TIDMTHX
RNS Number : 9875H
Thor Explorations Ltd
09 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 9, 2021 Shares Outstanding: 623,570,509
Vancouver, British Columbia
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
NEW MAKOSA "BRIDGE" MINERALISATION AT THE DOUTA GOLD PROJECT,
SENEGAL
Thor Explorations Ltd. (TSXV / AIM: THX) ("Thor" or the
"Company") is pleased to announce further drilling results from the
southern Makosa Tail and Makosa Bridge prospects at its Douta
Project, Senegal. Wide-spaced exploratory drill sections were
completed over a 1,600m previously untested gap between Makosa to
the north and Makosa Tail to the south. This zone is referred to as
Makosa Bridge. Results received to date indicate that gold
mineralisation is developed within sheared sedimentary and gabbroic
host rocks over the strike length of Makosa Bridge thus connecting
Makosa Tail and Makosa.
Highlights include:
Makosa Bridge
-- Drillhole DTRC206
9m at 2.39/tAu from 54m
-- Drillhole DTRC235
8m at 2.48g/tAu from 31m
-- Drillhole DTRC238
7m at 1.22g/tAu from 33m, and
3m at 2.88g/tAu from 77m
-- Drillhole DTRC245
10m at 1.27g/tAu from 56m
Makosa Tail
-- Drillhole DTRC208
4m at 4.67g/tAu from 41m
-- Drillhole DTRC210
11m at 2.26g/tAu from 37m
-- Drillhole DTRC223
3m at 7.47g/tAu from 69m
Segun Lawson, President & CEO, stated
"The initial drilling results from the newly discovered Makosa
Bridge prospect are very encouraging. Importantly, the results have
established that continuous gold mineralisation is developed over a
strike length of nearly 7.5km extending from Makosa Tail in the
south to Makosa North. From these reconnaissance drill results it
appears that the Makosa system is developing in scale and Makosa
North is not yet closed off to the north. We are looking forward to
receiving the last set of results aimed at extending Makosa North,
after which we will be working towards a maiden resource at
Makosa."
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. The northeast trending permit (Figure 1) has an
area of 58 km(2) . Thor, through its wholly owned subsidiary
African Star Resources Incorporated ("African Star"), has an
economic interest in 70% 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
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 hole
Reverse Circulation ("RC") drilling program that targeted the
interpreted southern extensions of the Makosa mineralised system.
The gap between the two established prospects comprised 1,500m
strike length of un-tested sheared sedimentary and gabbroic
intrusive rocks that to the north are associated with the Makosa
mineralisation. This gap, known as Makosa Bridge, was targeted with
an initial seven 200m-spaced exploratory drill cross-sections.
( Please click here for Figure 1: Douta Project location
map)
Figure 1: Douta Project location map
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/7003/92384_310355ff74267847_002full.jpg
Drilling Results
Drill testing of the Makosa Bridge was accomplished on seven
drill sections which were spaced 200m apart. This wide spacing was
considered to be appropriate for the first phase of drill testing.
Based on the positive results received, additional, closer-spaced
(infill) drilling will be undertaken.
At the Makosa Tail prospect several infill holes were completed
to further test the continuity of mineralisation. These holes also
returned positive results including 11m grading 2.26g/tAu in
drillhole DTRC210. Drillhole DTRC223 returned 3m grading 7.47g/tAu
suggesting the existence of a higher grade component to the
mineralisation. Further drilling is planned to better understand
the controls and geometry of the higher grade structures.
