New Sambara Discovery And Further Positive Drill Results From Makosa At The Douta Gold Project, Senegal

Thor Explorations Ltd. (TSXV / AIM: THX) (“Thor” or the “Company”) is pleased to announce initial drilling results from both the newly discovered Sambara Prospect together with continued encouraging results from the Makosa gold deposit (“Makosa”) at its Douta Gold Project, Senegal (the “Douta Project”).

The Douta Gold Project currently encompasses the Makosa gold deposit which currently comprises an Inferred Resource of 730,000 ounces of gold as announced in its maiden Mineral Resource Estimate (“MRE”) published on 18 November 2021.

A comprehensive exploration program, comprising approximately 5,000 metres of reverse circulation (“RC”) drilling in the first phase, was designed to both upgrade parts of the existing resource and to test a newly identified target located towards the northern parts of the exploration licence which is known as Sambara. Initial results suggest that Sambara could potentially develop into a supplemental high-grade resource. In addition, drilling at the southern extremity of Makosa has resulted in a high grade intersection which indicates that robust mineralisation extends at depth.

Highlights include:

Sambara

• • Drillhole DTRC426 6m at 4.80g/t Au from 65m
• • Drillhole DTRC431 6m at 4.80g/t Au from 12m
• • Drillhole DTRC491 2m at 6.39g/t Au from 8m
• • Drillhole DTRC493 6m at 2.58g/t Au from 57m
• • Drillhole DTRC497 2m at 5.85g/t Au from 26m

Makosa

• • Drillhole DTRC504 8m at 4.77g/t Au from 62m
• • Drillhole DTRC506 4m at 2.95g/t Au from 1m

Segun Lawson, President & CEO, stated

“We are pleased to report a successful initial drilling campaign on the Sambara prospect. Significantly, this has established that gold mineralisation is developed in the northern parts of our exploration permit. We look forward to advancing exploration on this discovery which we hope will supplement the Makosa resource.

“In addition, the first batch of samples from the Makosa upgrade drilling program have produced very positive results that suggest that the resource may extend at depth. We are looking forward to receiving further results from our drilling program which will continue over the next six weeks.”

Introduction

The Douta Gold Project is a gold exploration permit E02038 that covers an area of area of 58km² and is located within the Kéniéba inlier, eastern Senegal. The permit encompasses the Makosa Gold Deposit which currently comprises an Inferred Resource of 730,000 ounces of gold. The northeast trending permit (Figure 1) has an area of 58 km².

The Douta permit 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 Endeavour Mining (Figure 1). The northern part of the permit is bounded by the Makabingui group of gold deposits that belong to Bassari Resources Ltd.

Figure 1: Douta Project location map

Sambara

The Sambara Prospect is located 15km north-east along strike from the Makosa resource (Figure 1). Drilling targeted an anomalous zone defined by auger geochemical sampling. The area is located 2km directly north of the Makabingui group gold deposits that belong to Bassari Resources Ltd and which collectively contain approximately 340,000oz of gold in the indicated category and 670,000oz of gold in the inferred category.

Drill testing of the geochemical anomaly was carried out over nine sections that were spaced at either 100m or 200m apart (Figure 2). 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.

Figure 2: Sambara Drillhole Location Map

The significant intersections from the initial RC drilling program at Sambara are listed in Table 1. The full table of results is attached in Appendix 1. Drill samples were analysed by ALS Laboratories in Mali using the AA26 fire assay method (50g charge).

The results indicate multiple parallel, steep sub-vertically dipping, mineralised zones that are developed within a shale/greywacke sequence that is developed closely adjacent to the Makabingui Granitic Intrusive.

Based on the drilling completed to date the mineralised zone extends over a strike length of approximately 500m. Systematic infill and step-out drilling is planned to fully assess the extent of mineralisation.

Table 1: Sambara Significant Results

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

Makosa

The Makosa resource is currently classified as Inferred. In July 2022 Thor commenced a 20,000m program of follow up RC and diamond drilling with the objective of upgrading the higher-grade portions of the resource, that fall within the optimised pit shell, to indicated classification.

Initial results from drillholes completed at the southern extremity of the deposit include 8m at 4.77g/t gold from 62m in drillhole DTRC504 (Figures 3 and 4). The significant intersections from Makosa are listed in Table 2. The full table of results is attached in Appendix 1. In addition to potentially upgrading this part of the resource, the intersection suggests that gold mineralisation may extend at depth. Two additional drillholes (DTRC561 and DTRC562) have subsequently been drilled to test for depth extensions to this higher grade zone. Assays for these two holes are pending.

Table 2: Makosa Significant Results

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

Figure 3: Makosa Drillhole Location Map

At Makosa, zones of gold mineralisation are developed either within a sheared gabbro intrusive or within a steep north-westerly dipping sequence of meta-sedimentary rocks that are in close proximity to the gabbro intrusive (Figure 5). Higher grade zones or shoots are suspected to occur along east-west oriented structures that cut across the main north-east trend of the mineralisation. This potential to upgrade the resource will be assessed by ongoing infill drilling along the Makosa mineralised trend.

Figure 4: Makosa Map showing selected significant intersections

Figure 5: Makosa Cross Section

Ongoing Exploration

The Mansa and Maka Prospects are located between Makosa and Sambara (Figure 1). Results from the initial RC drilling at these prosects returned encouraging results including the following:

Mansa Prospect*

• • Drillhole DTRC363 4m at 3.11g/tAu from 55m
• • Drillhole DTRC347 5m at 1.75g/t Au from 48m
• • Drillhole DTRC347 2m at 10.65g/t Au from 56m

Maka Prospect*

• • Drillhole DMRC012 4m at 11.0g/t Au from 18m

These prospects have the potential to provide additional resources and will be fully tested in forthcoming drilling programs.

* Sedar Filing February 7, 2022: Commencement of Drilling on the Douta Gold Project, Senegal

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. Mining and production commenced at Segilola in 2021. Thor holds a 70% economic interest in the Douta Gold Project located in south-eastern Senegal. Thor trades on the TSX Venture Exchange and AIM under the symbol “THX”.

*not depleted for mining

Source

1 Sedar Filing March 21 2019: Technical Report On The Segilola Gold Project Feasibility Study, Osun State, Nigeria

2 Sedar Filing Jan 4 2022: Independent Technical Report: Mineral Resource Estimate, Douta Gold Project, Senegal

THOR EXPLORATIONS LTD. Segun Lawson President & CEO

For further information please contact:

Thor Explorations Ltd

Ibu Lawson (Head of Investor Relations)

Email: moc.lpxeroht@noswal.ubi

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: moc.lpxeroht@snoitaler.rotsevni

BlytheRay (Financial PR)

Tim Blythe / 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 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.