Thor Explorations Ltd. Announces Initial Positive Diamond Drilling Results from Segilola Gold Mine

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Vancouver, British Columbia--(Newsfile Corp. - October 7, 2024) - Thor Explorations Ltd (TSXV: THX) (AIM: THX), "Thor" or the "Company"), is a West African-focussed minerals exploration and mining Company, currently producing gold from its wholly owned Segilola Gold Mine in Nigeria and is advancing its Douta Gold Project in Senegal towards development.

Thor is pleased to announce the first set of results from an initial drilling programme that targets the down-plunge potential beneath the current open pit extents at the Segilola Gold Mine.

Significant results received to date include 3.0 metres ("m") grading 11.24 grammes per tonne gold ("g/tAu") from 294m in drillhole SNMDD011 and 1.5m grading 3.22g/tAu from 269m in drillhole SNMDD012. These are the initial results received from the first two holes drilled out of an ongoing 12 hole drilling programme of which five holes have been drilled. Additional drilling results will be published in due course..

Segun Lawson, President & CEO, stated:

"We are pleased to intersect high-grade gold mineralisation 50 metres below the current pit design. This is an encouraging start to the "proof-of-concept" drilling programme, which has returned positive intersections in the projected locations below the current open pit design. The proof-of-concept drilling programme has been designed to target shallow dipping high grade shoots delineated by the grade control data modelled since the start of mining combined with the interpretations based on additional structural studies.

"This is the first demonstration since we started mining that there is further potentially achievable underground mining below the designed Segilola pit.

"The initial results have come from the southern most shoot and the 12-hole programme is designed to test the remaining shoots as a first pass, prior to extending the programme.

"The target is to both upgrade parts of the remaining inferred resource and to increase the size overall of the underground resource with the objective of increasing the life of mine at Segilola. We look forward to completing the programme and sharing more results in due course."

Introduction

The high grade Segilola gold deposit is located on the major regional shear zone that extends for several hundred kilometres through the gold-bearing Ilesha schist belt (structural corridor) of Nigeria.

Gold mineralisation is developed within an overturned sequence of metamorphosed, strongly foliated meta-sediments at the boundary between the basement biotite gneiss (Hanging wall) and calc-silicate and mylonitic biotite-garnet schists (Foot wall). A unit of massive to foliated granodiorite conformably intrudes the sequence between the quartzites and basement gneisses. Gold mineralisation is developed with steep west-dipping parallel lodes that comprise late-stage silica-altered zones that are commonly referred to as "veins" and which are restricted to the meta-sedimentary unit.