TIDMTHX
RNS Number : 6146Z
Thor Explorations Ltd
15 January 2024
NEWS RELEASE
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES
January 15, 2024 TSXV/AIM: THX
This Announcement contains inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 ("MAR"). Upon
the publication of this Announcement, this inside information is
now considered to be in the public domain.
THOR EXPLORATIONS ANNOUNCES Q4 2023 OPERATING UPDATE AND 2024
OPERATING GUIDANCE
Thor Explorations Ltd. (TSXV / AIM: THX) ("Thor Explorations" or
the "Company") is pleased to provide an operational update for the
Segilola Gold mine, located in Nigeria ("Segilola"), and for the
Company's mineral exploration properties located in Nigeria and
Senegal, for the three months to December 31, 2023 (the "Quarter"
or "Q4") as well as full year operational highlights ("FY
2023").
Segilola 2023 Operational Highlights
-- FY 2023 gold production of 84,609 ounces ("oz"):
o 21,798 oz during the Quarter at an average grade of 2.77
grammes per tonne ("g/t") of gold ("Au")
-- Successfully completed push back of Segilola Western Wall
-- Successfully upgraded process plant elution and electrowinning system
-- Acquisition of additional gold and lithium exploration tenure in Nigeria
-- Continuation of drilling programs on near mine and regional targets
-- Segilola underground exploration drilling program to commence in H1 2024
Segilola 2023 Exploration Update Highlights
-- Focus of gold exploration activities for FY 2023 has been on
prospects within a 40-kilometre ("km") radius from the Segilola
project.
-- Majority of the exploration activities carried out on all the
Company's licences, consisted of Reverse Circulation ("RC")
drilling, Diamond Drilling, geochemical stream sediment sampling,
auger drilling and soil sampling,
-- The Company successfully drilled a number of high-grade
intercepts at two key prospects within a 25km radius of the
Segilola Plant.
-- The greenfield discovery at Kola located 23km to the south
returned several high-grade encouraging drill results and has
opened up a new front of exploration potential to the south, an
area which is now of priority.
-- The Ijarigbe Prospect is located 23km north of Segilola. This
prospect has been defined by a number of stream sediment anomalies
and soil anomalies which returned values of up to 9.40g/tAu.
-- Southern Prospects located 25km south of Segilola was drilled
during Q4 2023 and returned encouraging high-grade intercepts,
including at the Kola Prospect:
o SGRC188: 4 metres at 30.2g/t Au from 14 metres
o SGRC 189: 8 metres at 3.0g/t Au from 56 metres
o SGRC 190: 7 metres at 26g/t Au from 49 metres
o SGRC 194: 7 metres at 34.2g/t Au from 49 metres
o Previously unreported drilled in Q4 2023
o SGRC 236: 2 metres at 12.61g/t Au from 49 metres
o SGD 295: 5 metres at 11.25g/t Au from 15 metres
o SGD 296: 3 metres at 2.49g/t Au from 55.5 metres
Douta Exploration Highlights
-- Final set of drill results received in Q4 2023 after
completing a 14,000 metre RC drilling program. Results highlights
include:
o DTRC 871: 16 metres at 2.26g/t from 93 metres
o DTRC874: 4 metres at 3.55g/t from 91 metres
o DTRC 895: 8 metres at 2.61g/t from 8 metres
o DTRD 845: 9 metres at 4.33 g/t from 93 metres
-- Wide zones of near surface, high grade oxide mineralisation identified
Lithium Exploration
-- Initial set of encouraging drill results received in Q3 2023 as previously announced
-- Land portfolio increased to include additional project areas
-- Focus on scout drilling across a number of targets through H1 2024
-- Continued acquisition of prospective lithium exploration ground in Nigeria
FY 2024 outlook and catalysts
-- FY 2024 production guidance range set at 95,000 to 100,000 oz of gold
-- FY 2024 All-in Sustaining Cost ("AISC") guidance range set at $1,100 to $1,200
-- Strong exploration focus on Segilola near mine drill targets
and underground drilling program in H1 2024 with an initial 5,000
metre drilling program delineated
-- Updated Mineral Resource Estimate at the Douta Project to be completed in Q1 2024
-- Preliminary Feasibility Study ("PFS") test work is ongoing at
the Douta project in Senegal, focusing on the metallurgy and
process flow sheet targeting publication in Q1 2024 following the
updated Mineral Resource Estimate
-- Continued lithium target generation including a further scout
drilling program across a number of targets
Segun Lawson, President & CEO, stated :
"I am pleased that the Company was able to successfully complete
what was projected to be the most operationally challenging year in
the Segilola mine plan. We were able to complete the year producing
84,600 ounces, however, most importantly, we have positioned the
mine very strongly for the coming years.
