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Robust Drill Intersections Returned from Makosa North Prospect at the Douta Gold Project, Senegal

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  • THXPF

Vancouver, British Columbia--(Newsfile Corp. - August 12, 2021) - Thor Explorations Ltd. (TSXV: THX) (AIM: THX) ("Thor" or the "Company") is pleased to announce further drilling results from the northern extensions of the Makosa mineralised trend at its Douta Project, Senegal. Wide-spaced exploratory drill sections were completed over a 1,300m northern extension beyond the last line of drilling. Results received to date indicate that gold mineralisation continues to the north and remains open-ended.

Highlights include:

Makosa North

  • Drillhole DTRC296

15m at 2.42g/tAu from 65m (includes 10m at 3.21g/tAu from 65m)
3m at 2.88g/tAu from 77m

  • Drillhole DTRC281

8m at 1.69g/tAu from 6m
16m at 1.58g/tAu from 17m (includes 3m at 5.53g/tAu from 19m)

  • Drillhole DTRC283

9m at 2.93g/tAu from 10m (includes 7m at 3.56g/tAu from 11m)

  • Drillhole DTRC311

10m at 1.42g/tAu from 48m

Segun Lawson, President & CEO, stated

"The drilling results from Makosa North are particularly exciting as they suggest that the Makosa gold system continues further to the north than originally expected. Furthermore, several higher-grade intersections were received that may suggest an increase in grade to the north. In addition, the last section drilled on hole DTRC311 intersected 10m at 1.42g/tAu suggesting that the mineralisation is open-ended to the north."

Introduction

The Douta Gold Project is a gold exploration permit that covers an area of 58 km2 and is located within the Kéniéba inlier, eastern Senegal (Figure 1). 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 the Massawa North and Massawa Central deposits which form part of the world class Sabadola-Massawa Project that is owned by Teranga Gold Corporation (Figure 1).

The northern parts of the Makosa prospect were tested previously with wide-spaced reverse circulation ("RC") drilling with mineralisation being intersected on the last exploration drill line. Subsequently a follow up programme was completed to test for possible extensions to the north in previously un-tested ground. The results from this follow-up programme, as reported here, indicate continuing gold mineralisation to the north.

Figure 1: Douta Project Location Map

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/7003/92845_0a2290d87407d88a_002full.jpg

Drilling Results

The results from the exploratory RC drilling programme at Makosa North are shown in Table 1 and Figures 2 and 3. The full table of results is attached in Appendix 1.

HOLE-ID

Easting

Northing

Elevation

Length (m)

From (m)

To (m)

Interval (m)

Grade (g/tAu)

True Width (m)

DTRC281

177098

1438174

195

42

6.0

14.0

8.0

1.69

5.8

17.0

33.0

16.0

1.58

11.5

includes

19.0

22.0

3.0

5.53

2.2

DTRC283

177162

1438260

194

42

10.0

19.0

9.0

2.93

6.5

includes

11.0

18.0

7.0

3.56

5.0

DTRC289

177593

1438746

195

64

21.0

34.0

13.0

1.19

9.2

includes

27.0

32.0

5.0

1.78

3.5

DTRC293

177755

1438838

197

66

10.0

20.0

10.0

0.83

7.2

DTRC295

177692

1438889

196

46

26.0

36.0

10.0

1.21

7.3

includes

27.0

33.0

6.0

1.60

4.4

DTRC296

177651

1438910

195

80

65.0

80.0

15.0

2.42

11.3

includes

65.0

75.0

10.0

3.21

7.5

DTRC301

177837

1439050

194

45

25.0

39.0

14.0

1.20

10.4

DTRC311

178059

1439395

187

60

48.0

58.0

10.0

1.42

7.0

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

Drill samples were analysed by ALS laboratories in Mali using the AA26 fire assay method (50g charge).

The Makosa North drilling has extended the mineralisation a further 1,400m to the north. Significantly, on the last drill section hole, DTRC311 intersected 10m at 1.42g/tAu. This indicates that the mineralisation remains open-ended to the north.

Drillholes DTRC 281 and DTRC283 were drilled at the ends of existing drill sections to test for across-strike extensions of mineralisation with positive results including 16m at 1.58g/tAu and 9m at 2.93g/tAu respectively. These results further resolve a pod of mineralisation that extends over a strike length of nearly 800m.

Figure 2: Makosa North Drillhole Location Map

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/7003/92845_0a2290d87407d88a_003full.jpg

Figure 3: Map showing significant results obtained in 2021 to date

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/7003/92845_0a2290d87407d88a_004full.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 and a 70% economic interest in the Douta Gold Project located in south-eastern Senegal. Thor trades on the TSX Venture Exchange and on AIM under the symbol "THX".

