NEWS RELEASE

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

FOR IMMEDIATE RELEASE                                                                                   TSXV/AIM: THX

January 10, 2025

Vancouver, British Columbia

THOR EXPLORATIONS ANNOUNCES FURTHER POSITIVE 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 its ongoing diamond drilling programme at the Segilola Gold Mine ("Segilola") that targets the down-plunge potential beneath the current open pit extents.

The most recent results from the latest four holes drilled include 1.8 metres ("m") grading 39.7 grammes of gold per tonne ("g/tAu") from 222m in drillhole SNMDD027 and 3.4m grading 4.8g/tAu from 74m in drillhole SNMDD028. These results further highlight the potential to extend the Segilola resource both along strike to the south and at depth.

Segun Lawson, President & CEO, stated:

"We are pleased to start the year with additional encouraging drill results of the on-going diamond drilling programme which is targeting projections of the Segilola ore body outside the current open pit design. In particular, the significant intersection of 1.8m grading 39.7g/tAu is encouraging as it potentially suggests the formation of a high-grade shoot in the northern parts of the deposit. This intersection is supported by the previously reported intersection of 1.3m grading 3.35g/tAu located 40m to the south in hole SNMDD019.  

"These new intersections are located in the vicinity of several exploration holes that the Company drilled in 2018. Results from these holes include 1m grading 10.2g/tAu and 2.5m grading 8.5g/tAu.Together, these holes demonstrate high grade continuity of approximately 100m down dip and about 100m along strike. Based on the new results we intend to continue drill testing of the Segilola structure, and we look forward to sharing further results in due course."

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 of late-stage silica-altered zones that are commonly referred to as "veins" 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 an NQ diamond core. Half core samples were analysed by fire assay at the SROL Laboratory which was established by 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 QA/QC work is being carried out by MSA Laboratories.

The significant intersections are shown in Table 1. All intersections are listed in Appendix 1.

Table 1: Drilling Results That Exceed Four Gramme Metres

(0.5g/tAu cut off, minimum intervals of 0.5m)

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Figure 1: Longitudinal Section Showing Drilling Results

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                                                                 Figure 2: SNMDD027 Cross Section

Holes SNMDD019 and SNMDD027 were drilled to follow up several holes that were completed in 2018 that were designed to test the depth extensions of the 100 lode. Results from these holes include 1m grading 10.2g/tAu in SGD201 and 2.5m grading 8.5g/tAu in SGD167 (Figure 1).

SNMDD019 intersected 1.3m grading 3.35g/tAu approximately 40m north of the SGD201 intersection. SNMDD027, which was placed 40m north of SNMDD019, intersected 1.8m grading 39.4g/tAu. Together with the historic holes these new results confirm high grade continuity over approximately 100m along strike and 100m down dip. The mineralisation intersection in SNMDD027 is open at depth (Figure2).

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

Yellow Jersey PR (Financial PR)                                      

Charles Goodwin / Shivantha Thambirajah / Zara McKinlay

Tel:  +44 (0) 20 3004 9512

thorexplorations@yellowjerseypr.com

BlytheRay (Financial PR)                                      

Tim Blythe / Megan Ray / Said Izagaren

Tel: +44 207 138 3204

thorexpl@blytheray.com

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.

Appendix 1

Table 2: All Drilling Results

(0.5g/tAu cut off, minimum intervals of 0.5m)