Thor Explorations Ltd. Announces Positive Exploration Results from the Douta Gold Project, Senegal
Thor Explorations Ltd. Announces Positive
Exploration Results from the Douta Gold
Project, Senegal
Vancouver, British Columbia--(Newsfile Corp. - June 26, 2024) - Thor Explorations Ltd.
(TSXV: THX)
(AIM: THX)
("
Thor
" or the "
Company
") is pleased to announce the first set of drilling results from its
2024 drilling programme at the Douta Gold Project, Senegal (the
"Douta Project"
). The drill-
intersections of significant gold mineralisation are from the Makosa East Prospect (
"Makosa East")
where the programme commenced.
The Douta Gold Project encompasses the Makosa gold deposit which currently comprises a total
resource of approximately 1.78 million ounces (
"Moz
") of gold ("
Au
") that consists of an indicated
resource of 20.2 million tonnes ("
Mt
") grading 1.3 grammes per tonne ("
g/t
") Au for 874,900 ounces of
gold ("
oz Au
") together with an Inferred Resource of 24.1 Mt grading 1.2 g/t Au for 909,400 oz Au.
A reverse circulation ("
RC"
) drilling programme has focussed on the extensions to Makosa East which
runs parallel to the main Makosa mineralised trend with the priority being to increase the oxide
component of the existing resource.
The assay results from the drilling completed to date include the following highlights:
Drillhole DTRC941 - 24 metres ("
m
") at 3.53 g/t Au from 0m
Drillhole DTDD920 - 12m at 1.40 g/t Au from 33m
Drillhole DTDD921 - 9m at 2.74 g/t Au from 15m
Drillhole DTRC936 - 8m at 1.13 g/t Au from 16m
Segun Lawson, President & CEO, stated:
"We are pleased to announce new significant drilling results from the Makosa East Prospect which
forms an important component of the larger Douta resource. These results will help us in achieving
the main purpose of the 2024 drilling programme, which has been to increase the oxide component of
the resource.
"We have been encouraged by the start of this drilling campaign which has targetted the oxide
component and has also delineated gold mineralisation from surface.
"We look forward to completing the balance of the 15,000 metre drilling programme in the coming
months over a number of prospects in the Douta and Douta West licences with the objective of
incorporating all results into an updated resource and Preliminary Feasibility Study in the second half
of the year as part of our strategy of bringing the Company's second gold mine into production."
Introduction
The Douta Gold Project comprises two exploration permits located within the Kéniéba inlier, eastern
Senegal. The Douta permit, EL02038, is held by Thor, through its wholly owned subsidiary African Star
Resources Incorporated (
"African Star"
) which acquired a 70% economic interest in the licence
through a joint venture agreement with the permit holder International Mining Company SARL ("
IMC
").
IMC has a 30% free carried interest until the announcement by Thor of a probable reserve. EL02038 is
currently in the process of being converted from an exploration licence to a mining licence.
The Douta West Project, comprising exploration permit E03709, is contiguous with Thor's EL02038
(Figure 1). Douta West is operated by Thor under an agreement with Birima Gold Resources Consulting
and encompasses several historic gold-in-soil geochemical anomalies that extend south from the
southern end of the Makosa Tail prospect and that also run parallel and to the north of the known Makosa
trend in a corridor that occupies the ground between Makosa and Endeavour Mining's Masawa gold
mine.
The Company also has an interest in the Sofita Gold Exploration Licence, located approximately 45km
south west of the Douta Project and is operated by Thor under an agreement with Sofita Services Et
Logistiques (Figure 1).
Figure 1: Douta Project Location Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7003/214383_c51cf405f46518af_002full.jpg
Drilling Results
In May 2024, Thor commenced the first phase of its 2024 drilling programme of extensional RC drilling
with the objective of increasing the oxide resources along the northern strike extensions of the Makosa
East prospect (Figure 3).
