TIDMTHX
RNS Number : 4271J
Thor Explorations Ltd
16 August 2023
NEWS RELEASE
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES
FOR IMMEDIATE RELEASE TSXV/AIM: THX
AUGUST 16, 2023
INITIAL DRILLING RESULTS FROM THOR'S LITHIUM PROSPECTS RETURN
SIGNIFICANT INTERSECTIONS OF MINERALISED PEGMATITES
Thor Explorations Ltd (TSXV / AIM: THX), "Thor" or the
"Company", 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 it's strategy of identifying high-value mineral
resource opportunities,Thor, through its fully-owned subsidiary
Newstar Minerals Ltd ("Newstar"), has acquired significant
exploration tenure in south-west Nigeria that covers both known
lithium-bearing pegmatite deposits and a large unexplored
prospective pegmatite-rich belt.
An initial drilling program is being undertaken on one of the
Company's prospects located in the West Oyo Project Area to confirm
and delineate lithium-bearing mineralisation, such as spodumene and
lepidolite, at depth. The Company is pleased to announce the first
set of results from this initial exploratory phase.
Key Highlights
-- Significant intersections include:
- Drillhole NRC010: 11metres ("m") at 2.61% Li(2) O from 15m
- Drillhole NRC018: 9m at 2.42% Li(2) O from 35m
- Drillhole NRC006: 11m at 1.53% Li(2) O from 14m, including 9m at 1.70% Li(2) O from 15m
-- Spodumene confirmed as the main lithium-bearing mineral together with minor lepidolite
-- Mineralisation is exposed at surface and is shallow dipping.
Segun Lawson, President & CEO, stated:
"We are extremely encouraged by the first set of results from
our initial drilling campaign which was designed to confirm the
development of lithium-bearing minerals within pegmatite bodies
that occur within our permit areas. This is the first area of our
portfolio we have drilled and we are looking forward to both
continuing the drill program on this prospect and extending the
drilling over the other lithium-bearing pegmatites within our
portfolio in Oyo State.
Our objective is to expand our exploration activities and
drilling program to the other pegmatites within our permits and
commence exploration activities over the larger extent of all our
permits areas in Nigeria.
With the forecasted lithium market deficit expected to grow out
by 2040, with an untapped lithium potential in West Africa, we
believe it is a great opportunity to help diversify our existing
gold production.
In addition, we have continued to add further permits containing
lithium-bearing pegmatites to our portfolio. And look forward to
updating the market with drill results and the progress of our
exploration over the coming weeks and through to the end of the
year."
Introduction
Thor has secured over 600 square kilometres (km(2) ) of granted
tenure in Nigeria that form Oyo State, Kwara State and Ekiti State
Lithium Project Areas. The Oyo State Project Area encompasses what
Thor considers to be Nigeria's most significant lithium pegmatite
occurrence which is currently being exploited by small-scale
artisanal mining of lithium-bearing minerals.
The Oyo State Lithium Project comprises approximately 38km(2) of
exploration tenure that is located towards the westernmost border
of Nigeria and within 200 kilometres of the commercial capital of
Lagos. The project area is unique in the Nigerian context as it is
mostly located in a relatively sparsely populated region of the
country but situated within close proximity to large population
centres and advanced infrastructure such as roads, railways and
ports.
Target Area 1
Reconnaissance rock chip sampling carried out in 2022 in the
western parts of Oyo State returned Li(2) O analyses of between
1.34% and 9.31%. Thor has secured tenure over this area in a number
of joint venture agreements together with wholly owned exploration
permits.
A program of reverse circulation (RC) targeted an identified
pegmatite trend that is developed within a northerly trending mafic
sequence that is surrounded by granitoid-gneiss terrain.
The significant results from this program are listed in Table 1
and located in Figure 1.
Hole x y Depth Azimuth From To Interval Grade True
ID Dip (m) (m) (m) (%Li2O) Width
(m)
NRC006 494432 899276 110 -60 110 14 25 11 1.53 10.5
includes 15 24 9 1.70 8.6
------- ------- ----------------------- ----- ----- --------- --------- -------
NRC009 494530 899242 50 -60 110 14 15 1 0.42 1.0
------- ------- ------ ----- -------- ----- ----- --------- --------- -------
NRC010 494515 899248 60 -60 290 15 26 11 2.61 10.5
------- ------- ------ ----- -------- ----- ----- --------- --------- -------
NRC018 494450 899300 46 -90 0 26 29 3 1.66 2.9
------- ------- ------ ----- -------- ----- ----- --------- --------- -------
includes 27 29 2 2.11 1.9
------- ------- ----------------------- ----- ----- --------- --------- -------
35 44 9 2.42 8.6
------- ------- ------ ----- -------- ----- ----- --------- --------- -------
NRC019 494445 899365 52 -90 0 33 35 2 1.27 1.9
------- ------- ------ ----- -------- ----- ----- --------- --------- -------
includes 33 34 1 2.08 1.0
------- ------- ----------------------- ----- ----- --------- --------- -------
NRC020 494396 899351 50 -90 0 6 10 4 0.43 3.8
------- ------- ------ ----- -------- ----- ----- --------- --------- -------
NRC024 494500 899300 50 -90 0 35 39 4 1.03 3.8
------- ------- ------ ----- -------- ----- ----- --------- --------- -------
includes 35 36 1 2.50 1.0
------- ------- ----------------------- ----- ----- --------- --------- -------
Table 1: Significant Drillhole Intercepts
(0.4 %Li(2) O cut-off grade,minimum 1m thickness, up to 2m
internal dilution)
Sample analyses were carried out by SGS Randfontein (GE_ICP90A50
and GE_FUZ90A50). Cross check analyses were carried out by MSA
Laboratories, Vancouver (PER-700).
The drilled pegmatite averages 20m in thickness and dips at 5
degrees towards the northwest (Figures 1 and 2). A continuous sheet
of coarse spodumene mineralisation of up to 11m thick is developed
towards the upper contact of the pegmatite and mafic country
rocks.
Ongoing exploration is underway to locate additional pegmatites
in the immediate vicinity of this target and further to the south
where extensive exposures of pegmatites have been mapped in Target
Area 2 (Figure 3).
Figure 1: Drilling and Sample Location Map
Figure 2: Drilling Cross-Section
Figure 3: Exploration Target Map
Thor/Newstar has also secured additional tenure over this area
in a number of joint venture agreements together with wholly owned
exploration permits (Figure 3). Further to the west additional
exploration tenure has been obtained through the granting of a
large exploration permit (EL42245) to the northeast together
securing additional ground under an agreement with SCT Mining &
Exploration Ltd (Figure 4).
Figure 4: Drilling and Sample Location Map
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 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 / Jay Ashfield / Franck Nganou
Tel: +44 (0) 20 7907 8500
Fig House Communications (Investor Relations)
Tel: +1 416 822 6483
Email: investor.relations@thorexpl.com
Ibu Lawson (Investor Relations)
Tel : +44 7909 825 446
Email : ibu.lawson@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
to update this information at any particular time.
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