Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) has announced the results of an updated Mineral Resource Estimate (MRE) which more than doubles the contained gold for the Douta Gold Project in Senegal.
In a statement, Segun Lawson, Thor president and CEO, commented: "This is an excellent milestone in the progress of the Douta Project. The 2023 MRE has more than doubled the contained gold within the Douta permit to over 1.7 million ounces, with the indicated component of the resource alone exceeding 870,000 ounces of gold compared to the maiden inferred resource of 730,000 ounces.
"In addition, there are a further 909,000 ounces of inferred resources within the optimised pit shells that we intend to convert to indicated classification with additional infill drilling which forms part of our ongoing 40,000-metre program. This updated resource base provides for a solid foundation for more advanced studies on the pathway to developing Thor's second operating gold mine in West Africa."
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Lawson added: "We are now focussing our exploration efforts towards expanding the resource along the prospective corridor that runs along the full 30km length of our exploration licence. Priority will be given to extensional drilling at Makosa, Maka, Mansa and the newly discovered Sambara prospects."
MRE highlights:
- Total Douta Resource of approximately 1.78 million ounces (Moz) of gold (Au), an increase of 144% in total resource as compared with the 2022 maiden mineral resource estimate declared for Douta in November 2021
- Douta Resource constrained within optimised pit shells and comprised of: an initial Indicated Mineral Resource of 20.2 million tonnes (Mt) grading 1.3 grammes per tonne (g/t) Au for 874,900 oz Au; and an Inferred Mineral Resource of 24.1 Mt grading 1.2 g/t Au for 909,400 oz Au
- 2023 MRE supported by a total of 64,567 metres (m) of drilling
- Updated Douta Resource encompasses the Makosa, Makosa Tail and the recently discovered Sambara prospects, all of which remain open along strike and down dip
Drilling is ongoing on the above prospects with a further 40,000m drilling program to be completed in 2023, consisting of diamond drilling and reverse circulation drilling. Mineralisation remains open along strike between the known prospects with further growth potential along 20 kilometres of under-explored prospective strike length covered by the Douta exploration permit.
The Douta Gold Project is located within the Kéniéba inlier, in eastern Senegal, and comprises the northeast trending gold exploration permit, E02038 that covers an area of 58 square kilometres (km2).
Thor, through its wholly owned subsidiary African Star Resources Incorporated, has a 70% economic interest in partnership with the permit holder International Mining Company SARL (IMC). IMC has a 30% free carried interest in its development until the announcement by Thor of a Probable Reserve.
The Douta licence is strategically positioned 4km east of the Massawa North and Massawa Central deposits which form part of the world-class Sabadola-Massawa Project that is owned by Endeavour Mining. The Makabingui deposit, belonging to Bassari Resources Ltd, is located immediately to the east of the northern portion of E02038.
The 2023 MRE encompasses the Makosa, Makosa Tail and Sambara zones, which are collectively named the Douta Resource.
The MRE has been estimated by an independent consultant and is reported at a cut-off grade of 0.5 g/t Au within optimised shells using a gold price of US$2,000.
Contact the author at jon.hopkins@proactiveinvestors.com