Thor Explorations Ltd. [THX-TSXV, AIM] is advancing the Douta gold project in Senegal toward development.
As part of its strategy of identifying high-value mineral resource opportunities, Thor Explorations, through its fully owned subsidiary, Newstar Minerals Ltd., has acquired significant exploration tenure in southwest Nigeria that covers both known lithium-bearing pegmatite deposits and a large unexplored prospective pegmatite-rich belt.
An initial drilling program is being undertaken on one of the company’s prospects located in the West Oyo project area to confirm and delineate lithium-bearing mineralization, such as spodumene and lepidolite, at depth. The company is pleased to announce the first set of results from this initial exploratory phase.
Significant intersections include drill hole NRC010 that returned 11 metres at 2.61% Li2O from 15 metres. Drill hole NRC018 returned nine metres at 2.42% Li2O from 35 metres. Drill hole NRC006 returned 11 metres at 1.53% Li2O from 14 metres, including nine metres at 1.70% Li2O from 15 metres.
Spodumene confirmed as the main lithium-bearing mineral together with minor lepidolite. Mineralization is exposed at surface and is shallow dipping.
Segun Lawson, president and CEO, stated: “We are extremely encouraged by the first set of results from our initial drilling campaign, which was designed to confirm the development of lithium-bearing minerals within pegmatite bodies that occur within our permit areas. This is the first area of our portfolio we have drilled, and we are looking forward to both continuing the drill program on this prospect and extending the drilling over the other lithium-bearing pegmatites within our portfolio in Oyo state.
“Our objective is to expand our exploration activities and drilling program to the other pegmatites within our permits and commence exploration activities over the larger extent of all our permits areas in Nigeria.
“With the forecasted lithium market deficit expected to grow out by 2040, with an untapped lithium potential in West Africa, we believe it is a great opportunity to help diversify our existing gold production.
“In addition, we have continued to add further permits containing lithium-bearing pegmatites to our portfolio, and look forward to updating the market with drill results and the progress of our exploration over the coming weeks and through to the end of the year.”
Thor Explorations has secured over 600 km2 of granted tenure in Nigeria that forms Oyo state, Kwara state and Ekiti state lithium project areas. The Oyo state project area encompasses what Thor Explorations considers to be Nigeria’s most significant lithium pegmatite occurrence, which is currently being exploited by small-scale artisanal mining of lithium-bearing minerals.
The Oyo state lithium project comprises approximately 38 km2 border of Nigeria and within 200 km of the commercial capital of Lagos. The project area is unique in the Nigerian context as it is mostly located in a relatively sparsely populated region of the country but situated within close proximity to large population centres and advanced infrastructure such as roads, railways and ports.
Target area 1: Reconnaissance rock chip sampling carried out in 2022 in the western parts of Oyo state returned Li2O analyses of between 1.34% and 9.31%. Thor Explorations has secured tenure over this area in a number of joint venture agreements together with wholly owned exploration permits.
A program of reverse circulation targeted an identified pegmatite trend that is developed within a northerly trending mafic sequence that is surrounded by granitoid-gneiss terrain.
Continuing exploration is under way to locate additional pegmatites in the immediate vicinity of this target and farther to the south, where extensive exposures of pegmatites have been mapped in target area 2.
Thor Explorations/Newstar has also secured additional tenure over this area in a number of joint venture agreements together with wholly owned exploration permits. Farther to the west, additional exploration tenure has been obtained through the granting of a large exploration permit (EL42245) to the northeast together securing additional ground under an agreement with SCT Mining & Exploration Ltd.
Thor Explorations is engaged in the acquisition, exploration and development of mineral properties located in Nigeria, Senegal and Burkina Faso. Thor Explorations holds a 100% interest in the Segilola gold project in Osun state, Nigeria, and a 70% interest in the Douta gold project located in southeastern Senegal. Thor also holds a 49% interest in the Bongui and Legue gold permits in the Hounde greenstone belt, southwest Burkina Faso.
.jpg "GrafTech Reports Second Quarter 2024 Results")
