Thor Explorations Declares New Sambara Discovery and Additional Constructive Drill Outcomes from Makosa on the Douta Gold Venture, Senegal

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Vancouver, British Columbia–(Newsfile Corp. – September 12, 2022) – Thor Explorations Ltd. (TSXV: THX) (AIM: THX) (“Thor” or the “Firm“) is happy to announce preliminary drilling outcomes from each the newly found Sambara Prospect along with continued encouraging outcomes from the Makosa gold deposit (“Makosa”) at its Douta Gold Venture, Senegal (the “Douta Venture”).

The Douta Gold Venture at present encompasses the Makosa gold deposit which at present contains an Inferred Useful resource of 730,000 ounces of gold as introduced in its maiden Mineral Useful resource Estimate (“MRE“) revealed on 18 November 2021.

A complete exploration program, comprising roughly 5,000 metres of reverse circulation (“RC”) drilling within the first section, was designed to each improve components of the prevailing useful resource and to check a newly recognized goal positioned in the direction of the northern components of the exploration licence which is called Sambara. Preliminary outcomes counsel that Sambara might doubtlessly develop right into a supplemental high-grade useful resource. As well as, drilling on the southern extremity of Makosa has resulted in a excessive grade intersection which signifies that sturdy mineralisation extends at depth.

Highlights embrace:

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, acknowledged

“We’re happy to report a profitable preliminary drilling marketing campaign on the Sambara prospect. Considerably, this has established that gold mineralisation is developed within the northern components of our exploration allow. We look ahead to advancing exploration on this discovery which we hope will complement the Makosa useful resource.

“As well as, the primary batch of samples from the Makosa improve drilling program have produced very constructive outcomes that counsel that the useful resource might lengthen at depth. We’re trying ahead to receiving additional outcomes from our drilling program which can proceed over the following six weeks.”

Introduction

The Douta Gold Venture is a gold exploration allow E02038 that covers an space of space of 58km² and is positioned throughout the Kéniéba inlier, japanese Senegal. The allow encompasses the Makosa Gold Deposit which at present contains an Inferred Useful resource of 730,000 ounces of gold. The northeast trending allow (Determine 1) has an space of 58 km².

The Douta allow is strategically positioned 4km east of the deposits Massawa North and Massawa Central deposits which type a part of the world class Sabadola-Massawa Venture that’s owned Endeavour Mining (Determine 1). The northern a part of the allow is bounded by the Makabingui group of gold deposits that belong to Bassari Sources Ltd.

Determine 1: Douta Venture location map

Sambara

The Sambara Prospect is positioned 15km north-east alongside strike from the Makosa useful resource (Determine 1). Drilling focused an anomalous zone outlined by auger geochemical sampling. The world is positioned 2km straight north of the Makabingui group gold deposits that belong to Bassari Sources Ltd and which collectively comprise roughly 340,000oz of gold within the indicated class and 670,000oz of gold within the inferred class.

Drill testing of the geochemical anomaly was carried out over 9 sections that have been spaced at both 100m or 200m aside (Determine 2). This vast spacing was thought of to be applicable for the primary section of drill testing. Primarily based on the constructive outcomes acquired, extra, closer-spaced (infill) drilling will probably be undertaken.

Junior Mining NetworkDetermine 2: Sambara Drillhole Location Map

The numerous intersections from the preliminary RC drilling program at Sambara are listed in Desk 1. The total desk of outcomes is connected in Appendix 1. Drill samples have been analysed by ALS Laboratories in Mali utilizing the AA26 fireplace assay technique (50g cost).

The outcomes point out a number of parallel, steep sub-vertically dipping, mineralised zones which might be developed inside a shale/greywacke sequence that’s developed intently adjoining to the Makabingui Granitic Intrusive.

Primarily based on the drilling accomplished to this point the mineralised zone extends over a strike size of roughly 500m. Systematic infill and step-out drilling is deliberate to totally 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
contains             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

Desk 1: Sambara Important Outcomes
(0.5g/tAu decrease lower off; most 2m inside dilution, minimal 2m interval)

Makosa

The Makosa useful resource is at present categorised as Inferred. In July 2022 Thor commenced a 20,000m program of observe up RC and diamond drilling with the target of upgrading the higher-grade parts of the useful resource, that fall throughout the optimised pit shell, to indicated classification.

Preliminary outcomes from drillholes accomplished on the southern extremity of the deposit embrace 8m at 4.77g/t gold from 62m in drillhole DTRC504 (Figures 3 and 4). The numerous intersections from Makosa are listed in Desk 2. The total desk of outcomes is connected in Appendix 1. Along with doubtlessly upgrading this a part of the useful resource, the intersection means that gold mineralisation might lengthen at depth. Two extra drillholes (DTRC561 and DTRC562) have subsequently been drilled to check for depth extensions to this greater grade zone. Assays for these two holes are pending.














