Canadian mineral exploration company Thor Explorations has expanded its gold exploration efforts in Senegal by acquiring interests in two licences.
The company is advancing the Douta Gold Project to a preliminary feasibility stage and has now secured up to an 85% interest in the Douta-West Licence and up to an 80% interest in the Sofita Licence.
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Douta West Project, covering an area of 93km², is contiguous with Thor’s wholly owned Douta Gold Project.
It features several historic gold-in-soil geochemical anomalies that extend from the Makosa Tail prospect.
Under the agreed terms with current owner Birima Gold, Thor will pay $120,000 (C$162,052) in two tranches for an initial 70% interest, providing Birima a free carry until the completion of a preliminary feasibility study (PFS).
Following the PFS, Birima can either contribute to further development or retain a 5% free carried interest.
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By GlobalDataThe Government of Senegal will also hold a 10% interest in line with the country’s mining laws.
The Sofita Licence, around 45km south-west of the Douta Gold Project, spans 56.5km². Thor plans to conduct initial surface geochemical surveys to generate exploration targets, potentially leading to drilling.
To acquire an 80% interest in the Sofita Licence, Thor has committed to a work programme worth $300,000 over two years and a payment of $20,000 to Sofita Services & Logistiques.
Both Sofita and the Government of Senegal will maintain a 10% free carried interest throughout the licence’s duration.
Thor president and CEO Segun Lawson said: “We are pleased to acquire additional, strategically located, ground in Senegal where we have been successfully operating and advancing the Douta Gold Project for a number of years.
“We are currently carrying out our preliminary feasibility study workstreams at the Douta Gold Project and look forward to now completing this during Q3 [the third quarter of] 2024 following finalisation of the process flow sheet.”
