THX:CC - Thor Explorations increases its position around Douta project in Senegal with licence acquisitions
--News Direct--
Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) president and CEO Segun Lawson tells Proactive's Stephen Gunnion the company has increased its position in southeast Senegal through the acquisition of interests in two licences. This move capitalises on the company's progress in advancing the grassroots Douta gold project to over 1.7 million ounces of gold in global resources, despite a delayed preliminary feasibility study due to extensive processing flow sheet work.
Lawson said the licence acquisitions, especially the one adjacent to Thor's existing resources, provide a low-cost entry for significant exploration upside. The terms of the main agreement for the Douta West licence include a total consideration of $120,000, granting the original licence holder a free carry until the completion of a PFS, after which they can choose to fund or dilute. The Senegalese government retains a 10% free carry, leaving Thor with an 80% interest.
Simultaneously, Thor is advancing towards the preliminary feasibility study for Douta and initiating exploration activities on the new licences, expecting drill results throughout the current quarter. This includes extending drilling programmes and analysing soil and termite samples to potentially expand the total resource base.
In Nigeria, exploration efforts continue at the Segilola mine to extend the life of mine, alongside reaffirming production guidance for the year.
Lawson said Thor is focused on deleveraging, strengthening its balance sheet, and achieving a strong free cash flow position. This year's strategic emphasis is on exploring satellite deposits and deeper drilling beneath the Segilola pit, with significant news flow anticipated across its Senegalese and Nigerian projects in the upcoming quarter.
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