Mr. Segun Lawson reports
THOR ANNOUNCES STRONG INITIAL SEGILOLA INFILL DRILLING RESULTS AND SEGILOLA EXPLORATION PLAN FOR Q3 2020
Thor Explorations Ltd. has provided the first set of drill results from its infill diamond core drilling program at its Segilola gold project in Nigeria, which is scheduled to pour first gold in Q2 next year. The infill diamond core drilling program was designed to provide further verification of the scheduled first three months of plant feed material.
Significant intersections include:
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Drill hole GCD03: six metres grading 5.35 grams per tonne Au;
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Drill hole GCD04: 13 m grading 4.86 g/t Au;
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Drill hole GCD08: 9.1 m grading 4.60 g/t Au;
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Drill hole GCD07: 5.1 m grading 6.78 g/t Au.
The drill results, which consisted of eight diamond core holes, are very encouraging as they have, in most cases, returned higher grades than those estimated in the definitive feasibility study resource block model. These results provide additional confidence that key production milestones will be achieved.
Segun Lawson, president and chief executive officer, stated: "This in an excellent start to this year's drilling. These results are in the stage 1 pit design and provide additional confidence for the key first three months of production. Management has always had confidence in the DFS resource model and this first set of drilling results confirm this. We look forward to providing further updates through the course of the year."
The complete list of results from this program is in the attached table.
INFILL RESOURCE DRILLING SIGNIFICANT RESULTS (0.5 G/T AU LOWER CUT-OFF, THREE M INTERNAL DILUTION)
Hole ID Length (m) From (m) To (m) Interval (m) Grade (g/t Au) True width (m)
GCD01 50.5 0 2.5 2.5 2.56 1.8
GCD01 13.5 17.5 4 8.53 3.2
GCD01 32 36 4 7.21 2.9
GCD02 30.4 20 27 7 3.81 5.7
GCD03 40.9 11.2 21.5 10.3 1.85 8.1
GCD03 25 31 6 5.35 4.2
GCD04 30.5 0 13 13 4.86 9.1
GCD05 30.5 12 17.5 5.5 1.01 3.7
GCD06 45.3 1 8 7 3.15 5.5
GCD06 13.2 26.2 13 2.35 10.2
GCD07 45.8 23 31.1 8.1 3.15 6.4
GCD07 35.5 40.6 5.1 6.78 4
GCD08 47.2 24 33.1 9.1 4.6 7.3
GCD08 37 41 4 9.21 3.7
Exploration plan for Nigeria in Q3 2020
The company is also pleased to announce its exploration plan in Nigeria for Q3 2020. Century Mining Co. Ltd. (CMC) has been contracted to undertake a 5,000 m program of reverse circulation (RC) drilling in order to complete initial testing of satellite targets obtained in the geochemical sampling program. In addition, CMC will carry out approximately 2,000 m of diamond drilling. This program is expected to commence toward the end of July.
The exploration plan consists of a three-tiered exploration strategy:
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Resource development drilling: to further enhance the existing in-pit resource with additional infill drilling (approximately 1,200 m drilling);
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Near-mine and regional exploration: drill identified satellite deposit targets in both the near-mine and regional settings (approximately 4,300 m drilling);
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Segilola underground resource exploration: explore the down-dip underground extensions of the Segilola deposit (approximately 1,600 m drilling).
Resource development drilling
The northern zone of the Segilola resource averages 6.05 g/t Au reported at a 0.64 g/t Au cut-off. Several high-grade south-plunging shoots are interpreted to continue below the extent of the current DFS open-pit design in the northern portion of the resources. The targeted shoots potentially exceed the average resource grade of six g/t Au. Additional drilling is designed to further test the continuity of the shoots with the objective of deepening the pit in this area in order to increase the total recoverable ounces.
Near-mine and regional exploration
In Q1 and Q2 2020, target generation for exploration has been continuing with extensive areas being covered by auger drilling and stream sediment sampling. To date, approximately 1,300 auger samples and 700 stream sediment samples have been collected. Satellite deposit targets in both the near-mine and regional settings have been identified and the company is commencing an RC drilling program on these targets of approximately 4,300 m drilling.
Segilola underground resource exploration
At Segilola the mineralized system has been drilled intensely over a strike length of 1.8 km and to an average vertical depth of 215 m. This drilling has defined a total open-pit/underground indicated resource of 469,000 ounces Au at 4.7 g/t Au and a total open-pit/underground inferred resource of 163,000 ounces at 7.8 g/t Au (see "Segilola mineral resource estimate" table). This equates to approximately 2,950 combined ounces per vertical metre (OVM).
SEGILOLA MINERAL RESOURCE ESTIMATE
Cut-off Tonnage Grade Contained metal
Zone (g/t Au) Category (Mt) (g/t Au) (000 oz Au)
Open pit 0.64 Indicated 3.0 4.5 441
Open pit 0.64 Inferred 0.3 6.8 73
Cut-off Tonnage Grade Contained metal
Zone (g/t Au) Category (Mt) (g/t Au) (000 oz Au)
Underground 2.58 Indicated 0.1 9.4 28
Underground 2.58 Inferred 0.35 7.9 90
Tonnage Grade Contained metal
Zone Category (Mt) (g/t Au) (000 oz Au)
Total Indicated 3.1 4.7 469
Total Inferred 0.65 7.8 163
Current data indicate that several steeply plunging shoots extend down dip from the central portions of the known resource. A comprehensive diamond drilling program has been designed to test for the down-dip extensions of the resource with the objective of increasing the underground resource.
Further details can be found on the company's website.
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.
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