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News   Press Releases

Thor Explorations Announces Douta Gold Project Drilling Results

V.THX | August 31, 2023

Vancouver, British Columbia--(Newsfile Corp. - August 31, 2023) - Thor Explorations Ltd. (TSXV: THX) (AIM: THX) ("Thor" or the "Company") is pleased to announce drill-intersections of significant gold mineralisation from the Makosa gold deposit ("Makosa") and the Sambara prospect at its Douta Gold Project, Senegal (the "Douta Project").

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 ("oz") Au together with an inferred resource of 24.1 Mt grading 1.2g/t Au for 909,400 oz Au.

An infill drilling reverse circulation ("RC") drilling program has targeted the Inferred Resources material within the optimised pit shells with the objective of converting this material to the Indicated Resource classification. In addition, a diamond drilling ("DD") program has been completed within the Makosa and Makosa Tail areas in order obtain samples for detailed metallurgical test work. Further exploration drilling was also completed at the Sambara prospect.

The Company is also pleased to announce the discovery of a new prospect, Makosa East, following the drilling of mineralized intersections.

The assay results from the drilling completed to date include the following highlights:

  • Makosa Tail: Drillhole DTRC807 3 meters ("m") at 23.35/tAu from 78m
  • Makosa Tail: Drillhole DTDD0021 8m at 8.08/tAu from 36m
  • Makosa Tail: Drillhole DTRC848 13m at 4.59/tAu from 96m
  • Makosa Tail: Drillhole DTRC865 9m at 4.33/tAu from 93m
  • Makosa Tail: Drillhole DTRC842 18m at 1.82/tAu from 25m
  • Makosa: Drillhole DTDD0029 16m at 2.03g/tAu from 0m
  • Makosa Tail: Drillhole DTRC844 10m at 3.00/tAu from 45m
  • Makosa Tail: Drillhole DTRC812 6m at 4.94/tAu from 50m

Segun Lawson, President & CEO, stated;

"We are pleased to announce further encouraging drilling results from Thor's Douta Project in Senegal. The main purpose of the drilling has been to advance the project towards development by upgrading more of the resource to indicated classification and also to commence detailed metallurgical test work that is focussed on achieving the most suitable and efficient ore treatment and extraction process.

"Once all the drilling results are in, we look forward to updating our Mineral Resource Estimate to form the basis of a preliminary feasibility study.

"We are also pleased to add the new Makosa East prospect to our development plan. In the coming year we plan to maintain focus on project development in Senegal to meet our objective of bringing the Company's second gold mine into production."

Introduction
The Douta Gold Project is located within the Kéniéba inlier, in eastern Senegal and comprises the northeast trending gold exploration permit, E02038 that covers an area of 58 square kilometres ("km2"). Thor, through its wholly owned subsidiary African Star Resources Incorporated ("African Star"), has a 70% economic interest in partnership with the permit holder International Mining Company SARL ("IMC"). IMC has a 30% free carried interest in its development until the announcement by Thor of a Probable Reserve.

Drilling Strategy
Drilling has been focussed in the following areas:

  • Resource Upgrade: Makosa and Makosa Tail, Makosa East
  • Metallurgical Sampling: Makosa and Makosa Tail
  • Exploration: Sambara area

Resource Upgrade
In April 2023 Thor commenced a program of infill RC drilling with the objective of upgrading the inferred portions of the resource that fall within the optimised pit shell, to indicated classification.

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. 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.

The significant intersections from this program are listed in Tables 1 and 2. Drill samples were analysed by ALS Laboratories in Mali using the AA26 fire assay method (50-gram charge).