The results are from the exploratory RC drilling program at
Makosa Bridge together with infill drillholes at Makosa Tail 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)
DTRC206 174425 1434497 190 29 54.0 63.0 9.0 2.39 7
-------- --------- ---------- ------- ----- ----- --------- --------- -------
DTRC206 65.0 67.0 2.0 2.09 2
-------- --------- ---------- ------- ----- ----- --------- --------- -------
DTRC208 174145 1433879 203 30 41.0 45.0 4.0 4.67 3
-------- --------- ---------- ------- ----- ----- --------- --------- -------
DTRC210 174137 1433865 200 60 37.0 48.0 11.0 2.26 8
-------- --------- ---------- ------- ----- ----- --------- --------- -------
DTRC217 173885 1433643 198 90 23.0 31.0 8.0 2.08 6
-------- --------- ---------- ------- ----- ----- --------- --------- -------
DTRC218 174061 1433725 196 84 36.0 37.0 1.0 10.65 1
-------- --------- ---------- ------- ----- ----- --------- --------- -------
DTRC223 174137 1433774 208 96 69.0 72.0 3.0 7.47 2
-------- --------- ---------- ------- ----- ----- --------- --------- -------
DTRC228 174512 1434615 204 60 44.0 47.0 3.0 1.43 2
-------- --------- ---------- ------- ----- ----- --------- --------- -------
DTRC229 174453 1434661 205 66 60.0 62.0 2.0 2.98 2
-------- --------- ---------- ------- ----- ----- --------- --------- -------
DTRC231 174422 1434689 197 66 18.0 22.0 4.0 1.00 3
-------- --------- ---------- ------- ----- ----- --------- --------- -------
DTRC231 26.0 33.0 7.0 1.13 5
----- --------- --------- -------
DTRC234 174614 1434791 198 60 4.0 16.0 12.0 1.20 9
----- ----- --------- --------- -------
DTRC235 174591 1434808 197 60 31.0 39.0 8.0 2.48 6
-------- --------- ---------- ------- ----- ----- --------- --------- -------
DTRC237 174530 1434856 197 60 21.0 26.0 5.0 0.87 4
-------- --------- ---------- ------- ----- ----- --------- --------- -------
DTRC237 29.0 33.0 4.0 1.01 3
-------- --------- ---------- ------- ----- ----- --------- --------- -------
DTRC238 174503 1434879 200 80 33.0 40.0 7.0 1.22 5
-------- --------- ---------- ------- ----- ----- --------- --------- -------
DTRC238 59.0 65.0 6.0 0.68 5
-------- --------- ---------- ------- ----- ----- --------- --------- -------
DTRC238 77.0 80.0 3.0 2.88 2
-------- --------- ---------- ------- ----- ----- --------- --------- -------
DTRC241 174674 1434993 200 60 38.0 40.0 2.0 2.07 2
-------- --------- ---------- ------- ----- ----- --------- --------- -------
DTRC243 174625 1435033 178 62 5.0 9.0 4.0 1.30 3
-------- --------- ---------- ------- ----- ----- --------- --------- -------
DTRC245 174571 1435076 200 66 56.0 66.0 10.0 1.27 8
-------- --------- ---------- ------- ----- ----- --------- --------- -------
DTRC261 174892 1435543 180 66 7.0 13.0 6.0 1.01 5
-------- --------- ---------- ------- ----- ----- --------- --------- -------
DTRC262 175143 1435593 180 60 47.0 48.0 1.0 4.73 1
-------- --------- ---------- ------- ----- ----- --------- --------- -------
DTRC266 175021 1435693 200 72 67.0 70.0 3.0 2.71 2
-------- --------- ---------- ------- ----- ----- --------- --------- -------
DTRC269 175185 1435820 180 74 30.0 43.0 13.0 1.58 10
-------- --------- ---------- ------- ----- ----- --------- --------- -------
DTRC271 175236 1435890 194 63 13.0 19.0 6.0 0.94 5
-------- --------- ---------- ------- ----- ----- --------- --------- -------
DTRC271 27.0 35.0 8.0 1.36 6
-------- --------- ---------- ------- ----- ----- --------- --------- -------
DTRC272 175218 1435903 196 92 57.0 68.0 11.0 2.00 9
-------- --------- ---------- ------- ----- ----- --------- --------- -------
Table 1: Makosa Bridge and Makosa Tail Significant Results
(0.5g/tAu lower cut off; maximum 2m internal dilution)
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 significantly, is the discovery of
several higher grade zones towards the southern end of the drilled
area where the drill coverage is wide-spaced.
Systematic infill and step-out drilling is planned to fully
assess the potential scale of the project.
( Please click here for Figure 2: Makosa Bridge and Makosa Tail
Drillhole Location Map)
Figure 2: Makosa Bridge and Makosa Tail Drillhole Location
Map
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/7003/92384_310355ff74267847_003full.jpg
( Please click here for Figure 3: Makosa Map showing Makosa
significant results obtained in 2021 to date)
Figure 3: Map showing Makosa significant results obtained in
2021 to date
To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/7003/92384_310355ff74267847_004full.jpg
Qualified Person
The above information has been prepared under the supervision of
Alfred Gillman (Fellow AusIMM, CP), Group Exploration Manager, 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.
Further details can be found on the Company's website:
www.thorexpl.com
About Thor Explorations
Thor Explorations Ltd. is a mineral exploration company engaged
in the acquisition, exploration and development of mineral
properties located in Nigeria, Senegal and Burkina Faso. Thor
Explorations holds a 100% interest in the Segilola Gold Project
located in Osun State of Nigeria and has a 70% economic interest in
the Douta Gold Project located in south-eastern Senegal. Thor
Explorations trades on AIM and the TSX Venture Exchange under the
symbol "THX".
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 / Nilesh Patel / Franck Nganou
Tel: +44 (0) 20 7907 8500
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
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 Bridge and Makosa Tail RC Drill Results
August 2021
To view Appendix 1, please visit:
https://orders.newsfilecorp.com/files/7003/92384_picture4.jpg
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END
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