Source - LSE Regulatory
RNS Number : 0212Z
Thor Explorations Ltd
12 September 2022
 

THOR_EXPLORATIONS_FULLCLRLOGO_onwhite

NEWS RELEASE

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

 

FOR IMMEDIATE RELEASE                                                                                   TSXV/AIM: THX

September 12, 2022                                                                                                                       

 

Vancouver, British Columbia

 

NEW SAMBARA DISCOVERY AND FURTHER POSITIVE DRILL RESULTS FROM MAKOSA

AT THE DOUTA GOLD PROJECT, SENEGAL

 

Thor Explorations Ltd. (TSXV / AIM: THX) ("Thor" or the "Company") is pleased to announce initial drilling results from both the newly discovered Sambara Prospect together with continued encouraging results from the Makosa gold deposit ("Makosa") at its Douta Gold Project, Senegal (the "Douta Project").

 

The Douta Gold Project currently encompasses the Makosa gold deposit which currently comprises an Inferred Resource of 730,000 ounces of gold as announced in its maiden Mineral Resource Estimate ("MRE") published on 18 November 2021.

 

A comprehensive exploration program, comprising approximately 5,000 metres of reverse circulation ("RC") drilling in the first phase, was designed to both upgrade parts of the existing resource and to test a newly identified target located towards the northern parts of the exploration licence which is known as Sambara. Initial results suggest that Sambara could potentially develop into a supplemental high-grade resource. In addition, drilling at the southern extremity of Makosa has resulted in a high grade intersection which indicates that robust mineralisation extends at depth.

 

Highlights include:

 

Sambara

·      Drillhole DTRC426     6m at 4.80g/t Au from 65m

·      Drillhole DTRC431     6m at 4.80g/t Au from 12m

·      Drillhole DTRC491     2m at 6.39g/t Au from 8m

·      Drillhole DTRC493     6m at 2.58g/t Au from 57m

·      Drillhole DTRC497     2m at 5.85g/t Au from 26m

 

Makosa

·      Drillhole DTRC504     8m at 4.77g/t Au from 62m

·      Drillhole DTRC506     4m at 2.95g/t Au from 1m

Segun Lawson, President & CEO, stated

"We are pleased to report a successful initial drilling campaign on the Sambara prospect. Significantly, this has established that gold mineralisation is developed in the northern parts of our exploration permit.  We look forward to advancing exploration on this discovery which we hope will supplement the Makosa resource.

"In addition, the first batch of samples from the Makosa upgrade drilling program have produced very positive results that suggest that the resource may extend at depth. We are looking forward to receiving further results from our drilling program which will continue over the next six weeks."

 

 

 

Introduction

 

The Douta Gold Project is a gold exploration permit E02038 that covers an area of area of 58km² and is located within the Kéniéba inlier, eastern Senegal. The permit encompasses the Makosa Gold Deposit which currently comprises an Inferred Resource of 730,000 ounces of gold. The northeast trending permit (Figure 1) has an area of 58 km².

 

The Douta permit 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 Endeavour Mining (Figure 1). The northern part of the permit is bounded by the Makabingui group of gold deposits that belong to Bassari Resources Ltd.

 

Figure 1: Douta Project location map

Sambara

 

The Sambara Prospect is located 15km north-east along strike from the Makosa resource (Figure 1). Drilling targeted an anomalous zone defined by auger geochemical sampling. The area is located 2km directly north of the Makabingui group gold deposits that belong to Bassari Resources Ltd and which collectively contain approximately 340,000oz of gold in the indicated category and 670,000oz of gold in the inferred category.

 

Drill testing of the geochemical anomaly was carried out over nine sections that were spaced at either 100m or 200m apart (Figure 2). This wide spacing was considered to be appropriate for the first phase of drill testing. Based on the positive results received, additional, closer-spaced (infill) drilling will be undertaken.

Figure 2: Sambara Drillhole Location Map

 

The significant intersections from the initial RC drilling program at Sambara are listed in Table 1. The full table of results is attached in Appendix 1. Drill samples were analysed by ALS Laboratories in Mali using the AA26 fire assay method (50g charge).

 

The results indicate multiple parallel, steep sub-vertically dipping, mineralised zones that are developed within a shale/greywacke sequence that is developed closely adjacent to the Makabingui Granitic Intrusive.

 

Based on the drilling completed to date the mineralised zone extends over a strike length of approximately 500m. Systematic infill and step-out drilling is planned to fully assess the extent of mineralisation.

