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Robust Drill Intersections Returned From Makosa North Prospect At The Douta Gold Project, Senegal

August 12, 2021

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

Thor Explorations Ltd. (TSXV/AIM: THX) (“Thor” or the “Company”) is pleased to announce further drilling results from the northern extensions of the Makosa mineralised trend at its Douta Project, Senegal. Wide-spaced exploratory drill sections were completed over a 1,300m northern extension beyond the last line of drilling. Results received to date indicate that gold mineralisation continues to the north and remains open-ended.

Highlights include:
Makosa North

  • Drillhole DTRC296
    • 15m at 2.42g/tAu from 65m (includes 10m at 3.21g/tAu from 65m)
    • 3m at 2.88g/tAu from 77m
  • Drillhole DTRC281
    • 8m at 1.69g/tAu from 6m
    • 16m at 1.58g/tAu from 17m (includes 3m at 5.53g/tAu from 19m)
  • Drillhole DTRC283
    • 9m at 2.93g/tAu from 10m (includes 7m at 3.56g/tAu from 11m)
  • Drillhole DTRC311
    • 10m at 1.42g/tAu from 48m

Segun Lawson, President & CEO, stated

“The drilling results from Makosa North are particularly exciting as they suggest that the Makosa gold system continues further to the north than originally expected. Furthermore, several higher-grade intersections were received that may suggest an increase in grade to the north. In addition, the last section drilled on hole DTRC311 intersected 10m at 1.42g/tAu suggesting that the mineralisation is open-ended to the north.”

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 (Figure 1). Thor, through its wholly owned subsidiary, African Star Resources Incorporated (“African Star”), has a 70% economic interest 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 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).

The northern parts of the Makosa prospect were tested previously with wide-spaced reverse circulation (“RC”) drilling with mineralisation being intersected on the last exploration drill line. Subsequently a follow up programme was completed to test for possible extensions to the north in previously un-tested ground. The results from this follow-up programme, as reported here, indicate continuing gold mineralisation to the north.


Figure 1: Douta Project Location Map

Drilling Results

The results from the exploratory RC drilling programme at Makosa North 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)
DTRC2811770981438174195426.014.08.01.695.8
17.033.016.01.5811.5
includes19.022.03.05.532.2
DTRC28317716214382601944210.019.09.02.936.5
includes11.018.07.03.565.0
DTRC28917759314387461956421.034.013.01.199.2
includes27.032.05.01.783.5
DTRC29317775514388381976610.020.010.00.837.2
DTRC29517769214388891964626.036.010.01.217.3
includes27.033.06.01.604.4
DTRC29617765114389101958065.080.015.02.4211.3
includes65.075.010.03.217.5
DTRC30117783714390501944525.039.014.01.2010.4
DTRC31117805914393951876048.058.010.01.427.0

Table 1: Makosa North Significant Results
(0.5g/tAu lower cut off; maximum 2m internal dilution, minimum 2m interval)

Drill samples were analysed by ALS laboratories in Mali using the AA26 fire assay method (50g charge).

The Makosa North drilling has extended the mineralisation a further 1,400m to the north. Significantly, on the last drill section hole, DTRC311 intersected 10m at 1.42g/tAu. This indicates that the mineralisation remains open-ended to the north.

Drillholes DTRC 281 and DTRC283 were drilled at the ends of existing drill sections to test for across-strike extensions of mineralisation with positive results including 16m at 1.58g/tAu and 9m at 2.93g/tAu respectively. These results further resolve a pod of mineralisation that extends over a strike length of nearly 800m.


Figure 2: Makosa North Drillhole Location Map


Figure 3: Map showing significant results obtained in 2021 to date

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

THOR EXPLORATIONS LTD.
Segun Lawson
President & CEO

For further information please contact:

Thor Explorations Ltd
Email:

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

Canaccord Genuity (Nominated Adviser & Broker)
Henry Fitzgerald-O’Connor / James Asensio / Angelos Vlatakis
Tel: +44 (0) 20 7523 8000

Hannam & Partners (Broker)
Andrew Chubb / Matt Hasson / Nilesh Patel / Franck Nganou
Tel: +44 (0) 20 7907 8500

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.

Appendix 1:

Makosa North RC Drill Results August 2021

HOLE-IDEastingNorthingElevationLength
(m)
AzimuthDipFrom
(m)
To
(m)
Interval
(m)
Grade
(g/tAu)
True
Width (m)
DTRC275175028143543116644130-50NSR
DTRC276174935143525817290130-50NSR
DTRC2771768381437988192150130-50NSR
DTRC278177007143798519796130-50394230.742.1
697120.721.4
DTRC2791768941438077195156130-5011111321.031.6
DTRC2801770091438248197138130-5011611931.462.4
includes11711921.811.6
DTRC281177098143817419542130-5061481.695.8
1733161.5811.5
includes192235.532.2
DTRC2821770731438331196156130-5011711920.621.6
DTRC283177162143826019442130-50101992.936.5
includes111873.565.0
DTRC284177385143820919042130-50333740.722.9
DTRC285177715143865019966130-50NSR
DTRC286177682143867219766130-50NSR
DTRC287177649143869519663130-50101221.111.5
DTRC288177620143872219566130-50142280.594.1
DTRC289177593143874619564130-502134131.199.2
includes273251.783.5
576250.643.6
DTRC290177559143876819366130-50NSR
DTRC291177818143878919960130-50NSR
DTRC292177786143881419866130-50NSR
DTRC293177755143883819766130-501020100.837.2
161821.631.4
DTRC294177724143886519666130-50NSR
DTRC295177692143888919646130-50111430.632.1
2636101.217.3
includes273361.604.4
DTRC296177651143891019580130-50576140.643.0
6580152.4211.3
includes6575103.217.5
and778031.052.3
DTRC297177622143893919554130-50NSR
DTRC298177931143897619566130-50NSR
DTRC299177900143899919566130-50NSR
DTRC300177868143902519560130-50NSR
DTRC301177837143905019445130-502539141.2010.4
includes2738111.368.2
DTRC302177807143907219366130-50NSR
DTRC303177779143909519366130-50NSR
DTRC304178039143914918760130-50NSR
DTRC305178012143917118666130-50NSR
DTRC306177972143920818660130-50425190.546.5
DTRC306535631.042.1
DTRC309178120143934519366130-5071360.714.3
DTRC311178059143939518760130-504858101.427.0
DTRC314174467143490218666130-50616432.302.2
DTRC315174433143492418666130-50141730.522.2
DTRC315293340.562.8
DTRC315414320.871.4
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