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Thor Explorations Ltd. (THX.V)

TSXV - TSXV Real Time Price. Currency in CAD
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0.1900-0.0100 (-5.00%)
At close: 1:54PM EST
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Previous Close0.2000
Open0.2100
Bid0.1900 x 0
Ask0.2100 x 0
Day's Range0.1900 - 0.2100
52 Week Range0.1200 - 0.2800
Volume140,800
Avg. Volume148,275
Market Cap118.027M
Beta (5Y Monthly)1.37
PE Ratio (TTM)N/A
EPS (TTM)-0.0090
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est0.50
  • Thor Announces Commencement of 10,000 Metre RC Drilling Program at Its Douta Project, Senegal
    GlobeNewswire

    Thor Announces Commencement of 10,000 Metre RC Drilling Program at Its Douta Project, Senegal

    Figure 1 Douta Gold Project location map Figure 2 Maka drill targets Figure 3 Oblique 3D visualisation of the Makosa mineralised trendNOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICESVANCOUVER, British Columbia, Oct. 26, 2020 (GLOBE NEWSWIRE) -- Thor Explorations Ltd. (TSX VENTURE: THX) (“Thor” or the “Company”) is pleased to announce that it has commenced a 10,000 metre reverse circulation (RC) Drilling Program at its Douta Project in Senegal. The RC Drilling Program follows a successful auger drilling campaign carried out in May and June which delineated three promising drill targets in the Douta Exploration Permit.Highlights of the Drilling Program * Three mineralised targets areas. * 10,000 metre contract signed, with the option to increase to 20,000 metres. * Initial drill results expected around the end of November. * The Program will initially focus on the Maka Prospect where two high grade gold mineralised areas have been defined through auger drilling. * The program will then focus on extending the strike length of the Makosa Discovery located in the southern part of the licence. Segun Lawson, President & CEO, stated:” The Douta project is an extremely important asset for Thor and with significant blue-sky exploration potential. Its prospectivity has been further confirmed through the recent auger drilling program which delineated over 9km of mineralised targets to be drilled. The Company is working towards its next major milestone in Senegal, which is a maiden resource.With construction and exploration progressing as planned in Nigeria, we are excited by the additional news flow to come from Douta over the next few months.”About the Douta ProjectThe Douta Gold Project is a gold exploration permit that covers an area of 103 km2 and is located within the Kéniéba inlier, eastern Senegal. The permit is an elongate polygon with dimensions of approximately 32km by 3.3km, trending northeast with an area of 103 km2. Thor, through its wholly owned subsidiary African Star Resources Incorporated (“African Star”), has acquired, 70% of the licence from the permit holder International Mining Company SARL (“IMC”). IMC has a 30% free carry until the announcement by Thor of a Probable Reserve after which it will have to contribute or sell its stake to African Star.The Douta licence is strategically positioned between the ‘world class’ deposits of Massawa and Sabadola to the west and the Makabingui deposit to the east (Figure 1). Within the licence five separate gold prospects have been identified using surface geochemical sampling. These comprise the more advanced Makosa prospect, where first-pass RC and diamond drilling has defined mineralisation over a 3km strike length, and the earlier exploration stage Maka, Mansa, Samba and Makosa Tail prospects.Between March and July 2020 a total of 785 auger drillholes were completed over the Maka, Mansa and Makosa Tail prospects in order to define targets for follow up RC drilling.Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/80313697-f4e4-440c-ba99-685e6705deaeMaka Gold ProspectResults from historic reconnaissance surface soil sampling and rock chip geochemistry identified Maka as an area of interest with surface rock chips returning between 1.6 and 9.6 g/tAu. A limited RC program completed by Thor in 2018 returned a best result of 4m grading 11g/tAu in DMRC012 (Figure 2)Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/877282bb-4b59-407d-a378-9026b17c2860MakosaThe Makosa discovery is the most significant of several significant exploration targets to be drilled by Thor within the Douta Gold Project. A total of 13 diamond holes and 82 RC drillholes have delineated continuous mineralisation over a strike length of 3,000m. Additional RC drilling is designed to increase the mineralised footprint of the mineralisation which is open-ended both along strike to the north and south and at depth.Figure 3 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a0289e9e-f9a3-4bae-b0ea-f4d7c111b4dfQualified 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 has reviewed and approves the content of this news release. He has also reviewed QA/QC, sampling, analytical and test data underlying the information.Further details can be found on the Company’s website: www.thorexpl.comAbout ThorThor Explorations Ltd. 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% interest in the Segilola Gold Project located in Osun State of Nigeria and a 70% interest in the Douta Gold Project located in south-eastern Senegal. Thor also holds a 49% interest in the Bongui and Legue gold permits located in Houndé greenstone belt, south west Burkina Faso. Thor trades on the TSX Venture Exchange under the symbol “THX”.THOR EXPLORATIONS LTD. Segun Lawson President & CEONeither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release does not constitute an offer to purchase securities. The securities to be offered in the offering have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to, or for the benefit or account of, a U.S. person, except pursuant to an available exemption from such registration requirements.Cautionary Note Regarding Forward-Looking Statements Except for the statements of historical fact contained herein, the information presented constitutes “forward looking statements” within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions that could cause the actual results of the Company to differ materially from the forward-looking statements. Such forward-looking statements, including but not limited to, the Company’s ability to fully finance the Project, to bring the Project into operation or to produce gold from the Project, and the use of the proceeds.  The words “may”, “could”, “should”, “would”, “suspect”, “outlook”, “believe”, “anticipate”, “estimate”, “expect”, “intend”, “plan”, “target” and similar words and expressions are used to identify forward-looking information. The forward-looking information in this news release describes the Company’s expectations as of the date of this news release and accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time. CONTACT: For further information please contact: Thor Explorations Ltd Email: info@thorexpl.com  Fig House Communications (Investor Relations) Tel: +1 416 822 6483 Email: info@thorexpl.com  Blytheweigh Camilla Horsfall / Megan Ray / Rachael Brooks Tel: +44 207 138 3203

