Significant Gold Grades and Widths Returned From Latest Drilling Intersections at the Douta Gold Project, Senegal

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Vancouver, British Columbia

Thor Explorations Ltd. (TSXV/AIM: THX) (“Thor” or the “Company”) is pleased to announce drill-intersections of significant gold mineralisation from the Makosa gold deposit (“Makosa”) at its Douta Gold Project, Senegal (the “Douta Project”).

The Douta Gold Project encompasses the Makosa gold deposit which currently comprises an Inferred Resource of 730,000 ounces of gold, grading at 1.53 grams per ton (“g/t”), as announced in its maiden Mineral Resource Estimate (“MRE”) published on 18 November 2021.

A comprehensive 26,000 metre exploration program of reverse circulation (“RC”) drilling has been ongoing at Douta during 2022, and was designed to upgrade parts of the existing resource and to specifically target potentially higher-grade parts of the deposit. Further to the initial drilling results published on 16 November and 12 September 2022, the Company today publishes the results from the final 8,000 metres drilled.

Highlights include:

• Drillhole DTRC596 40m at 1.95g/t Au from 0m
• Drillhole DTRC640 26m at 4.66g/t Au from 42m including 10m at 10.29g/t Au
• Drillhole DTRC612 32m at 1.45g/t Au from 43m
• Drillhole DTRC620 9m at 11.74g/t Au from 58m
• Drillhole DTRC626 9m at 4.18g/t Au from 0m
• Drillhole DTRC624 16m at 2.20g/t Au from 85m
• Drillhole DTRC637 38m at 1.01g/t Au from 42m
• Drillhole DTRC641 31m at 1.40g/t Au from 97m
• Drillhole DTRC658 37m at 1.18g/t Au from 37m

Segun Lawson, President and CEO, stated:

“We are pleased to announce further significant and robust drilling results from the Makosa Prospect. These results are impressive and highly encouraging in the context of the Douta Project and conclude a highly successful drilling season on a celebratory note. The wide zones of near-surface oxide mineralisation combined with solid higher-grade zones at depth provide the encouragement and impetus to propel the next phase of advancing this very exciting project in the New Year. In the coming year our we plan to maintain focus both on resource growth and project development in Senegal to meet our objective of bringing the Company’s second gold mine into production.”

The Company has now received all outstanding drilling results from the Makosa drilling campaign and now awaits the results from the infill programs carried out at the Mansa and Maka Prospects. These results are expected in the early 2023.

Introduction

The Douta Gold Project is a gold exploration permit that covers an area of 103 square kilometres (km²) and is located within the Kéniéba inlier, eastern Senegal. The northeast trending permit (Figure 1) has an area of 103 km². Thor, through its wholly owned subsidiary African Star Resources Incorporated (“African Star”), has acquired, 70% of the licence from the permit holder International Mining Company SARL (“IMC”). IMC has a 30% free carry until the announcement by Thor of a Probable Reserve.

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

Makosa

The Makosa resource is currently classified as inferred. In August 2022 Thor commenced a 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.

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 close proximity to the gabbro. 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.

The significant intersections from Makosa are listed in Tables 1 and 2 using a reporting cut-off of 25 gram-metres and 10 gram-metres respectively. 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 (50 gram charge).

Table 1: Makosa Significant Results (>25 gram-metres: grade X true width)
(0.5g/t Au lower cut off; maximum 2m internal dilution, minimum 2m interval with included intervals at >1g/t Au over minimum 1m)

The drill results demonstrate the continuity of gold mineralisation both along strike and down dip. From the results of the latest drilling, which include 9m at 11.74g/t Au and 10m at 10.29g/t Au, it appears that several of the anticipated high-grade zones have been intersected in the closer spaced drill pattern.

Figure 1: Douta Project location map

Figure 2: Makosa Drillhole Location Map

To date only the higher-grade sections of the Makosa resource have been targeted for an upgrade resource classification. Further infill drilling is warranted along the entire strike-length as better grades and continuity seem to correlate with a tighter drill spacing. Figures 3 and 4 below, demonstrate the down-dip continuity of mineralisation located in the central parts of the Makosa deposit.

Table 2: Makosa Significant Results (>10 gram-metres: grade X true width)
(0.5g/tAu lower cut off; maximum 2m internal dilution, minimum 2m interval with included intervals at >1g/tAu over minimum 1m)

Figure 3: Cross-section highlighting near-surface intersection in drillhole DTR596

Figure 4: Cross-section highlighting high grade intersection in drillhole DTRC640

Figure 5: Cross-section highlighting high-grade at-surface intersection in drillhole DTRC626

Ongoing Exploration

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

Sambara¹

• 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

Mansa Prospect²

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

Maka Prospect²

• 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.

¹Sedar Filing, September 12, 2022: Thor Explorations Ltd. Announces New Sambara Discovery and Further Positive Drill Results from Makosa at the Douta Gold Project, Senegal

²Sedar 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, 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% interest in the Douta Gold Project located in south-eastern Senegal. Thor trades on the TSX Venture Exchange 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
Email: moc.lpxeroht@ofni

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.

Appendix 1: RC Drill Results December 2022