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Further High Grade Gold Intersections Received at the Douta Gold Project in Senegal

Vancouver, British Columbia--(Newsfile Corp. - November 16, 2022) - Thor Explorations Ltd. (TSXV: THX) (AIM: THX) ("Thor" or the "Company") is pleased to announce additional drilling results from the Makosa gold deposit ("Makosa") at the Douta Gold Project, Senegal (the "Douta Project").

The Douta Gold Project encompasses the Makosa gold deposit which currently comprises an Inferred Resource of 730,000 ounces of gold, grading at 1.53 grams per ton ("g/t"), as announced in its maiden Mineral Resource Estimate ("MRE") published on 18 November 2021.

The results are the latest from an ongoing comprehensive exploration program of reverse circulation ("RC") drilling, which was designed to both upgrade parts of the existing resource and to specifically target potentially higher-grade parts of the deposit.

Highlights include:

  • Drillhole DTRC561 7m at 8.96 g/t gold ("Au") from 67m (including 1m at 52.7 g/tAu)

  • Drillhole DTRC540 4m at 13.82 g/tAu from 44m

  • Drillhole DTRC570 6m at 5.72 g/tAu from 59m (including 3m at 8.9 g/tAu)

  • Drillhole DTRC539 10m at 3.80 g/tAu from 59m

  • Drillhole DTRC536 17m at 1.22 g/tAu from 15m

  • Drillhole DTRC550 17m at 2.02 g/tAu from 80m (including 1m at 7.7 g/tAu)

  • Drillhole DTRC526 2m at 12.98 g/tAu from 73m

  • Drillhole DTRC535 11m at 2.23 g/tAu from 39m (including 1m at 8.44 g/tAu)

  • Drillhole DTRC555 10m at 2.70 g/tAu from 31m

  • Drillhole DTRC556 11m at 2.30 g/tAu from 78m

  • Drillhole DTRC560 5m at 4.80 g/tAu from 74m

Segun Lawson, President & CEO, stated:

"We are pleased to announce further, very positive drilling results from the southern parts of the Makosa resource area. In addition to upgrading the resource to a mostly indicated classification, the current drilling program was designed to test interpreted higher-grade parts of the deposits that were thought to be related to cross-structures. Several high-grade intervals with grades of up to 13.8 g/tAu were encountered during the drilling showing that more higher-grade material has been delineated in line with the program objectives.

"Notably, we continue to encounter strong mineralisation from the surface, and at relatively shallow depths. We are continuing this theme of shallow drilling along the entire strike length of the deposit, with the objective of delineating a high grade, shallow, mineable deposit.

"We look forward to updating the market with the drill results as we receive them this year."

Introduction

The Douta Gold Project is a gold exploration permit that covers an area of 103 km2 and is located within the Kéniéba inlier, eastern Senegal. The northeast trending permit (Figure 1) has an area of 103 km2. Thor, through its wholly owned subsidiary African Star Resources Incorporated ("African Star"), has acquired a 70% economic interest in the licence from the permit holder International Mining Company SARL ("IMC"). IMC has a 30% free carry until the announcement by Thor of a Probable Reserve.

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 by Endeavour Mining (Figure 1). The northern parts permit is bounded by the Makabingui group of gold deposits that belong to Bassari Resources Ltd.

Makosa

The Makosa resource is currently classified as inferred. In July 2022 Thor commenced a 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.

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 expected to occur along east-west oriented structures that cut across the main north-east trend of the mineralisation.

The significant intersections from Makosa are listed in Table 1 below. 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).

HOLE-ID

Easting

Northing

Length (m)

Azimuth

Dip

From (m)

To (m)

Interval (m)

Grade (g/tAu)

True Width (m)