  • Thor Announces Encouraging Initial In-Pit Infill Drill Results at Segilola, Nigeria
    GlobeNewswire

    Thor Announces Encouraging Initial In-Pit Infill Drill Results at Segilola, Nigeria

    Figure 1: SGD208 cross section (10m search window) Figure 1: SGD208 cross section (10m search window) Figure 2: Location Plan showing reported holes Figure 2: Location Plan showing reported holes Figure 3: Longitudinal section view (facing west) of design pit showing locations of drillholes and in-pit inferred material Figure 3: Longitudinal section view (facing west) of design pit showing locations of drillholes and in-pit inferred materialNOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICESVANCOUVER, British Columbia, Oct. 13, 2020 (GLOBE NEWSWIRE) -- Thor Explorations Ltd. (TSX VENTURE: THX) (“Thor” or the “Company”) is pleased to announce encouraging initial drill results from its infill in-pit diamond core drilling program at its Segilola Gold Project in Nigeria, which is scheduled to pour first gold in Q2 2021. The infill diamond core drilling program was designed to target and de-risk the lower portions of the in-pit resource by upgrading those portions currently classified as waste material and inferred resources in the Segilola Definitive Feasibility Study.Significant intersections include: * Drillhole SGD208: 15m grading at 7.0g/tAu     Including 5.6m at 9.2g/tAu and 4.3m at 12.1g/tAu containing abundant particulate visible gold * Drillhole SGD202: 2.7m grading at 7.7g/tAu Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b44b0fe5-92df-402b-aac7-a6141488d3c5 Segun Lawson, President & CEO, stated: “We are very encouraged by these initial drill results which intersected the orebody where predicted. Given the proven resource and grade continuity, together with the abundance of visible gold is extremely encouraging and further strengthens management’s belief that the in-pit reserve can be positively upgraded ahead of first gold pour in Q2 2021.”Ongoing Drilling ProgramsThese initial infill in-pit drill results form part of a wider drilling campaign which includes: * Infill in-pit resource conversion * Down dip resource exploration * Satellite RC exploration The infill in-pit program, part of a resource category upgrade programme, is ongoing and consists of a series of holes, including SGD202 and SGD208 targeting areas of the resource which had previously been estimated (Figures 2 and 3) and classified as Inferred Resources. SGD202 targeted the near-surface extensions towards the northern parts of the design pit whilst SGD208 was designed to test the deeper extensions of the resource in the central parts of the resource.Thor management believes that the additional data collected since the completion of the Definitive Feasibility Study on February 4 2019 (reported below) will have a potentially significant positive impact on the project economics.The abundance of visible particulate gold at depth is also considered to be encouraging and further supports the high recovery character of the mineralisation in the deeper parts of the design pit.HOLE- IDEastingNorthingElevationLength (m)From (m)To (m)Interval (m)Grade (g/tAu)True Width (m) SGD20070177483129130955.631.039.08.01.105.9      46.448.01.64.411.4      50.751.20.51.720.4 SGD2027019648321343455021.324.02.77.702.1 SGD203701871832071345152.3129.3129.80.53.680.4 SGD204701874832030345136.7110.4112.01.62.291.4 SGD208701746831329333131.4105.4120.315.07.0010     includes105.4111.05.69.203.2     and116.0120.34.312.102.9 Table 1: Significant results (0.5g/tAu lower cut off)Figure 2 is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/be338c46-fe7e-43a0-b59a-e0d6d09b542dFigure 3 is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/3e14e7d7-f11a-4af8-8ec5-e19b342457f9The additional results from the other drilling in the campaign are expected to be received and released during the coming weeks.Definitive Feasibility Study ResourceThe Segilola open pit mineral resource comprises 441,000 ounces Au at 4.5g/tAu indicated and 73,000 ounces at 6.8g/tAu inferred. Based on a probable reserve of 405,000ounces Au at 4.20g/tAu the current project open pit DFS shows a post-tax NPV5% $138m, a 50% IRR and a payback in under 1.4 years. These figures are based on the data as 1 December 2018 and a gold price of US$1,300.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 has reviewed and approves the content of this news release. He has also reviewed QA/QC, sampling, analytical and test data underlying the information.About ThorThor Explorations Ltd. 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% interest in the Segilola Gold Project located in Osun State of Nigeria and a 70% interest in the Douta Gold Project located in south-eastern Senegal. Thor also holds a 49% interest in the Bongui and Legue gold permits located in Houndé greenstone belt, south west Burkina Faso. Thor trades on the TSX Venture Exchange under the symbol “THX”.THOR EXPLORATIONS LTD. Segun Lawson President & CEONeither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release does not constitute an offer to purchase securities. The securities to be offered in the offering have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to, or for the benefit or account of, a U.S. person, except pursuant to an available exemption from such registration requirements.Cautionary Note Regarding Forward-Looking Statements Except for the statements of historical fact contained herein, the information presented constitutes “forward looking statements” within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions that could cause the actual results of the Company to differ materially from the forward-looking statements. Such forward-looking statements, including but not limited to, the Company’s ability to fully finance the Project, to bring the Project into operation or to produce gold from the Project, and the use of the proceeds.  The words “may”, “could”, “should”, “would”, “suspect”, “outlook”, “believe”, “anticipate”, “estimate”, “expect”, “intend”, “plan”, “target” and similar words and expressions are used to identify forward-looking information. The forward-looking information in this news release describes the Company’s expectations as of the date of this news release and accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time.  CONTACT: For further information please contact: Thor Explorations Ltd Email: info@thorexpl.com Fig House Communications (Investor Relations) Tel: +1 416 822 6483 Email: investor.relations@thorexpl.com Blytheweigh Megan Ray / Rachael Brooks Tel: +44 207 138 3203