The significant intersections from this programme are listed in Table 1. All intersections are reported in
Appendix 1. Drill samples were analysed by ALS Laboratories in Mali using the AA26 fire assay method
(50 gramme charge).
Hole ID
Easting
Northing
Depth
Dip
Azimuth
From
(m)
To
(m)
Interval
(m)
Grade (g/tAu)
True Width
(m)
DTRC913
176244
1436572
50
-60
130
6
8
2
0.75
1.8
DTRC913
11
14
3
0.58
2.6
DTRC914
176225
1436587
50
-60
130
11
15
4
0.70
3.5
DTRC914
19
21
2
3.47
1.8
DTRC915
176203
1436603
50
-60
130
38
45
7
0.70
6.1
DTRC919
176315
1436769
50
-60
130
0
4
4
0.67
3.5
DTRC919
7
12
5
0.71
4.4
DTRC920
176294
1436787
50
-60
130
33
45
12
1.40
10.5
DTRC921
176421
1436952
50
-60
130
2
6
4
1.42
3.5
DTRC921
15
24
9
2.74
7.9
DTRC922
176408
1436962
50
-60
130
19
40
21
0.82
18.4
DTRC923
176387
1436981
50
-60
130
48
50
2
0.80
1.8
DTRC925
176594
1437072
50
-60
130
18
20
2
1.19
1.8
DTRC929
176709
1437221
50
-60
130
16
18
2
0.79
1.8
DTRC932
176849
1437366
50
-60
130
3
5
2
1.13
1.8
DTRC936
176941
1437548
50
-60
130
16
24
8
1.13
7.0
DTRC936
25
30
5
0.82
4.4
DTRC936
32
38
6
0.71
5.3
DTRC936
41
43
2
0.61
1.8
DTRC937
176922
1437566
50
-60
130
37
43
6
0.64
5.3
DTRC939
176989
1437644
50
-60
130
4
15
11
0.94
9.6
DTRC939
22
24
2
0.68
1.8
DTRC939
32
36
4
1.37
3.5
DTRC939
40
45
5
1.36
4.4
DTRC941
177031
1437718
50
-60
130
0
24
24
3.53
21.0
DTRC941
31
33
2
1.64
1.8
Table 1: Douta Project Significant Results (>5 gramme-metres: grade*true width)
(0.5 g/t Au lower cut off; minimum width 2m with 2m max internal waste)
The drill results demonstrate the continuity of gold mineralisation at both the southern and northern end of
the Makosa East trend. Several higher-grade intersections were obtained including 24m grading 3.53
g/t Au in drillhole DTRC941, 12m grading 1.40 g/t Au in DTRC920 and 9m grading 2.74 g/t Au in
DTRC921. These intersections are located predominantly in the oxidised weathering zone (Figure 2).
The location of the cross section in Figure 2 is shown on Figure 4.
Figure 2: DTRC941 Cross Section
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7003/214383_c51cf405f46518af_003full.jpg
The Makosa East prospect has been tested over a strike length of about 2,700m on a series of 200m
spaced sections (Figures 3 and 4). Additional extensional and infill drilling is planned to test for
additional resources with the priority being the near-surface, oxidised weathering zone.
Figure 3: Makosa-Makosa East Prospect Location Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7003/214383_c51cf405f46518af_004full.jpg
Figure 4: Makosa East Prospect Detailed Location Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7003/214383_c51cf405f46518af_005full.jpg
Ongoing Exploration
The Douta Project permits encompass numerous additional targets that are yet to be fully tested. Within
the Douta licence itself, the main targets are Mansa, Maka and Sambara (Figure 5). Additional detailed
drilling during 2024 is planned to fully test these targets. Target generation using geochemical sampling
methods is continuing within the Douta permit, the adjoining Douta West permit and the Sofita permit
that is located south of the regional centre of Kedougou.
