TIDMTHX
RNS Number : 1445B
Thor Explorations Ltd
31 May 2023
NEWS RELEASE
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES
FOR IMMEDIATE RELEASE TSXV/AIM: THX
MAY 31, 2023
THOR EXPLORATIONS ANNOUNCES FORMATION OF NIGERIA FOCUSED LITHIUM
SUBSIDIARY WITH ACQUISITION OF OVER 600KM2 OF PROSPECTIVE LITHIUM
PEGMATITE EXPLORATION TENURE
Thor Explorations Ltd (TSXV / AIM: THX), "Thor", is a West
African-focussed minerals exploration and mining Company, that
currently operates the Segilola Gold Mine in Nigeria and is
advancing the Douta Gold Project in Senegal towards
development.
As part of its strategy of identifying high-value mineral
resource opportunities and leveraging its first mover advantage in
Nigeria, Thor, through its fully-owned subsidiary Newstar Minerals
Ltd, is pleased to announce the acquisition of significant tenure
in south-west Nigeria that covers both known lithium bearing
pegmatite deposits and a large unexplored prospective
pegmatite-rich belt. Thor's initial focus is in the south-west
quadrant of Nigeria where vital infrastructure, including port
facilities at Lagos and Cotonou, are located within close
proximity.
Thor has secured over 600km(2) of granted tenure in Nigeria that
forms West Oyo, Kwara State and Ekiti State Lithium Project Areas.
The West Oyo Project Area encompasses what Thor considers to be
Nigeria's most significant lithium pegmatite occurrence and is
currently being exploited by small-scale lithium mining.
Thor will leverage its in-country first-mover experience in
large-scale hard-rock gold exploration, mine development and
production, together with the consequential country de-risking
advantages. Exploration and development of the lithium-pegmatite
opportunities will operate in parallel with Thor's expanding gold
business.
Initial field inspection and selective sampling of key sites
have returned significant lithium grades from both
'hard-rock'spodumene and lepidolite mineralisation. Sampling of
part of a key pegmatite deposit that falls within Thor's tenure
returned an analysis of between 1.34% lithium oxide ("Li(2) 0") and
9.31% Li(2) 0.
The Company's objective is to develop its first large-scale
lithium mine without the need to sell down ownership positions or
dilute existing Thor shareholders.
The Company will continue to focus on exploring the potential
for mine life at Segilola, producing the Preliminary Feasibility
Study at Douta while continuing to develop this lithium
opportunity.
A presentation on Thor's Lithium Opportunity can be found on the
homepage of the Company's website via the following link:
https://thorexpl.com/
Segun Lawson, President & CEO, stated:
"We are extremely excited to be able to bring this opportunity
to our shareholders. Nigeria is well-known for its high-grade
lithium-pegmatite deposits most of which are worked on at an
artisanal scale for associated high-value gemstones and tantalum.
We have assembled a significant land package containing lithium
bearing pegmatites and existing lithium production and we intend to
implement modern, socially and environmentally appropriate
exploration and development techniques designed to exploit the
larger-scale potential of Nigeria's pegmatite fields.
"While gold remains fundamental to our growth strategy, we
consider the virtually untapped lithium potential of Nigeria to be
an opportunity that is too good to miss, particularly given our
established in-country presence, experience and first-mover
advantage. We intend to develop both businesses without any
shareholder dilution. Given our financing partners and Chinese
development relationships, we also believe we are well positioned
to fast-track any commercially feasible opportunities to
production.
"We look forward to updating the investors with our progress on
this exciting, value accretive venture."
Introduction
In late 2022 Thor undertook an assessment of the opportunities
for large-scale development of lithium pegmatites in Nigeria. This
work focussed on Oyo State and other regions in southwest Nigeria
and comprised inspections of known small scale mining operations
that were being worked mainly for gemstones and tantalum. In some
locations it was noted that there had been a shift towards
producing high-grade spodumene and lepidolite ore that is being
sold at a limited scale.
The south western portion of Nigeria is underlain by basement
rocks that form part of the Pan-African mobile belt. It is intruded
by younger granites and is unconformably overlain by Cretaceous and
younger sediments. The main lithologies in this region include
amphibolites, migmatitic gneisses, granites and pegmatites. The
pegmatite fields in the southwestern part of Nigeria mainly trend
in a NW-SE direction. The pegmatities occur as extensive very
coarse-grained dykes that, typically, contain medium-grained
microcline-albite-quartz, blocky microcline-quartz, coarse-grained
quartz and a core of coarse-grained muscovite-quartz.
Thor has undertaken a limited amount of sampling to assess the
potential for high grade spodumene and lepidolite mineralisation.
