Thor Explorations Ltd has acquired the remaining 30% interest in the Douta Gold Project in Senegal from joint venture partner IMC, giving it full ownership. The company also secured a 65% interest in the nearby Bousankhoba permit, expanding its regional exploration footprint.

The acquisition remains subject to certain conditions precedent, including final approval from the Senegalese Minister of Mines. The total consideration includes a cash payment of US$3,000,000—half payable upon signing and half on completion—along with a 1.5% Net Smelter Royalty (NSR), capped at a maximum of US$60 million.

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In a parallel development, Thor has also acquired an initial 65% interest in the Bousankhoba Exploration Permit (EL02254), which lies directly east of the company’s Douta West permit. The Bousankhoba acquisition expands Thor’s exploration footprint in the Kéniéba inlier of eastern Senegal—a region known for its gold potential.

Early-stage exploration at Bousankhoba has identified numerous geochemical targets over an 18 km strike length along a major shear zone. Notably, the Massa Massa and Sekhoto prospects lie along this zone.

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The Sakhofara prospect, located 7 km east of Massa Massa, is defined by a 3.5 km north-east trending geochemical anomaly. Historic drilling at Sekhoto has returned encouraging results, including 10 metres at 3.6 g/t gold and 2 metres at 52 g/t gold.

Under the terms of the Bousankhoba earn-in, Thor will undertake a minimum exploration programme over 24 months, with an earn-in payment of US$160,000 due within six months of signing.

Segun Lawson, President & CEO, commented: “We are delighted to have agreed terms and signed binding agreements with IMC, our Douta Project joint venture partner, to complete this important and strategic acquisition. This is an acquisition of the remaining 30% economic interest in the Douta Project that we did not previously own.

“We appreciate the significant role of IMC in assisting our journey in Senegal since the acquisition of our initial interest in Douta as a grassroots exploration project. We are also thankful for IMC’s dedication to making this transaction efficient and look forward to continuing our productive relationship with IMC, who continue to provide invaluable in-country assistance and guidance,” said Lawson.

“With the Douta Project Preliminary Feasibility Study at an advanced stage, there is compelling strategic rationale for the acquisition. This is a project we are very much looking forward to building. Owning it on a 100% basis allows for an efficient development process and full exposure to the project economics prior to the government’s 10% free carried interest.

He further said, “We are also delighted to have completed the acquisition of a 65% joint venture initial interest in the Bousankhoba Permit. This permit increases the footprint of the Douta Project for regional exploration. Historical drilling at Bousankhoba shows encouraging mineralisation that potentially could be extensions to mineralisation being presently tested at Baraka 3.

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“We are positioned to deliver the Douta Preliminary Feasibility Study in Q4 2025 on a 100% ownership basis, with significant exploration upside potential and providing us with an expanded project and exploration footprint in Senegal.”

Bousankhoba permit

The Douta Gold Project, including the newly acquired Bousankhoba permit, lies within the Birimian-aged Kéniéba inlier of eastern Senegal—an area that hosts several gold deposits and active exploration projects. The Bousankhoba permit is underlain by the Dialé-Daléma Supergroup, which comprises sedimentary and volcano-sedimentary sequences metamorphosed under greenschist facies conditions. Amphibolite facies are locally present near later-stage intrusions.

Structurally, the permit is influenced by the Major Transcurrent Zone (MTZ), which demarcates the boundary between the Mako and Dialé-Daléma Supergroups and serves as a major control for gold mineralisation in the region.

Historical Exploration

• Between 1998 and 2000, German explorer Hansa Geomin conducted soil geochemistry over the permit, collecting over 20,000 samples and identifying an 18 km-long northeast-trending gold anomaly.
• From 2009 to 2016, Libah Investment and Australian partner Bassari Resources undertook further exploration, including rock sampling, trenching, and RAB drilling at the Sekhoto prospect.
• RAB drilling at Sekhoto totalled 10,959 metres across 241 holes, averaging 45 metres in depth. Highlighted drill intercepts include 10 metres at 3.6 g/t Au and 2 metres at 52 g/t Au.

With these acquisitions, Thor Explorations strengthens its position in Senegal, consolidating ownership of its flagship Douta Gold Project while expanding its exploration portfolio through strategic regional growth.