Thor Explorations Ltd. Announces New Sambara Discovery and Further Positive Drill Results from Makosa at the Douta Gold Project, Senegal
Thor Explorations Ltd. Announces New
Sambara Discovery and Further Positive Drill
Results from Makosa at the Douta Gold
Project, Senegal
Vancouver, British Columbia--(Newsfile Corp. - September 12, 2022) - Thor Explorations Ltd. (TSXV:
THX) (AIM: THX) ("
Thor
" or the "
Company
") is pleased to announce initial drilling results from both the
newly discovered Sambara Prospect together with continued encouraging results from the Makosa gold
deposit (
"Makosa")
at its Douta Gold Project, Senegal (the
"Douta Project"
).
The Douta Gold Project currently encompasses the Makosa gold deposit which currently comprises an
Inferred Resource of 730,000 ounces of gold as announced in its maiden Mineral Resource Estimate
(
"MRE
") published on 18 November 2021.
A comprehensive exploration program, comprising approximately 5,000 metres of reverse circulation
("RC") drilling in the first phase, was designed to both upgrade parts of the existing resource and to test
a newly identified target located towards the northern parts of the exploration licence which is known as
Sambara. Initial results suggest that Sambara could potentially develop into a supplemental high-grade
resource. In addition, drilling at the southern extremity of Makosa has resulted in a high grade
intersection which indicates that robust mineralisation extends at depth.
Highlights include:
Sambara
Drillhole DTRC426 6m at 4.80g/t Au from 65m
Drillhole DTRC431 6m at 4.80g/t Au from 12m
Drillhole DTRC491 2m at 6.39g/t Au from 8m
Drillhole DTRC493 6m at 2.58g/t Au from 57m
Drillhole DTRC497 2m at 5.85g/t Au from 26m
Makosa
Drillhole DTRC504 8m at 4.77g/t Au from 62m
Drillhole DTRC506 4m at 2.95g/t Au from 1m
Segun Lawson, President & CEO, stated
"We are pleased to report a successful initial drilling campaign on the Sambara prospect.
Significantly, this has established that gold mineralisation is developed in the northern parts of our
exploration permit.
We look forward to advancing exploration on this discovery which we hope will
supplement the Makosa resource.
"In addition, the first batch of samples from the Makosa upgrade drilling program have produced very
positive results that suggest that the resource may extend at depth. We are looking forward to
receiving further results from our drilling program which will continue over the next six weeks."
Introduction
The Douta Gold Project is a gold exploration permit E02038 that covers an area of area of 58km² and is
located within the Kéniéba inlier, eastern Senegal. The permit encompasses the Makosa Gold Deposit
which currently comprises an Inferred Resource of 730,000 ounces of gold. The northeast trending
permit (Figure 1) has an area of 58 km².
The Douta permit is strategically positioned 4km east of the deposits Massawa North and Massawa
Central deposits which form part of the world class Sabadola-Massawa Project that is owned Endeavour
Mining (Figure 1). The northern part of the permit is bounded by the Makabingui group of gold deposits
that belong to Bassari Resources Ltd.
Figure 1: Douta Project location map
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/7003/136697_f1084f0974f50a86_002full.jpg
Sambara
The Sambara Prospect is located 15km north-east along strike from the Makosa resource (Figure 1).
Drilling targeted an anomalous zone defined by auger geochemical sampling. The area is located 2km
directly north of the Makabingui group gold deposits that belong to Bassari Resources Ltd and which
collectively contain approximately 340,000oz of gold in the indicated category and 670,000oz of gold in
the inferred category.
Drill testing of the geochemical anomaly was carried out over nine sections that were spaced at either
100m or 200m apart (Figure 2). This wide spacing was considered to be appropriate for the first phase
of drill testing. Based on the positive results received, additional, closer-spaced (infill) drilling will be
undertaken.
Figure 2: Sambara Drillhole Location Map
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/7003/136697_f1084f0974f50a86_003full.jpg
The significant intersections from the initial RC drilling program at Sambara are listed in Table 1. The full
table of results is attached in Appendix 1. Drill samples were analysed by ALS Laboratories in Mali
using the AA26 fire assay method (50g charge).
The results indicate multiple parallel, steep sub-vertically dipping, mineralised zones that are developed
within a shale/greywacke sequence that is developed closely adjacent to the Makabingui Granitic
Intrusive.
Based on the drilling completed to date the mineralised zone extends over a strike length of
approximately 500m. Systematic infill and step-out drilling is planned to fully assess the extent of
mineralisation.