"We expect that the successful completion of the west wall push
back and the improvements made to the processing plant will allow
the mine to operate more efficiently whilst also making accelerated
drawdown of the current high levels of the gold in circuit through
the course of the year.
"In Nigeria, we have made small but very important discoveries
within trucking distance of the Segilola plant. The area within a
40km radius of the Segilola Mine has been a key exploration focus
for potential high-grade satellite resources that can be
transported economically to the central processing plant at
Segilola. There were encouraging high-grade drill results from the
Kola Prospect in the Southern Prospects, which opens up a new front
of exploration potential to the south. In addition, further
encouraging geochemical sampling results from the Central Prospects
are indicative of the potential for high-grade resource within
close proximity to the plant. We are looking forward to our
drilling program on our delineated targets in the first half of
this year. Now we have completed the push back of the west wall,
our priority this year is on exploration aimed at increasing the
Segilola mine life. With this in mind, we are also commencing our
underground drilling program in H1 2024.
"We are also pleased with the progress made at Douta. We were
encouraged by the final set of drill results received in Q4 2023
and have been working on the Preliminary Feasibility Study. The
current focus has been on the metallurgy and the process flowsheet,
and we expect to update the market with an updated resource
estimate and, subsequently, a Preliminary Feasibility Study in Q1
2024."
Production Summary
Units 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2023
Total
Mining
---------------- -------- ----------- ---------- ---------- ---------- ----------
Total Mined Tonnes 20,984,861 5,483,291 5,673,193 5,633,688 4,194,689
Waste Mined Tonnes 19,753,580 5,031,932 5,370,279 5,355,105 3,996,264
Ore Mined Tonnes 1,231,283 451,360 302,915 278,583 198,425
g/t
Grade Au 2.32 1.93 2.44 2.43 2.85
Processing
---------------- -------- ----------- ---------- ---------- ---------- ----------
Ore Processed Tonnes 1,010,343 262,439 261,671 255,231 231,001
g/t
Grade Au 2.79 2.77 2.46 2.99 2.95
Recovery % 93.5 93.4 92.3 94.0 94.1
Gold Recovered oz 84,609 21,798 19,104 23,078 20,629
Table 1: Production Summary
Nigeria Exploration
In Nigeria, Thor's exploration focus is its wholly-owned
exploration permits within a 40km radius of the Segilola mining
operation. Two main advanced exploration target areas, i.e., the
Central and Southern Prospect Areas, have been defined within a
40km radius of the Segilola Gold Mine (Figure 1). These areas
encompass a number of targets, some of which have received initial
drill testing.
Figure 1: Segilola Exploration Targets
Central Prospects
There are two main focus areas with this prospect:
-- Ijarigbe
-- Ekiti
Ijarigbe
The Ijarigbe Prospect is located 22km north of Segilola and is
defined by numerous stream sediment anomalies ranging from 0.65 to
23.13g/tAu. Initial follow up geochemical soil sampling has
returned values of up to 9.40g/tAu (Figure 2).
Figure 2: Ijarigbe Prospect Map
Southern Prospects
The Southern Prospects is located 23km south of the Segilola
Gold Mine within a 100% Thor-owned exploration permit (Figure 1).
The prospect developed from a low-level stream sediment anomaly
located in the northern portion of EL28801 which was confirmed by
follow-up auger-assisted soil geochemistry that returned values of
up to 4g/tAu. Targeting of this anomalous zone was carried out with
reverse circulation drilling.
Initial positive results included 7 metres grading 25.98g/tAu in
the near-surface weathered horizon. Additional drilling located
primary bedrock mineralisation grading 8 metres at 30.19g/tAu.
Initial data suggest that the geological controls relate to a
steeply-dipping north-easterly trending zone within a biotite
gneiss sequence. Exploration testing of the general area is
continuing. The significant intersections are listed in Table
2.
