Thor Explorations Ltd. Announces Initial Positive Diamond Drilling Results from Segilola Gold Mine
Thor Explorations Ltd. Announces Initial
Positive Diamond Drilling Results from
Segilola Gold Mine
Vancouver, British Columbia--(Newsfile Corp. - October 7, 2024) - Thor Explorations Ltd (TSXV: THX)
(AIM: THX), "
Thor
" or the "
Company
"), is a West African-focussed minerals exploration and mining
Company, currently producing gold from its wholly owned Segilola Gold Mine in Nigeria and is advancing
its Douta Gold Project in Senegal towards development.
Thor is pleased to announce the first set of results from an initial drilling programme that targets the
down-plunge potential beneath the current open pit extents at the Segilola Gold Mine.
Significant results received to date include 3.0 metres (
"m"
) grading 11.24 grammes per tonne gold
(
"g/tAu"
) from 294m in drillhole SNMDD011 and 1.5m grading 3.22g/tAu from 269m in drillhole
SNMDD012. These are the initial results received from the first two holes drilled out of an ongoing 12
hole drilling programme of which five holes have been drilled. Additional drilling results will be published
in due course..
Segun Lawson, President & CEO, stated:
"We are pleased to intersect high-grade gold mineralisation 50 metres below the current pit design.
This is an encouraging start to the "proof-of-concept" drilling programme, which has returned positive
intersections in the projected locations below the current open pit design.
The proof-of-concept drilling
programme has been designed to target shallow dipping high grade shoots delineated by the grade
control data modelled since the start of mining combined with the interpretations based on additional
structural studies.
"This is the first demonstration since we started mining that there is further potentially achievable
underground mining below the designed Segilola pit.
"The initial results have come from the southern most shoot and the 12-hole programme is designed
to test the remaining shoots as a first pass, prior to extending the programme.
"The target is to both upgrade parts of the remaining inferred resource and to increase the size overall
of the underground resource with the objective of increasing the life of mine at Segilola. We look
forward to completing the programme and sharing more results in due course."
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 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.
Segilola Exploration Targeting
The southern lodes are characterised by a pronounced southerly plunging geometry (Figure 1). Within
the broader zone of gold mineralisation two high grade shoots, that show good continuity at a 10g/tAu
cut off, are developed (Figure 2B). The inferred down-plunge extensions of these two shoots, referred to
as ribbons R1 and R2, form the primary drilling targets (Figure 2C). The initial drillholes were completed
to test the ribbon concept with further step-out drilling dependent on the outcomes. The significant
intersections are shown in Table 1.
Figure 1: Completed Grade Control Drilling over Resource Drilling Model. Drilling results from
southern most shoot (Green Arrow)
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Figure 2A: Longitudinal sections of the southern portion of the Segilola Deposit showing high
grade shoots (ribbons) R1 and R2 developed within broader halo of lower grade
mineralisation.
Other drillholes excluded for clarity
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Table 1: Significant Drillhole Intersections at a 1.5g/tAu cut off
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
Hole SNMDD011 intersected the lower ribbon R2 with a 3.0m downhole interval grading 11.24g/tAu at
approximately 50m below the current final pit design (Figure 2B). The true width of 2.4m would satisfy the
minimum mining width criteria for the development of an underground resource. Figure 2B also shows
the historic drillhole SGD111 which appears to have intersected the lode below the projected R1 ribbon.
Hole SNMDD012 intersected the upper ribbon R1 with a 1.5m downhole interval grading 3.22g/tAu.
Figure 2B: SNMDD011 Cross Section
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It should be noted that there are numerous historic exploration drillholes in the target area. All holes
intersected the resource lode. However, only a few of these holes specifically intersected the R1 and R2
ribbons. Results from additional proof of concept drillholes, which follows the R2 ribbon down-plunge, are
pending.
Conclusions
The initial drilling results appear to have validated the proof-of-concept high-grade targeting model.
The initial 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.
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 / Nilesh Patel / Franck Nganou
Tel: +44 (0) 20 7907 8500
BlytheRay (Financial PR)
Tim Blythe / Megan Ray / Said Izagaren
Tel: +44 2071 383 204
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.
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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