 

 

HOLE-ID

X

Y

Z

Depth (m)

Azi-muth

Dip

From    (m)

To       (m)

Interval   (m)

Grade (g/tAu)

True Width (m)

DTRC426

187999

1451958

146

72

130

-50

65

71

6

4.80

2.5

incl







70

71

1

0.80

10.1

DTRC431

188165

1452076

150

84

130

-50

12

18

6

4.80

3.6

DTRC491

188174

1452068

160

42

130

-60

8

10

2

6.39

1.3

DTRC492

188155

1452081

160

60

130

-60

23

26

3

1.64

1.9

DTRC493

188146

1452093

160

96

130

-60

10

11

1

3.33

0.6

and







41

42

1

2.53

0.6

and







57

63

6

2.58

3.7

includes







59

63

4

3.32

2.3

DTRC496

188230

1452156

145

70

130

-60

8

13

5

1.12

3.2

DTRC497

188094

1452008

158

45

130

-60

15

20

5

1.74

3.1

DTRC497





130

-60

26

28

2

5.85

1.2

DTRC498

188080

1452020

163

90

130

-60

17

22

5

0.55

3.2

and







29

34

5

1.07

3.2

and







60

61

1

4.72

0.6

 

Table 1: Sambara Significant Results

(0.5g/tAu lower cut off; maximum 2m internal dilution, minimum 2m interval)

 

Makosa

 

The Makosa resource is currently classified as Inferred. In July 2022 Thor commenced a 20,000m program of follow up RC and diamond drilling with the objective of upgrading the higher-grade portions of the resource, that fall within the optimised pit shell, to indicated classification.

 

Initial results from drillholes completed at the southern extremity of the deposit include 8m at 4.77g/t gold from 62m in drillhole DTRC504 (Figures 3 and 4). The significant intersections from Makosa are listed in Table 2. The full table of results is attached in Appendix 1. In addition to potentially upgrading this part of the resource, the intersection suggests that gold mineralisation may extend at depth. Two additional drillholes (DTRC561 and DTRC562) have subsequently been drilled to test for depth extensions to this higher grade zone. Assays for these two holes are pending.

 

HOLE-ID

X

Y

Z

Length (m)

Azi-muth

Dip

From    (m)

To       (m)

Interval   (m)

Grade (g/tAu)

True Width (m)

DTRC502

173909

1433683

198

70

130

-60

45

52

7

1.11

4.6

DTRC504

173926

1433729

155

80

130

-60

47

50

3

1.48

1.9

and







62

70

8

4.77

5.1

DTRC505

173877

1433642

155

72

130

-60

34

39

5

1.92

3.1

and







53

60

7

0.60

4.4

DTRC506

173898

1433630

200

30

130

-60

1

5

4

2.95

2.5

includes







1

4

3

3.29

1.8

DTRC508

174264

1434389

190

60

130

-60

19

21

2

3.12

1.2

and







47

53

6

0.51

3.7

DTRC509

174304

1434427

190

42

130

-60

38

40

2

2.84

1.2

 

Table 2: Makosa Significant Results

(0.5g/tAu lower cut off; maximum 2m internal dilution, minimum 2m interval)

 

Figure 3: Makosa Drillhole Location Map

 

At Makosa, zones of gold mineralisation are developed either within a sheared gabbro intrusive or within a steep north-westerly dipping sequence of meta-sedimentary rocks that are in close proximity to the gabbro intrusive (Figure 5). Higher grade zones or shoots are suspected to occur along east-west oriented structures that cut across the main north-east trend of the mineralisation. This potential to upgrade the resource will be assessed by ongoing infill drilling along the Makosa mineralised trend.

 

Chart, timeline Description automatically generated

Figure 4: Makosa Map showing selected significant intersections

 

A picture containing diagram Description automatically generated

Figure 5: Makosa Cross Section

 

Ongoing Exploration

The Mansa and Maka Prospects are located between Makosa and Sambara (Figure 1). Results from the initial RC drilling at these prosects returned encouraging results including the following:

 

Mansa Prospect*

·      Drillhole DTRC363            4m at 3.11g/tAu from 55m

·      Drillhole DTRC347            5m at 1.75g/t Au from 48m

·      Drillhole DTRC347            2m at 10.65g/t Au from 56m

Maka Prospect*

·      Drillhole DMRC012           4m at 11.0g/t Au from 18m

These prospects have the potential to provide additional resources and will be fully tested in forthcoming drilling programs.

 

 

 

* Sedar Filing February 7, 2022: Commencement of Drilling on the Douta Gold Project, Senegal

 

 

 

 

 

 

 

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.

 

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. Mining and production commenced at Segilola in 2021. Thor holds a 70% economic interest in the Douta Gold Project located in south-eastern Senegal. Thor trades on the TSX Venture Exchange and AIM under the symbol "THX".

