The Douta West Project features several historic gold-in-soil geochemical anomalies. Credit: Phawat via Shutterstock.com.

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).

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Following the PFS, Birima can either contribute to further development or retain a 5% free carried interest.

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The 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.”