Thor Explorations announces new Sambara discovery and drill results from Makosa in Senegal

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Thor Explorations announces new Sambara discovery and drill results from Makosa in Senegal

Thor Explorations Ltd. is pleased to announce initial drilling results from both the newly discovered Sambara Prospect together with continued encouraging results from the Makosa gold deposit at its Douta Gold Project, Senegal.

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.

“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,” Segun Lawson, President & CEO, stated.

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 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. The northern part of the permit is bounded by the Makabingui group of gold deposits that belong to Bassari Resources Ltd.

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. 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.

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.

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. 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.

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