Prospect Hole ID Easting Northing Depth Dip From
(m)		 To
(m)		 Interval
(m)		 Grade (g/tAu) True
Width
(m)
Makosa Tail DTDD0017 174590 1434805 45.2 -50 32 41 9 2.38 2.4
Makosa DTDD0021 175377 1436071 90.2 -50 36 44 8 8.08 7.2
Makosa DTDD0021 175377 1436071 90.2 -50 55 61 6 4.03 11.7
Makosa DTDD0023 175219 1435902 70.4 -50 58 66 8 3.14 7.2
Makosa DTDD0024 175477 1436151 95.4 -50 64 71 7 3.77 14.4
Makosa DTDD0029 175949 1436665 20 -50 0 16 16 2.03 14.4
Makosa East DTRC779 175885 1436181 54 -60 39 48 9 2.46 8.0
Makosa Tail DTRC805 173959 1433743 50 -60 36 46 10 2.25 4.8
Makosa Tail DTRC806 173939 1433758 74 -60 52 54 2 13.90 1.6
Makosa Tail DTRC807 173920 1433773 100 -60 78 81 3 25.35 5.6
Makosa Tail DTRC812 174161 1433787 90 -60 50 56 6 4.94 13.5
Makosa Tail DTRC842 174556 1434762 69 -60 25 43 18 1.82 6.3
Makosa Tail DTRC844 174476 1434806 69 -60 45 55 10 3.00 7.2
Makosa Tail DTRC848 174583 1434868 114 -60 96 109 13 4.59 5.4
Makosa Tail DTRC854 174545 1435016 107 -60 61 76 15 1.79 9.0
Makosa DTRC864 176149 1437011 90 -60 49 56 7 3.90 8.1
Makosa DTRC865 176203 1437037 72 -60 93 102 9 4.33 8.1

Table 1: Douta Project Significant Results (>20 gram-metres: grade*true width)
(0.5g/tAu lower cut off; minimum width 2m with 2m max internal waste)

The drill results demonstrate the continuity of gold mineralisation both along strike and down dip. Several higher-grade intersections were obtained including 2m grading 13.90g/tAu g/tAu in drillhole DTRC806, 3m grading 25.35g/tAu in DTRC807 and 6m grading 4.94g/tAu in DTRC812 (Figure 2).

In addition to upgrading the resource classification, intersections such as these could potentially have a positive effect in locally elevating the average resource grade. The positive impact of the drilling results is illustrated in Figure 3 which shows a cross section of a line of new holes including 13m grading 4.59g/tAu in DTRC848.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/7003/179095_54dd47d46440e859_002.jpg

Figure 1: Douta Project Location Map

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7003/179095_54dd47d46440e859_002full.jpg

Metallurgical Sampling
A total of 22 diamond holes were completed to obtain representative samples, from both Makosa and Makosa Tail to undergo detailed metallurgical test work. Several of these holes twinned existing historic RC holes and returned results that are consistent with the earlier grades and thicknesses. Independent Metallurgical Operations ("IMO") are undertaking the test work program in Perth, Western Australia.

Exploration
At the Sambara prospect several RC holes were drilled to test both the extremities of the Sambara deposit and a soil geochemical anomaly that was located in the north-western part of the exploration licence. Best results include 5m grading 1.35g/tAu in drillhole DTRC726 and 4m grading 1.43g/tAu in DTRC729 (Table 2). Further testing along the prospective strike length is planned for the remainder of 2023.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/7003/179095_54dd47d46440e859_003.jpg

Figure 2: Drillhole location map showing Significant Results (>20gram-metres)

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7003/179095_54dd47d46440e859_003full.jpg

Cannot view this image? Visit: https://images.newsfilecorp.com/files/7003/179095_54dd47d46440e859_004.jpg

Figure 3: Makosa Tail Cross-section Showing Grade Continuity on In-fill Drill-section

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7003/179095_54dd47d46440e859_004full.jpg

