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Resource of Gold Project in Senegal More Than Doubles in Size

Source: Ryan Walker


March 23, 2023 ( Newswire) Not only did this West African asset reach critical mass, but also it has "ample room to grow," noted an Echelon Capital Markets report.

Thor Explorations Ltd. (THX:TSX.V; THXPF:OTCMKTS; THX:LSE) more than doubled the size, through drilling, of the resource at its 70%-owned Douta gold project in southeastern Senegal, reported Echelon Capital Markets analyst Ryan Walker in a March 20 research note. To reflect the increase, Echelon raised its target price on Thor.

"The impressive resource growth illustrates the potential for Douta to become Thor's second operating asset in West Africa (potentially largely funded via internal cash flow), which should help derisk the story and ultimately help close the valuation gap with peers," Walker commented.

Compelling Investment

At CA$0.30 per share today, Thor is still trading "at steep discounts to peers," noted Walker. This figure compares to Echelon's new target price on the gold explorer-developer of CA$0.75 per share, just increased from CA$0.65.

The difference between the current and target prices implies a significant, 150%, potential return for Thor investors. The company is rated Speculative Buy.

Resource Update Specifics

The analyst explained that the maiden resource estimate for Douta, prepared in 2011, comprised 730,000 ounces (730 Koz) of gold in the Inferred category.

Now, with the update, the global resource stands at 1,780,000 ounces of gold. Of this, 874.9 Koz are Indicated, and 909.4 Koz are Inferred. Areas included in the revised Douta resource are Makosa, Makosa Tail, and Sambara.

"Importantly, all of the deposits remain open along strike and downdip within a roughly 20-kilometer-long prospective corridor," wrote Walker.

The analyst noted the updated resource incorporated 64,567 meters (64,567m) of drilling and is based on a 0.5 gram per gold ton cutoff grade.

Ongoing Work at Project

As for the metallurgy of the Douta resource, Walker reported it consists of 86% sulfide mineralization. The remaining 14% is variably oxidized.

According to the results of early metallurgical testing, the oxide material may be recovered using typical gravity/carbon-in-leach methods. The sulfides may be recovered using biological or pressure oxidation; test work continues to determine the optimal process.

Also in progress is 40,000m worth of drilling at Douta, noted Walker. The objectives of this program are to convert Inferred resources to Indicated and extend known areas of mineralization along the prospective corridor.

"The drilling is in anticipation of a preliminary feasibility study later this year," Walker wrote.


1) Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.

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Disclosures for Echelon Wealth Partners, Thor Explorations Ltd., March 20, 2023

U.S. Disclosures: This research report was prepared by Echelon Wealth Partners Inc., a member of the Investment Industry Regulatory Organization of Canada and the Canadian Investor Protection Fund. This report does not constitute an offer to sell or the solicitation of an offer to buy any of the securities discussed herein. Echelon Wealth Partners Inc. is not registered as a broker-dealer in the United States and is not be subject to U.S. rules regarding the preparation of research reports and the independence of research analysts. Any resulting transactions should be effected through a U.S. broker-dealer.


Company: Thor Explorations Ltd. | THX:TSXV

I, Ryan Walker, hereby certify that the views expressed in this report accurately reflect my personal views about the subject securities orissuers. I also certify that I have not, am not, and will not receive, directly or indirectly, compensation in exchange for expressing the specific recommendations or views in this report.

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