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Thor Explorations Increases Stake to 100% Interest in the Douta Project and Completes the Acquisition of Bousankhoba Permit in Southeast Senegal
Vancouver, British Columbia--(Newsfile Corp. - September 8, 2025) - Thor Explorations Ltd (TSXV: ...
About this update from Thor Explorations Ltd.
[{"type":"text","content":"Thor Explorations Increases Stake to 100% Interest in the Douta Project and Completes the Acquisition of Bousankhoba Permit in Southeast SenegalVancouver, British Columbia--(Newsfile Corp. - September 8, 2025) - Thor Explorations Ltd (TSXV: THX) (AIM: THX) (\"Thor\" or the \"Company\") is pleased to announce that it has signed a binding sale and purchase agreement (\"SPA\") with its Douta Project joint venture (\"JV\") partner, International Mining Company SARL (\"IMC\"), to acquire IMC's entire outstanding 30% economic interest (the \"Acquisition\") in the Douta Gold Project in Senegal (\"Douta\"). The completion of the acquisition moves Thor's interest in Douta from 70% to 100%.The Acquisition will be subject to the completion of certain conditions precedent including final approval from the Minister of Mines. The total consideration for the Acquisition is a cash payment of US$3,000,000 and a 1.5% Net Smelter Royalty (\"NSR\"). 50% of the cash payment is payable on signing and 50% is payable at completion. The NSR is capped up to a maximum of US$60 million.In addition to the Acquisition, the Company has also acquired an initial 65% interest in the Bousankhoba Exploration Permit EL02254 (\"Bousankhoba\"). Bousankhoba is an early-stage gold exploration permit located contiguous to the east of the Company's Douta West permit (Figure 1). Extensive first stage exploration completed over Bousankhoba has identified numerous geochemical targets associated with a major shear zone over an 18 kilometre (\"km\") strike length. Two prospects, Massa Massa and Sekhoto, are located along this zone. An additional prospect known as the Sakhofara is located 7km east of Massa Massa in the northern part of the permit and is defined by a 3.5km north-east trending geochemical anomaly. Historical early-stage drilling carried out by the prior owners of the licence has only tested the Sekhoto prospect, producing encouraging results including 10 metres (\"m\") at 3.6 grammes per tonne (\"g/t\") of gold (\"Au\") and 2m at 52g/t Au.The terms of the Bousankhoba earn-in include a minimum exploration program over 24 months and an earn-in payment of US$160,000 payable within the first six months of signing.Segun Lawson, President & CEO, stated: \"We are delighted to have agreed terms and signed binding agreements with IMC, our Douta Project joint venture ...