The sampling data, together with field observations, provided
sufficient encouragement to proceed, initially, acquiring tenure in
areas that returned the highest grade lithium mineralisation. At
the West Oyo Lithium Project, a large outcropping pegmatite
intrusive has been partly excavated over an extensive area in a
small-scale mining operation.
In forming the West Oyo Lithium Project, Thor's wholy owned
subsidiary, Newstar has acquired the rights to granted tenure that
covers this pegmatite deposit in addition to strike extensions to
the south and north.
Figure 1: Thor Explorations Nigeria Licence Location Map
Reconnaissance Sampling and Field Verification Results
A limited amount of sampling was conducted to assess the
potential for high grade spodumene and lepidolite mineralisation.
These samples were analysed by SGS laboratories in Randfontein,
South Africa using inductively coupled plasma ("ICP") and fusion
analytical techniques (SGS method codes GE_ICP90A50 and
GE_FUZ90A50). Table 1 summarises the results in both elemental
lithium ("Li") and lithium oxide grades of reconnaissance sampling
from the southern parts of the West Oyo Lithium Project.
Li Li Li2O Li2O
ppm % ppm %
----- ------- -----
43,245 4.32 93,115 9.31
----- ------- -----
33,365 3.34 71,835 7.19
----- ------- -----
37,650 3.77 81,060 8.12
----- ------- -----
14,720 1.47 31,692 3.17
----- ------- -----
Table 1: Analytical Results from Reconnaissance Sampling at
Location 6
Location 6 is the site of the largest known zoned
spodumene-lepidolite pegmatite in Nigeria. The pegmatite outcrops
over a width of approximately 50m and strike length of several
hundred metres. The full extent of this pegmatite body is yet to be
determined. A small scale mining operation is currently extracting
a variety of spodumene known as kunzite for its gemstone
characteristics with most of the typical spodumene being discarded.
The grade of 9.31% Li(2) 0 from the sample from L06 suggests
near-surface enrichment.
Figure 2: West Oyo Lithium Project Area Location Map
Figure 3: Reconnaissance samples of spodumene and lepidolite
from south western Nigeria
Figure 4: Spodumene crystal swarm (left and centre) grading into
lepidolite (right wall) exposed
at Location 6
West Oyo Lithium Project
The West Oyo Lithium Project comprises approximately 38km(2) of
exploration tenure that is located towards the westernmost border
of Nigeria and within 200km of the commercial capital of Lagos
(Figure 1). The project area is unique in the Nigerian context as
it is mostly located in a relatively sparsely populated region of
the country but within close proximity to large population centres
and advanced infrastructure such as road, rail and ports.
The West Oyo Lithium Project has not been subjected to modern
systematic exploration, such as drilling and hence, represents an
exciting opportunity and potential for a major lithium pegmatite
discovery.
Strategy
Thor has commenced a 5,000 metre scout drilling program at the
West Oyo Lithium Project and intends to rapidly assess the resource
potential with bulk sampling, mineralogical studies and lithium
extraction test work on the pegmatites currently located and
acquired. Based on these outcomes systematic exploration and
resource drilling will be focussed on the areas that have been
shown to have the most positive commercial characteristics.
Thor considers the West Oyo Lithium Project as an important
initial step towards establishing a significant as a leader in
lithium exploration and development in Nigeria. Several additional
opportunities have been identified and it is expected that these
will shortly form part of the project pipeline.
Thor aims to become the "centre of gravity" that will attract
and consolidate the many lithium opportunities that exist
throughout southern Nigeria.
Nigeria Government Support
Thor has established and developed excellent relationships at
Federal, State and Departmental levels of Government in
Nigeria.
The views of the Nigerian Government are reflected in the
following public domain extracts:
"Lithium is progressively becoming a strategic economic resource
of major global significance with the potential to dramatically
influence world wealth and economies in the future decades.
Nigeria's successive governments have emphasized the necessity of
diversifying the economy, which had previously relied solely on oil
and gas, particularly since the beginning of the present democratic
system" (after Y. Olakitan).
"Chairman of the Board of the Solid Minerals Development Fund
(SMDF), Uba Sa'idu Malami, a co-founder of the Geological Society
of Nigeria, said: "Lithium is the new oil that could significantly
control global wealth and economy of nations in the coming
decades," adding that the new economic order will be largely
dictated by the ability of nations to take advantage of emerging
opportunities afforded by lithium resources" (S. Ezeuqwu)
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 approved 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 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 Houndé greenstone belt, south
west Burkina Faso. 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
Tel: 778-373-0102
Fax: 604-434-1487
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. Such
forward-looking statements, including but not limited to the
completion of the acquisition of the Segilola Gold Project and the
use of the proceeds of the private placement. 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
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