Prospect Hole ID Easting Northing Depth Dip From
(m)		 To
(m)		 Interval
(m)		 Grade
(g/tAu)		 True
Width
(m)
Makosa Tail DTDD0014 174301 1434161 90.3 -50 42 45 3 0.75 2.40
DTDD0014 64 66 2 1.48 1.60
Makosa Tail DTDD0015 174424 1434498 70 -50 53 63 10 1.60 9.00
Makosa Tail DTDD0016 174618 1434824 25 -50 2 18 16 1.20 14.40
Makosa Tail DTDD0017 174590 1434805 45.2 -50 32 41 9 2.38 8.10
Makosa Tail DTDD0018 174566 1435077 70 -50 57 70 13 0.78 11.70
Makosa DTDD0019 175184 1435809 50 -50 31 45 14 1.26 12.60
Makosa DTDD0020 175238 1435886 25.1 -50 13 20 7 0.92 6.30
DTDD0020 27 35 8 0.91 7.20
Makosa DTDD0021 175377 1436071 90.2 -50 36 44 8 8.08 7.20
DTDD0021 46 52 6 2.38 4.80
DTDD0021 55 61 6 4.03 5.40
DTDD0021 63 67 4 1.71 3.20
DTDD0021 75 82 7 1.04 6.30
Makosa DTDD0022 175513 1436241 110.1 -50 93 102 9 0.68 8.10
Makosa DTDD0023 175219 1435902 70.4 -50 58 66 8 3.14 7.20
Makosa DTDD0024 175477 1436151 95.4 -50 64 71 7 3.77 6.30
Makosa DTDD0025 175509 1436190 40.1 -50 24 28 4 1.62 3.60
Makosa DTDD0026 175784 1436545 110.3 -50 67 69 2 0.65 1.80
DTDD0026 75 80 5 1.31 4.00
DTDD0026 87 97 10 1.55 9.00
DTDD0026 105 108 3 2.48 2.70
Makosa DTDD0027 175712 1436414 70.2 -50 18 20 2 0.86 1.60
DTDD0027 25 28 3 2.04 2.40
DTDD0027 31 33 2 0.54 1.60
DTDD0027 38 42 4 1.35 3.20
DTDD0027 50 55 5 2.58 4.00
Makosa DTDD0028 175872 1436597 40.2 -50 1 8 7 1.08 6.30
DTDD0028 13 16 3 0.86 2.40
Makosa DTDD0029 175949 1436665 20 -50 0 16 16 2.03 14.40
Makosa DTDD0030 176239 1437134 90.2 -50 67 69 2 0.66 1.80
DTDD0030 74 84 10 1.66 8.00
Makosa DTDD0031 176265 1437108 60.2 -50 22 39 17 1.14 15.30
Makosa DTDD0032 175320 1436030 160.2 -75 31 37 6 1.71 4.80
DTDD0032 148 151 3 1.20 2.40
Makosa Tail DTDD0033 174524 1434844 150.5 -60 40 46 6 1.31 4.80
DTDD0033 54 58 4 0.64 3.20
Sambara DTRC726 188047 1451979 72 -60 42 47 5 1.35 4.00
DTRC726 67 69 2 0.61 1.80
Sambara DTRC729 188109 1452054 91 -60 16 20 4 1.43 3.20
Sambara DTRC733 188165 1452135 82 -60 63 65 2 0.58 1.60
DTRC733 71 73 2 0.99 1.60
Sambara NW DTRC742 190203 1457957 66 -50 8 10 2 0.71 1.80
Sambara NW DTRC744 190140 1458005 66 -50 37 39 2 1.02 1.60
Sambara NW DTRC757 189660 1457364 72 -50 46 48 2 0.70 1.80
Sambara NW DTRC762 189571 1457184 66 -50 48 51 3 1.16 2.40
Makosa East DTRC773 175638 1435898 108 35 40 5 1.02 4.00
DTRC773 42 44 2 3.09 1.60
DTRC773 79 85 6 1.68 5.40
Makosa East DTRC774 175620 1435913 130 -60 29 33 4 1.78 3.20
DTRC774 63 65 2 0.78 1.60
DTRC774 110 120 10 1.23 8.00
Makosa East DTRC775 175653 1435886 78 17 20 3 2.86 2.40
DTRC775 23 25 2 1.39 1.60
DTRC775 30 37 7 1.03 6.30
DTRC775 53 57 4 0.54 3.20
Makosa East DTRC776 175805 1436033 78 -60 4 13 9 1.38 7.20
Makosa East DTRC777 175791 1436044 85 -60 24 29 5 0.65 4.00
DTRC777 36 39 3 1.51 2.40
DTRC777 68 70 2 1.28 1.60
DTRC778 175903 1436166 85 -60 11 21 10 0.88 8.00
DTRC778 22 28 6 0.66 4.80
Makosa East DTRC778 30 32 2 1.06 1.60
Makosa East DTRC779 175885 1436181 54 -60 33 35 2 1.08 1.60
