Mr. Segun Lawson reports

INITIAL DRILLING RESULTS FROM THOR'S LITHIUM PROSPECTS RETURN SIGNIFICANT INTERSECTIONS OF MINERALISED PEGMATITES

As part of its strategy of identifying high-value mineral resource opportunities, Thor Explorations Ltd., through its fully owned subsidiary, Newstar Minerals Ltd., has acquired significant exploration tenure in southwest Nigeria that covers both known lithium-bearing pegmatite deposits and a large unexplored prospective pegmatite-rich belt.

An initial drilling program is being undertaken on one of the company's prospects located in the West Oyo project area to confirm and delineate lithium-bearing mineralization, such as spodumene and lepidolite, at depth. The company is pleased to announce the first set of results from this initial exploratory phase.

Key highlights:

• Significant intersections include:
  • Drill hole NRC010: 11 metres at 2.61 per cent Li2O from 15 m;
  • Drill hole NRC018: nine m at 2.42 per cent Li2O from 35 m;
  • Drill hole NRC006: 11 m at 1.53 per cent Li2O from 14 m, including nine m at 1.70 per cent Li2O from 15 m;
• Spodumene confirmed as the main lithium-bearing mineral together with minor lepidolite;
• Mineralization is exposed at surface and is shallow dipping.

Segun Lawson, president and chief executive officer, stated: "We are extremely encouraged by the first set of results from our initial drilling campaign, which was designed to confirm the development of lithium-bearing minerals within pegmatite bodies that occur within our permit areas. This is the first area of our portfolio we have drilled, and we are looking forward to both continuing the drill program on this prospect and extending the drilling over the other lithium-bearing pegmatites within our portfolio in Oyo state.

"Our objective is to expand our exploration activities and drilling program to the other pegmatites within our permits and commence exploration activities over the larger extent of all our permits areas in Nigeria.

"With the forecasted lithium market deficit expected to grow out by 2040, with an untapped lithium potential in West Africa, we believe it is a great opportunity to help diversify our existing gold production.

"In addition, we have continued to add further permits containing lithium-bearing pegmatites to our portfolio, and look forward to updating the market with drill results and the progress of our exploration over the coming weeks and through to the end of the year."

Introduction

Thor Explorations has secured over 600 square kilometres of granted tenure in Nigeria that forms Oyo state, Kwara state and Ekiti state lithium project areas. The Oyo state project area encompasses what Thor Explorations considers to be Nigeria's most significant lithium pegmatite occurrence, which is currently being exploited by small-scale artisanal mining of lithium-bearing minerals.

The Oyo state lithium project comprises approximately 38 square kilometres of exploration tenure that is located toward the westernmost border of Nigeria and within 200 kilometres of the commercial capital of Lagos. The project area is unique in the Nigerian context as it is mostly located in a relatively sparsely populated region of the country but situated within close proximity to large population centres and advanced infrastructure such as roads, railways and ports.

Target area 1

Reconnaissance rock chip sampling carried out in 2022 in the western parts of Oyo state returned Li2O analyses of between 1.34 per cent and 9.31 per cent. Thor Explorations has secured tenure over this area in a number of joint venture agreements together with wholly owned exploration permits.

A program of reverse circulation targeted an identified pegmatite trend that is developed within a northerly trending mafic sequence that is surrounded by granitoid-gneiss terrain.

The significant results from this program are listed in the attached table.

Sample analyses were carried out by SGS Randfontein (GE-ICP90A50 and GE-FUZ90A50). Cross-check analyses were carried out by MSA Laboratories, Vancouver (PER-700).

The drilled pegmatite averages 20 metres in thickness and dips at five degrees toward the northwest. A continuous sheet of coarse spodumene mineralization of up to 11 m thick is developed toward the upper contact of the pegmatite and mafic country rocks.

Continuing exploration is under way to locate additional pegmatites in the immediate vicinity of this target and farther to the south, where extensive exposures of pegmatites have been mapped in target area 2.

Thor Explorations/Newstar has also secured additional tenure over this area in a number of joint venture agreements together with wholly owned exploration permits. Farther to the west, additional exploration tenure has been obtained through the granting of a large exploration permit (EL42245) to the northeast together securing additional ground under an agreement with SCT Mining & Exploration Ltd.

Qualified person

The above information has been prepared under the supervision of Alfred Gillman (fellow, AusIMM, CP), who is designated as a qualified person under National Instrument 43-101 and the Alternative Investment Market rules, and has reviewed and approves the content of this news release. He has also reviewed quality assurance/quality control, sampling, analytical and test data underlying the information.

About Thor Explorations Ltd.

Thor Explorations is a Canadian mineral exploration company engaged in the acquisition, exploration and development of mineral properties located in Nigeria, Senegal and Burkina Faso. Thor Explorations holds a 100-per-cent interest in the Segilola gold project located in Osun state of Nigeria and a 70-per-cent interest in the Douta gold project located in southeastern Senegal. Thor Explorations also holds a 49-per-cent interest in the Bongui and Legue gold permits located in the Hounde greenstone belt, southwest Burkina Faso. Thor Explorations trades on the TSX Venture Exchange under the symbol THX.

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