Company Announcements

NEWS RELEASE

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

FOR IMMEDIATE RELEASE                                                                                   TSXV/AIM: THX

5 September 2024                                                                                                                          

Vancouver, British Columbia

EXPLORATION UPDATE ON THE DOUTA GOLD PROJECT, SENEGAL

Thor Explorations Ltd. (TSXV/AIM: THX) ("Thor" or the "Company") is pleased to announce the latest set of drilling results from its 2024 drilling programme at the Douta Gold Project, Senegal (the "Douta Project"). The drill-intersections of significant gold mineralisation are from the Makosa East Prospect ("Makosa East"), a more recently discovered prospect which runs 300 metres ("m") parallel to the east of the previously defined Makosa deposit.

The Douta Gold Project encompasses the Makosa gold deposit which currently comprises a total resource of approximately 1.78 million ounces ("Moz") of gold ("Au") that consists of an indicated resource of 21.2 million tonnes ("Mt") grading 1.3 grammes per tonne ("g/t") Au for 874,900 ounces of gold ("oz Au") together with an inferred resource of 24 Mt grading 1.2 g/t Au for 909,400 oz Au.

A reverse circulation ("RC") drilling programme this year has focussed on increasing the percentage of oxide resources with most of the holes being terminated at relatively shallow depths. This phase of the drilling has focussed on Makosa East which runs parallel to the main Makosa mineralised trend, and which is additional to the declared current mineral resource. Additional infill drilling was completed at the Makosa North, Mansa and Maka prospects.

The assay results from the drilling completed to date include the following highlights:

·      Drillhole DTRC1012- 32m at 1.76 g/t Au from 0m

·      Drillhole DTDD995 - 14m at 1.20 g/t Au from 26m

·      Drillhole DTDD1015 - 12m at 1.51 g/t Au from 40m

·      Drillhole DTRC1028 - 8m at 1.90 g/t Au from 16m

Segun Lawson, President & CEO, stated:

"We are pleased to announce continuing positive drilling results from the Douta Prospect and in particular, this set of results from Makosa East which lies completely outside the existing 1.78 million ounce resource.

"As per our strategy, these results are expected to add additional oxide material to the resource inventory from which we aim to design the initial period of a potential future mining operation.

"We are encouraged by these results from a new prospect outside the existing resource base. The results are from surface and remain open at depth. The Makosa East Prospect now has a strike length of over 1.5 kilometres. We look forward to receiving the remaining outstanding results from the vicinity of the current known deposits and the larger project area with the objective of updating our resource and subsequently completing our Preliminary Feasibility Study for the Douta Project."

Introduction

The Douta Gold Project comprises two exploration permits located within the Kéniéba inlier, eastern Senegal. The Douta permit, EL02038, is held by Thor, through its wholly owned subsidiary African Star Resources Incorporated ("African Star") which acquired a 70% economic interest in the licence through a joint venture agreement with the permit holder, International Mining Company SARL ("IMC"). IMC has a 30% free carry until the announcement by Thor of a probable reserve. EL02038 is currently in the process of being converted from an exploration licence to a mining licence.

The Douta West Project, comprising exploration permit E03709, is contiguous with Thor's EL02038 (Figure 1). Douta West is operated by Thor under an agreement with Birima Gold Resources Consulting and encompasses several historic gold-in-soil geochemical anomalies that extend south from the southern end of the Makosa Tail prospect and that also run parallel and to the north of the known Makosa trend in a corridor that occupies the ground between Makosa and Endeavour Mining's Masawa gold mine.

The Company also has an interest in the Sofita Gold Exploration Licence, located approximately 45 kilometres ("km") south west of the Douta Project and is operated by Thor under an agreement with Sofita Services Et Logistiques (Figure 1).

Figure 1: Douta Project Location Map

Drilling Results     

During July and August 2024, Thor completed a RC drilling programme totalling 4,550m for 87 holes with an average depth of 52m. The objective of the programme was to increase the oxide resources along the Makosa East trend and to infill earlier wide-spaced drilling at the Makosa North, Mansa and Maka Prospects (Figure 2).

The significant intersections from this programme are listed in Table 1. All results are reported in Appendix 1. Drill samples were analysed by ALS Laboratories in Mali using the AA26 fire assay method (50 gram charge).

Table 1: Douta Project Significant Results (>5 gram-metres: grade*true width)

(0.5 g/t Au lower cut off; minimum width 2m with 2m max internal waste)

Previously reported intersections from Makosa East (refer Positive Exploration Results from the Douta Gold Project, Senegal, June 25, 2024) included:

-     24m grading 3.53 g/t Au in drillhole DTRC941,

-     12m grading 1.40 g/t Au in DTRC920 and;

-     9m grading 2.74 g/t Au in DTRC921.

Current drilling results from this area include 32m grading 1.76g/tAu in DTRC1012 and 12m grading 1.51g/tAu in DTRC1015 (Figure 2). These intersections are located in the oxidised weathering zone.

Figure 2: Drillhole Location Map

The Makosa East prospect is located parallel to the Makosa mineralised trend and currently is not included in the Douta resource inventory. Makosa East has been tested over a strike length of about 3km on a series of 200m spaced sections (Figure 3). The current programme has infilled the drill pattern to 100m sections over most of the strike length. Towards the northern end, tighter infill drilling has been adopted in order to obtain a higher resource classification in a future mineral resource estimate.

Additional extensional and infill drilling is planned to test for additional resources with the priority being the near-surface, oxidised weathering zone.

Figure 3: Drillhole Location Map - Makosa East

Ongoing Exploration

The Douta Project permits encompass numerous additional targets that are yet to be fully tested. Within the Douta licence itself, the main targets are Mansa, Maka and Sambara. Additional detailed drilling during 2024 is planned to fully test these targets. Target generation using geochemical sampling methods in continuing within the Douta permit, the adjoining Douta West permit and the Sofita permit that is located south of the regional centre of Kedougou.

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.

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. Mining and production commenced at Segilola in 2021. Thor holds a 70% interest in the Douta Gold Project located in south-eastern Senegal. Thor trades on the TSX Venture Exchange under the symbol "THX".

THOR EXPLORATIONS LTD.
Segun Lawson
President & CEO

For further information please contact:

Thor Explorations Ltd

Email: info@thorexpl.com

Canaccord Genuity (Nominated Adviser & Broker)

James Asensio / Henry Fitzgerald-O'Connor / Harry Rees

Tel: +44 (0) 20 7523 8000

Hannam & Partners (Broker)

Andrew Chubb / Matt Hasson / Nilesh Patel / Franck Nganou

Tel: +44 (0) 20 7907 8500

BlytheRay (Financial PR)                                      

Tim Blythe / Megan Ray / Said Izagaren

Tel: +44 207 138 3203

Yellow Jersey PR (Financial PR)                                      

Charles Goodwin / Shivantha Thambirajah / Soraya Jackson

Tel:  +44 (0) 20 3004 9512

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

Makosa East Drilling Results

(0.5g/tAu lower cut off; minimum width 2m with 2m max internal waste)