Thor Explorations expands gold mining interests in Senegal

LONDON, UK: Thor Explorations Ltd. has successfully expanded its mining portfolio in Senegal by acquiring significant interests in two key licenses. The company now holds up to an 85% stake in the Douta-West License and up to 80% in the Sofita License, both pivotal to the advancement of the Douta Gold Project.

Key Developments:

• The Douta-West License offers advanced exploration targets adjacent to the Douta Gold Project.
• Scheduled drilling programs for Q2 2024 at the Douta Gold Project will now include the Douta-West area.

Acquisition Details:

• Douta-West: Thor Explorations agreed to pay Birima Gold SARL $120,000 in two installments for a 70% interest, with Birima retaining a 5% interest post-Preliminary Feasibility Study (PFS).
• Sofita License: The company committed to a $300,000 work program over two years and a $20,000 payment to Sofita Services & Logistiques for an 80% interest.

The Douta West Project, covering 93km², is strategically positioned next to Thor’s Douta Gold Project and near Endeavour’s Masawa gold mine, with several promising gold-in-soil anomalies identified for exploration.

Segun Lawson, President & CEO, stated: “We are pleased to acquire additional, strategically located, ground in Senegal where we have been successfully operating and advancing the Douta Gold Project for a number of years. We are currently carrying out our preliminary feasibility study workstreams at the Douta Gold Project and look forward to now completing this during Q3 2024 following finalisation of the process flow sheet.

“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, in particular, extensions to Makosa Tail. We look forward to commencing exploration on this new permit with our existing exploration team and from our exploration camp at Douta.

“We are excited by the year ahead, where we are continuing exploration at our wholly-owned Segilola Gold mine to expand its life of mine, completing the preliminary feasibility study for Douta and will commence exploration on our newly acquired licences. This exploration strategy is in addition to generating cash flow from our wholly-owned Segilola Gold Mine in Nigeria, where we have a guidance of 95,000 to 100,000 ounces in 2024, which we’ll use to completely de-leverage the Company’s balance sheet from its senior debt facility this year.”

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