Hole x y Depth Dip Azimuth From To Interval Grade
ID (m) (m) (m) (g/tAu)
SGRC236 699901 807898 60 -60 90 20 26 6 2.24
------- ------- ------ ---- -------- ----- ----- --------- ---------
SGRC236 49 51 2 12.61
------- ------- ------ ---- -------- ----- ----- --------- ---------
SGD292 699925 807869 59.5 -60 280 0 2 2 0.92
------- ------- ------ ---- -------- ----- ----- --------- ---------
SGD295 699924 807891 72.3 -60 270 15 20 5 11.25
------- ------- ------ ---- -------- ----- ----- --------- ---------
SGD296 699967 807891 100 -60 270 55.5 58.4 2.9 2.49
------- ------- ------ ---- -------- ----- ----- --------- ---------
Table 2: Southern Prospects Significant Results
(0.5g/tAu lower cut off; maximum 1m internal dilution)
Figure 3: Southern Prospects Drillhole Location Map
Newstar Lithium
Thor has secured over 600 square kilometres ("km(2) ") of
granted tenure in Nigeria that form Oyo State, Kwara State and
Ekiti State Lithium Project Areas. Activities for the Quarter
comprised initial exploratory drilling in the Ekiti Project Area.
Exploration activities were focussed on the Oyo and Ekiti areas
with surface geochemical programs and shallow drilling
undertaken.
Sample Type Number
Auger/Soil 671
-------
Total 671
-------
Table 3: Geochemical Sampling Statistics
Oyo
Lithological mapping carried out in Q3 2023 identified exposure
of several northerly trending pegmatites. A reconnaissance
geochemical soil program was designed covering a total area of
40km(2) , on a spacing of 400 metres by 50 metres in EL42245. The
objective is to produce a robust project-wide dataset that will
provide comprehensive multi-element data which will guide the
ongoing exploration of the region. During the reporting period 671
samples were collected and submitted for laboratory analysis.
Results are pending.
Figure 3: Oyo Project Area
Ekiti
Widespread pegmatite occurrences have been located in the Ekiti
area (Figure 4). A limited drilling program has commenced to
follow-up on reconnaissance mapping and rock chip sampling carried
out to the west and north of Ijero. Results from this drilling are
pending.
Figure 4: Ekiti Project Area
SENEGAL
Introduction
The Douta Gold Project is a gold exploration permit (E02038),
located within the Kéniéba inlier, eastern Senegal. The
northeast-trending license has an area of 58km(2) . 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.
The Douta licence is strategically positioned 4km east of
Massawa North and Massawa Central deposits, which form part of the
world-class Sabadola-Massawa Project owned by Endeavour Mining. The
Makabingui deposit, belonging to Bassari Resources Ltd, is
immediately located east of the northern portion of E02038.
Drilling Results
No drilling activities took place during the Quarter. However,
assays from drilling completed in the previous quarter were
received. The significant intersections from this program are
listed in Table 4 and shown on Figure 4. Drill samples were
analysed by ALS Laboratories in Mali using the AA26 fire assay
method (50 gram charge).
Hole x y Depth Azimuth From To Interval Grade
ID Dip (m) (m) (m) (g/tAu)
DTRC870 176325 1437255 135 -50 130 93 104 11 1.19
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC871 176446 1437308 60 -50 130 28 44 16 2.26
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC874 176518 1437488 125 -50 130 91 95 4 3.55
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC875 176490 1437512 150 -50 130 119 130 11 2.03
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC895 177799 1439001 38 -50 130 8 16 8 2.61
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC896 177778 1439018 90 -50 130 26 30 4 3.10
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC903 177412 1438581 174 -50 130 120 126 6 5.21
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC905 177522 1438705 116 -50 130 35 41 6 3.18
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC905 63 74 11 1.15
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC907 177672 1438964 154 -50 130 118 131 13 0.99
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRD845 174453 1434815 180 -50 130 93 102 9 4.33
------- -------- ------ ----- -------- ----- ----- --------- ---------
Table 4: Douta Project Significant Results (>12 gram-metres:
grade*true width)
(0.5g/tAu lower cut off; minimum width 2m with 2m max internal
waste)
Figure 5: Douta Drillhole Location Plan
Hole x y Depth Azimuth From To Interval Grade
ID Dip (m) (m) (m) (g/tAu)
DTRC866 176224 1437114 90 -50 130 63 75 12 0.99
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC867 176290 1437191 102 -50 130 82 84 2 1
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC867 89 99 10 0.73
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC868 176272 1437209 147 -50 130 17 21 4 0.82
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC868 108 117 9 0.85
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC868 119 121 2 0.71
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC869 176349 1437237 86 -50 130 65 72 7 0.96
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC869 81 84 3 0.65
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC870 176325 1437255 135 -50 130 74 76 2 1.37
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC870 93 104 11 1.19
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC871 176446 1437308 60 -50 130 28 44 16 2.26
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC872 176414 1437334 122 -50 130 80 86 6 0.81
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC872 88 90 2 0.75
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC873 176388 1437354 160 -50 130 121 128 7 0.93
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC874 176518 1437488 125 -50 130 91 95 4 3.55
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC875 176490 1437512 150 -50 130 23 26 3 0.94
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC875 119 130 11 2.03
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC876 176574 1437440 54 -50 130 2 6 4 0.55
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC877 176547 1437465 84 -50 130 49 59 10 1.15
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC877 71 79 8 0.74
