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The Douta Gold Project is a gold exploration permit, E02038, which covers an area of 58km2 and is located within the Kéniéba inlier, eastern Senegal. Thor, through its wholly owned subsidiary African Star Resources SARL (“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 Mineral Resource Estimate for the Douta Project was announced in November 2021, is classified as Inferred Resources and is constrained within optimised pit shells and comprises 15.3Mt grading 1.5g/tAu for 730,000 ounces of gold.

DepositClassificationTonnageGradeContained MetalThor Interest
MtAu g/tkoz Au
Makosa TrailInferred3.61.618070%
Total MakosaInferred15.31.573070%

Table 1: Douta Gold Project Mineral Resource Estimate, November 2021 (reported at cut-off grade of 0.3g/t Au)

• Open Pit Mineral Resources are reported in situ at a cut-off grade of 0.30 g/t Au. An optimised Whittle shell ($2,200) was used to constrain the resources.
• The Mineral Resource is considered to have reasonable prospects for economic extraction by open pit mining methods above a 0.30 g/t Au and within an optimised pit shell.
• Metallurgical and mining recovery factors not applied.
• Maiden Resource Estimate is supported by a total of 35,728 metres of drilling

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 Endeavour Mining (Figure 1). The Makabingui deposit, belonging to Bassari Resources Ltd, is located immediately to the east of the northern portion of E02038.

logo mark Ongoing Exploration

Thor continues to progress the Makosa Resource expansion drilling together with parallel workstreams including detailed metallurgical sampling and testing, environmental and social baseline monitoring as part of an Environmental and Social Impact Assessment, geotechnical and hydrological studies.

The main resource expansion priorities are:

1. Extensional drilling northwards from the Makosa Resource that will bridge the gap between Makosa and Mansa prospect.

2. Infill and resource definition drilling at Mansa Prospect.

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