Douta Project, Senegal

The Douta Gold Project is a gold exploration permit that covers an area of 103 km2 and is located within the Kéniéba inlier, eastern Senegal. The permit is an elongate polygon with dimensions of approximately 32km by 3.3km, trending northeast with an area of 103 km2.

Thor, through its wholly owned subsidiary African Star Resources Incorporated (“African Star”), has acquired through an option, 70% of the licence from the permit holder International Mining Company SARL (“IMC”).

Under the terms of the option IMC will have a 30% free carry until the discovery of a Probable reserve after which it will have to contribute or sell its stake to African Star.

Key Highlights Of The Douta Project

  • Located on the Main Transcurrent Shear Zone - same as Randgold
  • Boundary between two distinct Birimian groups
  • Between Randgold (3.2Moz Au1) to West and Bassari (0.3Moz Au2) to East
  • 9 Targets identified for follow-up

Douta Project History

1) Randgold: 2003- 2007

The permit was acquired as part of RandGold’s initial Kounemba Permit in 2003 who carried out a soil geochemistry and trenching exploration program. Regional soil sampling conducted by RandGold highlighted a number of anomalous values throughout their permit area. Some of these are positioned within the area that is now the Douta permit area.

In 2007 the permit area was relinquished from RandGold’s Kounemba Permit which hosts the Massawa Deposit. This was relinquished in line with the Senagalese Mining Act of 2003. In 2008 Massawa was announced by Randgold as a ‘Significant new gold discovery’.

A qualified person3 has not been able to verify the information about soil geochemistry and these are not necessarily indicative of potential quantities or grades of mineralization on the Company’s own properties.

2) International Mining Company SARL (“IMC”): 2009 - 2011

MC acquired the relinquished area in 2009- now known as the Douta Permit.

IMC conducted its own geochemical soil sampling program over the area at a greater resolution than the regional work completed by RandGold and covered the majority of the licence area.

Approximately 4000 samples from the geochemical anomaly were analysed, and identified:

The Makosa Anomaly - 3.5km in length and is based on a 30ppb contour of soil sampling data; and
Central and Northern targets - generally sporadic and less continuous and requires further investigation

Regional soil sampling conducted by RandGold highlighted a number of anomalous values throughout their permit area. Some of these are positioned within the area that is now the Douta permit area.

The Company, through its wholly owned subsidiary, African Star Resources Incorporated, acquired its interest in the Douta Project, pursuant to an option agreement dated May 27, 2011 and has since embarked on an aggressive comprehensive exploration program.

This has included:

  • Remote sensing survey
  • Ground geophysics survey of the Makosa anomaly
  • Trenching

The company has excavated seven trenches oriented across strike to represent the 3km strike length of the Makosa soil anomaly. These have been mapped and sampled. The highlights of the Trench assay results were announced in the Company’s news release dated November 23, 2011.

The permit also includes new artisanal workings and numerous untested targets.The Company has also completed an initial scout RAB drilling program on the Douta Project during Q1 2012 and a diamond drill program in Q2 and Q3 2012.
A qualified person3 has not been able to verify the information about nearby resources estimates, and these are not necessarily indicative of potential quantities or grades of mineralization on the Company’s own properties.

Footnotes

  1. 3.2 Moz for Randgold Resources’ Massawa Deposit resources includes Measured (Nil) and Indicated resources (37.33 Mt @ 2.65g/t = 3.18 Moz). Excludes Inferred resources (3.36 Mt @ 3.92g/t = 0.42 Moz). December 2011. Information as per Randgold’s annual mineral resource and reserve declaration published as part of Randgold’s 2011 annual report and as per Randgold’s news release dated March 30, 2012. Please refer to Randgold’s news release dated March 30, 2012 for their assumptions used in the determination of their resources and information about their qualified persons.>

  2. 0.3 Moz for Bassari Resources’ Makabingui Gold Project resources includes Measured (Nil) and Indicated resources (2.7 Mt @ 3.8g/t = 328 Koz, 0.5 g/t cutoff). Excludes Inferred resources (3.4 Mt @ 1.6g/t = 175 Koz). February 2012. Information as per Bassari Resources’s news release dated October 22, 2012 (September 2012 Quarterly Activity Report). Please refer to Bassari Resources’s news release data October 11, 2012 and their website disclosures, for their assumptions used in the determination of their resources and information about their qualified persons.

  3. The Company’s qualified person having reviewed the technical information presented in this website page is Mr Brian Montpellier, P.Eng., an independent consultant to the Company. Mr. Montpellier, has over 30 years of experience in the mining industry. He is a member of the Association of Professional Engineers of British Columbia and a Fellow of the South African Institute of Mining and Metals and is a Qualified Person for the purposes of NI 43-101.

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