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Thor Announces Continuing Positive Results From RC Infill Drilling at Makosa Tail Prospect, Senegal

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Figure 1 Makosa Tail location map

Figure 1 Makosa Tail location map
Figure 1 Makosa Tail location map
Figure 1 Makosa Tail location map

Figure 2 Makosa Tail drillhole location map

Figure 2 Makosa Tail drillhole location map
Figure 2 Makosa Tail drillhole location map
Figure 2 Makosa Tail drillhole location map

Figure 3 Makosa Tail Cross Section A-B

Figure 3 Makosa Tail Cross Section A-B
Figure 3 Makosa Tail Cross Section A-B
Figure 3 Makosa Tail Cross Section A-B

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES

VANCOUVER, British Columbia, June 01, 2021 (GLOBE NEWSWIRE) -- Thor Explorations Ltd. (TSX VENTURE: THX) (“Thor” or the “Company”) is pleased to announce an encouraging first set of drill results from the southern Makosa Tail Prospect at its Douta Project, Senegal. The exploratory drilling program was designed to infill the initial wide-spaced drilling that was completed in late 2020 which led to the Makosa Tail discovery. The results received to date confirm the continuation of the Makosa mineralised system along strike to the south.

Highlights include:

  • Makosa Tail Prospect mineralisation confirmed over 1,000m of strike length in a number of parallel lodes including a 300m high grade zone in a previously untested area.

  • Drillhole DTRC155

    • 5m at 11.0/tAu from 17m

  • Drillhole DTRC156

    • 5m at 10.1/tAu from 7m

  • Drillhole DTRC181

    • 5m at 3.3/t from 4m

  • Mineralisation remains open ended to the north, south and at depth

Segun Lawson, President & CEO, stated

“The Makosa Tail prospect continues to deliver encouraging drilling results with numerous significant intersections reported from the near-surface zone in the follow-up program to the initial discovery holes that were drilled in late 2020. This is excellent start to the larger exploration and resource definition drilling campaign and has achieved the initial objective of testing Makosa Tail which is open along strike and at depth. We are looking forward to completing the ongoing drilling between Makosa Tail and Makosa and receiving the results, after which the rig will be moved to Makosa North to test the northern extension of Makosa.”

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. The northeast trending permit (Figure 1) has an area of 58 km2. Thor, through its wholly owned subsidiary African Star Resources Incorporated (“African Star”), contractually acquired a 70% 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 licence 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 Teranga Gold Corporation (Figure 1).

Makosa Tail was discovered in late 2020 in an initial 21 RC drillholes that targeted the interpreted southern extensions of the Makosa mineralised system (Figure 2).

Drilling Results

The results are from the exploratory RC drilling program at Makosa Tail are shown in Table 1 and Figure 2. The full table of results is attached in Appendix 1.

Figure 1: Makosa Tail location map: https://www.globenewswire.com/NewsRoom/AttachmentNg/810959ec-aa58-4f21-a2ba-96d196f00f1f

HOLE-ID

Easting

Northing

Elevation

Length (m)

From (m)

To (m)

Interval (m)

Grade (g/tAu)

True Width (m)

DTRC155

825102

1433697

205

42

17.0

22.0

5.0

11.0

4.0

DTRC155

and

25.0

32.0

7.0

0.7

5.6

DTRC156

825036

1433743

198

25

7.0

12.0

5.0

10.1

4.0

DTRC157

825011

1433758

198

60

37.0

42.0

5.0

1.1

4.0

DTRC160

825045

1433790

198

50

3.0

6.0

3.0

1.9

2.4

DTRC164

825003

1433694

198

43

15.0

23.0

8.0

1.1

6.4

DTRC165

824974

1433721

200

90

37.0

39.0

2.0

3.4

1.6

DTRC165

and

50.0

56.0

6.0

1.1

4.8

DTRC172

825150

1433844

195

106

62.0

66.0

4.0

1.8

3.2

DTRC178

824961

1433673

201

66

32.0

40.0

8.0

1.4

6.4

DTRC179

824977

1433661

202

42

9.0

12.0

3.0

1.3

2.4

DTRC181

824923

1433575

206

42

4.0

9.0

5.0

3.3

4.0

DTRC186

825213

1433983

195

90

75.0

80.0

5.0

1.9

4.0

DTRC192

825282

1434126

192

92

72.0

75.0

3.0

1.3

2.4

DTRC195

825331

1434211

189

91

61.0

63.0

2.0

3.4

1.6

DTRC197

825340

1434263

186

108

101.0

104.0

3.0

2.0

2.4

DTRC198

825382

1434367

188

92

30.0

36.0

6.0

0.8

4.8

DTRC199

825441

1434379

189

66

17.0

19.0

2.0

1.8

1.6

DTRC199

and

24.0

29.0

5.0

2.2

4.0

DTRC201

825461

1434415

189

50

26.0

28.0

2.0

2.8

1.6

DTRC201

and

31.0

39.0

8.0

0.9

6.4

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

The follow up RC program was completed using a reduced line spacing of 50m over Makosa Tail. The program comprised 3,765m completed in 52 holes with an average depth of 72m. The focus of the drilling was on near-surface potential over the previously drilled strike length on Makosa Tail.

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

The results indicate multiple parallel, steep north-westerly dipping, mineralised horizons that are developed within a shale/greywacke sequence. Most significant, is the discovery of several higher grade zones towards the southern end of the drilled area where the drill coverage is wide-spaced.

Drillhole DTRC155 returned 5m at 11.0g/tAu from 17m (Figure 2). Hole DTRC156 which was drilled on the same section as DTRC155 returned 5m at 10.1g/tAu from 7m.

