September 05, 2024 2:00 AM EDT | Source: Thor Explorations Ltd.
Vancouver, British Columbia–(Newsfile Corp. – September 5, 2024) – Thor Explorations Ltd. (TSXV: THX) (AIM: THX) (“Thor” or the “Company“) is pleased to announce the latest 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“), a more recently discovered prospect which runs 300 metres (“m“) parallel to the east of the previously defined Makosa deposit.
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 21.2 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 Mt grading 1.2 g/t Au for 909,400 oz Au.
A reverse circulation (“RC“) drilling programme this year has focussed on increasing the percentage of oxide resources with most of the holes being terminated at relatively shallow depths. This phase of the drilling has focussed on Makosa East which runs parallel to the main Makosa mineralised trend, and which is additional to the declared current mineral resource. Additional infill drilling was completed at the Makosa North, Mansa and Maka prospects.
The assay results from the drilling completed to date include the following highlights:
Drillhole DTRC1012- 32m at 1.76 g/t Au from 0m
Drillhole DTDD995 – 14m at 1.20 g/t Au from 26m
Drillhole DTDD1015 – 12m at 1.51 g/t Au from 40m
Drillhole DTRC1028 – 8m at 1.90 g/t Au from 16m
Segun Lawson, President & CEO, stated:
“We are pleased to announce continuing positive drilling results from the Douta Prospect and in particular, this set of results from Makosa East which lies completely outside the existing 1.78 million ounce resource.
“As per our strategy, these results are expected to add additional oxide material to the resource inventory from which we aim to design the initial period of a potential future mining operation.
“We are encouraged by these results from a new prospect outside the existing resource base. The results, which are from surface and remain open at depth.The Makosa East Prospect now has a strike length of over 1.5 kilometres. We look forward to receiving the remaining outstanding results from the vicinity of the current known deposits and the larger project area with the objective of updating our resource and subsequently completing our Preliminary Feasibility Study for the Douta Project.”
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 carry 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 45 kilometres (“km“) 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/7003/222153_4878146424b5395e_002full.jpg
Drilling Results
During July and August 2024, Thor completed a RC drilling programme totalling 4,550m for 87 holes with an average depth of 52m. The objective of the programme was to increase the oxide resources along the Makosa East trend and to infill earlier wide-spaced drilling at the Makosa North, Mansa and Maka Prospects (Figure 2).
The significant intersections from this programme are listed in Table 1. All results are reported in Appendix 1. 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
Azimuth
From
(m)
To
(m)
Interval (m)
Grade
(g/tAu)
True Width
(m)
Mansa
DTRC958
182238
1444156
50
-60
130
20
29
9
1.06
8.1
Makosa East
DTRC995
176353
1436886
54
-60
130
26
40
14
1.20
12.6
Makosa East
DTRC1012
177020
1437703
72
-60
130
0
32
32
1.76
28.8
Makosa East
DTRC1015
177023
1437724
74
-60
130
16
28
12
1.51
10.8
Makosa East
DTRC1019
177031
1437748
84
-60
130
46
58
12
1.27
10.8
Makosa North
DTRC1028
178018
1439309
66
-60
130
40
48
8
1.90
7.2
Makosa North
DTRC1034
178366
1439793
20
-60
130
3
9
6
1.64
5.4
Table 1: Douta Project Significant Results (>5 gram-metres: grade*true width)
(0.5 g/t Au lower cut off; minimum width 2m with 2m max internal waste)
Previously reported intersections from Makosa East (refer Positive Exploration Results from the Douta Gold Project, Senegal, June 25, 2024) included:
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.
Current drilling results from this area include 32m grading 1.76g/tAu in DTRC1012 and 12m grading 1.51g/tAu in DTRC1015 (Figure 2). These intersections are located in the oxidised weathering zone.
Figure 2: Drillhole Location Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7003/222153_4878146424b5395e_004full.jpg
The Makosa East prospect is located parallel to the Makosa mineralised trend and currently is not included in the Douta resource inventory. Makosa East has been tested over a strike length of about 3km on a series of 200m spaced sections (Figure 3). The current programme has infilled the drill pattern to 100m sections over most of the strike length. Towards the northern end, tighter infill drilling has been adopted in order to obtain a higher resource classification in a future mineral resource estimate.
Additional extensional and infill drilling is planned to test for additional resources with the priority being the near-surface, oxidised weathering zone.
Figure 3: Drillhole Location Map – Makosa East
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7003/222153_4878146424b5395e_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. Additional detailed drilling during 2024 is planned to fully test these targets. Target generation using geochemical sampling methods in continuing within the Douta permit, the adjoining Douta West permit and the Sofita permit that is located south of the regional centre of Kedougou.
