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(Alliance News) - Thor Explorations Ltd said on Wednesday that it has completed the acquisition of two gold licences in southeastern Senegal neighbouring its wholly owned Douta gold project.
The West Africa-focused mineral exploration company is currently working towards advancing the Douta project with drilling programmes scheduled for the second quarter of 2024.
This drill programme will now be extended to the contiguous Douta-West region following Thor's acquisition of the licence.
The company will pay current owners, Birima Gold SARL, a total of USD120,000 in two instalments over six months for 70% of the licence.
Provisions in the agreement allow Thor to potentially increase its stake further to 85% if Birima chooses to dilute its position to 5% following an upcoming preliminary feasibility study.
President and Chief Executive Officer Segun Lawson said: "The acquisition of the Douta-West permit, which has a number of geochemical targets, allows us to potentially add scale to the Douta gold project."
Additionally, Thor has also secured an interest in the Sofita licence located approximately 20 kilometres south of the Douta project. As part of the acquisition deal the company has committed to investing USD300,000 towards a two-year work programme and a payment of USD20,000 has been made to Sofita Services & Logistiques for 80% of the licence.
In both instances 10% of the licence interest will belong to the Senegalese government in accordance with local laws.
Thor shares were down 2.1% to 14.20 pence each in London on Wednesday morning.
By Elijah Dale, Alliance News reporter
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