DTRC516

174413

1434422

72

130

-60

47

59

12

1.05

9.8

DTRC518

174432

1434436

78

130

-60

21

34

13

0.98

10.1

DTRC520

174433

1434538

100

130

-60

73

82

9

2.58

7.4

DTRC526

174375

1434656

84

130

-60

60

62

2

12.98

1.6

DTRC532

174429

1434678

36

130

-60

14

26

12

1.18

9.4

DTRC534

174562

1434739

72

130

-60

4

14

10

1.59

7.6

DTRC535

174568

1434786

90

130

-60

39

50

11

2.23

8.4

DTRC536

174506

1434817

60

130

-60

15

32

17

1.22

13.3

DTRC537

174471

1434834

96

130

-60

77

92

15

1.38

11.7

DTRC538

174532

1434753

100

130

-60

39

41

2

6.53

1.5

DTRC539

174462

1434787

84

130

-60

59

69

10

3.80

7.8

DTRC540

174434

1434740

66

130

-60

44

48

4

13.82

3.2

DTRC545

174499

1434769

120

115

-60

86

96

10

1.57

7.7

DTRC546

174533

1434803

120

115

-60

81

90

9

1.56

7.1

DTRC550

174575

1434844

120

115

-60

80

97

17

2.02

13.1

DTRC551

174605

1434830

84

115

-60

43

48

5

2.71

3.8

DTRC555

174532

1434921

79

115

-60

31

41

10

2.70

9.0

and

48

55

7

2.00

6.3

DTRC556

174494

1434938

102

115

-60

78

89

11

2.30

8.5

DTRC559

174576

1434953

65

115

-60

9

23

14

1.48

10.7

DTRC560

174548

1434966

120

115

-60

74

79

5

4.80

3.8

DTRC561

173917

1433737

110

130

-65

67

74

7

8.96

5.0

DTRC563

174249

1434397

93

120

-60

75

81

6

3.24

4.6

DTRC565

175126

1435789

112

130

-60

67

79

12

1.15

9.2

DTRC568

175189

1435801

66

130

-60

24

36

12

1.32

9.4

DTRC570

175150

1435829

108

130

-60

59

65

6

5.72

4.7

DTRC583

175372

1436012

38

130

-60

1

12

11

1.15

8.5

DTRC589

175432

1436077

66

130

-60

14

32

18

0.89

14.0

 

Table 1: Makosa Significant Results (>10 gramme-metres)  
(0.5g/tAu lower cut off; maximum 2m internal dilution, minimum 2m interval)



Figure 1: Douta Project location map

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/7003/144438_d13d15e1543e6a2c_002full.jpg

In addition to potentially upgrading the southern part of the Inferred Resource, the intersection received earlier in 2022 suggested that gold mineralisation may extend at depth. Drillhole DTRC561 was drilled to test for depth extensions of a potential higher-grade zone and returned 7m grading 8.96 g/tAu (Figure 3). Additional higher-grade intersections in the area include 6m grading 5.72 g/tAu in DTRC570 and 4m grading 13.82 g/tAu in DTRC540 (Figure 2).



Figure 2: Makosa Drillhole Location Map

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/7003/144438_d13d15e1543e6a2c_003full.jpg



Figure 3: Cross-section showing high grade intersection in drillhole DTRC561

To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/7003/144438_d13d15e1543e6a2c_004full.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 3.11 g/tAu from 55m

  • Drillhole DTRC347 5m at 1.75 g/t Au from 48m

  • Drillhole DTRC347 2m at 10.65 g/t Au from 56m

Maka Prospect*

  • Drillhole DMRC012 4m at 11.0 g/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 has reviewed and approved 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 and the AIM segment of the London Stock Exchange 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
Email: info@thorexpl.com

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 / 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

BlytheRay (Financial PR)
Tim Blythe / Megan Ray / Rachael Brooks
Tel: +44 (0) 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.

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: RC Drill Results November 2022

HOLE-ID

X

Y

Length (m)

Azimuth

Dip

From (m)

To (m)

Interval (m)

Grade (g/tAu)

True Width (m)

