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Thor Announces Continuing Positive Results From RC Infill Drilling At Makosa Tail Prospect, Senegal

June 1, 2021

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

Thor Explorations Ltd. (TSX VENTURE: THX) (“Thor” or the “Company”) is pleased to announce an encouraging first set of drill results from the southern Makosa Tail Prospect at its Douta Project, Senegal. The exploratory drilling program was designed to infill the initial wide-spaced drilling that was completed in late 2020 which led to the Makosa Tail discovery. The results received to date confirm the continuation of the Makosa mineralised system along strike to the south.

Highlights include:

  • Makosa Tail Prospect mineralisation confirmed over 1,000m of strike length in a number of parallel lodes including a 300m high grade zone in a previously untested area.
  • Drillhole DTRC155
    • 5m at 11.0/tAu from 17m
  • Drillhole DTRC156
    • 5m at 10.1/tAu from 7m
  • Drillhole DTRC181
    • 5m at 3.3/t from 4m
  • Mineralisation remains open ended to the north, south and at depth

Segun Lawson, President & CEO, stated

“The Makosa Tail prospect continues to deliver encouraging drilling results with numerous significant intersections reported from the near-surface zone in the follow-up program to the initial discovery holes that were drilled in late 2020. This is excellent start to the larger exploration and resource definition drilling campaign and has achieved the initial objective of testing Makosa Tail which is open along strike and at depth. We are looking forward to completing the ongoing drilling between Makosa Tail and Makosa and receiving the results, after which the rig will be moved to Makosa North to test the northern extension of Makosa. “

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. The northeast trending permit (Figure 1) has an area of 58 km2. Thor, through its wholly owned subsidiary African Star Resources Incorporated (“African Star”), contractually acquired a 70% interest in 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 licence 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 by Teranga Gold Corporation (Figure 1).

Makosa Tail was discovered in late 2020 in an initial 21 RC drillholes that targeted the interpreted southern extensions of the Makosa mineralised system (Figure 2).

Drilling Results

The results are from the exploratory RC drilling program at Makosa Tail are shown in Table 1 and Figure 2. The full table of results is attached in Appendix 1.


Figure 1: Makosa Tail location map

HOLE-IDEastingNorthingElevationLength
(m)
From
(m)
To
(m)
Interval
(m)
Grade
(g/tAu)
True Width
(m)
DTRC15582510214336972054217.022.05.011.04.0
DTRC155and25.032.07.00.75.6
DTRC1568250361433743198257.012.05.010.14.0
DTRC15782501114337581986037.042.05.01.14.0
DTRC1608250451433790198503.06.03.01.92.4
DTRC16482500314336941984315.023.08.01.16.4
DTRC16582497414337212009037.039.02.03.41.6
DTRC165and50.056.06.01.14.8
DTRC172825150143384419510662.066.04.01.83.2
DTRC17882496114336732016632.040.08.01.46.4
DTRC1798249771433661202429.012.03.01.32.4
DTRC1818249231433575206424.09.05.03.34.0
DTRC18682521314339831959075.080.05.01.94.0
DTRC19282528214341261929272.075.03.01.32.4
DTRC19582533114342111899161.063.02.03.41.6
DTRC1978253401434263186108101.0104.03.02.02.4
DTRC19882538214343671889230.036.06.00.84.8
DTRC19982544114343791896617.019.02.01.81.6
DTRC199and24.029.05.02.24.0
DTRC20182546114344151895026.028.02.02.81.6
DTRC201and31.039.08.00.96.4

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

The follow up RC program was completed using a reduced line spacing of 50m over Makosa Tail. The program comprised 3,765m completed in 52 holes with an average depth of 72m. The focus of the drilling was on near-surface potential over the previously drilled strike length on Makosa Tail.

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

The results indicate multiple parallel, steep north-westerly dipping, mineralised horizons that are developed within a shale/greywacke sequence. Most significant, is the discovery of several higher grade zones towards the southern end of the drilled area where the drill coverage is wide-spaced.

