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Operational Update from Douta Project, Senegal, and the Central Houndé Project, Burkina Faso
November 23, 2011
| Thor Explorations Ltd. (the "Company" or "Thor") (TSX Venture:THX) is pleased to announce results from its recent trenching program on the Makosa target on the Douta gold project in South Eastern Senegal, located approximately 5km West of Randgold's 3.1 million ounce Massawa resource. Douta Exploration Results Over the past three months, the Company has interpreted and reviewed the results from its trenching campaign on the Makosa target at the Douta Gold Project. The focus of the trenching program was to identify bedrock gold mineralisation associated with the 3 kilometre 50ppb gold in soil anomaly which defines the Makosa target. The trenching program identified a number of gold intercepts, the highlights of which are summarised below. Highlights of the trenching program:
These results have enabled a more detailed understanding of the geological controls on the mineralisation and warrant progression of the target to the Scout Drilling phase. The company is encouraged with these results after comparison with Randgold Resources Limited's ("Randgold") Massawa Trench, MWTR001, which returned 10.9m @ 2.03g/t (N.I. 43-101 compliant Technical Report published on SEDAR 31st May 2010). Randgold's Massawa Project is located approximately 5km east of the Thor Makosa Target. The trench results also included grab samples, including values of 14.25g/t, 6.26g/t, and 5.32g/t. To increase the Company's confidence in the potential structures and intersections, , Thor intends to commence an initial drilling program consisting of a 3,000m RAB and a 2,000m Diamond Drilling campaign to further understand both the extent and continuation of bedrock mineralisation in the next month. The trenches were sighted on targets prioritised through a combination of gold-in-soil anomalies, geological variation and geographical distribution. Trenches were excavated approximately perpendicular to the strike of the shear zone, up to a depth of 5m. Strike spacing between trenches varied from ~200m to ~800m, and trench length varied from ~200 to ~500m. Trench sampling consisted of 2 types, 1) Grab Samples -- rock grab samples taken from lithological targets, and 2) Channel samples -- consisting of material taken from 1m intervals for the entire extent of the trenches. The samples were taken from the bedrock or saprolite horizons in the weathered profile, close to the base of the trench. Sampling was undertaken by trained field technicians under the supervision of an exploration geologist. The average weight of the samples was 3.0kg, and the total length of trenching was 2,662m. Samples were bagged and sealed on site with field duplicates. Standards and blanks were added in the field office prior to dispatch. No sample preparation was undertaken by the exploration team. Samples were dispatched to the SGS Analabs Laboratory in Kayes, Mali, who undertook the sample preparation and analysis. Preparation included drying, crushing to 75% passing 2mm, 1.5kg riffle split which was subsequently crushed to 85% passing 75 microns. Samples were then analysed by fire assay with a 50 gram charge, and gold detection by Atomic Absorption Spectrometry, with a detection limit of 0.01ppm. The current results show a 5% to 7% positive bias in the assays received for the reference standards used for QA/QC. Thor plans to resolve this with the QA/QC program for the upcoming drill program that will be implemented in accordance with recommendations from our Independent QP, who is expected to be on board by early December. Please note that the data included in this press release is conceptual in nature and that there is insufficient exploration data available to define a mineral resource. Further exploration is planned. It is too early to say if the program will result in the target being able to be defined as a mineral resource. Agreement to Acquire Option in Bongui and Legue gold permits, South West Burkina Faso The Company is also pleased to announce that it has entered into a letter agreement with Constelor Panafrican Resources Holding Ltd ("Constelor"), pursuant to which it has the option to acquire an 85% interest in the Bongui and Legue gold permits located in Houndé gold belt, south west Burkina Faso. Agreement to Acquire interest in Ouéré Permit, South West Burkina Faso The Company has also entered into a letter agreement to acquire a 90% interest in the Ouéré permit, a third gold exploration permit located in the Houndé gold belt, south west Burkina Faso. The Ouéré permit lies directly north of the Bongui and Legue permits and contains significant artisan activity and targets identified by remote sensing for further exploration work. Together, the three permits form the Central Houndé Project. The Central Houndé Project consists of two early stage gold exploration licenses located in South West Burkina Faso, approximately 260km South West of the capital city Ouagadougou. The permits lie within the Houndé gold belt which hosts Semafo's 5.9Moz Mana Mine. The Central Houndé Project covers an area of 484 km2, and lies in proximity to recent discoveries of significant gold mineralisation by Avion Gold Corp., Orezone Gold Corporation and Semafo Inc., amongst others. Further information on the Douta and the Central Houndé Project can be found in the Company's presentation which is publicly available on the Company's website: www.thorexpl.com. "We have achieved our aggressive initial exploration milestones set in Senegal. The trench results from our Douta project are comparable to the initial trench results of Randgold's Massawa discovery and we look forward to receiving results from the upcoming scout drilling. Together with the acquisition of the permits that compose the prospective Central Houndé Project, this marks an exciting time in the development of the Company." commented Segun Lawson, CEO of Thor Thor Explorations is a Canadian gold exploration company focused on its two key projects in West Africa. Thor has an option to earn up to a 70% interest in the Douta project, located 5km West of the Massawa Project in South East Senegal and an option to earn up to an 85% interest in two permits in south west Burkina Faso and has a 90% stake in a third permit in the region, comprising the Central Houndé Project in Central Burkina Faso. Thor aims to aggressively progress towards a maiden resource on its Douta project whilst continuing to pursue prospective additional projects in West Africa. THOR EXPLORATIONS LTD. Per: "Segun Lawson" CEO For further information please contact: Tel: 778-373-0102 Fax: 604-639-4670 Email: moc.lpxeroht@ofni 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. Cautionary Note Regarding Forward-Looking Statements Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans and estimates of management at the date the information is provided and certain factors and assumptions of management. Forward looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risks related to unsatisfactory results of due diligence, international operations and doing business in foreign jurisdictions, risks associated with the metals and mining industry and exploratory and development activities generally (e.g., operational risks in development, exploration and production, delays or changes in plans with respect to exploration or development projects or capital expenditures, risks associated with equipment procurement and equipment failure), the risk of commodity price and foreign exchange rate fluctuations, risks related to future royalty rate changes, and risks and uncertainties associated with securing and maintaining necessary regulatory approvals, and counterparty risk related to the stability and viability of Thor's partners. |
