Thor Explorations – Updated Total Douta Resource of 1.78 Million Ounces Of Gold And Growing Through 40,000 Meters Of Additional Drilling
Segun Lawson, President and CEO of Thor Explorations (TSX.V:THX – US:THXPF), reviews the news out yesterday, March 20th, on the updated total Douta Resource of 1.78 million ounces of gold. This is an increase of 144% in total resource as compared with the 2022 maiden mineral resource estimate declared for Douta. With 40,000 meters of drilling planned for 2023, the Company is continuing to expand the resources at the Makosa ore body, which now has grown to a 7km strike length, and also incorporates the Makosa Tail area.
The exploration strategy at Douta is to keep doing step-out drilling and infill drilling at the Makosa deposit, to move resources from inferred to indicated, as well as expansion drilling around 3 key new mineralized satellite discoveries at the Mansa, Maka, and Sambara targets. There will be plenty of exploration news to report for the balance of the year, and the next milestone after that will be to wrap some economics around the Douta project in a Preliminary Economic Assessment (PEA) by year-end.
We also discussed the organic growth potential with the on-going exploration around Segilola mine in Nigeria, at depth under the current pit shell, and along strike at a number of nearby targets in search of nearby satellite pits. Segun highlighted some of the recent high-grade gold intercepts announced last month from the nearby Western Prospects area, with drillhole # SGD238 intersecting 2 meters at 227 g/t gold from 80m, including 1 meter at 310 g/t gold. Drillhole # SGD235 returned intercepts of 3.1 meters at 14.32g/t gold from 28m. In addition to growth through the drill bit, there is also the possibility of inorganic growth that could come from acquiring nearby projects, or partnering on other development projects in Nigeria and abroad in West Africa.
*In full disclosure, Shad is a shareholder of Thor Explorations.