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Thor Announces Positive Results From Makosa North Prospect, Senegal

02.02.2021  |  GlobeNewswire

VANCOUVER, Feb. 02, 2021 - Thor Explorations Ltd. (TSX VENTURE: THX) ("Thor" or the "Company") is pleased to announce an encouraging first set of drill results from the northern extensions of its Makosa Discovery at its Douta Project, Senegal. The drilling program was designed to test the mineralisation along strike and down dip from the mineralisation delineated from previous drill programs on Makosa. The results received to date confirm the continuation of the Makosa mineralised system along strike to the north.

Highlights include:

  • Makosa North mineralisation confirmed over 1,000m of strike length in a number of parallel lodes
  • Drillhole DTRC129
    o 5m at 3.4g/tAu from 37m
    o 12m at 1.3g/tAu from 46m
  • Mineralisation remains open ended to the north

Introduction

The Douta Gold Project is a gold exploration permit that covers an area of 103 km2 and is located within the K?ni?ba inlier, eastern Senegal. The permit is an elongate polygon with dimensions of approximately 32km by 3.3km, trending northeast with an area of 103 km2. Thor, through its wholly owned subsidiary African Star Resources Incorporated ("African Star"), has acquired, 70% of the licence from the permit holder International Mining Company SARL ("IMC"). IMC has a 30% free carry until the announcement by Thor of a Probable reserve after which it will have to contribute or sell its stake to African Star.

The Douta licence is strategically positioned between the world class deposits of Massawa and Sabadola to the west and the Makabingui deposit to the east (Figure 1). Within the licence five separate gold prospects have been identified using surface geochemical sampling. These comprise the more advanced Makosa prospect, where first-pass RC and diamond drilling has defined mineralisation over a near 3km strike length, and the earlier exploration stage Maka, Mansa, Samba and Makosa Tail prospects.

In late 2020, a 10,000m Reverse Circulation ("RC") drilling program was completed across three prospects; Makosa North, Makosa Tail and Maka.

A total of 50 RC drillholes were completed over the Makosa North prospects to test for strike extensions of the Makosa mineralised system.

Drilling Results

The first set of results are from the exploratory "RC" drilling program at Makosa North comprised 50 holes totalling 3,066 metres. This initial program sought to explore the northern projections of the known Makosa mineralisation with the initial focus being on the zone from surface to a vertical depth of about 60m. The drilling in "Makosa North" has confirmed the consistent continuity of mineralisation of the ore body along strike for an additional 1km. Significant intersections are listed in Table 1. Drill samples were analysed by ALS laboratories in Mali using the AA26 fire assay method (50g charge).

Figure 1: Douta Gold Project location map - https://www.globenewswire.com/NewsRoom/AttachmentNg/83751e35-e8aa-4a25-891c-3b8172be2df5

HOLE-ID Easting Northing Elevation Length (m) From (m) To (m) Interval (m) Grade (g/tAu) True Width (m)
DTRC083 176822 1437876 192.03 72 57 61 4 1.4 3
DTRC086 176899 1437820 201.369 90 54 57 3 1.8 2.3
DTRC086 176899 1437820 201.369 90 80 86 6 1.1 4.5
DTRC097 177122 1437894 199.68 50 26 33 7 0.7 5.3
DTRC097 177122 1437894 199.68 50 47 50 3 1.8 2.3
DTRC102 177082 1438187 195.306 45 33 37 4 2.5 3
DTRC103 177059 1438207 196.315 50 39 45 6 1.1 4.5
DTRC109 177118 1438292 195.695 50 37 46 9 1.1 6.8
DTRC111 177140 1438272 195.148 50 4 12 8 1 6
DTRC111 177140 1438272 195.148 50 38 43 5 1.7 3.8
DTRC116 177368 1438224 189.569 50 37 42 5 1.7 3.8
DTRC118 177344 1438501 189.235 54 14 20 6 1.4 4.5
DTRC129 177484 1438646 187.21 58 32 37 5 3.4 3.8
DTRC129 177484 1438646 187.21 58 46 58 12 1.3 9
DTRC129 177484 1438646 187.21 58 51 53 2 3.6 1.5

Table 1: Makosa North Significant results
(0.5g/tAu lower cut off; maximum 2m internal dilution)

Figure 2: Makosa North drillhole location map - https://www.globenewswire.com/NewsRoom/AttachmentNg/1aa3a0a7-551d-48ea-a24f-e60d510c5fed

Figure 3: 3D View of Makosa North - https://www.globenewswire.com/NewsRoom/AttachmentNg/62892fac-65d6-4df5-b97d-1fa0fe8f8f1b

Implications

The results indicated multiple parallel lodes over a strike length of 1,000m. Of the 46 drillholes only 5 returned no mineralisation. The full table of results is attached in Appendix 1.

These results demonstrate continuous mineralisation over nearly 4,000m of strike length. The best results, including 5m grading 3.37g/tAu from 32m, were returned from drillhole DTRC129 which is located on the northern-most section completed in this program. There is obvious potential to extend the mineralised strike length further to the north. Ongoing exploration is planned to explore the Makosa North mineralisation both to the north and at depth.

