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Positive First Drill Hole Results
May 9, 2017
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES
Thor Explorations intersects 16 metres true width (mtw) at 4.7g/tAu including 1.6 mtw at 22.3g/tAu and 2.4 mtw at 11.4 g/tAu at its Segilola gold project.
Thor Explorations Ltd. (TSX VENTURE: THX) (“Thor” or the “Company”) is pleased to announce positive results of the first drill hole (SGD155) in its ongoing 5,500 metre “proof of concept” diamond drill program.
The drill hole intersected the primary high grade gold mineralised zone of the ore body, returning 16 metres at 4.7g/t extending the orebody down-dip. The Company also reports that logging of drill holes SGD156 and SGD157 indicate strong potential for continuity of the mineralised zones further down-dip, with visible gold identified in the core.
The drilling program is continuing and the Company expects to announce the results of SGD156 and SGD 157 within the next 2 weeks.
Figure 1: Longitudinal section view of the central section of the Segilola Gold Project showing high grade trends within the gram-metres model (grade x true thickness) and location of drill hole intercepts.
Figure 2: Cross section view of the Segilola Project illustrating the primary mineralised zone, extended down-dip following results from the new drill hole and the potential for further down dip continuity, based on initial logging of drill holes SGD156 and SGD157. Assay results for SGD156 and SGD157 are pending. SGD105 and SDG091 were drilled by previous explorers.
| E ID | Easting | Northing | RL | Total Depth (m) | Azimuth | Dip | From m) | To m) | Down hole Interval m) | True Thickness m) | Average Grade Aug/t) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SGD155 | 701628 | 831150 | 359.4 | 218.2 | 90 | -60 | 171.0 | 172.8 | 1.8 | 1.6 | 3.2 |
| 0.5g/t cut off | 190.0 | 208.8 | 18.8 | 16.3 | 4.7 | ||||||
| includes | 3g/t cut off | 196.8 | 199.6 | 2.8 | 2.4 | 11.4 | |||||
| and | 3g/t cut off | 207.0 | 208.8 | 1.8 | 1.6 | 22.3 | |||||
Table 1: Drillhole results and variable cut off confirming continuity of the high grade resource (highlighted intervals are illustrated on Figure 1)
Further information can be found in the Company’s updated presentation which has been uploaded to the Company’s website.
QUALIFIED PERSON
The above information has been prepared under the supervision of Alfred Gillman (FAusIMM, 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 in Osun State Nigeria approximately 120km northeast of Lagos. The Segilola Gold Project is the most advanced gold in Nigeria. Thor holds a 70% interest in the Douta Gold Project located in southeastern Senegal. The Douta Gold Project lies within the Kéniéba Inlier which hosts significant gold resources and has attracted major international mining companies. 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.
Per: “Segun Lawson”
President & CEO
For further information please contact:
Tel: 778-373-0102
Fax: 604-434-1487
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
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.
Forward-Looking Information
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information is generally identifiable by use of the words “believes,” “may,” “plans,” “will,” “anticipates,” “intends,” “could”, “estimates”, “expects”, “forecasts”, “projects” and similar expressions, and the negative of such expressions. Forward-looking information in this news release includes, without limitation, statements about the Company’s drilling program and what it will mean to the Company as it tests the continuity of the mineral body, as well as statements regarding the completion of the PEA, what it will determine and the intended completion date.
All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
