Thor Explorations Acquires Two Licenses in Senegal

Thor Explorations Acquires Two Licenses in Senegal

Thor Explorations has announced the acquisition of majority stakes in two licenses in Senegal, located close to its Douta gold project.

The London-listed mineral exploration company said Wednesday it will pay $120,000 to Birima Gold for an initial 70% interest in the Douta-West license, with an option to raise its interest to 85%.

Additionally, it will pay $20,000 to Sofita Services & Logistiques and spend $300,000 over two years for an 80% stake in the Sofita license. Thor is conducting a preliminary feasibility study on the Douta gold project, which it expects to complete in the third quarter.

Speaking to the acquisition, Segun Lawson, President & CEO said,  “We are pleased to acquire additional, strategically located ground in Senegal, where we have been successfully operating and advancing the Douta Gold Project for a number of years.

“We are currently carrying out our preliminary feasibility study workstreams at the Douta Gold Project and look forward to completing this during Q3 2024, following the finalisation of the process flow sheet. Cadbury Nigeria Loses N19.09bn in 2023