THOR EXPLORATIONS LTD.
Segun Lawson
President & CEO

For further information please contact:

Thor Explorations Ltd
Email: info@thorexpl.com

Fig House Communications (Investor Relations)
Tel: +1 416 822 6483
Email: investor.relations@thorexpl.com

Blytheweigh (Financial PR)
Tim Blythe / Megan Ray / Rachael Brooks
Tel: +44 207 138 3203

Canaccord Genuity (Nominated Adviser & Broker)
Henry Fitzgerald-O'Connor / James Asensio / Angelos Vlatakis
Tel: +44 (0) 20 7523 8000

Hannam & Partners (Broker)
Andrew Chubb / Matt Hasson / Nilesh Patel / Franck Nganou
Tel: +44 (0) 20 7907 8500

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 from 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 North RC Drill Results August 2021

HOLE-ID

Easting

Northing

Elevation

Length (m)

Azimuth

Dip

From (m)

To (m)

Interval (m)

Grade (g/tAu)

True Width (m)

DTRC275

175028

1435431

166

44

130

-50

NSR

DTRC276

174935

1435258

172

90

130

-50

NSR

DTRC277

176838

1437988

192

150

130

-50

NSR

DTRC278

177007

1437985

197

96

130

-50

39

42

3

0.74

2.1

69

71

2

0.72

1.4

DTRC279

176894

1438077

195

156

130

-50

111

113

2

1.03

1.6

DTRC280

177009

1438248

197

138

130

-50

116

119

3

1.46

2.4

includes

117

119

2

1.81

1.6

DTRC281

177098

1438174

195

42

130

-50

6

14

8

1.69

5.8

17

33

16

1.58

11.5

includes

19

22

3

5.53

2.2

DTRC282

177073

1438331

196

156

130

-50

117

119

2

0.62

1.6

DTRC283

177162

1438260

194

42

130

-50

10

19

9

2.93

6.5

includes

11

18

7

3.56

5.0

DTRC284

177385

1438209

190

42

130

-50

33

37

4

0.72

2.9

DTRC285

177715

1438650

199

66

130

-50

NSR

DTRC286

177682

1438672

197

66

130

-50

NSR

DTRC287

177649

1438695

196

63

130

-50

10

12

2

1.11

1.5

DTRC288

177620

1438722

195

66

130

-50

14

22

8

0.59

4.1

DTRC289

177593

1438746

195

64

130

-50

21

34

13

1.19

9.2

includes

27

32

5

1.78

3.5

57

62

5

0.64

3.6

DTRC290

177559

1438768

193

66

130

-50

NSR

DTRC291

177818

1438789

199

60

130

-50

NSR

DTRC292

177786

1438814

198

66

130

-50

NSR

DTRC293

177755

1438838

197

66

130

-50

10

20

10

0.83

7.2

16

18

2

1.63

1.4

DTRC294

177724

1438865

196

66

130

-50

NSR

DTRC295

177692

1438889

196

46

130

-50

11

14

3

0.63

2.1

26

36

10

1.21

7.3

includes

27

33

6

1.60

4.4

DTRC296

177651

1438910

195

80

130

-50

57

61

4

0.64

3.0

65

80

15

2.42

11.3

includes

65

75

10

3.21

7.5

and

77

80

3

1.05

2.3

DTRC297

177622

1438939

195

54

130

-50

NSR

DTRC298

177931

1438976

195

66

130

-50

NSR

DTRC299

177900

1438999

195

66

130

-50

NSR

DTRC300

177868

1439025

195

60

130

-50

NSR

DTRC301

177837

1439050

194

45

130

-50

25

39

14

1.20

10.4

includes

27

38

11

1.36

8.2

DTRC302

177807

1439072

193

66

130

-50

NSR

DTRC303

177779

1439095

193

66

130

-50

NSR

DTRC304

178039

1439149

187

60

130

-50

NSR

DTRC305

178012

1439171

186

66

130

-50

NSR

DTRC306

177972

1439208

186

60

130

-50

42

51

9

0.54

6.5

DTRC306

53

56

3

1.04

2.1

DTRC309

178120

1439345

193

66

130

-50

7

13

6

0.71

4.3

DTRC311

178059

1439395

187

60

130

-50

48

58

10

1.42

7.0

DTRC314

174467

1434902

186

66

130

-50

61

64

3

2.30

2.2

DTRC315

174433

1434924

186

66

130

-50

14

17

3

0.52

2.2

DTRC315

29

33

4

0.56

2.8

DTRC315

41

43

2

0.87

1.4

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/92845