Thor Announces Positive Results From Makosa North Prospect, Senegal


Thor Explorations Ltd. (TSX VENTURE: THX) (“Thor” or the “Company”) is pleased to announce an encouraging first set of drill results from the northern extensions of its Makosa Discovery at its Douta Project, Senegal. The drilling program was designed to test the mineralisation along strike and down dip from the mineralisation delineated from previous drill programs on Makosa. The results received to date confirm the continuation of the Makosa mineralised system along strike to the north.

Highlights include:

  • Makosa North mineralisation confirmed over 1,000m of strike length in a number of parallel lodes
  • Drillhole DTRC129
    • 5m at 3.4g/tAu from 37m
    • 12m at 1.3g/tAu from 46m
  • Mineralisation remains open ended to the north

Introduction

The Douta Gold Project is a gold exploration permit that covers an area of 103 km2 and is located within the Kéniéba inlier, eastern Senegal. The permit is an elongate polygon with dimensions of approximately 32km by 3.3km, trending northeast with an area of 103 km2. Thor, through its wholly owned subsidiary African Star Resources Incorporated (“African Star”), has acquired, 70% of 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 after which it will have to contribute or sell its stake to African Star.

The Douta licence is strategically positioned between the world class deposits of Massawa and Sabadola to the west and the Makabingui deposit to the east (Figure 1). Within the licence five separate gold prospects have been identified using surface geochemical sampling. These comprise the more advanced Makosa prospect, where first-pass RC and diamond drilling has defined mineralisation over a near 3km strike length, and the earlier exploration stage Maka, Mansa, Samba and Makosa Tail prospects.

In late 2020, a 10,000m Reverse Circulation ("RC") drilling program was completed across three prospects; Makosa North, Makosa Tail and Maka.

A total of 50 RC drillholes were completed over the Makosa North prospects to test for strike extensions of the Makosa mineralised system.

Drilling Results

The first set of results are from the exploratory "RC" drilling program at Makosa North comprised 50 holes totalling 3,066 metres. This initial program sought to explore the northern projections of the known Makosa mineralisation with the initial focus being on the zone from surface to a vertical depth of about 60m. The drilling in “Makosa North” has confirmed the consistent continuity of mineralisation of the ore body along strike for an additional 1km. Significant intersections are listed in Table 1. Drill samples were analysed by ALS laboratories in Mali using the AA26 fire assay method (50g charge).

Figure 1: Douta Gold Project location map

HOLE-ID

Easting

Northing

Elevation

Length (m)

From (m)

To (m)

Interval (m)

Grade (g/tAu)

True Width (m)

DTRC083

176822

1437876

192.03

72

57.0

61.0

4.0

1.4

3.0

DTRC086

176899

1437820

201.369

90

54.0

57.0

3.0

1.8

2.3

DTRC086

176899

1437820

201.369

90

80.0

86.0

6.0

1.1

4.5

DTRC097

177122

1437894

199.68

50

26.0

33.0

7.0

0.7

5.3

DTRC097

177122

1437894

199.68

50

47.0

50.0

3.0

1.8

2.3

DTRC102

177082

1438187

195.306

45

33.0

37.0

4.0

2.5

3.0

DTRC103

177059

1438207

196.315

50

39.0

45.0

6.0

1.1

4.5

DTRC109

177118

1438292

195.695

50

37.0

46.0

9.0

1.1

6.8

DTRC111

177140

1438272

195.148

50

4.0

12.0

8.0

1.0

6.0

DTRC111

177140

1438272

195.148

50

38.0

43.0

5.0

1.7

3.8

DTRC116

177368

1438224

189.569

50

37.0

42.0

5.0

1.7

3.8

DTRC118

177344

1438501

189.235

54

14.0

20.0

6.0

1.4

4.5

DTRC129

177484

1438646

187.21

58

32.0

37.0

5.0

3.4

3.8

DTRC129

177484

1438646

187.21

58

46.0

58.0

12.0

1.3

9.0

DTRC129

177484

1438646

187.21

58

51.0

53.0

2.0

3.6

1.5

Table 1: Makosa North Significant results

(0.5g/tAu lower cut off; maximum 2m internal dilution)

Figure 2: Makosa North drillhole location map

Figure 3: 3D View of Makosa North

Implications

The results indicated multiple parallel lodes over a strike length of 1,000m. Of the 46 drillholes only 5 returned no mineralisation. The full table of results is attached in Appendix 1.

These results demonstrate continuous mineralisation over nearly 4,000m of strike length. The best results, including 5m grading 3.37g/tAu from 32m, were returned from drillhole DTRC129 which is located on the northern-most section completed in this program. There is obvious potential to extend the mineralised strike length further to the north. Ongoing exploration is planned to explore the Makosa North mineralisation both to the north and at depth.

