TIDMTHX
RNS Number : 0665R
Thor Explorations Ltd
27 February 2023
NEWS RELEASE
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES
FOR IMMEDIATE RELEASE TSXV/AIM: THX
February 27, 2023
Vancouver, British Columbia
SEGILOLA EXPLORATION UPDATE
High grade intersects including 10 ounces of gold per ton at
near-mine exploration area 15km west of Segilola
Thor Explorations Ltd. (TSXV / AIM: THX) ("Thor" or the
"Company") is pleased to announce the initial drilling results from
a reconnaissance drilling program that is currently underway at the
Company's Western Prospects that are located approximately 15km to
the west of the Company's wholly owned Segilola Gold Mine in
Nigeria.
Thor, is a West African focussed minerals exploration,
development and mining company. In Nigeria, the Company recently
brought the Segilola Gold Mine into operation, producing 98,008
ounces of gold in 2022, its first calendar year of operation and is
actively progressing gold exploration and assessing other
high-value mineral resource opportunities in the country. The
Company is also advancing the Douta Gold Project in Senegal which
currently comprises an Inferred Resource of 730,000 ounces of gold,
grading at 1.53 grammes / ton (g/t).
Highlights include:
-- Drillhole SGD238 2m at 227g/tAu from 80m
includes 1m at 310g/tAu (equivalent to 10 ounces Au/t)
-- Drillhole SGD235 3.1m at 14.32g/tAu from 28m
-- Drillhole SGD236 2m at 6.24g/tAu from 46.5m
Initial conclusions
-- High grade gold anomalism has been defined by exploratory
geochemical programs comprising soil/auger and rock chip sampling.
The first holes of the initial drilling program on the primary
geochemical target have returned high grade gold intersections from
a sub-vertical narrow quartz vein system.
-- Parts of this vein system contain grades of 1m at 310g/tAu
which equates to 10 ounces of gold per ton.
-- There are several additional targets in the area that require drill testing.
-- There is potential for additional high-grade deposits in this area.
-- With further exploration success, this area may provide an
important satellite source of high-grade material for the Segilola
Gold Mine
Segun Lawson, President & CEO, stated
"I am thrilled to announce these drilling results that include
an intersection grading 227g/tAu over a length of 2m. Within this
intersection is a 1m length that carries ten ounces per ton. As you
would expect, visible gold is prevalent throughout the core from
this and the other significant intervals. These results are the
culmination of systematic and persistent exploration work leading
to the discovery of this high-grade mineralisation. Importantly, it
demonstrates the significant exploration potential outside of the
immediate Segilola mine precinct. Our strategy is to develop the
Western Prospects together with other such opportunities located
within a 25km radius of Segilola, to provide a pipeline of
high-grade material that will extend the current 4 years of
production at Segilola."
Background
The Western JV Prospects (the "Western Prospects") are located
about 15km directly west from the Segilola Gold Mine and cover
mostly amphibolitic rocks that contrast with the more gneissic
terrain that is developed at Segilola itself. The Western Prospects
comprise several exploration permits that are held under exercised
option agreements. The area is easily accessed through a series of
sealed roads and gravel tracks.
To date, exploration has comprised grid-based soil geochemical
sampling using a hand-held auger drill and rock chip sampling of
exposures located mostly inside shallow, abandoned, artisanal
diggings. In the central parts of the Western Prospects, the
sampling has defined an area measuring approximately 3km along
strike and 1km wide that is oriented in a north-westerly direction
(Figure 1).
Figure 1: Western Prospects location map
Initial results from the soil geochemistry program returned
values of 6.50 g/tAu and 10g/tAu towards the south east portion of
this area. Close-spaced soil sampling is continuing. These values
are typically located towards the base of a 1-2m thickness
transported laterite profile. Rock chip sampling returned some
high-grade values including 65.1g/tAu in the central part of the
area and several sampling in excess of 30g/tAu located towards the
north west (Figure1). Based on these results an initial drill
testing program comprising both diamond core and reverse
circulation ("RC") drilling was initiated in January 2023.
The significant intersections from the Western Prospects are
listed in Table 1.