Drillhole DTRC155 returned 5m at 11.0g/tAu from 17m (Figure 2). Hole DTRC156 which was drilled on the same section as DTRC155 returned 5m at 10.1g/tAu from 7m.

Implications

The Makosa Tail drilling has intersected multiple parallel lodes over a strike length of 1,000m with a higher grade zone potentially extending for 300m.

Significantly, there is a 1,600m strike length between Makosa Tail and Makosa that is yet to be drill-tested.

Systematic infill and step-out drilling is planned to fully assess the ever-increasing scale of the project.


Figure 2: Makosa Tail drillhole location map


Figure 3: Makosa Tail Cross Section A-B

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 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% interest in the Douta Gold Project located in south-eastern Senegal. 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.
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
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 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 Tail RC Drill Results May 2021

HOLE-IDEastingNorthingElevationLength
(m)
From
(m)
To
(m)
Interval
(m)
Grade
(g/tAu)
True Width
(m)
DTRC154825065143371520599NSR
DTRC15582510214336972054217.022.05.011.04.0
DTRC15525.032.07.00.75.6
DTRC1568250361433743198257.012.05.010.14.0
DTRC15782501114337581986037.042.05.01.14.0
DTRC158825114143374620566NSR
DTRC159825083143376720599NSR
DTRC1608250451433790198503.06.03.01.92.4
DTRC16182502014338111988443.046.03.00.72.4
DTRC162825064143365520454NSR
DTRC1638250381433676205100NSR
DTRC16482500314336941984315.023.08.01.16.4
DTRC16582497414337212009037.039.02.03.41.6
DTRC16550.056.06.01.14.8
DTRC1668249601433790198114NSR
DTRC167825134143378320150NSR
DTRC168825107143380619990NSR
DTRC169825077143383219754NSR
DTRC170825045143385819660NSR
DTRC171825179143381919978NSR
DTRC172825150143384419510662.066.04.01.83.2
DTRC173825103143387819446NSR
DTRC1748251701433884197108NSR
DTRC175825125143391519645NSR
DTRC176825049143360920854NSR
DTRC177825024143362620484NSR
DTRC17882496114336732016632.040.08.01.46.4
DTRC1798249771433661202429.012.03.01.32.4
DTRC180824896143360020784NSR
DTRC1818249231433575206424.09.05.03.34.0
DTRC18112.016.04.00.53.2
DTRC1828249681433537209105NSR
DTRC183825194143392819584NSR
DTRC184825220143390719848NSR
DTRC185825240143395719742NSR
DTRC18682521314339831959075.080.05.01.94.0
DTRC187825264143400719642NSR
DTRC18882523114340311949674.077.03.00.92.4
DTRC189825219143410419184NSR
DTRC190825247143408219296NSR
DTRC19182530714341061926024.028.04.00.63.2
DTRC19131.033.02.00.71.6
DTRC19282528214341261929272.075.03.01.32.4
DTRC19281.083.02.00.51.6
DTRC1938253091434173191120NSR
DTRC194825363143418718954NSR
DTRC19582533114342111899161.063.02.03.41.6
DTRC19569.071.02.00.81.6
DTRC196825405143421419042NSR
DTRC1978253401434263186108101.0104.03.02.02.4
DTRC19882538214343671889230.036.06.00.84.8
DTRC19856.058.02.00.71.6
DTRC19982544114343791896611.013.02.01.01.6
DTRC19917.019.02.01.81.6
DTRC19924.029.05.02.24.0
DTRC20082541714343971888449.051.02.01.11.6
DTRC20062.065.03.00.92.4
DTRC20182546114344151895015.017.02.01.31.6
DTRC20126.028.02.02.81.6
DTRC20131.039.08.00.96.4
DTRC2028253881434475190117
DTRC203825076143371219078
DTRC204825481143446919060
DTRC205825459143449019029
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