  • Thor Announces Construction Update at Segilola Gold Mine
    GlobeNewswire

    Thor Announces Construction Update at Segilola Gold Mine

    Figure 1 Segilola Gold Project, Osun, Nigeria Figure 2 Leach tank construction progress Figure 3 Water Storage Dam and Water Storage Facility Figure 4 Camp and main buildingsNOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICESVANCOUVER, British Columbia, Aug. 10, 2020 (GLOBE NEWSWIRE) -- Thor Explorations Ltd. (TSX VENTURE: THX) (“Thor” or the “Company”) is pleased to announce that concrete has been poured on the Segilola process plant site, construction and procurement are progressing on schedule and on budget with first gold pour expected in Q2 2021. Highlights: * First concrete has been poured at the process plant * Water Storage Facility is at final height and is starting to fill * Detailed design 80% complete * Main Camp buildings are at roof level * Procurement 60% complete, with SAG and Ball mills scheduled for delivery in early 2021 * Over 200 members of the local communities have been employed by the project * No Lost Time Injuries to date * COVID -19 monitoring and mitigation measures continue at siteSegun Lawson, President & CEO, stated: “Our construction team and EPC contractor, Norinco International Cooperation Limited, are continuing to deliver on our targets in a challenging operating environment due to the COVID-19 pandemic. I cannot speak highly enough of the professionalism being displayed day in and day out by our workforce and contractors.”Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bcfe67e6-d1db-4b26-b21c-ab1ed7f13110Construction UpdateThe first concrete has been poured by Norinco International Ltd (“Norinco”), the LSTK EPC Contractor, for the foundations for the plant at Segilola and the CIP tank foundation pouring is in process.Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/92b9df41-d259-4d9a-9506-dd9ff205e79a The Water Storage Facility has been constructed to final height and the spillway construction is progressing. The facility is filling well and is expected to reach full capacity before the end of the year.Figure 3 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f1429db9-ad1b-49b5-a562-0ae351ae7ece Construction at the main camp is continuing with the main buildings at roof level. Handover of the administration, technical services, dining facilities, clinic and recreational facilities is expected in Q4 2020.Figure 4 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9f6c452c-b02d-425f-bb0b-8578c0d355b1 Procurement is 60% complete, with vendors re-confirming delivery times. The first shipment of materials recently arriving at Lagos port. Long lead items are scheduled to arrive on site in Q4 2020 and Q1 2021.Local employment is a key aspect of the Company’s development approach and during this initial period over 360 jobs have been created, with 92% being Nigerian nationals and approximately 56% being from the local communities.The Company has a strong and proactive approach to health and safety and to date the Project completed over 220,000 man hours with no lost time injuries.COVID-19As the COVID-19 (Coronavirus) pandemic continues to have a global effect, the health and safety of our employees, communities and contractors are our utmost priority. The Company is taking steps and precautions to address the effects of the pandemic responsibly and to limit potential exposure to the rapidly changing situation. Measures have been put in place to monitor and mitigate against the spread of COVID -19 which includes testing, monitoring, and all-round practices of cleanliness and washing to ensure any instances of COVID-19 are instantly monitored and identified. A handbook has been provided for all personnel and both HSE teams from Thor and Norinco continue to report on this on a daily basis following constant monitoring. All government and regulatory rules are also adhered to.ExplorationBoth the contracted RC and diamond rigs have arrived on site and exploration drilling has commenced in parallel with construction. Both rigs will be running concurrently and will be targeting the down dip extension of the Segilola Deposit and satellite targets identified within the licence. The first drilling results are expected in mid-September.Qualified PersonThe 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 has reviewed and approves the content of this news release. He has also reviewed QA/QC, sampling, analytical and test data underlying the information.Further details can be found on the Company’s website: www.thorexpl.comAbout ThorThor Explorations Ltd. 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% interest in the Segilola Gold Project located in Osun State of Nigeria and a 70% interest in the Douta Gold Project located in south-eastern Senegal. Thor also holds a 49% interest in the Bongui and Legue gold permits located in Houndé greenstone belt, south west Burkina Faso. Thor trades on the TSX Venture Exchange under the symbol “THX”.THOR EXPLORATIONS LTD. Segun Lawson President & CEONeither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release does not constitute an offer to purchase securities. The securities to be offered in the offering have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to, or for the benefit or account of, a U.S. person, except pursuant to an available exemption from such registration requirements.Cautionary Note Regarding Forward-Looking Statements Except for the statements of historical fact contained herein, the information presented constitutes “forward looking statements” within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions that could cause the actual results of the Company to differ materially from the forward-looking statements. Such forward-looking statements, including but not limited to, the Company’s ability to fully finance the Project, to bring the Project into operation or to produce gold from the Project, and the use of the proceeds.  The words “may”, “could”, “should”, “would”, “suspect”, “outlook”, “believe”, “anticipate”, “estimate”, “expect”, “intend”, “plan”, “target” and similar words and expressions are used to identify forward-looking information. The forward-looking information in this news release describes the Company’s expectations as of the date of this news release and accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time.  CONTACT: For further information please contact: Thor Explorations Ltd Email: info@thorexpl.com Fig House Communications (Investor Relations) Tel: +1 416 822 6483 Email: info@thorexpl.com Blytheweigh Camilla Horsfall / Megan Ray / Rachael Brooks Tel: +44 207 138 3203