 

Deposit

Classification

Tonnage (xMt)

Grade (g/t Au)

Contained Metal    (koz Au)

Thor Interest

Attributable Ounces

Source

Segilola

Indicated*

4.06

4.66

608

100%

608

1

Segilola

Inferred*

0.443

4.78

68

100%

68

1

Makosa

Inferred

15.3

1.53

730

70%

511

2

*not depleted for mining

Source

1    Sedar Filing March 21 2019: Technical Report On The Segilola Gold Project Feasibility Study, Osun State, Nigeria

2    Sedar Filing Jan 4 2022: Independent Technical Report: Mineral Resource Estimate, Douta Gold Project, Senegal

 

THOR EXPLORATIONS LTD.
Segun Lawson
President & CEO

 

For further information please contact:

 

Thor Explorations Ltd

Ibu Lawson (Head of Investor Relations)

Email: ibu.lawson@thorexpl.com

 

Canaccord Genuity (Nominated Adviser & Broker)

Henry Fitzgerald-O'Connor / James Asensio / Thomas Diehl

 

Tel: +44 (0) 20 7523 8000

 

Hannam & Partners (Broker)

Andrew Chubb / Matt Hasson / Nilesh Patel / 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 / 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 form 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.https://www.globenewswire.com/newsroom/ti?nf=NzMzNzE2NSMyNDI1OTc2IzIwOTA1NzE=



Appendix 1: RC Drill Results September 2022

Prospect

HOLE-ID

X

Y

Z

Length (m)

Azi-muth

Dip

From    (m)

To       (m)

Interval   (m)

Grade (g/tAu)

True Width (m)

Sambara

DTRC407

187763

1451550

134

66

130

-50



nsr



Sambara

DTRC408

187734

1451577

133

66

130

-50



nsr



Sambara

DTRC409

187703

1451603

134

66

130

-50



nsr



Sambara

DTRC410

187672

1451628

136

66

130

-50



nsr



Sambara

DTRC411

187981

1451724

140

66

130

-50

2

3

1

0.80

3.1

Sambara

and







17

18

1

0.80

0.8

Sambara

DTRC412

187950

1451748

140

66

130

-50

21

22

1

0.80

0.9

Sambara

and







58

59

1

0.80

1.7

Sambara

and







64

66

2

1.60

1.5

Sambara

DTRC413

187919

1451773

138

66

130

-50

25

26

1

0.80

1.3

Sambara

DTRC414

187885

1451795

138

100

130

-50

71

72

1

0.80

1.4

Sambara

and







82

83

1

0.80

1.2

Sambara

and







94

95

1

0.80

0.7

Sambara

DTRC415

187854

1451819

141

66

130

-50



nsr



Sambara

DTRC416

187823

1451844

142

66

130

-50



nsr



Sambara

DTRC417

187792

1451870

143

78

130

-50



nsr



Sambara

DTRC418

187761

1451894

144

66

130

-50



nsr



Sambara

DTRC419

187730

1451918

146

66

130

-50



nsr



Sambara

DTRC420

187697

1451942

148

66

130

-50



nsr



Sambara

DTRC421

188401

1451404

144

34

130

-50



nsr



Sambara

DTRC422

188379

1451423

145

78

130

-50



nsr



Sambara

DTRC423

188089

1451888

153

66

130

-50



nsr



Sambara

DTRC424

188063

1451911

152

60

130

-50



nsr



Sambara

DTRC425

188029

1451931

147

72

130

-50

1

2

1

0.80

1.5

Sambara

and







19

20

1

0.80

0.5

Sambara

and







24

25

1

0.80

5.4

Sambara

DTRC426

187999

1451958

146

72

130

-50

29

30

1

0.80

0.6

Sambara

and







45

47

2

1.60

3.3

Sambara

incl







45

46

1

0.80

6.0

Sambara

and







56

57

1

0.80

1.6

Sambara

and

 

 

 

 

 

 

65

71

6

4.80

2.5

Sambara

incl

 

 

 

 

 

 

70

71

1

0.80

10.1

Sambara

DTRC427

187967

1451983

146

66

130

-50



nsr



Sambara

DTRC428

187935

1452008

146

66

130

-50

54

55

1

0.80

0.7

Sambara

DTRC429

187904

1452032

147

78

130

-50



nsr



Sambara

DTRC430

188196

1452051

149

66

130

-50



nsr



Sambara

DTRC431

188165

1452076

150

84

130

-50

1

4

3

2.40

1.4

Sambara

and







7

8

1

0.80

0.9

Sambara

and

 

 

 

 

 

 

12

18

6

4.80

3.6

Sambara

incl

 

 

 

 

 

 

15

16

1

0.80

9.0

Sambara

and

 

 

 

 

 

 

