Thor Explorations posts "high-grade" drill results from Senegal site

(Alliance News) - Thor Explorations Ltd on Wednesday posted "high-grade" drilling results from its Douta gold project in Senegal.

The Vancouver, Canada-based mining company, which also targets Nigeria and Burkina Faso, had completed a pre-feasibility study at Douta earlier this year.

Its latest drill results are from the Douta, Douta West and Bousankhoba licences, which include the Makosa gold deposits and an initial resource from Baraka 3, currently comprising a total resource of 2.0 million ounces of gold, an indicated resource of 1.7 million ounces of gold, plus an inferred resource of 270,000 ounces. The current reserves total 1.2 million ounces.

Assay results from the Baraka 3 deposit include a 5.5-metre intercept with gold graded at 2.9 grammes per tonne. Thor Explorations sees the results positively impacting the resource's classification and global tonnage.

A 4-metre intercept at the Makosa Tail site graded at 3.3 grammes per tonne of gold, with drilling indicating that mineralisation extends beyond the perimeter of the current pit design.

At Bousankhoba, one drill hole returned gold graded at 17.0 grammes per tonne. Thor is planning further drilling, and mobilisation of a reverse circulation rig to the Massa Massa area of Bousankhoba.

Thor Explorations Chief Executive Segun Lawson commented: "These initial results are encouraging as they have successfully intersected wide, shallow, high-grade oxide mineralisation. At Makosa Tail, drilling has successfully extended the strike length of the previously defined mineralisation, and in the Bousankhoba licence, drilling has successfully intersected new oxide mineralisation.

"The drilling has also successfully intersected mineralisation in currently inferred areas within and below the designed Baraka 3 PFS pit shells, and we anticipate this drilling will improve the existing PFS mineral reserve.

"We look forward to completing the drilling program, which is targeting ultimately extending the life of the low cost, high margin oxide ore phase of the Douta project.

Lawson added: "We continue to progress our post PFS workstreams and anticipate full permitting and the start of construction later this year."

The company's shares rose 1.1% to 75.40 pence on Wednesday morning in London.

By Holly Munks, Alliance News reporter

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