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(Alliance News) - Thor Explorations Ltd on Wednesday said initial drilling results from its lithium prospects in Nigeria have returned "significant" intersections of mineralised pegmatites.
The mineral explorer, which also operates in Senegal and Burkina Faso, said the results followed drilling at one of its prospects in the West Oyo project area in Nigeria. This was aimed at confirming and delineating lithium-bearing mineralisation, such as spodumene and lepidolite, at depth.
Significant intersections were identified at drillhole NRC010 of 11 metres at 2.6% lithium oxide from 15 metres, at drillhole NRC018 of 9 metres at 2.4% lithium oxide from 35 metres and at drillhole NRC006 of 11 metres at 1.5% lithium oxide from 14 metres, including 9 metres at 1.7% lithium oxide from 15 metres.
Thor Explorations said spodumene was confirmed as the main lithium-bearing mineral together with minor lepidolite, while mineralisation is exposed at surface and is shallow dipping.
"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," said Chief Executive Officer Segun Lawson.
"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 [we] 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."
Shares in Thor Explorations were unchanged at 20.50 pence each in London early Wednesday. The stock is up 32% in the past 12 months.
By Greg Rosenvinge, Alliance News reporter
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