Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) told investors that an initial drilling program at a prospect in southwest Nigeria has revealed significant intersections of mineralized pegmatites.
In a statement, the company explained that Newstar Minerals, a wholly-owned subsidiary, acquired significant exploration tenure in southwest Nigeria as part of its strategy of identifying high-value mineral resource opportunities. The prospects cover both known lithium-bearing pegmatite deposits and a large unexplored prospective pegmatite-rich belt.
Drilling at the West Oyo Project Area to confirm and delineate lithium-bearing mineralisation, such as spodumene and lepidolite, at depth, revealed significant intersections including 11 metres (m) at 2.61% lithium oxide (Li2O) from 15m; 9m at 2.42% Li2O from 35m; and 11m at 1.53% Li2O from 14m, including 9m Li2O at 1.70% from 15m.
The company noted that spodumene was confirmed as the main lithium-bearing mineral together with minor lepidolite, and mineralization is exposed at surface and is shallow dipping.
"We are extremely encouraged by the first set of results from our initial drilling campaign which was designed to confirm the development of lithium-bearing minerals within pegmatite bodies that occur within our permit areas,” Thor president and CEO Segun Lawson said.
“This is the first area of our portfolio we have drilled and we are looking forward to both continuing the drill program on this prospect and extending the drilling over the other lithium-bearing pegmatites within our portfolio in Oyo State.”
The company said its objective is to expand its exploration activities and drilling program to the other pegmatites within its permits and commence exploration activities over the larger extent of all its permit areas in Nigeria.
“With the forecasted lithium market deficit expected to grow out by 2040, with an untapped lithium potential in West Africa, we believe it is a great opportunity to help diversify our existing gold production,” Lawson added.
“In addition, we have continued to add further permits containing lithium-bearing pegmatites to our portfolio. And look forward to updating the market with drill results and the progress of our exploration over the coming weeks and through to the end of the year.”
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.
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, southwest Burkina Faso.
Contact the author at stephen.gunnion@proactiveinvestors.com