Segun Lawson, President & CEO, stated: “These drill results extend the mineralised strike length of Makosa by over a kilometre. Furthermore, the mineralisation remains open to the north and at depth. We will be extending the drill program to follow the mineralisation along strike as Makosa remains a priority for us. And continues to demonstrate its exploration potential. We are looking forward to receiving the remainder of the results from the other prospects in the coming weeks, which we intend to feed into a maiden resource statement.”

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 which is presently in construction with first production anticipated during mid-2021. Additionally, Thor has a 70% interest, 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

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

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.https://www.globenewswire.com/newsroom/ti?nf=NzMzNzE2NSMyNDI1OTc2IzIwOTA1NzE=

Appendix 1: Makosa North RC Drill Results

HOLE-ID

Easting

Northing

Elevation

Length (m)

From (m)

To (m)

Interval (m)

Grade (g/tAu)

True Width (m)

DTRC083

176822

1437876

192

72

54.0

55.0

1.0

0.7

0.8

and

57.0

61.0

4.0

1.4

3.0

DTRC084

176822

1437876

192

72

52.0

54.0

2.0

0.6

1.5

and

56.0

58.0

2.0

1.2

1.5

and

89.0

90.0

1.1

0.0

DTRC085

176920

1437800

201

60

17.0

20.0

3.0

1.4

2.3

and

22.0

24.0

2.0

1.0

1.5

and

26.0

27.0

1.0

1.4

0.8

DTRC086

176899

1437820

201

90

54.0

57.0

3.0

1.8

2.3

and

80.0

86.0

6.0

1.1

4.5

DTRC087

177008

1437734

201

66

27.0

28.0

1.0

3.1

0.8

and

39.0

40.0

1.0

1.0

0.8

and

42.0

44.0

2.0

1.9

1.5

and

50.0

53.0

3.0

0.7

2.3

DTRC088

176985

1437747

201

96

62.0

65.0

3.0

0.7

2.3

DTRC089

176899

1437947

196

60

4.0

6.0

2.0

1.2

1.5

and

9.0

10.0

1.0

1.0

0.8

and

27.0

30.0

3.0

0.7

2.3

DTRC090

176865

1437968

193

80

43.0

45.0

2.0

2.0

1.5

includes

43.0

44.0

1.0

3.5

0.8

and

78.0

79.0

1.0

0.8

0.8

DTRC091

176918

1437931

197

51

1.0

2.0

1.0

0.6

0.8

DTRC092

176950

1438030

197

50

38.0

39.0

1.0

0.6

0.8

DTRC093

176977

1438012

198

50

32.0

33.0

1.0

1.6

0.8

DTRC094

176924

1438053

196

80

26.0

28.0

2.0

0.9

1.5

and

46.0

48.0

2.0

0.7

1.5

and

57.0

58.0

1.0

0.5

0.8

and

77.0

79.0

2.0

0.8

1.5

DTRC095

177052

1437953

197

50

NSR

0.0

DTRC096

177029

1437973

196

50

28.0

29.0

1.0

0.5

0.8

and

45.0

46.0

1.0

0.5

0.8

and

47.0

48.0

1.0

0.6

0.8

DTRC097

177122

1437894

200

50

21.0

23.0

2.0

1.0

1.5

and

26.0

33.0

7.0

0.7

5.3

and

47.0

50.0

3.0

1.8

2.3

DTRC098

177099

1437917

199

66

40.0

41.0

0.7

0.0

DTRC099

177007

1438120

197

50

11.0

12.0

1.0

0.5

0.8

and

14.0

18.0

4.0

0.6

3.0

and

40.0

41.0

1.0

0.6

0.8

DTRC100

176979

1438142

197

96

70.0

71.0

1.0

0.6

0.8

and

78.0

79.0

1.0

1.0

0.8

and

80.0

81.0

1.0

0.7

0.8

DTRC101

177034

1438098

196

45

5.0

6.0

1.0

0.7

0.8

and

22.0

25.0

3.0

1.0

2.3

and

27.0

28.0

1.0

1.0

0.8

and

30.0

31.0

1.0

2.1

0.8

and

32.0

33.0

1.0

0.8

0.8

and

41.0

42.0

1.0

0.6

0.8

DTRC102

