Thor Explorations Increases Stake to 100% Interest in the Douta Project and Completes the Acquisition of Bousankhoba Permit in Southeast Senegal

Core Viewpoint - Thor Explorations Ltd has successfully increased its stake in the Douta Gold Project to 100% by acquiring the remaining 30% interest from its joint venture partner, International Mining Company SARL, and has also completed the acquisition of a 65% interest in the Bousankhoba Exploration Permit in Southeast Senegal [1][2][3]. Acquisition Details - The total consideration for the Douta Project acquisition is US$3,000,000 in cash and a 1.5% Net Smelter Royalty (NSR), capped at US$60 million [2]. - The cash payment structure includes 50% payable upon signing and the remaining 50% at completion [2]. Bousankhoba Exploration Permit - The Bousankhoba permit is located adjacent to the Douta West permit and has identified numerous geochemical targets over an 18 km strike length [3][23]. - Historical drilling at Bousankhoba has shown promising results, including 10 meters at 3.6 grams per tonne (g/t) of gold and 2 meters at 52 g/t [3][20]. Strategic Importance - The acquisition of the remaining interest in the Douta Project allows for a more efficient development process and full exposure to project economics, especially with the Preliminary Feasibility Study nearing completion [6][9]. - The Bousankhoba permit is considered highly prospective and may provide satellite resources that complement the Douta Gold Project [25]. Exploration Potential - Extensive exploration has identified significant geochemical anomalies and mineralization potential at the Bousankhoba permit, with further drilling planned to assess the full extent of the mineralization [24][25]. - The location of Bousankhoba between other significant gold occurrences enhances its prospectivity [24].