HOLE-ID X Y Z Size (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
contains             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

Desk 2: Makosa Important Outcomes
(0.5g/tAu decrease lower off; most 2m inside dilution, minimal 2m interval)

Junior Mining NetworkDetermine 3: Makosa Drillhole Location Map

At Makosa, zones of gold mineralisation are developed both inside a sheared gabbro intrusive or inside a steep north-westerly dipping sequence of meta-sedimentary rocks which might be in shut proximity to the gabbro intrusive (Determine 5). Increased grade zones or shoots are suspected to happen alongside east-west oriented buildings that lower throughout the primary north-east pattern of the mineralisation. This potential to improve the useful resource will probably be assessed by ongoing infill drilling alongside the Makosa mineralised pattern.

Junior Mining NetworkDetermine 4: Makosa Map exhibiting chosen vital intersections

Junior Mining NetworkDetermine 5: Makosa Cross Part

Ongoing Exploration

The Mansa and Maka Prospects are positioned between Makosa and Sambara (Determine 1). Outcomes from the preliminary RC drilling at these prosects returned encouraging outcomes together with the next:

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 supply extra assets and will probably be absolutely examined in forthcoming drilling applications.

* Sedar Submitting February 7, 2022: Graduation of Drilling on the Douta Gold Venture, Senegal

Certified Individual

The above info has been ready below the supervision of Alfred Gillman (Fellow AusIMM, CP), who’s designated as a “certified particular person” below Nationwide Instrument 43-101 and the AIM Guidelines and has reviewed and approves the content material of this information launch. He has additionally reviewed QA/QC, sampling, analytical and take a look at information underlying the data.

About Thor

Thor Explorations Ltd. is a Canadian mineral exploration firm engaged within the acquisition, exploration and growth of mineral properties positioned in Nigeria, Senegal and Burkina Faso. Thor holds a 100% curiosity within the Segilola Gold Venture positioned in Osun State of Nigeria. Mining and manufacturing commenced at Segilola in 2021. Thor holds a 70% financial curiosity within the Douta Gold Venture positioned in south-eastern Senegal. Thor trades on the TSX Enterprise Alternate and AIM below the image “THX”.







Deposit Classification Tonnage
(xMt)
Grade
(g/t Au)
Contained Metallic
 (koz Au)
Thor
Curiosity
Attributable Ounces Supply
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

Supply
1 Sedar Submitting March 21 2019: Technical Report On The Segilola Gold Venture Feasibility Examine, Osun State, Nigeria
2 Sedar Submitting Jan 4 2022: Impartial Technical Report: Mineral Useful resource Estimate, Douta Gold Venture, Senegal

THOR EXPLORATIONS LTD.
Segun Lawson
President & CEO

For additional info please contact:

Thor Explorations Ltd
Ibu Lawson (Head of Investor Relations)
E mail: This electronic mail handle is being shielded from spambots. You want JavaScript enabled to view it.

Canaccord Genuity (Nominated Adviser & Dealer)
Henry Fitzgerald-O’Connor / James Asensio / Thomas Diehl

Tel: +44 (0) 20 7523 8000

Hannam & Companions (Dealer)
Andrew Chubb / Matt Hasson / Nilesh Patel / Franck Nganou

Tel: +44 (0) 20 7907 8500

Fig Home Communications (Investor Relations)
Tel: +1 416 822 6483
E mail: This electronic mail handle is being shielded from spambots. You want JavaScript enabled to view it.

BlytheRay (Monetary PR)
Tim Blythe / Megan Ray / Rachael Brooks
Tel: +44 207 138 3203

Neither TSX Enterprise Alternate nor its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Alternate) accepts duty for the adequacy or accuracy of this launch.

This press launch doesn’t represent a proposal to buy securities. The securities to be provided within the providing haven’t been and won’t be registered below the US Securities Act of 1933, as amended, or any state securities legal guidelines and is probably not provided or offered in the US or to, or for the profit or account of, a U.S. particular person, besides pursuant to an accessible exemption from such registration necessities.

Cautionary Word Relating to Ahead-Wanting Statements

Aside from the statements of historic truth contained herein, the data introduced constitutes “ahead trying statements” throughout the which means of sure securities legal guidelines, and is topic to necessary dangers, uncertainties and assumptions that would trigger the precise outcomes of the Firm to vary materially type the forward-looking statements. Such forward-looking statements, together with however not restricted to, the Firm’s skill to totally finance the Venture, to deliver the Venture into operation or to supply gold from the Venture, and the usage of the proceeds. The phrases “might”, “might”, “ought to”, “would”, “suspect”, “outlook”, “consider”, “anticipate”, “estimate”, “count on”, “intend”, “plan”, “goal” and related phrases and expressions are used to establish forward-looking info. The forward-looking info on this information launch describes the Firm’s expectations as of the date of this information launch and accordingly, is topic to vary after such date. Readers mustn’t place undue significance on forward-looking info and mustn’t rely on this info as of another date. Whereas the Firm might elect to, it doesn’t undertake to replace this info at any explicit time.

Appendix 1: RC Drill Outcomes September 2022




































































































Prospect HOLE-ID X Y Z Size (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 contains         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 contains         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 Important Outcome intersected.



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