177082

1438187

195

45

9.0

10.0

1.0

0.6

0.8

and

29.0

32.0

3.0

1.6

2.3

includes

29.0

30.0

1.0

2.6

0.8

and

33.0

37.0

4.0

2.5

3.0

includes

34.0

35.0

1.0

6.7

0.8

DTRC103

177059

1438207

196

50

21.0

22.0

1.0

1.6

0.8

and

22.0

23.0

1.0

0.6

0.8

and

24.0

25.0

1.0

0.5

0.8

and

26.0

27.0

1.0

0.7

0.8

and

39.0

45.0

6.0

1.1

4.5

and

49.0

50.0

1.0

1.2

0.8

DTRC104

177034

1438227

197

78

42.0

43.0

1.0

0.9

0.8

DTRC105

177182

1438113

195

50

69.0

70.0

1.0

0.7

0.8

and

70.0

71.0

1.0

1.5

0.8

and

12.0

14.0

1.0

0.7

0.8

DTRC106

177159

1438130

193

39

37.0

39.0

1.0

0.6

0.8

DTRC107

177249

1438067

197

54

0.0

1.0

1.0

0.8

0.8

and

2.0

3.0

1.0

0.6

0.8

and

6.0

7.0

1.0

1.0

0.8

and

40.0

41.0

1.0

1.0

0.8

and

42.0

45.0

3.0

0.8

2.3

DTRC108

177220

1438086

196

87

NSR

DTRC109

177118

1438292

196

50

8.0

10.0

2.0

0.8

1.5

and

37.0

46.0

9.0

1.1

6.8

and

47.0

49.0

2.0

0.6

1.5

DTRC110

177096

1438313

196

90

59.0

60.0

1.0

0.7

0.8

and

82.0

83.0

1.0

1.1

0.8

DTRC111

177140

1438272

195

50

2.0

3.0

1.0

0.5

0.8

and

4.0

12.0

8.0

1.0

6.0

and

38.0

43.0

5.0

1.7

3.8

DTRC112

177196

1438356

194

50

6.0

9.0

3.0

0.8

2.3

includes

7.0

8.0

1.0

1.0

0.8

and

10.0

11.0

1.0

0.5

0.8

and

12.0

13.0

1.0

0.5

0.8

and

23.0

24.0

1.0

2.0

0.8

DTRC113

177174

1438374

194

78

42.0

44.0

2.0

0.6

1.5

and

45.0

48.0

3.0

0.9

2.3

includes

46.0

47.0

1.0

1.3

0.8

and

50.0

51.0

1.0

0.8

0.8

and

57.0

60.0

3.0

0.8

2.3

and

60.0

61.0

1.0

0.8

0.8

DTRC114

177313

1438266

189

32

NSR

DTRC115

177289

1438285

188

54

19.0

21.0

2.0

1.8

1.5

and

25.0

26.0

1.0

1.2

0.8

and

30.0

31.0

1.0

2.7

0.8

DTRC116

177368

1438224

190

50

37.0

42.0

5.0

1.7

3.8

41.0

42.0

1.0

3.8

0.8

DTRC117

177345

1438241

190

84

0.0

1.0

1.0

0.5

0.8

55.0

56.0

1.0

0.6

0.8

DTRC118

177344

1438501

189

54

14.0

20.0

6.0

1.4

4.5

and

48.0

49.0

1.0

1.1

0.8

and

52.0

54.0

2.0

1.0

1.5

includes

53.0

54.0

1.0

1.3

0.8

DTRC119

177320

1438518

190

78

27.0

30.0

3.0

0.8

2.3

includes

29.0

30.0

1.0

1.0

0.8

and

36.0

37.0

1.0

0.5

0.8

and

51.0

55.0

4.0

0.9

3.0

DTRC120

177367

1438483

188

54

20.0

22.0

2.0

1.3

1.5

and

52.0

54.0

2.0

0.9

1.5

includes

53.0

54.0

1.0

1.4

0.8

DTRC122

177422

1438441

187

54

19.0

20.0

1.0

1.0

0.8

and

21.0

22.0

1.0

0.5

0.8

DTRC123

177503

1438377

188

48

36.0

38.0

2.0

0.6

1.5

DTRC124

177479

1438395

188

75

NSR

DTRC125

177531

1438609

188

54

33.0

34.0

1.0

0.9

0.8

and

37.0

38.0

1.0

0.7

0.8

DTRC126

177507

1438629

188

50

28.0

29.0

1.0

0.6

0.8

DTRC127

177460

1438662

185

50

1.0

2.0

1.0

2.5

0.8

DTRC128

177443

1438678

184

84

NSR

DTRC129

177484

1438646

187

58

16.0

17.0

1.0

1.5

0.8

and

24.0

27.0

3.0

1.1

2.3

includes

26.0

27.0

1.0

2.1

0.8

and

32.0

37.0

5.0

3.4

3.8

and

46.0

58.0

12.0

1.3

9.0

includes

51.0

53.0

2.0

3.6

1.5

Figure 4: Makosa North RC drillhole location map

Subscribe to our Email List