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC878 176616 1437541 80 -50 130 25 31 6 0.79
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC878 32 42 10 0.89
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC878 61 65 4 1.09
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC879 176594 1437559 108 -50 130 57 67 10 1.17
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC879 74 76 2 0.81
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC880 176573 1437577 120 -50 130 83 90 7 1.6
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC881 176699 1437604 65 -50 130 7 11 4 1.52
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC882 176674 1437625 84 -50 130 5 9 4 1.67
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC882 40 44 4 1.29
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC883 176657 1437642 102 -50 130 33 35 2 0.82
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC883 73 75 2 0.69
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC883 79 85 6 0.69
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC884 176705 1437732 102 -50 130 78 88 10 0.98
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC885 176747 1437823 110 -50 130 86 94 8 0.88
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC886 177063 1438134 63 -50 130 18 28 10 0.88
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC886 45 48 3 3.06
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC886 56 58 2 0.75
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC887 177028 1438163 108 -50 130 16 18 2 0.62
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC887 38 40 2 0.78
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC887 44 46 2 0.7
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC887 53 58 5 1.03
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC887 60 63 3 1.31
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC887 84 89 5 0.95
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC889 176060 1436877 80 -50 130 28 34 6 0.85
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC889 47 51 4 0.79
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC889 60 62 2 1.16
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC890 176043 1436891 100 -50 130 75 86 11 1
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC892 177619 1438788 72 -50 130 21 25 4 1.03
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC893 177713 1438931 66 -50 130 12 18 6 1.14
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC893 23 25 2 0.91
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC893 30 32 2 0.89
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC893 37 39 2 1.28
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC893 49 53 4 0.74
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC894 177694 1438947 120 -50 130 48 54 6 1.66
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC894 69 73 4 1.16
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC894 103 107 4 0.7
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC895 177799 1439001 38 -50 130 8 16 8 2.61
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC896 177778 1439018 90 -50 130 15 18 3 0.9
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC896 26 30 4 3.1
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC896 62 67 5 1.38
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC896 71 79 8 1.19
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC897 176772 1437870 130 -50 130 99 105 6 0.93
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC898 176722 1437843 150 -50 130 128 132 4 0.81
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC899 176551 1437591 148 -50 130 91 93 2 1.34
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC899 116 121 5 0.84
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC899 125 129 4 1.46
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC900 175551 1436344 227.8 -50 130 174 176 2 0.91
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC900 192 201 9 0.91
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC900 220 225 5 0.88
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC901 177288 1438429 144 -50 130 22 24 2 1.06
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC901 71 75 4 1.41
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC901 102 105 3 2.13
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC902 177259 1438454 176 -50 130 27 29 2 0.81
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC902 43 51 8 1.14
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC902 83 93 10 1.19
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC902 97 102 5 0.68
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC902 107 112 5 0.88
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC902 115 120 5 0.95
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC902 139 142 3 1.69
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC903 177412 1438581 174 -50 130 30 36 6 0.9
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC903 65 68 3 0.62
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC903 72 79 7 0.82
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC903 120 126 6 5.21
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC904 177431 1438561 126 -50 130 28 33 5 1.71
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC904 49 54 5 2.14
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC905 177522 1438705 116 -50 130 35 41 6 3.18
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC905 51 54 3 0.75
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC905 58 60 2 1.27
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC905 63 74 11 1.15
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC906 177501 1438723 124 -50 130 64 68 4 1.35
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC906 86 92 6 0.95
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC906 98 106 8 1.33
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC907 177672 1438964 154 -50 130 84 87 3 0.5
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC907 89 91 2 0.71
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC907 110 113 3 0.92
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC907 118 131 13 0.99
