Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) has acquired substantial majority stakes in two exploration blocks in southeast Senegal close to its Douta gold prospect.
Douta-West lies contiguous to the Douta gold project while Sofita is approximately 20 kilometres to the south.
Thor said Douta-West provides immediate additional exploration potential with this year's scheduled drilling programmes to be extended to include the new acreage.
Douta-West's current owner, Birima Gold, will receive US$120,000 for 70% of the licence plus a free carry-up to the pre-feasibility study after which it can decide to participate further or not.
At Safita, Thior will carry out a work program of US$300,000 over two years and pay US$20,000 for an 80% interest.
Segun Lawson, Thor’s chief executive, added: "We are pleased to acquire additional, strategically located, ground in Senegal where we have been successfully operating and advancing the Douta Gold Project for several years.
2We are currently carrying out our preliminary feasibility study workstreams at the Douta Gold Project and look forward to now completing this during Q3 2024 following the finalisation of the process flow sheet.
"The acquisition of the Douta-West permit, which has a number of geochemical targets, allows us to potentially add scale to the Douta Gold Project, in particular, extensions to Makosa Tail.
“This exploration strategy is in addition to generating cash flow from our wholly-owned Segilola Gold Mine in Nigeria, where we have a guidance of 95,000 to 100,000 ounces in 2024, which we'll use to completely de-leverage the company's balance sheet from its senior debt facility this year."