NEWS
RELEASE
NOT FOR
DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES
April 3rd 2024
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TSXV/AIM:
THX
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Vancouver, British Columbia
|
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THOR EXPLORATIONS ANNOUNCES
ACQUISITION OF EXPLORATION LICENCES IN SENEGAL
Thor Explorations Ltd. (TSXV / AIM:
THX) ("Thor Explorations" or the "Company") is pleased to announce
that it has recently completed the acquisition of interests in two
licences in southeast Senegal where it is currently advancing the
Douta Gold Project to a Preliminary Feasibility stage. The Company
has acquired an up to 85% interest in the strategically located
Douta-West Licence which lies contiguous to the Douta Gold Project
and an up to 80% interest in the Sofita Licence located
approximately 20 kilometres ("km") south of the Douta Gold
Project.
Highlights:
- Douta-West Licence in Senegal
contains advanced exploration targets and provides immediate
additional exploration potential to the Douta Gold
Project
- Drilling programs at the Douta Gold
Project scheduled for Q2 2024 will be extended to
Douta-West
Acquisition
Terms:
- Douta-West
o Payment of US$120,000 to
Birima Gold SARL ("Birima"), payable in two equal tranches six
months apart for an initial 70% interest
o Free carry to Birima until the
completion of a Preliminary Feasibility Study ("PFS") after which
there is a contribute or dilute provision for Birima who will
retain a 5% free carried interest should they choose not to
contribute
o The Government of Senegal will
retain a 10% interest as per the Mining Laws of Senegal
- Sofita Licence
o Work program of US$300,000
over two years and payment of US$20,000 to Sofita Services &
Logistiques ("Sofita") for an 80% interest in the Sofita Licence
with Sofita and the Government of Senegal each retaining a 10% free
carried interest for the life of the licence
Segun Lawson, President &
CEO, stated:
"We are
pleased to acquire additional, strategically located, ground in
Senegal where we have been successfully operating and advancing the
Douta Gold Project for a number of years. We are currently carrying
out our preliminary feasibility study workstreams at the Douta Gold
Project and look forward to now completing this during Q3 2024
following finalisation of the process flow sheet.
"The
acquisition of the Douta-West permit, which has a number of
geochemical targets, allows us to potentially add scale to the
Douta Gold Project, in particular, extensions to Makosa Tail. We
look forward to commencing exploration on this new permit with our
existing exploration team and from our exploration camp at
Douta.
"We are
excited by the year ahead, where we are continuing exploration at
our wholly-owned Segilola Gold mine to expand its life of mine,
completing the preliminary feasibility study for Douta and will
commence exploration on our newly acquired licences. This
exploration strategy is in addition to generating cash flow from
our wholly-owned Segilola Gold Mine in Nigeria, where we have a
guidance of 95,000 to 100,000 ounces in 2024, which we'll use to
completely de-leverage the Company's balance sheet from its senior
debt facility this year."
Douta West
Project
The Douta West Project, comprising exploration
permit E03709, covers an area of 93km2 and is contiguous
with Thor's wholly-owned Douta Gold Project, E02038 (Figure 1).
Douta West encompasses several historic gold-in-soil geochemical
anomalies that extend south from the southern end of the Makosa
Tail prospect and that also run parallel and to the north of the
known Makosa trend in a corridor that occupies the ground between
Makosa and Endeavour's Masawa gold mine.
Figure 1: Douta Gold Project, Birima
Gold Resources Licence (Douta-West) and Sofita
Licence
Sofita Licence -
Senegal
The Sofita Licence is located 10km
south of the town of Koudougou and about 45km south west from the
Douta Gold Project and comprises a single exploration licence that
covers an area of 56.5km2 (Figure 1). The licence covers rocks
belonging to the Diale-Dalema Supergroup of the
eastern part of the Kedougou-Kenieba Inlier and is essentially
composed of Paleoproterozoic rock formations. These rocks are
similar to those that host the gold resources of the Douta Gold
Project.
Thor intends to undertake initial
surface geochemical surveys with the view to generating exploration
targets that could be followed by drilling.
About Thor Explorations
Thor Explorations Ltd. is a mineral
exploration company engaged in the acquisition, exploration,
development and production of mineral properties located in
Nigeria, Senegal and Burkina Faso. Thor Explorations holds a 100%
interest in the Segilola Gold Project located in Osun State,
Nigeria and has a 70% economic interest in the Douta Gold Project
located in south-eastern Senegal. Thor Explorations trades on AIM
and the TSX Venture Exchange under the symbol "THX".
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.
THOR EXPLORATIONS LTD.
Segun Lawson
President & CEO
For
further information please contact:
Thor Explorations Ltd
Email: info@thorexpl.com
Canaccord Genuity (Nominated Adviser
& Broker)
Henry Fitzgerald-O'Connor / James
Asensio / Harry Rees
Tel: +44 (0)
20 7523 8000
Hannam & Partners
(Broker)
Andrew Chubb / Matt Hasson / Franck
Nganou
Tel: +44 (0) 20 7907 8500
Fig House Communications (Investor
Relations)
Tel: +1 416 822 6483
Email: investor.relations@thorexpl.com
BlytheRay (Financial
PR)
Tim Blythe / Megan Ray / Said
Izagaren
Tel: +44 207 138 3203
Yellow Jersey (PR)
Charles Goodwin / Shivantha
Thambirajah / Soraya Jackson
Tel: + 44 20 3004
9512