Vancouver, British Columbia--(Newsfile Corp. - August 31, 2023) - Thor Explorations Ltd. (TSXV: THX) (AIM: THX) ("Thor" or the "Company") is pleased to announce drill-intersections of significant gold mineralisation from the Makosa gold deposit ("Makosa") and the Sambara prospect at its Douta Gold Project, Senegal (the "Douta Project").

The Douta Gold Project encompasses the Makosa gold deposit which currently comprises a total resource of approximately 1.78 million ounces ("Moz") of gold ("Au") that consists of an indicated resource of 20.2 million tonnes ("Mt") grading 1.3 grammes per tonne ("g/t") Au for 874,900 ounces ("oz") Au together with an inferred resource of 24.1 Mt grading 1.2g/t Au for 909,400 oz Au.

An infill drilling reverse circulation ("RC") drilling program has targeted the Inferred Resources material within the optimised pit shells with the objective of converting this material to the Indicated Resource classification. In addition, a diamond drilling ("DD") program has been completed within the Makosa and Makosa Tail areas in order obtain samples for detailed metallurgical test work. Further exploration drilling was also completed at the Sambara prospect.

The Company is also pleased to announce the discovery of a new prospect, Makosa East, following the drilling of mineralized intersections.

The assay results from the drilling completed to date include the following highlights:

  • Makosa Tail: Drillhole DTRC807      3 meters ("m") at 23.35/tAu from 78m
  • Makosa Tail: Drillhole DTDD0021    8m at 8.08/tAu from 36m
  • Makosa Tail: Drillhole DTRC848      13m at 4.59/tAu from 96m
  • Makosa Tail: Drillhole DTRC865      9m at 4.33/tAu from 93m
  • Makosa Tail: Drillhole DTRC842      18m at 1.82/tAu from 25m
  • Makosa: Drillhole DTDD0029           16m at 2.03g/tAu from 0m
  • Makosa Tail: Drillhole DTRC844      10m at 3.00/tAu from 45m
  • Makosa Tail: Drillhole DTRC812       6m at 4.94/tAu from 50m

Segun Lawson, President & CEO, stated;

"We are pleased to announce further encouraging drilling results from Thor's Douta Project in Senegal. The main purpose of the drilling has been to advance the project towards development by upgrading more of the resource to indicated classification and also to commence detailed metallurgical test work that is focussed on achieving the most suitable and efficient ore treatment and extraction process.

"Once all the drilling results are in, we look forward to updating our Mineral Resource Estimate to form the basis of a preliminary feasibility study.

"We are also pleased to add the new Makosa East prospect to our development plan. In the coming year we plan to maintain focus on project development in Senegal to meet our objective of bringing the Company's second gold mine into production."

Introduction
The Douta Gold Project is located within the Kéniéba inlier, in eastern Senegal and comprises the northeast trending gold exploration permit, E02038 that covers an area of 58 square kilometres ("km2"). Thor, through its wholly owned subsidiary African Star Resources Incorporated ("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.

Drilling Strategy
Drilling has been focussed in the following areas:

  • Resource Upgrade:               Makosa and Makosa Tail, Makosa East
  • Metallurgical Sampling:     Makosa and Makosa Tail
  • Exploration:                             Sambara area

Resource Upgrade
In April 2023 Thor commenced a program of infill RC drilling with the objective of upgrading the inferred portions of the resource that fall within the optimised pit shell, to indicated classification.

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. 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.

The significant intersections from this program are listed in Tables 1 and 2. Drill samples were analysed by ALS Laboratories in Mali using the AA26 fire assay method (50-gram charge).