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRC907 135 145 10 0.66
------- -------- ------ ----- -------- ----- ----- --------- ---------
DTRD845 174453 1434815 180 -50 130 93 102 9 4.33
------- -------- ------ ----- -------- ----- ----- --------- ---------
Deposit Classification Tonnage Grade Contained Thor Attributable Source
(xMt) (g/t Metal Interest Ounces
Au) (koz Au)
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
APPIX 1: Kola Prospect Drill Results
Hole x y Depth Dip Azimuth From To (m) Interval Grade
ID (m) (m) (g/tAu)
SGD292 699925 807869 59.5 -60 280 0 2 2 0.92
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGD292 699925 807869 59.5 -60 270 nsr
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGD294 699996 807875 133 -60 270 nsr
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGD295 699924 807891 72.3 -60 270 15 20 5 11.25
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGD296 699967 807891 100 -60 270 55.5 58.4 2.9 2.49
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC167 699927 807825 55 -60 90 nsr
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC168 699897 807875 56 -60 90 1 2 1 0.96
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC169 699877 807877 58 -60 90 nsr
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC183 700010 807875 50 -60 90 nsr
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC184 699983 807876 55 -60 90 nsr
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC185 699959 807830 50 -60 270 nsr
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC186 699929 807826 100 -60 270 nsr
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC188 699897 807875 56 -60 90 14 18 4 30.17
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC189 699925 807871 90 -60 90 56 64 8 3.01
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC190 699954 807866 120 -60 90 2 9 7 25.98
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC191 699896 807877 60 -60 90 1 6 5 5.64
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC192 699955 807872 55 -60 90 nsr
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC193 699939 807845 115 -60 300 nsr
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC194 699924 807872 -60 90 46 53 7 34.18
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC194 55 -60 270 55 57 2 1.83
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC195 699979 807892 105 -60 270 nsr
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC196 699952 807921 70 -58.6 270 nsr
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC197 699979 807922 80 -90 0 nsr
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC198 699930 807924 30 -90 0 nsr
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC199 699961 807893 105 -60 90 17 20 3 1.97
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC200 699880 807924 30 -90 0 nsr
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC201 699926 807879 41 -90 0 nsr
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC202 699920 807870 31 -90 0 0 7 7 0.79
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC203 699913 807870 26 -90 0 0 13 13 8.34
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC203 14 17 3 0.71
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC203 21 23 2 1.22
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC204 699938 807889 70 -60 270 5 11 6 0.73
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC205 699998 807923 120 -61 267.4 nsr
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC208 699901 807873 31 -90 0 nsr
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC209 699893 807869 26 -90 0 nsr
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC210 699892 807857 31 -90 0 nsr
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC211 699903 807859 36 -90 0 nsr
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC212 699912 807861 31 -90 0 nsr
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC213 699918 807847 80 -57.2 89.1 nsr
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC214 699932 807892 41 -90 0 nsr
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC215 699921 807890 31 -60 90 17 22 5 2.54
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC216 699909 807889 30 -90 0 nsr
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC217 699899 807890 31 -90 0 nsr
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC218 699890 807890 40 -90 0 nsr
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC219 699945 807903 50 -60 270 nsr
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC220 699957 807910 110 -60.1 244.5 nsr
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC221 699980 807910 120 -63.9 270 nsr
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC222 700000 807910 85 -60 270 nsr
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC223 699925 807923 80 -60 270 nsr
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC234 699850 807899 70 2 4 2 1.76
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC235 699877 807899 70 nsr
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC236 699901 807898 60 -60 90 20 26 6 2.24
------- ------- ------ ------ -------- ----- ------- --------- ---------
SGRC236 49 51 2 12.61
------- ------- ------ ------ -------- ----- ------- --------- ---------
THOR EXPLORATIONS LTD.
Segun Lawson
President & CEO
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".
For further information please contact:
Thor Explorations Ltd
Email: info@thorexpl.com
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 / Jay Ashfield / Franck Nganou
Tel: +44 (0) 20 7907 8500
Fig House Communications (Investor Relations)
Tel: +1 416 822 6483
Email: investor.relations@thorexpl.com
Yellow Jersey PR (Financial PR)
Charles Goodwin / Shivantha Thambirajah / Soraya Jackson
Tel: +44 (0) 20 3004 9512
BlytheRay (Financial PR)
Tim Blythe / Megan Ray / Said Izagaren
Tel: +44 207 138 3203
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.
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END
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January 15, 2024 02:00 ET (07:00 GMT)
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