Thor Explorations has agreed to acquire remaining stake in Central Houndé Project located in south-western Burkina Faso from Barrick Gold.

With the deal, Thor acquires Barrick’s 51% ownership stake in Central Houndé Project in exchange for a 1% Net Smelter Royalty. This increases Thor’s stake in the project to 100%.

Located in the ‘highly prospective’ Houndé Greenstone belt approximately 260km south west of Ouagadougou, the Central Houndé Project comprises three early-stage exploration permits that cover a total area of 474km2 over the Houndé Belt.

Till date, Thor Explorations and its partner have completed a total of 20,208m RC and 3,156m of diamond drilling activity over the licences.

Additionally, the project comprises a number of prospects, which were delineated previously through mapping, soil geochemistry and drilling campaigns.

Thor Explorations president and CEO Segun Lawson said: “In recent years, the JV has undertaken diligent exploration programs which have resulted in the identification of several targets that have been outlined by preliminary drilling, which we consider merit further assessment.”

The company is also focusing on the development of Segilola Gold Project in Nigeria. The project is on track for first gold pour in June this year.

Lawson added: “At our advanced exploration project, Douta in Senegal, following the success of our recent drilling programs at Douta North and Douta Tail, we have initiated a supplementary drilling program to assess the potential extension of the identified additional mineralisation.

“The Central Houndé project adds further depth to the Company’s exploration portfolio, which supports the Company’s strategy to become a leading West African gold producer and developer.”