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
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
(0.5g/tAu lower cut off; minimum width 2m with 2m max internal waste)
Prospect
Hole ID
Easting
Northing
Depth
Dip
Azimuth
From
(m)
To
(m)
Interval
(m)
Grade
(g/tAu)
True
Width
(m)
Mansa
DTRC958
182238
1444156
50
-60
130
15
19
4
0.63
3.6
20
29
9
1.06
8.1
Mansa
DTRC959
182220
1444174
50
-60
130
45
50
5
0.70
4.5
Mansa
DTRC960
182202
1444191
50
-60
130
8
10
2
0.82
1.8
Mansa
DTRC961
182374
1444270
50
-60
130
nsr
Mansa
DTRC962
182356
1444288
50
-60
130
nsr
Mansa
DTRC963
182338
1444306
50
-60
130
18
20
2
0.96
1.8
Mansa
DTRC964
182320
1444322
50
-60
130
nsr
Mansa
DTRC965
182447
1444345
50
-60
130
nsr
Mansa
DTRC966
182430
1444363
50
-60
130
nsr
Mansa
DTRC967
182413
1444381
50
-60
130
10
13
3
0.76
2.7
Mansa
DTRC968
182395
1444399
50
-60
130
41
46
5
0.57
4.5
Mansa
DTRC969
182614
1443402
50
-60
130
nsr
Mansa
DTRC970
182592
1443415
50
-60
130
nsr
Mansa
DTRC971
182571
1443428
50
-60
130
nsr
Mansa
DTRC972
182691
1443527
50
-60
130
nsr
Mansa
DTRC973
182670
1443541
50
-60
130
nsr
Mansa
DTRC974
182648
1443554
50
-60
130
nsr
Mansa
DTRC975
182747
1443612
50
-60
130
nsr
Mansa
DTRC976
182726
1443625
50
-60
130
nsr
Mansa
DTRC977
182705
1443638
50
-60
130
28
30
2
2.35
1.8
Mansa
DTRC978
182684
1443651
50
-60
130
nsr
Mansa
DTRC979
182662
1443665
50
-60
130
nsr
Mansa
DTRC980
181823
1442835
50
-60
130
nsr
Mansa
DTRC981
181803
1442848
50
-60
130
40
44
4
1.02
3.6
Mansa
DTRC982
181782
1442861
50
-60
130
nsr
Mansa
DTRC983
181846
1442940
50
-60
130
nsr
Mansa
DTRC984
181861
1442927
50
-60
130
9
16
7
0.75
6.3
Mansa
DTRC985
181955
1443028
50
-60
130
nsr
Mansa
DTRC986
181936
1443045
50
-60
130
nsr
Makosa East
DTRC987
176179
1436516
40
-60
130
7
9
2
0.61
1.8
Makosa East
DTRC988
176157
1436528
50
-60
130
1
5
4
0.54
3.6
Makosa East
DTRC989
176297
1436662
50
-60
130
3
6
3
0.74
2.7
23
25
2
0.83
1.8
Makosa East
DTRC990
176279
1436682
62
-60
130
54
56
2
1.10
1.8
Makosa East
DTRC991
176260
1436698
50
-60
130
nsr
Makosa East
DTRC992
176241
1436714
50
-60
130
nsr
Makosa East
DTRC993
176275
1436802
84
-60
130
nsr
Makosa East
DTRC994
176371
1436869
50
-60
130
6
9
3
0.55
2.7
Makosa East
DTRC994
20
22
2
1.09
1.8
Makosa East
DTRC995
176353
1436886
54
-60
130
18
22
4
1.03
3.6
26
40
14
1.20
12.6
Makosa East
DTRC996
176487
1437028
46
-60
130
nsr
Makosa East
DTRC997
176467
1437044
55
-60
130
31
34
3
1.10
2.7
Makosa East
DTRC998
176531
1437120
50
-60
130
19
26
7
0.85
6.3
Makosa East
DTRC999
176512
1437136
60
-60
130
46
48
2
0.84
1.8
Makosa East
DTRC1000
176892
1437497
50
-60
130
40
42
2
1.95
1.8
Makosa East
DTRC1001
176962
1437530
41
-60
130
62
65
3
0.66
2.7
Makosa East
DTRC1002
176980
1437592
35
-60
130
nsr
Makosa East
DTRC1003
176960
1437610
75
-60
130
54
56
2
0.64
1.8
Makosa East
DTRC1004
176942
1437627
83
-60
130
nsr
Makosa East
DTRC1005
177010
1437631
