Thor Explorations Ltd (CVE:THX) (OTCMKTS:THXPF) has signed an agreement with Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) (FRA:ABR) that terminates the 2015 earn-in agreement between Thor and Acacia Mining PLC on the Central Hounde project in southwestern Burkina Faso.
Following the signing of the agreement with Acacia (which Barrick has acquired), Thor said it has acquired Barrick's 51% ownership of the project in exchange for a 1% net smelter royalty. Thor now holds 100% of the project.
The Central Hounde Project consists of three early-stage exploration permits located in the highly prospective Hounde Greenstone belt about 260 kilometers (km) southwest of Ouagadougou. The three permits cover a total area of 474km over the Hounde Belt. A total of 20,208 meters (m) RC and 3,156m of diamond drilling has been completed over the licences to date.
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Thor said the project has a number of prospects that have been previously delineated through mapping, soil geochemistry, and drilling campaigns.
"We are pleased to have regained a 100% interest in the Central Hounde Project, which lies in one of West Africa's highly regarded Birimian greenstone belts,” said CEO Segun Lawson in a statement Monday.
“In recent years, the JV has undertaken diligent exploration programs, which have resulted in the identification of several targets that have been outlined by preliminary drilling, which we consider merit further assessment. We would like to thank Barrick and all of the team, who have worked on the Project over the term of the JV."
Lawson said the company’s development activities remain focused on its Segilola Gold Project in Nigeria, where construction is well advanced and Thor is on track for the first gold pour in June.
“At our advanced exploration project, Douta in Senegal, following the success of our recent drilling programs at Douta North and Douta Tail, we have initiated a supplementary drilling program to assess the potential extension of the identified additional mineralisation," he said. "The Central Hounde project adds further depth to the company's exploration portfolio, which supports the company's strategy to become a leading West African gold producer and developer."
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