DTRC510

174301

1434430

48

130

-60

nsr

DTRC511

174404

1434382

55

130

-60

31

33

2

0.66

1.5

DTRC511

34

41

7

1.05

5.4

DTRC512

174375

1434396

100

130

-60

69

79

10

0.65

7.9

DTRC513

174323

1434487

48

130

-60

29

30

1

1.88

0.7

DTRC513

41

44

3

0.68

2.2

DTRC514

174299

1434499

82

130

-60

nsr

DTRC515

174343

1434478

35

130

-60

15

17

2

1.11

1.5

DTRC516

174413

1434422

72

130

-60

39

42

3

0.61

2.4

DTRC516

47

59

12

1.05

9.8

DTRC516

62

66

4

0.59

3.3

DTRC517

174452

1434428

30

130

-60

19

29

10

0.56

7.8

DTRC518

174432

1434436

78

130

-60

21

34

13

0.98

10.1

DTRC518

44

45

1

1.53

0.8

DTRC518

61

65

4

0.91

3.2

DTRC519

174460

1434526

72

130

-60

30

34

4

3.00

3.1

DTRC520

174433

1434538

100

130

-60

52

55

3

0.65

2.4

DTRC520

61

62

1

2.00

0.8

DTRC520

73

82

9

2.58

7.4

DTRC521

174377

1434565

36

130

-60

6

8

2

0.79

1.5

DTRC522

174353

1434576

48

130

-60

38

42

4

0.54

3.1

DTRC523

174335

1434584

77

130

-60

69

70

1

2.50

0.8

DTRC524

174497

1434599

78

130

-60

14

19

5

0.56

3.8

DTRC525

174467

1434613

126

130

-60

nsr

DTRC526

174375

1434656

84

130

-60

60

62

2

12.98

1.6

DTRC527

174401

1434643

42

130

-60

4

11

7

1.64

5.3

DTRC527

21

27

6

0.74

4.6

DTRC528

174511

1434639

84

130

-60

nsr

DTRC529

174467

1434660

150

130

-60

85

88

3

0.60

2.3

DTRC529

91

94

3

0.58

2.3

DTRC529

138

146

8

0.59

6.0

DTRC530

174392

1434696

90

130

-60

10

14

4

0.54

3.0

DTRC531

174416

1434685

54

130

-60

nsr

DTRC532

174429

1434678

36

130

-60

14

26

12

1.18

9.4

DTRC533

174542

1434688

72

130

-60

19

21

2

1.78

1.5

DTRC534

174562

1434739

72

130

-60

4

14

10

1.59

7.6

DTRC534

23

25

2

2.25

1.5

DTRC535

174568

1434786

90

130

-60

39

50

11

2.23

8.4

DTRC536

174506

1434817

60

130

-60

7

13

6

0.52

4.6

DTRC536

15

32

17

1.22

13.3

DTRC536

47

54

7

1.40

5.5

DTRC537

174471

1434834

96

130

-60

14

16

2

1.21

1.6

DTRC537

44

53

9

0.62

7.0

DTRC537

67

72

5

0.53

3.9

DTRC537

77

92

15

1.38

11.7

DTRC538

174532

1434753

100

130

-60

39

41

2

6.53

1.5

DTRC538

48

54

6

0.94

4.6

DTRC538

86

88

2

1.09

1.5

DTRC539

174462

1434787

84

130

-60

59

69

10

3.80

7.8

DTRC540

174434

1434740

66

130

-60

3

4

1

2.31

0.8

DTRC540

44

48

4

13.82

3.2

DTRC540

60

64

4

0.87

3.2

DTRC541

174512

1434702

120

130

-60

23

25

2

1.47

1.5

DTRC541

52

55

3

0.55

2.2

DTRC541

65

73

8

1.24

6.1

DTRC542

174469

1434722

162

130

-60

nsr

DTRC543

174399

1434755

109

115

-60

17

19

2

0.74

1.5

DTRC543

21

29

8

1.22

6.1

DTRC544

174422

1434805

126

115

-60

120

124

4

2.14

3.2

DTRC545

174499

1434769

120

115

-60

86

96

10

1.57

7.7

DTRC546

174533

1434803

120

115

-60

14

16

2

1.85

1.5

DTRC546

81

90

9

1.56

7.1

DTRC547

174433

1434852

136

115

-60

8

11

3

1.01

2.3

DTRC547

18

20

2

0.72

1.5

DTRC547

73

75

2

0.71

1.5

DTRC547

117

123

6

0.75

5.0

DTRC547

134

136

2

1.32

1.7

DTRC548

174496

1434881

116

115

-60

27

31

4

0.50

3.0

DTRC548

44

47

3

1.67

2.2

DTRC548

54

57

3

0.98

2.2

DTRC549

174467

1434894

164

115

-60

70

77

7

1.13

5.1

DTRC550

174575

1434844

120

115

-60

80

97

17

2.02

13.1

DTRC551

174605

1434830

84

115

-60

43

48

5

2.71

3.8

DTRC551

58

61

3

0.51

2.3

HOLE-ID

X

Y

Length (m)

