Thor Explorations Ltd. (TSXV: THX) (AIM: THX) has obtained significant results from an updated Mineral Resource Estimate (MRE) for the Douta Gold Project in Senegal.
Highlights
Total Douta Resource of approximately 1.78 million ounces (Moz) of gold (Au), an increase of 144% in total resource as compared with the 2022 maiden mineral resource estimate declared for Douta in November 2021
Douta Resource constrained within optimized pit shells and comprised of:
- an initial Indicated Mineral Resource of 20.2Mt grading 1.3g/t Au for 874,900oz Au; and
- Inferred Mineral Resource of 24.1Mt grading 1.2g/t Au for 909,400oz Au
- 2023 MRE supported by a total of 64,567m of drilling
- Updated Douta Resource encompasses the Makosa, Makosa Tail and the recently discovered Sambara prospects, all of which remain open along strike and down dip
- Drilling is ongoing on the above prospects with a further 40,000m drilling programme to be completed in 2023, consisting of diamond drilling and reverse circulation drilling. Mineralization remains open along strike between the known prospects with further growth potential along 20km of under-explored prospective strike length covered by the Douta exploration permit
“This is an excellent milestone in the progress of the Douta Project,” President and CEO, Segun Lawson, said.
“The 2023 MRE has more than doubled the contained gold within the Douta permit to over 1.7Moz, with the indicated component of the resource alone exceeding 870,000oz of gold compared to the maiden inferred resource of 730,000oz.
“In addition, there are a further 909,000oz of inferred resources within the optimized pit shells that we intend to convert to indicated classification with additional infill drilling which forms part of our ongoing 40,000m program. This updated resource base provides for a solid foundation for more advanced studies on the pathway to developing Thor’s second operating gold mine in West Africa.
“We are now focussing our exploration efforts towards expanding the resource along the prospective corridor that runs along the full 30km length of our exploration licence. Priority will be given to extensional drilling at Makosa, Maka, Mansa and the newly discovered Sambara prospects.”
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 58sq. km.
Thor, through its wholly owned subsidiary African Star Resources Incorporated, 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.
The Douta licence is strategically positioned four km east of the deposits Massawa North and Massawa Central deposits which form part of the world class Sabadola-Massawa Project that is owned by Endeavour Mining. The Makabingui deposit, belonging to Bassari Resources Ltd, is located immediately to the east of the northern portion of E02038.
Summary of the 2023 MRE
The 2023 MRE encompasses the Makosa, Makosa Tail and Sambara zones, which are collectively named the Douta Resource.
The MRE has been estimated by an independent consultant and is reported at a cut-off grade of 0.5g/t Au within optimized shells using a gold price of US$2,000.
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