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    THX   CA8851491040

THOR EXPLORATIONS LTD.

(THX)
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THOR EXPLORATIONS LTD. - MAIDEN MINERAL RESOURCE ESTIMATE AND MANSA DISCOVERY DRILLING RESULTS DECLARED FOR THE DOUTA GOLD PROJECT, SENEGAL

11/19/2021 | 11:37am EST

Thor Explorations Ltd. (TSX VENTURE/AIM: THX) ('Thor' or the 'Company') is pleased to announce an initial NI 43-101 standard Maiden Mineral Resource Estimate ('MRE') for the Makosa Deposit which is located in the southern portion of the Douta Gold Project in Senegal.

Highlights

Maiden Resource Estimate for Douta Project is supported by a total of 35,728 metres of drilling

Maiden Resource of 730,000 ounces of gold grading at 1.5g/tAu

Mineralisation at Makosa remains open along strike with further growth potential

New mineralised discovery at the Mansa Prospect located 5km along strike from Makosa

The MRE is classified as Inferred Resources and is constrained within optimised pit shells and comprises 15.3 million tonnes grading 1.5 grammes per tonne ('g/t') gold ('Au') for 730,000 ounces of gold. The Company is also pleased to announce that exploration drilling at the Mansa Prospect, which is located 5km along strike from Makosa, resulted in encouraging drilling intersections including 4 metres ('m') grading 3.11 g/t Au, 5m grading 1.75g/t Au and 2m grading 10.65g/t Au.

The Makosa MRE encompasses the Makosa, Makosa North and Makosa Tail zones, which all remain open along strike and down dip, and are expected to grow with ongoing drilling either along strike or at depth. The MRE provides a foundation for continued resource growth along strike to the north from Makosa North together with the satellite deposits, including the newly discovered Mansa, that are currently being assessed along the 30 kilometre long Makosa gold corridor.

Segun Lawson, President & CEO, stated 'The Makosa Maiden Resource Estimate is the Company's first major milestone at the Douta Project. The resource is the culmination of the first round of mostly wide-spaced exploration drilling conducted over a strike length of over seven kilometres. This provides for a solid growth platform for Thor following the greenfield discoveries of Makosa and Makosa Tail in 2018 and 2020 respectively. 'We are now focussing our exploration towards expanding the resource along the prospective corridor that runs along the full 30km length of our exploration licence. Priority will be given to extensional drilling at Makosa North where the mineralisation remains open-ended towards the north-east.

'We are equally excited with the first drilling results from our new greenfield discovery Mansa which is located on the same structure as Makosa. In addition to undertaking definition drilling at Mansa the 5km gap between Makosa North and Mansa will also be targeted in our next drilling program.'

About Thor

Thor Explorations Ltd. is a Canadian mineral exploration company engaged in the acquisition, exploration and development of mineral properties located in Nigeria, Senegal and Burkina Faso. Thor holds a 100% interest in the Segilola Gold Project located in Osun State of Nigeria and a 70% interest in the Douta Gold Project located in south-eastern Senegal. Thor trades on the TSX Venture Exchange under the symbol 'THX

Contact:

Segun Lawson

Email: info@thorexpl.com

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.

(C) 2021 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2021 42,6 M 34,0 M 34,0 M
Net income 2021 -17,0 M -13,6 M -13,6 M
Net Debt 2021 48,1 M 38,4 M 38,4 M
P/E ratio 2021 -
Yield 2021 -
Capitalization 164 M 131 M 131 M
EV / Sales 2021 4,98x
EV / Sales 2022 0,66x
Nbr of Employees -
Free-Float 91,9%
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Last Close Price 0,26 CAD
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Olusegun Lawson President, CEO & Non-Independent Director
Benjamin James Hodges Chief Financial Officer & Secretary
Adrian John Geoffrey Coates Non-Executive Chairman
Kayode Aderinokun Independent Non-Executive Director
Folorunso Dada Adeoye Independent Non-Executive Director
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