NEWS RELEASE

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES

FOR IMMEDIATE RELEASE                                                                                   TSXV/AIM: THX

December 02, 2024                                                                                                                        

Vancouver, British Columbia

FURTHER POSITIVE DIAMOND DRILLING RESULTS FROM SEGILOLA GOLD MINE

Thor Explorations Ltd (TSXV / AIM: THX), "Thor" or the "Company"), is a West African-focussed minerals exploration and mining Company, that is currently producing gold from its wholly owned Segilola Gold Mine in Nigeria and is advancing the Douta Gold Project in Senegal towards development.

Thor is pleased to announce further positive results from the initial proof-of-concept drilling programme that targets the down-plunge potential beneath the current Segilola open pit extents.

Previously reported results include 3 metres ("m") grading 11.24 grammes of gold per tonne ("g/tAu")  from 294m in drillhole SNMDD011 and 1.5m grading 3.22g/tAu from 269m in drillhole SNMDD012. The latest batch of results include 3.5m grading 4.10g/tAu in drillhole SNMD016 and 2.4m grading 3.46g/tAu in drillhole SNMD014.

Segun Lawson, President & CEO, stated

"We are encouraged by the latest additional positive results that have been received from the "proof of concept" drilling programme. This programme targeted projections of the Segilola ore body below the current open pit design and has been successful in intersecting high grade mineralisation in the majority of the holes drilled below the pit.

"The success of the drilling programme to date has warranted the expansion of the initial 12 hole proof-of -concept drill programme with further holes being designed to continue to explore the along-strike down-plunge trend of the southern portion of the deposit and to test new deeper target areas underneath the pit where relatively little drill-testing has taken place.

"These results have also enabled us to investigate extending the current open pit mine life, prior to an underground mining operation. We will be carrying out optimisation studies incorporating the new drilling results and updated gold price in this regard.

"The plan is to upgrade parts of the remaining inferred resource and to increase the size of the overall underground resource, both with the objective of increasing the life of mine at Segilola."

Introduction

The high grade Segilola gold deposit is located on the major regional shear zone that extends for several hundred kilometres through the gold-bearing Ilesha schist belt (structural corridor) of Nigeria.

Gold mineralisation is developed within an overturned sequence of metamorphosed, strongly foliated meta-sediments at the boundary between the basement biotite gneiss (Hanging wall) and calc-silicate and mylonitic biotite-garnet schists (Foot wall). A unit of massive foliated granodiorite conformably intrudes the sequence between the quartzites and basement gneisses. Gold mineralisation is developed with steep west-dipping parallel lodes that comprise late-stage silica-altered zones that are commonly referred to as "veins" and which are restricted to the meta-sedimentary unit.

Segilola Exploration Targeting

The southern lodes are characterised by a pronounced southerly plunging geometry (Figure 1). The initial drillholes were completed on 40m spaced sections to test the continuity of the high-grade shoots that are projected to continue down-plunge to the south. Drilling was completed using HQ diamond core. Half core samples were analysed by fire assay at the SROL Laboratory which was established by the independent MSA Laboratories at the Segilola Mine Site. The final assay results are an average of the initial assay result (Au1) and two additional fire assays of the same pulp (AuR1 and AuR2). Further QAQC (Quality Assurance & Quality Control)  work is being carried out by MSA Laboratories.

The significant intersections are shown in Table 1.

Table 1: Summary of Drillhole Intersections at a 1.5g/tAu cut off

Figure 1: Longitudinal section showing drilling results and target zones

Apart from hole SNMDD017, all of the holes drilled to date in this programme have intersected mineralisation in the predicted locations. Hole SNMDD017 was drilled to check for the possibility of mineralisation below the projected shoot and did not intersect any significant mineralisation. Geological modelling continues to assess the possibility of repeats of the main plunging shoots in the untested regions at depth (Figure 1).

​

Figure 2: SNMDD016 Cross Section

Figure 3: Previously Reported SNMDD011 Cross Section

Conclusions

·      The initial drilling results have validated the proof-of-concept high-grade targeting model

·      The results suggest that the minimum underground mining width can be achieved at a suitable grade.

·      There is justification to continue with an expanded drilling programme.

·     Studies to be carried out to deepen the pit and extend the open pit mine life incorporating these drill results where applicable will be commenced by the Company.

Qualified Person
The above information has been prepared under the supervision of Alfred Gillman (Fellow AusIMM, CP), who is designated as a "qualified person" under National Instrument 43-101 and the AIM Rules and has reviewed and approves the content of this news release. He has also reviewed QA/QC, sampling, analytical and test data underlying the information.

THOR EXPLORATIONS LTD.
Segun Lawson
President & CEO

For further information please contact:

Thor Explorations Ltd

Email: info@thorexpl.com

Canaccord Genuity (Nominated Adviser & Broker)

Henry Fitzgerald-O'Connor / James Asensio / Harry Rees

Tel: +44 (0) 20 7523 8000

Hannam & Partners (Broker)

Andrew Chubb / Matt Hasson / Jay Ashfield / Franck Nganou

Tel: +44 (0) 20 7907 8500

BlytheRay (Financial PR)           

Tim Blythe / Megan Ray / Said Izagaren

Tel: +44 207 138 3203

Yellow Jersey PR (Financial PR)                                      

Charles Goodwin / Shivantha Thambirajah / Soraya Jackson

Tel:  +44 (0) 20 3004 9512

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release does not constitute an offer to purchase securities. The securities to be offered in the offering have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to, or for the benefit or account of, a U.S. person, except pursuant to an available exemption from such registration requirements.

Cautionary Note Regarding Forward-Looking Statements

Except for the statements of historical fact contained herein, the information presented constitutes "forward looking statements" within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions  that could cause the actual results of the Company to differ materially form the forward-looking statements. Such forward-looking statements, including but not limited to, the Company's ability to fully finance the Project, to bring the Project into operation or to produce gold from the Project, and the use of the proceeds.  The words "may", "could", "should", "would", "suspect", "outlook", "believe", "anticipate", "estimate", "expect", "intend", "plan", "target" and similar words and expressions are used to identify forward-looking information. The forward-looking information in this news release describes the Company's expectations as of the date of this news release and accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time.