27

28

1

0.80

27.0

Sambara

DTRC432

188134

1452102

150

66

130

-50



nsr



Sambara

DTRC433

188104

1452127

150

72

130

-50

26

27

1

0.80

2.4

Sambara

DTRC434

188073

1452153

150

66

130

-50



nsr



Sambara

DTRC435

188042

1452178

150

66

130

-50

23

24

1

0.80

0.6

Sambara

DTRC436

188477

1452094

132

66

130

-50



nsr



Sambara

DTRC437

188445

1452118

132

66

130

-50



nsr



Sambara

DTRC438

188415

1452144

133

66

130

-50



nsr



Sambara

DTRC439

188382

1452166

134

66

130

-50



nsr



Sambara

DTRC440

188358

1452184

135

60

130

-50



nsr



Sambara

DTRC441

188333

1452198

138

50

130

-50



nsr



Sambara

DTRC442

188305

1452223

143

66

130

-50



nsr



Sambara

DTRC443

188461

1452361

145

78

130

-50

45

46

1

0.80

1.4

Sambara

DTRC444

188493

1452336

146

66

130

-50



nsr



Sambara

DTRC445

188429

1452385

144

78

130

-50

15

16

1

0.80

5.1

Sambara

DTRC446

188396

1452408

144

66

130

-50



nsr



Sambara

DTRC447

188366

1452435

145

66

130

-50



nsr



Sambara

DTRC448

188333

1452460

146

62

130

-50



nsr



Sambara

DTRC449

188302

1452483

147

66

130

-50



nsr



Sambara

DTRC450

188466

1451481

145

42

130

-50



nsr



Sambara

DTRC451

188417

1451390

144

24

130

-50



nsr



Sambara

DTRC452

188440

1451370

144

66

130

-50



nsr



Sambara

DTRC491

188174

1452068

160

42

130

-60

8

10

2

6.39

1.3

Sambara

DTRC492

188155

1452081

160

60

130

-60

23

26

3

1.64

1.9

Sambara

DTRC493

188146

1452093

160

96

130

-60

10

11

1

3.33

0.6

Sambara

DTRC493





130

-60

41

42

1

2.53

0.6

Sambara

DTRC493

 

 

 

 

130

-60

57

63

6

2.58

3.7

Sambara

includes

 

 

 

 

130

-60

59

63

4

3.32

2.3

Sambara

DTRC494

188270

1452126

138

70

130

-60



nsr



Sambara

DTRC495

188238

1454149

135

72

130

-60



nsr



Sambara

DTRC496

188230

1452156

145

70

130

-60

8

13

5

1.12

3.2

Sambara

DTRC497

188094

1452008

158

45

130

-60

15

20

5

1.74

3.1

Sambara

DTRC497

 

 

 

 

130

-60

26

28

2

5.85

1.2

Sambara

DTRC498

188080

1452020

163

90

130

-60

17

22

5

0.55

3.2

Sambara

DTRC498





130

-60

29

34

5

1.07

3.2

Sambara

DTRC498





130

-60

38

41

3

0.60

1.9

Sambara

DTRC498





130

-60

52

55

3

0.66

1.9

Sambara

DTRC498





130

-60

60

61

1

4.72

0.6

Sambara

DTRC499

187991

1451963

157

120

130

-60

94

96

2

0.79

1.3

Sambara

DTRC500

187948

1451867

154

70

130

-60



nsr



Sambara

DTRC501

187931

1451883

141

89

130

-60



nsr



Sambara

DTRC561

173918

1433737

155

110

130

-65



assays pending



Sambara

DTRC562

173908

1433698

155

95

130

-70



assays pending



Makosa

DTRC490

179486

1441097

178

66

130

-60

11

18

7

0.41

5.3

Makosa

DTRC502

173909

1433683

198

70

130

-60

45

52

7

1.11

4.6

Makosa

DTRC503

173944

1433716

197

45

130

-60



nsr



Makosa

DTRC504

173926

1433729

155

80

130

-60

47

50

3

1.48

1.9

Makosa

DTRC504

 

 

 

 

130

-60

62

70

8

4.77

5.1

Makosa

DTRC505

173877

1433642

155

72

130

-60

34

39

5

1.92

3.1

Makosa

DTRC505





130

-60

53

60

7

0.60

4.4

Makosa

DTRC506

173898

1433630

200

30

130

-60

1

5

4

2.95

2.5

Makosa

includes

 

 

 

 

130

-60

1

4

3

3.29

1.8

Makosa

DTRC507

174278

1434385

191

48

130

-60



nsr



Makosa

DTRC508

174264

1434389

190

60

130

-60

19

21

2

3.12

1.2

Makosa

DTRC508





130

-60

47

53

6

0.51

3.7

Makosa

DTRC509

174304

1434427

190

42

130

-60

38

40

2

2.84

1.2

 

("NSR") refers to No Significant Result intersected.

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END
 
 
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