DTRC779 39 48 9 2.46 8.10
Makosa East DTRC780 175776 1436056 87 -60 55 60 5 1.10 4.00
Makosa East DTRC781 175961 1436248 87 -60 23 27 4 0.75 3.20
Makosa East DTRC782 175942 1436263 58 -60 48 51 3 0.82 2.40
Makosa East DTRC784 175992 1436331 88 -60 23 30 7 0.77 5.60
Makosa East DTRC785 175975 1436347 70 -60 50 57 7 0.84 5.60
Makosa East DTRC786 175956 1436364 90 -60 66 81 15 0.96 12.00
Makosa East DTRC787 175938 1436380 114 -60 88 93 5 2.06 4.00
DTRC787 101 106 5 0.53 4.00
DTRC788 176056 1436411 114 -60 2 9 7 0.80 5.60
Makosa East DTRC788 10 14 4 0.61 3.20
Makosa East DTRC789 176036 1436427 66 -60 30 35 5 0.97 4.00
Makosa East DTRC790 176017 1436442 84 -60 52 55 3 1.49 2.40
Makosa East DTRC791 175986 1436406 93 -60 50 52 2 4.26 1.60
DTRC791 76 81 5 1.16 4.00
Makosa Tail DTRC792 173864 1433566 36 -60 10 12 2 0.88 1.60
DTRC792 15 17 2 1.24 1.60
Makosa Tail DTRC794 173840 1433583 66 -60 45 48 3 0.53 2.40
Makosa Tail DTRC796 173871 1433622 54 -60 25 38 13 1.38 11.70
Makosa Tail DTRC797 173909 1433652 64 -60 8 14 6 1.05 4.80
Makosa Tail DTRC798 173899 1433663 90 -60 30 37 7 1.12 5.60
Makosa Tail DTRC799 173885 1433675 98 -60 53 63 10 1.34 8.00
Makosa Tail DTRC800 173867 1433690 145 -60 95 98 3 1.01 2.40
DTRC800 102 108 6 0.63 4.80
DTRC800 109 114 5 0.65 4.00
Makosa Tail DTRC801 173876 1433704 108 -60 93 105 12 1.20 9.60
Makosa Tail DTRC802 173947 1433689 48 -60 6 11 5 0.51 4.00
DTRC802 23 25 2 0.95 1.60
DTRC802 31 37 6 0.72 4.80
Makosa Tail DTRC803 173925 1433705 81 -60 38 43 5 1.00 4.00
DTRC803 53 57 4 1.55 3.20
Makosa Tail DTRC804 173976 1433725 30 -60 4 9 5 1.10 4.00
DTRC804 21 23 2 1.19 1.60
Makosa Tail DTRC805 173959 1433743 50 -60 22 24 2 3.46 1.60
DTRC805 36 46 10 2.25 9.00
Makosa Tail DTRC806 173939 1433758 74 -60 52 54 2 13.90 1.60
DTRC806 62 65 3 0.87 2.40
Makosa Tail DTRC807 173920 1433773 100 -60 78 81 3 25.35 2.40
Makosa Tail DTRC808 174004 1433770 36 -60 15 18 3 0.53 2.40
Makosa Tail DTRC809 173990 1433782 42 -60 27 29 2 0.57 1.60
DTRC809 32 35 3 0.86 2.40
Makosa Tail DTRC812 174161 1433787 90 -60 50 56 6 4.94 4.80
DTRC821 2 4 2 1.12 1.60
Makosa Tail DTRC823 174266 1434155 102 -60 60 63 3 0.65 2.40
Makosa Tail DTRC826 174193 1434008 90 -60 63 72 9 0.87 7.20
Makosa Tail DTRC827 174377 1434254 42 -60 8 11 3 2.22 2.40
Makosa Tail DTRC828 174224 1434377 108 -60 96 102 6 0.96 4.80
Makosa Tail DTRC829 174200 1434397 156 -60 134 136 2 1.05 1.60
DTRC829 145 152 7 0.80 5.60
Makosa Tail DTRC830 174361 1434326 66 -60 49 51 2 0.83 1.60
Makosa Tail DTRC831 174234 1434413 132 -60 103 108 5 0.94 4.00
DTRC831 110 117 7 0.65 5.60
DTRC831 119 125 6 1.08 4.80
Makosa Tail DTRC834 174462 1434571 90 -60 34 37 3 1.23 2.40
DTRC834 53 55 2 1.12 1.60
Makosa Tail DTRC835 174433 1434585 126 -60 88 90 2 1.95 1.60
Makosa Tail DTRC836 174377 1434616 43 -60 12 19 7 0.95 5.60
DTRC836 35 39 4 1.49 3.60
Makosa Tail DTRC837 174348 1434629 84 -60 39 41 2 1.28 1.60