48
-60
130
nsr
Makosa East
DTRC1006
177044
1437650
32
-60
130
nsr
Makosa East
DTRC1007
177022
1437669
46
-60
130
42
44
2
0.80
1.8
Makosa East
DTRC1008
177003
1437684
90
-60
130
0
6
6
1.01
5.4
67
75
8
0.89
7.2
79
85
6
0.66
5.4
Makosa East
DTRC1009
176981
1437703
48
-60
130
nsr
0.0
Makosa East
DTRC1010
177055
1437669
28
-60
130
21
23
2
0.60
1.8
Makosa East
DTRC1011
177038
1437686
47
-60
130
12
20
8
0.96
7.2
29
32
3
1.66
2.7
42
46
4
0.95
3.6
Makosa East
DTRC1012
177020
1437703
72
-60
130
0
32
32
1.76
28.8
65
69
4
0.60
3.6
Makosa East
DTRC1013
177001
1437719
54
-60
130
nsr
Makosa East
DTRC1014
177054
1437699
53
-60
130
22
24
2
1.44
1.8
Makosa East
DTRC1015
177023
1437724
74
-60
130
0
11
11
0.99
9.9
16
28
12
1.51
10.8
33
41
8
1.17
7.2
50
52
2
0.69
1.8
60
64
4
0.63
3.6
67
73
6
1.23
5.4
Makosa East
DTRC1016
177089
1437702
30
-60
130
nsr
Makosa East
DTRC1017
177070
1437718
50
-60
130
nsr
Makosa East
DTRC1018
177050
1437733
65
-60
130
27
29
2
0.70
1.8
Makosa East
DTRC1019
177031
1437748
84
-60
130
12
24
12
0.81
10.8
25
28
3
1.48
2.7
46
58
12
1.27
10.8
68
71
3
0.80
2.7
Makosa East
DTRC1020
177081
1437739
50
-60
130
nsr
Makosa East
DTRC1021
177061
1437754
63
-60
130
44
46
2
0.97
1.8
Makosa East
DTRC1022
177041
1437770
60
-60
130
50
52
2
0.66
1.8
Makosa East
DTRC1023
177124
1437767
36
-60
130
nsr
Makosa East
DTRC1024
177101
1437786
42
-60
130
nsr
Makosa East
DTRC1025
177040
1437707
34
-60
130
9
15
6
0.55
5.4
16
20
4
0.59
3.6
Makosa North
DTRC1026
177909
1439121
33
-60
130
20
22
2
0.67
1.8
Makosa North
DTRC1026
0
-60
27
33
6
0.96
5.4
Makosa North
DTRC1027
177890
1439137
60
-60
130
20
23
3
1.24
2.7
Makosa North
DTRC1028
178018
1439309
66
-60
130
40
48
8
1.90
7.2
52
54
2
0.97
1.8
62
65
3
0.81
2.7
Makosa North
DTRC1029
178037
1439293
24
-60
130
nsr
Makosa North
DTRC1030
178142
1439459
32
-60
130
nsr
Makosa North
DTRC1031
178122
1439475
50
-60
130
47
50
3
0.94
2.7
Makosa North
DTRC1033
178242
1439655
57
-60
130
47
53
6
0.81
5.4
Makosa North
DTRC1034
178366
1439793
20
-60
130
3
9
6
1.64
5.4
Makosa North
DTRC1035
178346
1439808
54
-60
130
43
45
2
0.70
1.8
Makosa North
DTRC1036
179557
1441167
50
-60
130
nsr
Makosa North
DTRC1037
179538
1441184
72
-60
130
22
28
6
0.62
5.4
30
34
4
0.57
3.6
36
40
4
0.80
3.6
43
45
2
0.87
1.8
Makosa North
DTRC1038
179584
1441272
84
-60
130
66
74
8
0.65
7.2
Makosa North
DTRC1039
179659
1441341
57
-60
130
42
47
5
1.05
4.5
Makosa North
DTRC1041
180237
1441900
50
-60
130
12
19
7
0.77
6.3
Makosa North
DTRC1042
180218
1441916
66
-60
130
46
54
8
0.65
7.2
Makosa North
DTRC1043
180130
1441732
50
-60
130
nsr
Makosa North
DTRC1044
180112
1441749
56
-60
130
nsr
Makosa North
DTRC1045
180417
1442044
50
-60
130
nsr
Makosa North
DTRC1046
180385
1442068
78
-60
130
24
30
6
0.59
5.4
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SOURCE: Thor Explorations Ltd.
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