HOLE Easting Northing Length Azimuth Dip From To Downhole Average True
ID (m) (m) (m) Interval Grade Width
(m) (Aug/t) (m)
SGD235 683308 838018 50 230.0 -60 27.9 31.00 3.1 14.32 1.2
--------- --------- ------- -------- ---- ----- ------ ---------- --------- -------
SGD236 683310 838020 90 222.0 -65 10.0 13.00 3.0 1.25 0.9
--------- --------- ------- -------- ---- ----- ------ ---------- --------- -------
SGD236 15.5 17.00 1.5 0.99 0.5
--------- --------- ------- -------- ---- ----- ------ ---------- --------- -------
SGD236 46.5 48.50 2.0 6.24 0.6
--------- --------- ------- -------- ---- ----- ------ ---------- --------- -------
SGD236 50.2 54.40 4.2 0.52 1.3
--------- --------- ------- -------- ---- ----- ------ ---------- --------- -------
SGD236 55.4 56.40 1.0 0.30 0.3
--------- --------- ------- -------- ---- ----- ------ ---------- --------- -------
SGD237 623325 838042 140 221.0 -60 81.2 82.65 1.5 0.38 0.5
--------- --------- ------- -------- ---- ----- ------ ---------- --------- -------
SGD238 683265 837997 80 90.0 -60 80.0 82.00 2.0 226.88 1.0
--------- --------- ------- -------- ---- ----- ------ ---------- --------- -------
includes 81.0 82.00 1.0 310.00 0.5
--------- --------- ------- -------- ---- ----- ------ ---------- --------- -------
SGD239 683236 837999 140 90.0 -60 assays pending
--------- --------- ------- -------- ---- ----- --------------------------------------
SGRC146 683352 837981 50 230.0 -60 assays pending
--------- --------- ------- -------- ---- ----- --------------------------------------
SGRC147 683374 388009 100 230.0 -60 assays pending
--------- --------- ------- -------- ---- ----- --------------------------------------
SGRC148 683255 838042 100 90.0 -60 assays pending
--------- --------- ------- -------- ---- ----- --------------------------------------
Table 1: Segilola Exploration Significant Results
(0.3g/tAu lower cut off; maximum 0.5m internal dilution)
The mineralised zones are confirmed prior to analysis by counts
of visible gold in the core. Quarter core drill samples were
analysed at the accredited Segilola Mine Laboratory using the 50g
charge fire assay with atomic absorption (AA) finish. Repeat assays
showed little variation from the original assays (Appendix 1).
Coarse rejects from the mine laboratory are also panned for further
confirmation. Corresponding half core samples have been sent to MSA
Laboratories for Metallic Screen Fire Assay and multi-element ICP
analysis.
Drilling Results
The results from four drillholes have been received (Table 1).
These holes targeted the depth extensions of a mineralised quartz
vein that had been exposed at surface and produced rock chip
results of over 30g/tAu. Mineralisation is developed within a
narrow, sub-vertical quartz vein that occupies a highly deformed
zone that is characterised by weakly disseminated pyrite and
intense silica-carbonate-sericite alteration.
Consistent high-grade intersections have been obtained to a
vertical distance of 75m from surface (Figure 2). In hole SGD236, a
parallel mineralised zone has been intersected about 10m to the
east of the main vein. This suggests that additional mineral
potential in the footwall and hangingwall rocks to the main vein.
Ongoing drilling will test both the strike length and depth
potential of this system.
Figure 2: Cross-section showing high grade intersections
Western Prospects - Joint Venture Arrangement
The Western Prospects are held under a joint venture agreement
("Thor-Esteedan JV") between Thor's wholly owned subsidiary
Segilola Gold Limited ("SGL") and a local mineral exploration
company, Esteedan Limited ("Esteedan") which was entered into in
August 2021.
Thor currently has a 51% interest in the Thor-Esteedan JV. Under
the terms of the Thor-Esteedan JV, Thor will increase its interest
to 70% following a Decision to Mine Notice being by written by SGL
to Esteedan at any time (the "Decision to Mine").
After the Decision to Mine notice has been issued, both parties
of the Thor-Esteedan JV enter into a contribute or dilute period
where Esteedan can choose voluntarily not to contribute to any
Additional Equity requirement and its shareholding shall dilute
pro-rata to its equity contribution requirement above the
Additional Equity, subject to Esteedan always retaining a minimum
15% shareholding in the Joint Venture.
Once mining operations commence, all profits will be shared on
an open book basis until SGL recovers the equivalent of 1.1x its
exploration and development expenditure on the Project at a ratio
of:
- SGL: 1-A
- Esteedan: A
Where A = Esteedan' shareholding multiply by 0.4.
Thereafter, all profits will be shared on an open book basis in
proportion to the parties' shareholding.
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 AIM and on the TSX
Venture Exchange under the symbol "THX".
Deposit Classification Tonnage Grade Contained Thor Attributable Source
(xMt) (g/t Metal Interest Ounces
Au) (koz Au)
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
Email: info@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 / Said Izagaren
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.
Appendix 1
QAQC on SGD238 high grade interval
Sample PWE-100 FAS-121 FAS-121 Hole From To
ID ID (m) (m)
Rec. Wt. Au AuR
--------- -------- -------- ------- ----- -----
Kg ppm ppm
--------- -------- -------- ------- ----- -----
0.01 0.005 0.005
--------- -------- -------- ------- ----- -----
SX107895 1.17 143.92 152.86 SGD238 80 81
--------- -------- -------- ------- ----- -----
SX107896 1.16 309.84 297.44 SGD238 81 82
--------- -------- -------- ------- ----- -----
SX107897 1.08 0.30 0.30 SGD238 82 83
--------- -------- -------- ------- ----- -----
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