Mr. Segun Lawson reports

THOR ANNOUNCES RESULTS OF AUGER DRILLING PROGRAM REVEALING ZONES OF POTENTIAL MINERALISATION IN IMMEDIATE PROXIMITY TO THE SEGILOLA OPEN PIT

Thor Explorations Ltd. has released initial results from the recent comprehensive auger drilling program carried out on the Segilola gold project mining licence. This program has delineated a large area of anomalous gold geochemistry, located to the east of the Segilola mineralized structure and within 700 metres of the Segilola open-pit deposit.

The results align with earlier stream sediment and soil anomalies and are further confirmed by rock chip samples and quartz veining exposed by the exploration team.

Segun Lawson, president and chief executive officer, stated: "The results of this program are encouraging, with good indication of mineralization in near proximity to the open pit. Drilling commences on these targets next week, as per the previously announced Q3 drilling program, to assess the zones for economic viability. Importantly, the results of the program illustrate the appropriateness of our current exploration approach and the rigour being applied by our exploration team. I look forward to extending the auger program to the anomalies identified during our regional stream sediment program on our exploration licences."

Target generation

Thor has received the results from 900 auger drilling soil geochemical samples collected in the near-mine area around the Segilola gold deposit. This area is part of a larger survey area comprising 1,600 sample sites. Samples are collected at 20 to 25 m spaced locations along 50 to 100 m spaced lines from an average depth of 1.6 m. This survey has been complemented with stream sediment and rock chip sampling.

The results from this survey have returned numerous anomalous gold values within a large area measuring 3.3 kilometres along strike and up to 700 m wide, located to the east of the Segilola mineralized structure and referred to as the eastern gold target zone.

Significant results include:

• Several parallel trends with auger soil geochemistry of up to 1,888 parts per billion gold (1.9 grams per tonne gold);
• Stream sediment values of up to 1.96 grams per tonne gold;
• Rock chip sample of 1.55 grams per tonne gold.

The auger soil geochemistry data suggest that several anomalous trends are developed in a north-northeast-trending zone that is parallel to the structure that hosts the Segilola gold deposit.

Thor has a comprehensive reverse circulation drilling program planned to test these targets. Drilling is scheduled to commence in August, 2020.

Thor has implemented a continuing exploration program to locate satellite gold deposits around the main Segilola resource and operating centre.

Qualified person

The above information has been prepared under the supervision of Alfred Gillman, FAusIMM, CP, a qualified person under National Instrument 43-101. Mr. Gillman 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.

We seek Safe Harbor.