Thor Explorations Announces Douta Gold Project Drilling Results

Thor Explorations Ltd. announce drill-intersections of significant gold mineralisation from the Makosa gold deposit (“Makosa”) and the Sambara prospect at its Douta Gold Project, Senegal (the “Douta Project”).

The Douta Gold Project encompasses the Makosa gold deposit which currently comprises a total resource of approximately 1.78 million ounces (“Moz”) of gold (“Au”) that consists of an indicated resource of 20.2 million tonnes (“Mt”) grading 1.3 grammes per tonne (“g/t”) Au for 874,900 ounces (“oz”) Au together with an inferred resource of 24.1 Mt grading 1.2g/t Au for 909,400 oz Au.

An infill drilling reverse circulation (“RC”) drilling program has targeted the Inferred Resources material within the optimised pit shells with the objective of converting this material to the Indicated Resource classification. In addition, a diamond drilling (“DD”) program has been completed within the Makosa and Makosa Tail areas in order obtain samples for detailed metallurgical test work. Further exploration drilling was also completed at the Sambara prospect.

The Company is also pleased to announce the discovery of a new prospect, Makosa East, following the drilling of mineralized intersections.

The assay results from the drilling completed to date include the following highlights:

• Makosa Tail: Drillhole DTRC807      3 meters (“m”) at 23.35/tAu from 78m
• Makosa Tail: Drillhole DTDD0021    8m at 8.08/tAu from 36m
• Makosa Tail: Drillhole DTRC848      13m at 4.59/tAu from 96m
• Makosa Tail: Drillhole DTRC865      9m at 4.33/tAu from 93m
• Makosa Tail: Drillhole DTRC842      18m at 1.82/tAu from 25m
• Makosa: Drillhole DTDD0029           16m at 2.03g/tAu from 0m
• Makosa Tail: Drillhole DTRC844      10m at 3.00/tAu from 45m
• Makosa Tail: Drillhole DTRC812       6m at 4.94/tAu from 50m

“We are pleased to announce further encouraging drilling results from Thor’s Douta Project in Senegal. The main purpose of the drilling has been to advance the project towards development by upgrading more of the resource to indicated classification and also to commence detailed metallurgical test work that is focussed on achieving the most suitable and efficient ore treatment and extraction process.

“Once all the drilling results are in, we look forward to updating our Mineral Resource Estimate to form the basis of a preliminary feasibility study.

“We are also pleased to add the new Makosa East prospect to our development plan. In the coming year we plan to maintain focus on project development in Senegal to meet our objective of bringing the Company’s second gold mine into production.”

Segun Lawson, President & CEO

Introduction
The Douta Gold Project is located within the Kéniéba inlier, in eastern Senegal and comprises the northeast trending gold exploration permit, E02038 that covers an area of 58 square kilometres (“km²“). Thor, through its wholly owned subsidiary African Star Resources Incorporated (“African Star”), has a 70% economic interest in partnership with the permit holder International Mining Company SARL (“IMC”). IMC has a 30% free carried interest in its development until the announcement by Thor of a Probable Reserve.

Drilling Strategy
Drilling has been focussed in the following areas:

• Resource Upgrade:               Makosa and Makosa Tail, Makosa East
• Metallurgical Sampling:     Makosa and Makosa Tail
• Exploration:                             Sambara area

Resource Upgrade
In April 2023 Thor commenced a program of infill RC drilling with the objective of upgrading the inferred portions of the resource that fall within the optimised pit shell, to indicated classification.

At Makosa, zones of gold mineralisation are developed either within a sheared gabbro intrusive or within a steep north-westerly dipping sequence of meta-sedimentary rocks that are in close proximity to the gabbro. Higher grade zones or shoots are suspected to occur along east-west oriented structures that cut across the main north-east trend of the mineralisation.

The significant intersections from this program are listed in Tables 1 and 2. Drill samples were analysed by ALS Laboratories in Mali using the AA26 fire assay method (50-gram charge).

The drill results demonstrate the continuity of gold mineralisation both along strike and down dip. Several higher-grade intersections were obtained including 2m grading 13.90g/tAu g/tAu in drillhole DTRC806, 3m grading 25.35g/tAu in DTRC807 and 6m grading 4.94g/tAu in DTRC812 (Figure 2).

In addition to upgrading the resource classification, intersections such as these could potentially have a positive effect in locally elevating the average resource grade. The positive impact of the drilling results is illustrated in Figure 3 which shows a cross section of a line of new holes including 13m grading 4.59g/tAu in DTRC848.

Metallurgical Sampling
A total of 22 diamond holes were completed to obtain representative samples, from both Makosa and Makosa Tail to undergo detailed metallurgical test work. Several of these holes twinned existing historic RC holes and returned results that are consistent with the earlier grades and thicknesses. Independent Metallurgical Operations (“IMO”) are undertaking the test work program in Perth, Western Australia.

Exploration
At the Sambara prospect several RC holes were drilled to test both the extremities of the Sambara deposit and a soil geochemical anomaly that was located in the north-western part of the exploration licence. Best results include 5m grading 1.35g/tAu in drillhole DTRC726 and 4m grading 1.43g/tAu in DTRC729 (Table 2). Further testing along the prospective strike length is planned for the remainder of 2023.