Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) said it has acquired a “significant tenure” in Nigeria that covers lithium-bearing pegmatite deposits and a large unexplored prospective pegmatite-rich belt.
The West Africa-focussed minerals exploration and mining company added it secured the 600km2 of tenure through its subsidiary, Newstar Minerals.
Initial field inspection and selective sampling of key sites have returned significant lithium grades from both hard-rock spodumene and lepidolite mineralisation, it said.
Located in southwest Nigeria, the tenure forms West Oyo, Kwara State and Ekiti State lithium area projects.
In a statement, Thor said the West Oyo area encompasses what the company considers to be Nigeria’s most significant lithium pegmatite occurrence.
“Nigeria is well-known for its high-grade lithium-pegmatite deposits most of which are worked on at an artisanal scale for associated high-value gemstones and tantalum,” said president and CEO Segun Lawson.
Exploration and development of the lithium pegmatite opportunities will run parallel with Thor’s expanding gold business, the company said.
"While gold remains fundamental to our growth strategy, we consider the virtually untapped lithium potential of Nigeria to be an opportunity that is too good to miss, particularly given our established in-country presence, experience and first-mover advantage,” Lawson added.
Thor’s objective is to develop its first large-scale lithium mine without the need to sell down ownership positions or dilute existing shareholders.