Thor Explorations Ltd. (TSX VENTURE: THX) (“Thor” or the “Company”) is pleased to announce that it has signed an agreement with Barrick Gold Corporation (“Barrick”), which terminates the 2015 Earn-In Agreement between Thor and Acacia Mining PLC (Acacia Mining PLC has subsequently been acquired by Barrick), on the Central Houndé Project (the “Project”) in south-western Burkina Faso (the “Agreement”).
Following the signing of the Agreement, Thor has acquired Barrick’s 51% ownership of the Project in exchange for a 1% Net Smelter Royalty. Thor now holds 100% of the Project.
The Central Houndé Project, consists of three early stage exploration permits located in the highly prospective Houndé Greenstone belt approximately 260km south west of Ouagadougou (Figure 1). The three permits cover a total area of 474km2 over the Houndé Belt. A total of 20,208m RC and 3,156m of Diamond drilling has been completed over the licences to date.
The Project has a number of prospects which have been previously delineated through mapping, soil geochemistry and drilling campaigns.
Segun Lawson, President & CEO, stated:
“We are pleased to have regained a 100% interest in the Central Houndé Project which lies in one of West Africa’s highly regarded Birimian greenstone belts. 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. We would like to thank Barrick and all of the team who have worked on the Project over the term of the JV.”
“Our development activities remain focused on our Segilola Gold Project in Nigeria, where construction is well advanced and we are on track for first gold pour in June this year. 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.”
Source: Company Press Release