Figure 5: Makosa East Prospect Detailed Location Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7003/214383_c51cf405f46518af_006full.jpg
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% interest in the Douta Gold Project located
in south-eastern Senegal. Thor trades on the TSX Venture Exchange under the symbol "THX".
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 / Nilesh Patel / 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 / 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.
Appendix 1
Makosa East Drilling Results
(0.25g/tAu lower cut off; minimum width 2m with 2m max internal waste)
Hole ID
Easting
Northing
Depth
Dip
Azimuth
From
(m)
To
(m)
Interval
(m)
Grade
(g/tAu)
True Width
(m)
DTRC913
176244
1436572
50
-60
130
4
14
10
0.49
8.8
DTRC913
18
24
6
0.37
5.3
DTRC914
176225
1436587
50
-60
130
11
16
5
0.63
4.4
DTRC914
18
22
4
1.89
3.5
DTRC915
176203
1436603
50
-60
130
36
45
9
0.62
7.9
DTRC916
176190
1436616
50
-60
130
nsr
DTRC917
176353
1436736
50
-60
130
24
26
2
0.30
1.8
DTRC917
44
47
3
0.76
2.6
DTRC918
176335
1436753
50
-60
130
35
38
3
0.29
2.6
DTRC918
42
44
2
0.35
1.8
DTRC919
176315
1436769
50
-60
130
0
9
9
0.58
7.9
DTRC919
10
13
3
0.61
2.6
DTRC920
176294
1436787
50
-60
130
32
49
17
1.06
14.9
DTRC921
176421
1436952
50
-60
130
1
7
6
1.07
5.3
DTRC921
14
27
13
2.02
11.4
DTRC922
176408
1436962
50
-60
130
19
40
21
0.81
18.4
DTRC923
176387
1436981
50
-60
130
45
50
5
0.53
4.4
DTRC924
176614
1437046
50
-60
130
15
21
6
0.67
5.3
DTRC924
43
45
2
0.45
1.8
DTRC925
176594
1437072
50
-60
130
10
13
3
0.48
2.6
DTRC925
17
20
3
0.90
2.6
DTRC926
176570
1437084
50
-60
130
nsr
DTRC927
176550
1437103
50
-60
130
nsr
DTRC928
176731
1437205
50
-60
130
nsr
DTRC929
176709
1437221
50
-60
130
1
8
7
0.34
6.1
DTRC929
14
18
4
0.49
3.5
DTRC930
176691
1437239
50
-60
130
nsr
.
DTRC931
176675
1437256
50
-60
130
nsr
DTRC932
176849
1437366
50
-60
130
1
5
4
0.77
3.5
DTRC933
176835
1437384
50
-60
130
nsr
DTRC934
176814
1437402
50
-60
130
nsr
DTRC935
176799
1437413
50
-60
130
nsr
DTRC936
176941
1437548
50
-60
130
16
30
14
0.95
12.3
DTRC936
32
43
11
0.60
9.6
DTRC937
176922
1437566
50
-60
130
33
45
12
0.45
10.5
DTRC938
176903
1437582
50
-60
130
nsr
DTRC939
176989
1437644
50
-60
130
0
24
24
0.65
21.0
DTRC939
31
37
6
1.02
5.3
DTRC939
40
45
5
1.36
4.4
DTRC940
176966
1437662
50
-60
130
nsr
DTRC941
177031
1437718
50
-60
130
0
28
28
3.10
24.5
DTRC941
31
33
2
1.65
1.8
DTRC941
48
50
2
0.39
1.8
DTRC942
177081
1437801
50
-60
130
32
34
2
0.47
1.8
DTRC942
44
46
2
0.38
1.8
DTRC943
177065
1437817
50
-60
130
10
13
3
0.34
2.6
DTRC944
177141
1437881
50
-60
130
nsr
DTRC945
177205
1437959
50
-60
130
nsr
DTRC946
177186
1437969
50
-60
130
nsr