay
with atomic absorption (AA) finish. Repeat assays showed little variation from the original assays
(Appendix 1). Coarse rejects from the mine laboratory are also panned for further confirmation.
Corresponding half core samples have been sent to MSA Laboratories for Metallic Screen Fire Assay
and multi-element ICP analysis.
Drilling Results
The results from four drillholes have been received (Table 1). These holes targeted the depth extensions
of a mineralised quartz vein that had been exposed at surface and produced rock chip results of over
30g/tAu. Mineralisation is developed within a narrow, sub-vertical quartz vein that occupies a highly
deformed zone that is characterised by weakly disseminated pyrite and intense silica-carbonate-sericite
alteration.
Consistent high-grade intersections have been obtained to a vertical distance of 75m from surface
(Figure 2). In hole SGD236, a parallel mineralised zone has been intersected about 10m to the east of
the main vein. This suggests that additional mineral potential in the footwall and hangingwall rocks to the
main vein. Ongoing drilling will test both the strike length and depth potential of this system.
Figure 2: Cross-section showing high grade intersections
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Western Prospects - Joint Venture Arrangement
The Western Prospects are held under a joint venture agreement ("Thor-Esteedan JV") between Thor's
wholly owned subsidiary Segilola Gold Limited ("SGL") and a local mineral exploration company,
Esteedan Limited ("Esteedan") which was entered into in August 2021.
Thor currently has a 51% interest in the Thor-Esteedan JV. Under the terms of the Thor-Esteedan JV,
Thor will increase its interest to 70% following a Decision to Mine Notice being by written by SGL to
Esteedan at any time (the "Decision to Mine").
After the Decision to Mine notice has been issued, both parties of the Thor-Esteedan JV enter into a
contribute or dilute period where Esteedan can choose voluntarily not to contribute to any Additional
Equity requirement and its shareholding shall dilute pro-rata to its equity contribution requirement above
the Additional Equity, subject to Esteedan always retaining a minimum 15% shareholding in the Joint
Venture.
Once mining operations commence, all profits will be shared on an open book basis until SGL recovers
the equivalent of 1.1x its exploration and development expenditure on the Project at a ratio of:
- SGL: 1-A
- Esteedan: A
Where A = Esteedan' shareholding multiply by 0.4.
Thereafter, all profits will be shared on an open book basis in proportion to the parties' shareholding.
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% economic interest in the Douta Gold
Project located in south-eastern Senegal. Thor trades on AIM and on the TSX Venture Exchange under
the symbol "THX".
Deposit
Classification
Tonnage (xMt)
Grade (g/t Au)
Contained Metal
(koz Au)
Thor Interest
Attributable
Ounces
Source
Segilola
Indicated*
4.06
4.66
608
100%
608
1
Segilola
Inferred*
0.443
4.78
68
100%
68
1
Makosa
Inferred
15.3
1.53
730
70%
511
2
*not depleted for mining
Source
1 Sedar Filing March 21 2019: Technical Report On The Segilola Gold Project Feasibility Study, Osun State, Nigeria
2 Sedar Filing Jan 4 2022: Independent Technical Report: Mineral Resource Estimate, Douta Gold Project, Senegal
THOR EXPLORATIONS LTD.
Segun Lawson
President & CEO
For further information please contact:
Thor Explorations Ltd
Email:
Investor Relations
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 / Nilesh Patel / Franck Nganou
Tel: +44 (0) 20 7907 8500
Fig House Communications (Investor Relations)
Tel: +1 416 822 6483
Email:
Blytheweigh (Financial PR)
Tim Blythe / Megan Ray / Rachael Brooks
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 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
QAQC on SGD238 high grade interval
Sample ID
PWE-100
FAS-121
FAS-121
Hole ID
From (m)
To (m)
Rec. Wt.
Au
AuR
Kg
ppm
ppm
0.01
0.005
0.005
SX107895
1.17
143.92
152.86
SGD238
80
81
SX107896
1.16
309.84
297.44
SGD238
81
82
SX107897
1.08
0.30
0.30
SGD238
82
83
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES
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