Segun Lawson, President & CEO, stated: "These drill results extend the mineralised strike length of Makosa by over a kilometre. Furthermore, the mineralisation remains open to the north and at depth. We will be extending the drill program to follow the mineralisation along strike as Makosa remains a priority for us. And continues to demonstrate its exploration potential. We are looking forward to receiving the remainder of the results from the other prospects in the coming weeks, which we intend to feed into a maiden resource statement."

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 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 which is presently in construction with first production anticipated during mid-2021. Additionally, Thor has a 70% interest, and a 70% interest in the Douta Gold Project located in south-eastern Senegal. Thor also holds a 49% interest in the Bongui and Legue gold permits located in Hound? greenstone belt, south west Burkina Faso. Thor trades on the TSX Venture Exchange under the symbol "THX".

Thor Explorations Ltd.
Segun Lawson
President & CEO

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 from 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: Makosa North RC Drill Results

HOLE-ID Easting Northing Elevation Length (m) From (m) To (m) Interval (m) Grade (g/tAu) True Width (m)
DTRC083 176822 1437876 192 72 54.0 55.0 1.0 0.7 0.8
and 57.0 61.0 4.0 1.4 3.0
DTRC084 176822 1437876 192 72 52.0 54.0 2.0 0.6 1.5
and 56.0 58.0 2.0 1.2 1.5
and 89.0 90.0 1.1 0.0
DTRC085 176920 1437800 201 60 17.0 20.0 3.0 1.4 2.3
and 22.0 24.0 2.0 1.0 1.5
and 26.0 27.0 1.0 1.4 0.8
DTRC086 176899 1437820 201 90 54.0 57.0 3.0 1.8 2.3
and 80.0 86.0 6.0 1.1 4.5
DTRC087 177008 1437734 201 66 27.0 28.0 1.0 3.1 0.8
and 39.0 40.0 1.0 1.0 0.8
and 42.0 44.0 2.0 1.9 1.5
and 50.0 53.0 3.0 0.7 2.3
DTRC088 176985 1437747 201 96 62.0 65.0 3.0 0.7 2.3
DTRC089 176899 1437947 196 60 4.0 6.0 2.0 1.2 1.5
and 9.0 10.0 1.0 1.0 0.8
and 27.0 30.0 3.0 0.7 2.3
DTRC090 176865 1437968 193 80 43.0 45.0 2.0 2.0 1.5
includes 43.0 44.0 1.0 3.5 0.8
and 78.0 79.0 1.0 0.8 0.8
DTRC091 176918 1437931 197 51 1.0 2.0 1.0 0.6 0.8
DTRC092 176950 1438030 197 50 38.0 39.0 1.0 0.6 0.8
DTRC093 176977 1438012 198 50 32.0 33.0 1.0 1.6 0.8
DTRC094 176924 1438053 196 80 26.0 28.0 2.0 0.9 1.5
and 46.0 48.0 2.0 0.7 1.5
and 57.0 58.0 1.0 0.5 0.8
and 77.0 79.0 2.0 0.8 1.5
DTRC095 177052 1437953 197 50 NSR 0.0
DTRC096 177029 1437973 196 50 28.0 29.0 1.0 0.5 0.8
and 45.0 46.0 1.0 0.5 0.8
and 47.0 48.0 1.0 0.6 0.8
DTRC097 177122 1437894 200 50 21.0 23.0 2.0 1.0 1.5
and 26.0 33.0 7.0 0.7 5.3
and 47.0 50.0 3.0 1.8 2.3
DTRC098 177099 1437917 199 66 40.0 41.0 0.7 0.0
DTRC099 177007 1438120 197 50 11.0 12.0 1.0 0.5 0.8
and 14.0 18.0 4.0 0.6 3.0
and 40.0 41.0 1.0 0.6 0.8
DTRC100 176979 1438142 197 96 70.0 71.0 1.0 0.6 0.8
and 78.0 79.0 1.0 1.0 0.8
and 80.0 81.0 1.0 0.7 0.8
DTRC101 177034 1438098 196 45 5.0 6.0 1.0 0.7 0.8
and 22.0 25.0 3.0 1.0 2.3
and 27.0 28.0 1.0 1.0 0.8
and 30.0 31.0 1.0 2.1 0.8
and 32.0 33.0 1.0 0.8 0.8
and 41.0 42.0 1.0 0.6 0.8
DTRC102 177082 1438187 195 45 9.0 10.0 1.0 0.6 0.8