DTRC837 50 62 12 1.47 9.60
DTRC837 63 65 2 0.60 1.80
DTRC837 70 72 2 0.98 1.60
DTRC837 76 80 4 1.33 3.20
Makosa Tail DTRC838 174367 1434705 60 -60 20 22 2 0.56 1.60
DTRC838 35 37 2 5.18 1.60
Makosa Tail DTRC840 174361 1434746 121 -60 44 49 5 0.75 4.00
DTRC840 52 63 11 0.83 9.90
Makosa Tail DTRC841 174376 1434768 150 -60 74 76 2 1.06 1.60
DTRC841 123 126 3 0.76 2.40
Makosa Tail DTRC842 174556 1434762 69 -60 25 43 18 1.82 14.40
Makosa Tail DTRC844 174476 1434806 69 -60 45 55 10 3.00 8.00
DTRC844 59 63 4 1.27 3.20
Makosa Tail DTRC846 174434 1434825 138 -60 123 127 4 1.75 3.20
DTRC846 132 134 2 1.06 1.60
Makosa Tail DTRC847 174610 1434854 85 -60 66 73 7 1.73 5.60
Makosa Tail DTRC848 174583 1434868 114 -60 14 17 3 0.78 2.40
DTRC848 96 109 13 4.59 11.70
DTRC848 110 113 3 0.93 2.40
Makosa Tail DTRC850 174548 1434889 154 -60 9 17 8 2.48 6.40
DTRC850 19 24 5 2.58 4.00
DTRC850 137 143 6 0.90 4.80
Makosa Tail DTRC851 174500 1434909 105 -60 54 62 8 2.20 6.40
DTRC851 64 69 5 1.19 4.50
Makosa Tail DTRC852 174471 1434947 120 -60 22 24 2 0.58 1.60
DTRC852 104 110 6 2.83 4.80
Makosa Tail DTRC853 174571 1435003 90 -60 19 21 2 0.84 1.60
DTRC853 31 42 11 1.64 9.90
DTRC854 61 76 15 1.79 13.50
Makosa Tail DTRC854 174545 1435016 107 -60 95 100 5 1.17 4.00
Makosa Tail DTRC855 174518 1435031 144 -60 87 91 4 1.45 3.20
DTRC855 103 109 6 1.55 5.40
DTRC855 131 134 3 2.58 2.40
Makosa Tail DTRC856 174586 1434997 72 -60 10 13 3 0.89 2.40
Makosa DTRC857 175262 1436063 171 -60 149 152 3 1.22 2.40
Makosa DTRC858 176081 1436958 102 -60 90 92 2 1.63 1.60
Makosa DTRC859 176126 1436920 40 -60 2 4 2 0.84 1.60
DTRC859 22 30 8 0.76 6.40
Makosa DTRC860 176112 1436931 60 -60 26 31 5 0.61 4.00
Makosa DTRC861 176098 1436944 80 -60 68 70 2 0.87 1.60
DTRC861 74 76 2 0.68 1.80
Makosa DTRC862 176061 1436925 91 -60 57 60 3 0.83 2.40
DTRC862 77 79 2 0.59 1.80
Makosa DTRC863 176168 1436995 78 -60 25 30 5 1.03 4.00
DTRC863 41 44 3 0.63 2.40
DTRC863 46 48 2 0.77 1.60
Makosa DTRC864 176149 1437011 90 -60 49 56 7 3.90 5.60
DTRC864 57 61 4 2.30 3.60
DTRC864 69 75 6 1.31 4.80
Makosa DTRC865 176203 1437037 72 -60 93 102 9 4.33 7.20

Table 2: Douta Significant Results
(0.5g/tAu lower cut off; minimum width 2m with 2m max internal waste)

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: info@thorexpl.com

Canaccord Genuity (Nominated Adviser & Broker)
Henry Fitzgerald-O'Connor / James Asensio

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: investor.relations@thorexpl.com

Thor Explorations Ltd
Ibu Lawson (Investor Relations)
Tel: +44 7909 825 446
Email: ibu.lawson@thorexpl.com

BlytheRay (Financial PR)
Tim Blythe / Megan Ray / Said Izagaren
Tel: +44 207 138 3203

Yellow Jersey PR
Charles Goodwin / Shivantha Thambirajah / Soraya Jackson
Tel: +44 (0)7747 788 221/+44 (0)7983 521 488

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/179095

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