Thor Exploration Secures Two Gold Exploration Deals in Cote d'Ivoire

September 16, 2024 01:43 AM PDT | By Team Kalkine Media

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Thor Exploration Secures Two Gold Exploration Deals in Cote d'Ivoire — Image source: Shutterstock

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Thor Explorations Ltd (OTC:THXPF) announced two new exploratory ventures in Côte d'Ivoire on Monday.

The first deal involves acquiring 100% of the Guitry project from Endeavour Mining PLC (LSE: EDV, TSX: EDV, OTCQX: EDVMF) for US$100,000 in cash and a 2% net smelter royalty. The completion of this acquisition is subject to the final approval of Côte d'Ivoire's mining minister and other conditions.

In addition, Thor Explorations has secured an option agreement with Goldridge Resources to acquire up to an 80% interest in the Boundiali exploration permit, located in northwest Côte d'Ivoire. The agreement requires Thor to undertake a minimum exploration program over 36 months and includes an option fee payment of US$150,000 within the first 24 months to acquire an initial 51% interest.

Segun Lawson, CEO of Thor Explorations, emphasized Côte d'Ivoire’s emerging status as a significant exploration region, noting that it hosts over 30% of West Africa's greenstone belts and is proving to be a promising area for world-class gold discoveries. Lawson expressed enthusiasm about the company’s entry into this mining-friendly jurisdiction and highlighted the potential of the new projects to expand Thor’s activities.

The Guitry project is described as an advanced exploration opportunity with numerous gold-in-soil geochemical anomalies that have only been partially drilled by previous explorers. Notable drill results from the project include intercepts of 12 meters grading 10.4 grams of gold per tonne, 16 meters at 7.90 grams per tonne, 24 meters at 2.02 grams per tonne, and 16 meters at 2.25 grams per tonne. The two primary prospects, Krakouadiokro and Gbaloukro, remain underexplored with several additional targets yet to be drilled. Thor Explorations plans further exploration and drilling with the aim of establishing a maiden resource of between 500,000 and 1,000,000 ounces by the end of the next year.

Regarding the Boundiali permit, Lawson noted that this option follows extensive reconnaissance work in Côte d'Ivoire to identify promising projects that can be de-risked and advanced through exploration.

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