Implications

The Makosa Tail drilling has intersected multiple parallel lodes over a strike length of 1,000m with a higher grade zone potentially extending for 300m.

Significantly, there is a 1,600m strike length between Makosa Tail and Makosa that is yet to be drill-tested.

Systematic infill and step-out drilling is planned to fully assess the ever-increasing scale of the project.

Figure 2: Makosa Tail drillhole location map: https://www.globenewswire.com/NewsRoom/AttachmentNg/ead01808-cebc-4536-80a0-d79c0a009d72

Figure 3: Makosa Tail Cross Section A-B: https://www.globenewswire.com/NewsRoom/AttachmentNg/7a0e59d5-fece-458a-9369-b5e76ed3d7d1

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 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% interest in the Douta Gold Project located in south-eastern Senegal. Thor also holds a 49% interest in the Bongui and Legue gold permits located in Houndé greenstone belt, south west Burkina Faso. 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 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 Tail RC Drill Results May 2021

HOLE-ID

Easting

Northing

Elevation

Length (m)

From (m)

To (m)

Interval (m)

Grade (g/tAu)

True Width (m)

DTRC154

825065

1433715

205

99

NSR

DTRC155

825102

1433697

205

42

17.0

22.0

5.0

11.0

4.0

DTRC155

25.0

32.0

7.0

0.7

5.6

DTRC156

825036

1433743

198

25

7.0

12.0

5.0

10.1

4.0

DTRC157

825011

1433758

198

60

37.0

42.0

5.0

1.1

4.0

DTRC158

825114

1433746

205

66

NSR

DTRC159

825083

1433767

205

99

NSR

DTRC160

825045

1433790

198

50

3.0

6.0

3.0

1.9

2.4

DTRC161

825020

1433811

198

84

43.0

46.0

3.0

0.7

2.4

DTRC162

825064

1433655

204

54

NSR

DTRC163

825038

1433676

205

100

NSR

DTRC164

825003

1433694

198

43

15.0

23.0

8.0

1.1

6.4

DTRC165

824974

1433721

200

90

37.0

39.0

2.0

3.4

1.6

DTRC165

50.0

56.0

6.0

1.1

4.8

DTRC166

824960

1433790

198

114

NSR

DTRC167

825134

1433783

201

50

NSR

DTRC168

825107

1433806

199

90

NSR

DTRC169

825077

1433832

197

54

NSR

DTRC170

825045

1433858

196

60

NSR

DTRC171

825179

1433819

199

78

NSR

DTRC172

825150

1433844

195

106

62.0

66.0

4.0

1.8

3.2

DTRC173

825103

1433878

194

46

NSR

DTRC174

825170

1433884

197

108

NSR

DTRC175

825125

1433915

196

45

NSR

DTRC176

825049

1433609

208

54

NSR

DTRC177

825024

1433626

204

84

NSR

DTRC178

824961

1433673

201

66

32.0

40.0

8.0

1.4

6.4

DTRC179

824977

1433661

202

42

9.0

12.0

3.0

1.3

2.4

DTRC180

824896

1433600

207

84

NSR

DTRC181

824923

1433575

206

42

4.0

9.0

5.0

3.3

4.0

DTRC181

12.0

16.0

4.0

0.5

3.2

DTRC182

824968

1433537

209

105

NSR

DTRC183

825194

1433928

195

84

NSR

DTRC184

825220

1433907

198

48

NSR

DTRC185

825240

1433957

197

42

NSR

DTRC186

825213

1433983

195

90

75.0

80.0

5.0

1.9

4.0

DTRC187

825264

1434007

196

42

NSR

DTRC188

825231

1434031

194

96

74.0

77.0

3.0

0.9

2.4

DTRC189

825219

1434104

191

84

NSR

DTRC190

825247

1434082

192

96

NSR

DTRC191

825307

1434106

192

60

24.0

28.0

4.0

0.6

3.2

DTRC191

31.0

33.0

2.0

0.7

1.6

DTRC192

825282

1434126

192

92

72.0

75.0

3.0

1.3

2.4

DTRC192

81.0

83.0

2.0

0.5

1.6

DTRC193

825309

1434173

191

120

NSR

DTRC194

825363

1434187

189

54

NSR

DTRC195

825331

1434211

189

91

61.0

63.0

2.0

3.4

1.6

DTRC195

69.0

71.0

2.0

0.8

1.6

DTRC196

825405

1434214

190

42

NSR

DTRC197

825340

1434263

186

108

101.0

104.0

3.0

2.0

2.4

DTRC198

825382

1434367

188

92

30.0

36.0

6.0

0.8

4.8

DTRC198

56.0

58.0

2.0

0.7

1.6

DTRC199

825441

1434379

189

66

11.0

13.0

2.0

1.0

1.6

DTRC199

17.0

19.0

2.0

1.8

1.6

DTRC199

24.0

29.0

5.0

2.2

4.0

DTRC200

825417

1434397

188

84

49.0

51.0

2.0

1.1

1.6

DTRC200

62.0

65.0

3.0

0.9

2.4

DTRC201

825461

1434415

189

50

15.0

17.0

2.0

1.3

1.6

DTRC201

26.0

28.0

2.0

2.8

1.6

DTRC201

31.0

39.0

8.0

0.9

6.4

DTRC202

825388

1434475

190

117

DTRC203

825076

1433712

190

78

DTRC204

825481

1434469

190

60

DTRC205

825459

1434490

190

29

CONTACT: 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 Megan Ray / Rachael Brooks Tel: +44 207 138 3203