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Thor Explorations Announces Formation of Nigeria Focused Lithium Subsidiary with Acquisition of over 600km2 of Prospective Lithium Pegmatite Exploration Tenure
Vancouver, British Columbia--(Newsfile Corp. - May 31, 2023) - Thor Explorations Ltd (TSXV: THX) ...
About this update from Thor Explorations Ltd.
[{"type":"text","content":"Thor Explorations Announces Formation of Nigeria Focused Lithium Subsidiary with Acquisition of over 600km2 of Prospective Lithium Pegmatite Exploration TenureVancouver, British Columbia--(Newsfile Corp. - May 31, 2023) - Thor Explorations Ltd (TSXV: THX) (AIM: THX), \"Thor\", is a West African-focussed minerals exploration and mining Company, that currently operates the Segilola Gold Mine in Nigeria and is advancing the Douta Gold Project in Senegal towards development.As part of its strategy of identifying high-value mineral resource opportunities and leveraging its first mover advantage in Nigeria, Thor, through its fully-owned subsidiary Newstar Minerals Ltd, is pleased to announce the acquisition of significant tenure in south-west Nigeria that covers both known lithium bearing pegmatite deposits and a large unexplored prospective pegmatite-rich belt. Thor's initial focus is in the south-west quadrant of Nigeria where vital infrastructure, including port facilities at Lagos and Cotonou, are located within close proximity. Thor has secured over 600km2 of granted tenure in Nigeria that forms West Oyo, Kwara State and Ekiti State Lithium Project Areas. The West Oyo Project Area encompasses what Thor considers to be Nigeria's most significant lithium pegmatite occurrence and is currently being exploited by small-scale lithium mining.Thor will leverage its in-country first-mover experience in large-scale hard-rock gold exploration, mine development and production, together with the consequential country de-risking advantages. Exploration and development of the lithium-pegmatite opportunities will operate in parallel with Thor's expanding gold business.Initial field inspection and selective sampling of key sites have returned significant lithium grades from both 'hard-rock'spodumene and lepidolite mineralisation. Sampling of part of a key pegmatite deposit that falls within Thor's tenure returned an analysis of between 1.34% lithium oxide (\"Li20\") and 9.31% Li20.The Company's objective is to develop its first large-scale lithium mine without the need to sell down ownership positions or dilute existing Thor shareholders.The Company will continue to focus on exploring the potential for mine life at Segilola, producing the Preliminary Feasibility Study at Douta while continuing to develop this lithium opportunity.A presentation on...