Thor Explorations Ltd is a gold exploration company with a focus on early stage gold exploration projects located in highly prospective underexplored regions of West Africa.
Thor Explorations (“Thor”) aims to increase its shareholder value through the development of its prospective exploration and development portfolio which were acquired through a continued selection of high quality projects.
Focusing on West Africa, Thor evaluates existing and under-explored highly prospective geological regions of West Africa, seeking to access opportunities early on in the exploration value chain.
Thor has a highly prospective land package in the geologically renowned Birimian Greenstone belts of West Africa. The company’s assets are diversified by country and by stage of development.
Thor is currently present in the West African Jurisdictions of Senegal and Burkina Faso, each of with have progressive mining codes, and Nigeria, where it aims to benefit from its first mover advantage.
The acquisition of the Segilola Gold project was transformational for Thor and provides an excellent platform to transform Thor to a developer whilst providing further upside potential from its existing exploration portfolio.
Acquisition of the Segilola Gold Project
In August 2016, the Company completed the acquisition of a 100% interest in the Segilola Gold Project located in Osun State, Nigeria approximately 120km northeast of Lagos (the “Segilola Gold Project”) through the acquisition of Segilola Resources Operating Limited.
The property comprises mining license ML41 and exploration license EL19066. ML41 covers an area of (17.2km2; 1,720ha) and is wholly contained within the larger EL19066 covering an area of 135 Cadastral Units (27.0km2; 2,700ha).
The Segilola Gold Project comprises a proposed open pit gold mining project based on an indicated mineral resource defined by a comprehensive drilling program including 157 drill holes totaling over 12,200 metres to define 555,000 ounces of gold at an average grade of 3.8 grams per ton (at a cut-off grade of 1.0 g/tAu and applying a top cut of 50g/tAu).
Acquisition of African Star Resources
In August 2011 Thor acquired all of the issued and outstanding shares of African Star Resources Incorporated (“African Star”), a BVI company, from the shareholders of African Star, through the issuance to African Star’s shareholders of 16,745,795 common shares of Thor.
African Star was a party to an option agreement with International Mining Company (“IMC”) pursuant to which it had the option to acquire a 70% interest in the Douta Gold Project, located in southeast Senegal.
Pursuant to the Option Agreement, African Star has exercised its option and acquired a 70% interest in the Douta Gold Project located in southeast Senegal.