Mr. Segun Lawson reports

THOR EXPLORATIONS ANNOUNCES DOUTA GOLD PROJECT DRILLING RESULTS

Thor Explorations Ltd. has released drill results of significant gold mineralization from the Makosa gold deposit and the Sambara prospect at its Douta gold project, Senegal.

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

A reverse circulation (RC) infill drilling program has targeted the inferred resource material within the optimized 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 to obtain samples for detailed metallurgical testwork. Further exploration drilling was also completed at the Sambara prospect.

The company has also discovered 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 (drill hole DTRC807) -- three metres at 23.35 g/t Au from 78 m;
• Makosa Tail (drill hole DTDD0021) -- eight m at 8.08 g/t Au from 36 m;
• Makosa Tail (drill hole DTRC848) -- 13 m at 4.59 g/t Au from 96 m;
• Makosa Tail (drill hole DTRC865) -- nine m at 4.33 g/t Au from 93 m;
• Makosa Tail (drill hole DTRC842) -- 18 m at 1.82 g/t Au from 25 m;
• Makosa (drill hole DTDD0029) -- 16 m at 2.03 g/t Au from zero m;
• Makosa Tail (drill hole DTRC844) -- 10 m at three g/t Au from 45 m;
• Makosa Tail (drill hole DTRC812) -- six m at 4.94 g/t Au from 50 m.

Segun Lawson, president and chief executive officer, stated: "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 testwork that is focused 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."

Introduction

The Douta gold project is located within the Kenieba inlier, in eastern Senegal, and comprises the northeast-trending gold exploration permit E02038, which covers an area of 58 square kilometres. Thor, through its wholly owned subsidiary, African Star Resources Inc., has a 70-per-cent economic interest in partnership with the permit holder, International Mining Company Sarl (IMC). IMC has a 30-per-cent free-carried interest in its development until the announcement by Thor of a probable reserve.

Drilling strategy

Drilling has been focused 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 optimized pit shell to the indicated classification.

At Makosa, zones of gold mineralization are developed either within a sheared gabbro intrusive or within a steep, northwesterly 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 northeast trend of the mineralization.

The significant intersections from this program are listed in attached tables. Drill samples were analyzed by ALS in Mali using the AA26 fire assay method (50-gram charge).

The drill results demonstrate the continuity of gold mineralization both along strike and down dip. Several higher-grade intersections were obtained, including two m grading 13.90 g/t Au in drill hole DTRC806, three m grading 25.35 g/t Au in DTRC807 and six m grading 4.94 g/t Au in DTRC812.

In addition to upgrading the resource classification, intersections such as these could potentially have a positive effect in locally elevating the average resource grade.

Metallurgical sampling

A total of 22 diamond holes were completed to obtain representative samples, from both Makosa and Makosa Tail, to undergo detailed metallurgical testwork. Several of these holes twinned existing historical RC holes and returned results that are consistent with the earlier grades and thicknesses. Independent Metallurgical Operations (IMO) is undertaking the testwork 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 northwestern part of the exploration licence. Best results include five m grading 1.35 g/t Au in drill hole DTRC726 and four m grading 1.43 g/t Au in DTRC729 (see an attached table). Further testing along the prospective strike length is planned for the remainder of 2023.

Qualified person

The above information has been prepared under the supervision of Alfred Gillman (AusIMM, CP), who is designated as a qualified person under National Instrument 43-101 and the AIM rules, and has reviewed and approved 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 holds a 100-per-cent interest in the Segilola gold project, located in Osun state, Nigeria. Mining and production commenced at Segilola in 2021. Thor holds a 70-per-cent interest in the Douta gold project, located in southeastern Senegal.

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