HOLE-ID
X
Y
Z
Depth (m)
Azi-muth
Dip
From
(m)
To
(m)
Interval
(m)
Grade
(g/tAu)
True Width
(m)
DTRC426
187999
1451958
146
72
130
-50
65
71
6
4.80
2.5
incl
70
71
1
0.80
10.1
DTRC431
188165
1452076
150
84
130
-50
12
18
6
4.80
3.6
DTRC491
188174
1452068
160
42
130
-60
8
10
2
6.39
1.3
DTRC492
188155
1452081
160
60
130
-60
23
26
3
1.64
1.9
DTRC493
188146
1452093
160
96
130
-60
10
11
1
3.33
0.6
and
41
42
1
2.53
0.6
and
57
63
6
2.58
3.7
includes
59
63
4
3.32
2.3
DTRC496
188230
1452156
145
70
130
-60
8
13
5
1.12
3.2
DTRC497
188094
1452008
158
45
130
-60
15
20
5
1.74
3.1
DTRC497
130
-60
26
28
2
5.85
1.2
DTRC498
188080
1452020
163
90
130
-60
17
22
5
0.55
3.2
and
29
34
5
1.07
3.2
and
60
61
1
4.72
0.6
Table 1: Sambara Significant Results
(0.5g/tAu lower cut off; maximum 2m internal dilution, minimum 2m interval)
Makosa
The Makosa resource is currently classified as Inferred. In July 2022 Thor commenced a 20,000m
program of follow up RC and diamond drilling with the objective of upgrading the higher-grade portions
of the resource, that fall within the optimised pit shell, to indicated classification.
Initial results from drillholes completed at the southern extremity of the deposit include 8m at 4.77g/t gold
from 62m in drillhole DTRC504 (Figures 3 and 4). The significant intersections from Makosa are listed in
Table 2. The full table of results is attached in Appendix 1. In addition to potentially upgrading this part of
the resource, the intersection suggests that gold mineralisation may extend at depth. Two additional
drillholes (DTRC561 and DTRC562) have subsequently been drilled to test for depth extensions to this
higher grade zone. Assays for these two holes are pending.
HOLE-ID
X
Y
Z
Length (m)
Azi-muth
Dip
From
(m)
To
(m)
Interval
(m)
Grade
(g/tAu)
True Width
(m)
DTRC502
173909
1433683
198
70
130
-60
45
52
7
1.11
4.6
DTRC504
173926
1433729
155
80
130
-60
47
50
3
1.48
1.9
and
62
70
8
4.77
5.1
DTRC505
173877
1433642
155
72
130
-60
34
39
5
1.92
3.1
and
53
60
7
0.60
4.4
DTRC506
173898
1433630
200
30
130
-60
1
5
4
2.95
2.5
includes
1
4
3
3.29
1.8
DTRC508
174264
1434389
190
60
130
-60
19
21
2
3.12
1.2
and
47
53
6
0.51
3.7
DTRC509
174304
1434427
190
42
130
-60
38
40
2
2.84
1.2
Table 2: Makosa Significant Results
(0.5g/tAu lower cut off; maximum 2m internal dilution, minimum 2m interval)
Figure 3: Makosa Drillhole Location Map
To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/7003/136697_f1084f0974f50a86_004full.jpg
At Makosa, zones of gold mineralisation are developed either within a sheared gabbro intrusive or within
a steep north-westerly dipping sequence of meta-sedimentary rocks that are in close proximity to the
gabbro intrusive (Figure 5). Higher grade zones or shoots are suspected to occur along east-west
oriented structures that cut across the main north-east trend of the mineralisation. This potential to
upgrade the resource will be assessed by ongoing infill drilling along the Makosa mineralised trend.
Figure 4: Makosa Map showing selected significant intersections
To view an enhanced version of Figure 4, please visit:
https://images.newsfilecorp.com/files/7003/136697_f1084f0974f50a86_005full.jpg
Figure 5: Makosa Cross Section
To view an enhanced version of Figure 5, please visit:
https://images.newsfilecorp.com/files/7003/136697_f1084f0974f50a86_006full.jpg
Ongoing Exploration
The Mansa and Maka Prospects are located between Makosa and Sambara (Figure 1). Results from
the initial RC drilling at these prosects returned encouraging results including the following:
Mansa Prospect*
Drillhole DTRC363 4m at 3.11g/tAu from 55m
Drillhole DTRC347 5m at 1.75g/t Au from 48m
Drillhole DTRC347 2m at 10.65g/t Au from 56m
Maka Prospect*
Drillhole DMRC012 4m at 11.0g/t Au from 18m
These prospects have the potential to provide additional resources and will be fully tested in forthcoming
drilling programs.
*
Sedar Filing February 7, 2022: Commencement of Drilling on the Douta Gold Project, Senegal
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 the TSX Venture Exchange and AIM 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
Ibu Lawson (Head of Investor Relations)
Email:
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:
BlytheRay (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.