Source - Alliance News

Thor Explorations Ltd on Monday announced an improved mineral resource estimate for its Douta gold project in Senegal.

Thor Explorations is a mineral exploration company focused on developing assets in Nigeria, Senegal and Burkina Faso.

The company said the total Douta resource is approximately 1.8 million ounces of gold, more than doubled from the 730,000 ounce maiden resource estimate declared in 2021.

The firm noted that the initial indicated mineral resource is 20.2 million tonnes at 1.3 grammes per tonne of gold for 874,900 ounces of gold, and an inferred mineral resource of 24.1 million tonnes at 1.2 grammes per tonne of gold for 909,400 ounces of gold.

The firm noted that the updated resource, supported by 64,567 metres of drilling, encompasses the Makosa, Makosa Tail and Sambara prospects. Thor said drilling continues at the prospects, with a further 40,000 metres due for completion in 2023.

Chief Executive Officer Segun Lawson said: ‘This updated resource base provides for a solid foundation for more advanced studies on the pathway to developing Thor’s second operating gold mine in West Africa.

‘We are now focussing our exploration efforts towards expanding the resource along the prospective corridor that runs along the full 30km length of our exploration licence. Priority will be given to extensional drilling at Makosa, Maka, Mansa and the newly discovered Sambara prospects.’

Thor Explorations shares were up 0.5% to 18.60 pence each in London on Monday morning.

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