TIDMTHX
RNS Number : 3674I
Thor Explorations Ltd
12 August 2021
NEWS RELEASE
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES
FOR IMMEDIATE RELEASE TSXV/AIM: THX
August 12, 2021 Shares Outstanding: 623,570,509
Vancouver, British Columbia
ROBUST DRILL INTERSECTIONS RETURNED FROM MAKOSA NORTH PROSPECT
AT THE DOUTA GOLD PROJECT, SENEGAL
For Full Release Including Figures Follow the Link Here:
http://www.rns-pdf.londonstockexchange.com/rns/3674I_1-2021-8-11.pdf
Thor Explorations Ltd. (TSXV/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 km(2) 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
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 From To Interval Grade True
(m) (m) (m) (m) (g/tAu) 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
Figure 3: Map showing significant results obtained in 2021 to
date
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 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 North RC Drill Results August 2021
HOLE-ID Easting Northing Elevation Length Azimuth Dip From To Interval Grade True
(m) (m) (m) (m) (g/tAu) 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
-------- --------- ---------- ------- -------- --------- ----- ----- --------- --------- -------
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