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New Makosa "Bridge" Mineralisation at the Douta Gold Project, Senegal

August 9, 2021

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

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

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 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”), 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

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-IDEastingNorthingElevationLength
(m)
From
(m)
To
(m)
Interval
(m)
Grade
(g/tAu)
True Width
(m)
DTRC20617442514344971902954.063.09.02.397
DTRC20665.067.02.02.092
DTRC20817414514338792033041.045.04.04.673
DTRC21017413714338652006037.048.011.02.268
DTRC21717388514336431989023.031.08.02.086
DTRC21817406114337251968436.037.01.010.651
DTRC22317413714337742089669.072.03.07.472
DTRC22817451214346152046044.047.03.01.432
DTRC22917445314346612056660.062.02.02.982
DTRC23117442214346891976618.022.04.01.003
DTRC23126.033.07.01.135
DTRC2341746141434791198604.016.012.01.209
DTRC23517459114348081976031.039.08.02.486
DTRC23717453014348561976021.026.05.00.874
DTRC23729.033.04.01.013
DTRC23817450314348792008033.040.07.01.225
DTRC23859.065.06.00.685
DTRC23877.080.03.02.882
DTRC24117467414349932006038.040.02.02.072
DTRC2431746251435033178625.09.04.01.303
DTRC24517457114350762006656.066.010.01.278
DTRC2611748921435543180667.013.06.01.015
DTRC26217514314355931806047.048.01.04.731
DTRC26617502114356932007267.070.03.02.712
DTRC26917518514358201807430.043.013.01.5810
DTRC27117523614358901946313.019.06.00.945
DTRC27127.035.08.01.366
DTRC27217521814359031969257.068.011.02.009

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

(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

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:

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:

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

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