Thor Exploration strikes two deals for gold exploration properties in Cote d'Ivoire
Mon Sep 16 2024
Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) told investors on Monday that it has struck two deal for exploratory projects in Cote d'Ivoire. One is the Guitry project, of which it has agreed to buy 100% from Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) for US$100,000 cash and a 2% net smelter royalty.
Completion of the Guity deal will be subject to final approval of the country's mining minister, as well as other conditions, it noted.
Also, Thor has an option agreement with Goldridge Resources to earn up to an 80% interest in the Boundiali exploration permit in northwest Côte d'Ivoire, where it says a number of continuous soil geochemical anomalies have been generated by the Company for drilling.
The terms of the earn-in include a minimum exploration programme over 36 months and an option fee payment of US$150,000 payable within the first 24 months to earn an initial 51% interest.
Thor CEO Segun Lawson said Cote D'Ivoire is a regional "exploration success story" that hosts over 30% of West Africa's greenstone belts and is "proving to be an emerging region for world class gold discoveries".
"We are delighted with our low-cost entry into the mining-friendly jurisdiction and believe these two permits provide an excellent platform from which to grow our activities there," he said.
Lawson highlighted Guitry "an advanced exploration project which is characterised by numerous gold-in-soil geochemical anomalies that have only been partially drill tested by the previous explorers."
He noted drill results that include 12 metres grading at 10.4 grammes of gold per tonne (g/tAu), 16m grading at 7.90g/tAu, 24m grading at 2.02g/tAu and 16m grading at 2.25g/tAu.
"The two major prospects, Krakouadiokro and Gbaloukro, are yet to be fully tested with several additional targets yet to be drilled. We plan on carrying out further exploration work and drilling and we are targeting a maiden resource of between 500,000 - 1,000,000 ounces before the end of next year," Lawson said.
On the option with Goldridge for Boundiali, he said the deal "comes after significant reconnaissance work in the country for prospective projects that can be easily derisked and advanced through further exploration".
Source: https://www.proactiveinvestors.com