Azimuth

Dip

From (m)

To (m)

Interval (m)

Grade (g/tAu)

True Width (m)

DTRC552

174647

1434868

72

115

-60

35

37

2

0.98

1.6

DTRC553

174606

1434887

92

115

-60

nsr

DTRC554

174562

1434907

54

115

-60

11

21

10

0.83

7.7

DTRC555

174532

1434921

79

115

-60

31

41

10

2.70

9.0

48

55

7

2.00

6.3

58

62

4

1.00

0.8

DTRC556

174494

1434938

102

115

-60

78

89

11

2.30

8.5

DTRC557

174667

1434911

84

115

-60

53

58

5

0.65

3.9

DTRC558

174649

1434920

61

115

-60

nsr

DTRC559

174576

1434953

65

115

-60

9

23

14

1.48

10.7

DTRC559

29

38

9

1.06

6.9

DTRC560

174548

1434966

120

115

-60

63

70

7

0.62

5.3

DTRC560

74

79

5

4.80

3.8

DTRC561

173917

1433737

110

130

-65

67

74

7

8.96

5.0

DTRC562

173897

1433690

102

130

-70

54

56

2

1.49

1.3

DTRC563

174249

1434397

93

120

-60

75

81

6

3.24

4.6

DTRC564

174519

1434980

66

115

-60

nsr

DTRC565

175126

1435789

112

130

-60

67

79

12

1.15

9.2

DTRC565

83

87

4

2.51

3.1

DTRC566

175081

1435817

106

130

-60

nsr

DTRC567

175161

1435761

66

130

-60

1

10

9

0.91

7.1

DTRC567

13

18

5

1.70

4.0

DTRC567

36

38

2

0.80

1.6

DTRC567

58

59

1

1.63

0.8

DTRC568

175189

1435801

66

130

-60

24

36

12

1.32

9.4

DTRC569

175120

1435795

153

130

-70

3

6

3

0.97

1.9

DTRC569

99

102

3

1.53

1.9

DTRC570

175150

1435829

108

130

-60

59

65

6

5.72

4.7

DTRC571

175133

1435850

84

130

nsr

DTRC572

175203

1435843

72

130

-50

16

24

8

0.69

7.1

DTRC573

175203

1435843

42

130

DTRC574

177108

1438647

42

130

nsr

DTRC575

175236

1435877

54

130

-50

3

9

6

1.37

5.1

DTRC575

22

26

4

1.46

3.4

DTRC575

46

47

1

1.61

0.9

DTRC576

175255

1435908

78

130

-60

11

14

3

0.64

2.3

DTRC576

26

30

4

0.97

3.1

DTRC576

38

40

2

1.12

1.5

DTRC577

173259

1435952

98

130

-60

3

16

13

0.86

10.2

DTRC577

24

32

8

1.25

6.3

DTRC577

38

42

4

1.09

3.2

DTRC577

59

61

2

0.76

1.6

DTRC578

175317

1435999

60

130

-60

nsr

DTRC579

175297

1436011

72

130

-60

nsr

DTRC580

175279

1436025

102

130

-60

3

6

3

1.03

2.3

DTRC580

42

47

5

1.23

3.8

DTRC580

66

76

10

0.88

7.8

DTRC581

175348

1436000

62

130

-50

nsr

DTRC582

175333

1436018

90

130

-60

nsr

DTRC583

175372

1436012

38

130

-60

1

12

11

1.15

8.5

DTRC584

175364

1436028

70

130

-60

1

2

1

1.30

0.8

DTRC585

175385

1435939

30

130

-60

19

29

10

0.59

7.7

DTRC586

175386

1436054

48

130

-60

6

17

11

0.60

8.4

DTRC586

26

28

2

1.33

1.5

DTRC588

175394

1436008

60

130

-60

2

6

4

1.04

3.1

DTRC588

15

18

3

1.99

2.3

DTRC589

175432

1436077

66

130

-60

14

32

18

0.89

14.0

DTRC589

33

41

8

0.64

6.3

 

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
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