Thor Explorations Expands into Côte d'Ivoire with Guitry Gold Project Acquisition
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Loading... - Frank Anim
- 19 Sep 2024
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Thor Explorations (TSXV, AIM: THX) has made a significant move into Côte d'Ivoire by acquiring the Guitry gold project from Endeavour Mining (LSE, TSX: EDV). The acquisition marks a strategic expansion for Thor, which has paid a total consideration of $100,000 and a 2% net smelter royalty.
The Guitry gold project is an advanced exploration project located in a highly prospective greenstone belt. Previous drill results have shown significant potential, with intercepts including 12 metres grading 10.4 g/t gold, 16 metres grading 7.90 g/t gold, 24 metres grading 2.02 g/t gold, and 16 metres grading 2.25 g/t gold.
Thor plans to conduct further exploration work and drilling at Guitry, with a target of delivering a first resource estimate of between 500,000 and 1 million oz. by the end of next year. This is a significant milestone, and the company's exploration efforts will be closely watched by investors.
In addition to the Guitry acquisition, Thor has entered into an option agreement with Goldridge Resources SARL to earn up to an 80% interest in the Boundiali early-stage exploration permit. Boundiali is located in northwest Côte d'Ivoire and contains several continuous soil geochemical anomalies that Thor has identified for drilling.
According to Thor Exploration CEO Segun Lawson, "Côte d'Ivoire hosts over 30% of West Africa's greenstone belts and is proving to be an emerging region for world-class gold discoveries." This acquisition and option agreement demonstrate Thor's confidence in the region's potential and its commitment to expanding its operations in West Africa.
Thor currently holds a 100% interest in the Segilola gold project in Osun, Nigeria, and a 70% economic interest in the Douta gold project in southeastern Senegal. The addition of Guitry and the option on Boundiali further diversify the company's portfolio and provide opportunities for growth.
Shares of Thor Explorations rose 1.4% by 12:32 p.m. EDT, reflecting investor optimism about the company's expansion into Côte d'Ivoire. With a market capitalization of C$226 million ($166 million), Thor is well-positioned to continue its growth trajectory in the region.