ProspectHole IDEasting NorthingDepthDipFrom
(m)
To
(m)
Interval
(m)
Grade (g/tAu)True
Width
(m)
Makosa TailDTDD0017174590143480545.2-50324192.382.4
MakosaDTDD0021175377143607190.2-50364488.087.2
MakosaDTDD0021175377143607190.2-50556164.0311.7
MakosaDTDD0023175219143590270.4-50586683.147.2
MakosaDTDD0024175477143615195.4-50647173.7714.4
MakosaDTDD0029175949143666520-50016162.0314.4
Makosa EastDTRC779175885143618154-60394892.468.0
Makosa TailDTRC805173959143374350-603646102.254.8
Makosa TailDTRC806173939143375874-605254213.901.6
Makosa TailDTRC8071739201433773100-607881325.355.6
Makosa TailDTRC812174161143378790-60505664.9413.5
Makosa TailDTRC842174556143476269-602543181.826.3
Makosa TailDTRC844174476143480669-604555103.007.2
Makosa TailDTRC8481745831434868114-6096109134.595.4
Makosa TailDTRC8541745451435016107-606176151.799.0
MakosaDTRC864176149143701190-60495673.908.1
MakosaDTRC865176203143703772-609310294.338.1

 

Table 1: Douta Project Significant Results (>20 gram-metres: grade*true width)
(0.5g/tAu lower cut off; minimum width 2m with 2m max internal waste)

The drill results demonstrate the continuity of gold mineralisation both along strike and down dip. Several higher-grade intersections were obtained including 2m grading 13.90g/tAu g/tAu in drillhole DTRC806, 3m grading 25.35g/tAu in DTRC807 and 6m grading 4.94g/tAu in DTRC812 (Figure 2).

In addition to upgrading the resource classification, intersections such as these could potentially have a positive effect in locally elevating the average resource grade. The positive impact of the drilling results is illustrated in Figure 3 which shows a cross section of a line of new holes including 13m grading 4.59g/tAu in DTRC848.

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Figure 1: Douta Project Location Map

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Metallurgical Sampling
A total of 22 diamond holes were completed to obtain representative samples, from both Makosa and Makosa Tail to undergo detailed metallurgical test work. Several of these holes twinned existing historic RC holes and returned results that are consistent with the earlier grades and thicknesses. Independent Metallurgical Operations ("IMO") are undertaking the test work program in Perth, Western Australia.

Exploration
At the Sambara prospect several RC holes were drilled to test both the extremities of the Sambara deposit and a soil geochemical anomaly that was located in the north-western part of the exploration licence. Best results include 5m grading 1.35g/tAu in drillhole DTRC726 and 4m grading 1.43g/tAu in DTRC729 (Table 2). Further testing along the prospective strike length is planned for the remainder of 2023.

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Figure 2: Drillhole location map showing Significant Results (>20gram-metres)

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Figure 3: Makosa Tail Cross-section Showing Grade Continuity on In-fill Drill-section