and 29.0 32.0 3.0 1.6 2.3
includes 29.0 30.0 1.0 2.6 0.8
and 33.0 37.0 4.0 2.5 3.0
includes 34.0 35.0 1.0 6.7 0.8
DTRC103 177059 1438207 196 50 21.0 22.0 1.0 1.6 0.8
and 22.0 23.0 1.0 0.6 0.8
and 24.0 25.0 1.0 0.5 0.8
and 26.0 27.0 1.0 0.7 0.8
and 39.0 45.0 6.0 1.1 4.5
and 49.0 50.0 1.0 1.2 0.8
DTRC104 177034 1438227 197 78 42.0 43.0 1.0 0.9 0.8
DTRC105 177182 1438113 195 50 69.0 70.0 1.0 0.7 0.8
and 70.0 71.0 1.0 1.5 0.8
and 12.0 14.0 1.0 0.7 0.8
DTRC106 177159 1438130 193 39 37.0 39.0 1.0 0.6 0.8
DTRC107 177249 1438067 197 54 0.0 1.0 1.0 0.8 0.8
and 2.0 3.0 1.0 0.6 0.8
and 6.0 7.0 1.0 1.0 0.8
and 40.0 41.0 1.0 1.0 0.8
and 42.0 45.0 3.0 0.8 2.3
DTRC108 177220 1438086 196 87 NSR
DTRC109 177118 1438292 196 50 8.0 10.0 2.0 0.8 1.5
and 37.0 46.0 9.0 1.1 6.8
and 47.0 49.0 2.0 0.6 1.5
DTRC110 177096 1438313 196 90 59.0 60.0 1.0 0.7 0.8
and 82.0 83.0 1.0 1.1 0.8
DTRC111 177140 1438272 195 50 2.0 3.0 1.0 0.5 0.8
and 4.0 12.0 8.0 1.0 6.0
and 38.0 43.0 5.0 1.7 3.8
DTRC112 177196 1438356 194 50 6.0 9.0 3.0 0.8 2.3
includes 7.0 8.0 1.0 1.0 0.8
and 10.0 11.0 1.0 0.5 0.8
and 12.0 13.0 1.0 0.5 0.8
and 23.0 24.0 1.0 2.0 0.8
DTRC113 177174 1438374 194 78 42.0 44.0 2.0 0.6 1.5
and 45.0 48.0 3.0 0.9 2.3
includes 46.0 47.0 1.0 1.3 0.8
and 50.0 51.0 1.0 0.8 0.8
and 57.0 60.0 3.0 0.8 2.3
and 60.0 61.0 1.0 0.8 0.8
DTRC114 177313 1438266 189 32 NSR
DTRC115 177289 1438285 188 54 19.0 21.0 2.0 1.8 1.5
and 25.0 26.0 1.0 1.2 0.8
and 30.0 31.0 1.0 2.7 0.8
DTRC116 177368 1438224 190 50 37.0 42.0 5.0 1.7 3.8
41.0 42.0 1.0 3.8 0.8
DTRC117 177345 1438241 190 84 0.0 1.0 1.0 0.5 0.8
55.0 56.0 1.0 0.6 0.8
DTRC118 177344 1438501 189 54 14.0 20.0 6.0 1.4 4.5
and 48.0 49.0 1.0 1.1 0.8
and 52.0 54.0 2.0 1.0 1.5
includes 53.0 54.0 1.0 1.3 0.8
DTRC119 177320 1438518 190 78 27.0 30.0 3.0 0.8 2.3
includes 29.0 30.0 1.0 1.0 0.8
and 36.0 37.0 1.0 0.5 0.8
and 51.0 55.0 4.0 0.9 3.0
DTRC120 177367 1438483 188 54 20.0 22.0 2.0 1.3 1.5
and 52.0 54.0 2.0 0.9 1.5
includes 53.0 54.0 1.0 1.4 0.8
DTRC122 177422 1438441 187 54 19.0 20.0 1.0 1.0 0.8
and 21.0 22.0 1.0 0.5 0.8
DTRC123 177503 1438377 188 48 36.0 38.0 2.0 0.6 1.5
DTRC124 177479 1438395 188 75 NSR
DTRC125 177531 1438609 188 54 33.0 34.0 1.0 0.9 0.8
and 37.0 38.0 1.0 0.7 0.8
DTRC126 177507 1438629 188 50 28.0 29.0 1.0 0.6 0.8
DTRC127 177460 1438662 185 50 1.0 2.0 1.0 2.5 0.8
DTRC128 177443 1438678 184 84 NSR
DTRC129 177484 1438646 187 58 16.0 17.0 1.0 1.5 0.8
and 24.0 27.0 3.0 1.1 2.3
includes 26.0 27.0 1.0 2.1 0.8
and 32.0 37.0 5.0 3.4 3.8
and 46.0 58.0 12.0 1.3 9.0
includes 51.0 53.0 2.0 3.6 1.5


Figure 4: Makosa North RC drillhole location map - https://www.globenewswire.com/NewsRoom/AttachmentNg/82c4515e-5647-4d33-856b-a0e190794bd6



For further information please contact: Thor Explorations Ltd. Email: info@thorexpl.com Fig House Communications (Investor Relations) Tel: +1 416 822 6483 Email: investor.relations@thorexpl.com Blytheweigh Megan Ray / Rachael Brooks Tel: +44 207 138 3203


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Thor Explorations Ltd.
Bergbau
Kanada
A0YAQ9
CA8851491040
www.thorexpl.com
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