To view an enhanced version of this graphic, please visit:
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ProspectHole IDEasting NorthingDepthDipFrom
(m)
To
(m)
Interval
(m)
Grade
(g/tAu)
True
Width
(m)
Makosa TailDTDD0014174301143416190.3-50424530.752.40
DTDD0014646621.481.60
Makosa TailDTDD0015174424143449870-505363101.609.00
Makosa TailDTDD0016174618143482425-50218161.2014.40
Makosa TailDTDD0017174590143480545.2-50324192.388.10
Makosa TailDTDD0018174566143507770-505770130.7811.70
MakosaDTDD0019175184143580950-503145141.2612.60
MakosaDTDD0020175238143588625.1-50132070.926.30
DTDD0020273580.917.20
MakosaDTDD0021175377143607190.2-50364488.087.20
DTDD0021465262.384.80
DTDD0021556164.035.40
DTDD0021636741.713.20
DTDD0021758271.046.30
MakosaDTDD00221755131436241110.1-509310290.688.10
MakosaDTDD0023175219143590270.4-50586683.147.20
MakosaDTDD0024175477143615195.4-50647173.776.30
MakosaDTDD0025175509143619040.1-50242841.623.60
MakosaDTDD00261757841436545110.3-50676920.651.80
DTDD0026758051.314.00
DTDD00268797101.559.00
DTDD002610510832.482.70
MakosaDTDD0027175712143641470.2-50182020.861.60
DTDD0027252832.042.40
DTDD0027313320.541.60
DTDD0027384241.353.20
DTDD0027505552.584.00
MakosaDTDD0028175872143659740.2-501871.086.30
DTDD0028131630.862.40
MakosaDTDD0029175949143666520-50016162.0314.40
MakosaDTDD0030176239143713490.2-50676920.661.80
DTDD00307484101.668.00
MakosaDTDD0031176265143710860.2-502239171.1415.30
MakosaDTDD00321753201436030160.2-75313761.714.80
DTDD003214815131.202.40
Makosa TailDTDD00331745241434844150.5-60404661.314.80
DTDD0033545840.643.20
SambaraDTRC726188047145197972-60424751.354.00
DTRC726676920.611.80
SambaraDTRC729188109145205491-60162041.433.20
SambaraDTRC733188165145213582-60636520.581.60
DTRC733717320.991.60
Sambara NWDTRC742190203145795766-5081020.711.80
Sambara NWDTRC744190140145800566-50373921.021.60
Sambara NWDTRC757189660145736472-50464820.701.80
Sambara NWDTRC762189571145718466-50485131.162.40
Makosa EastDTRC7731756381435898108354051.024.00
DTRC773424423.091.60
DTRC773798561.685.40
Makosa EastDTRC7741756201435913130-60293341.783.20
DTRC774636520.781.60
DTRC774110120101.238.00
Makosa EastDTRC775175653143588678172032.862.40
DTRC775232521.391.60
DTRC775303771.036.30
DTRC775535740.543.20
Makosa EastDTRC776175805143603378-6041391.387.20
Makosa EastDTRC777175791143604485-60242950.654.00
DTRC777363931.512.40
DTRC777687021.281.60
DTRC778175903143616685-601121100.888.00
DTRC778222860.664.80
Makosa EastDTRC778303221.061.60
Makosa EastDTRC779175885143618154-60333521.081.60
DTRC779394892.468.10
Makosa EastDTRC780175776143605687-60556051.104.00
Makosa EastDTRC781175961143624887-60232740.753.20
Makosa EastDTRC782175942143626358-60485130.822.40
Makosa EastDTRC784175992143633188-60233070.775.60
Makosa EastDTRC785175975143634770-60505770.845.60
Makosa EastDTRC786175956143636490-606681150.9612.00
Makosa EastDTRC7871759381436380114-60889352.064.00
DTRC78710110650.534.00
DTRC7881760561436411114-602970.805.60
Makosa EastDTRC788101440.613.20
Makosa EastDTRC789176036143642766-60303550.974.00
Makosa EastDTRC790176017143644284-60525531.492.40
Makosa EastDTRC791175986143640693-60505224.261.60
DTRC791768151.164.00
Makosa TailDTRC792173864143356636-60101220.881.60
DTRC792151721.241.60
Makosa TailDTRC794173840143358366-60454830.532.40
Makosa TailDTRC796173871143362254-602538131.3811.70
Makosa TailDTRC797173909143365264-6081461.054.80
Makosa TailDTRC798173899143366390-60303771.125.60
Makosa TailDTRC799173885143367598-605363101.348.00
Makosa TailDTRC8001738671433690145-60959831.012.40
DTRC80010210860.634.80
DTRC80010911450.654.00
Makosa TailDTRC8011738761433704108-6093105121.209.60
Makosa TailDTRC802173947143368948-6061150.514.00
DTRC802232520.951.60
DTRC802313760.724.80
Makosa TailDTRC803173925143370581-60384351.004.00
DTRC803535741.553.20
Makosa TailDTRC804173976143372530-604951.104.00
DTRC804212321.191.60
Makosa TailDTRC805173959143374350-60222423.461.60
DTRC8053646102.259.00
Makosa TailDTRC806173939143375874-605254213.901.60
DTRC806626530.872.40
Makosa TailDTRC8071739201433773100-607881325.352.40
Makosa TailDTRC808174004143377036-60151830.532.40
Makosa TailDTRC809173990143378242-60272920.571.60
DTRC809323530.862.40
Makosa TailDTRC812174161143378790-60505664.944.80
DTRC8212421.121.60
Makosa TailDTRC8231742661434155102-60606330.652.40
Makosa TailDTRC826174193143400890-60637290.877.20
Makosa TailDTRC827174377143425442-6081132.222.40
Makosa TailDTRC8281742241434377108-609610260.964.80
Makosa TailDTRC8291742001434397156-6013413621.051.60
DTRC82914515270.805.60
Makosa TailDTRC830174361143432666-60495120.831.60
Makosa TailDTRC8311742341434413132-6010310850.944.00
DTRC83111011770.655.60
DTRC83111912561.084.80
Makosa TailDTRC834174462143457190-60343731.232.40
DTRC834535521.121.60
Makosa TailDTRC8351744331434585126-60889021.951.60
Makosa TailDTRC836174377143461643-60121970.955.60
DTRC836353941.493.60
Makosa TailDTRC837174348143462984-60394121.281.60
DTRC8375062121.479.60
DTRC837636520.601.80
DTRC837707220.981.60
DTRC837768041.333.20
Makosa TailDTRC838174367143470560-60202220.561.60
DTRC838353725.181.60
Makosa TailDTRC8401743611434746121-60444950.754.00
DTRC8405263110.839.90
Makosa TailDTRC8411743761434768150-60747621.061.60
DTRC84112312630.762.40
Makosa TailDTRC842174556143476269-602543181.8214.40
Makosa TailDTRC844174476143480669-604555103.008.00
DTRC844596341.273.20
Makosa TailDTRC8461744341434825138-6012312741.753.20
DTRC84613213421.061.60
Makosa TailDTRC847174610143485485-60667371.735.60
Makosa TailDTRC8481745831434868114-60141730.782.40
DTRC84896109134.5911.70
DTRC84811011330.932.40
Makosa TailDTRC8501745481434889154-6091782.486.40
DTRC850192452.584.00
DTRC85013714360.904.80
Makosa TailDTRC8511745001434909105-60546282.206.40
DTRC851646951.194.50
Makosa TailDTRC8521744711434947120-60222420.581.60
DTRC85210411062.834.80
Makosa TailDTRC853174571143500390-60192120.841.60
DTRC8533142111.649.90
DTRC8546176151.7913.50
Makosa TailDTRC8541745451435016107-609510051.174.00
Makosa TailDTRC8551745181435031144-60879141.453.20
DTRC85510310961.555.40
DTRC85513113432.582.40
Makosa TailDTRC856174586143499772-60101330.892.40
MakosaDTRC8571752621436063171-6014915231.222.40
MakosaDTRC8581760811436958102-60909221.631.60
MakosaDTRC859176126143692040-602420.841.60
DTRC859223080.766.40
MakosaDTRC860176112143693160-60263150.614.00
MakosaDTRC861176098143694480-60687020.871.60
DTRC861747620.681.80
MakosaDTRC862176061143692591-60576030.832.40
DTRC862777920.591.80
MakosaDTRC863176168143699578-60253051.034.00
DTRC863414430.632.40
DTRC863464820.771.60
MakosaDTRC864176149143701190-60495673.905.60
DTRC864576142.303.60
DTRC864697561.314.80
MakosaDTRC865176203143703772-609310294.337.20

 

Table 2: Douta Significant Results
(0.5g/tAu lower cut off; minimum width 2m with 2m max internal waste)

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% interest in the Douta Gold Project located in south-eastern Senegal. Thor trades on the TSX Venture Exchange under the symbol "THX".

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

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

Thor Explorations Ltd
Ibu Lawson (Investor Relations)
Tel: +44 7909 825 446
Email: ibu.lawson@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 (0)7747 788 221/+44 (0)7983 521 488

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.

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

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