Updated Mineral Resource Estimate At Douta Gold Project

VANCOUVER - Thor Explorations Ltd. reported on the updated Mineral Resource Estimate (2023 MRE) for the Douta Gold Project in Senegal. Total Douta Resource of approximately 1.78 million ounces (Moz) of gold (Au), an increase of 144% in total resource as compared with the 2022 maiden mineral resource estimate declared for Douta in November 2021. The Douta Resource constrained within optimized pit shells and comprised of: an initial Indicated Mineral Resource of 20.2 million tonnes ("Mt") grading 1.3 grammes per tonne ("g/t") Au for 874,900 oz Au; and Inferred Mineral Resource of 24.1 Mt grading 1.2 g/t Au for 909,400 oz Au. The 2023 MRE supported by a total of 64,567 meters of drilling. Updated Douta Resource encompasses the Makosa, Makosa Tail and the recently discovered Sambara prospects, all of which remain open along strike and down dip. Drilling is ongoing on the above prospects with a further 40,000 meter drilling program to be completed in 2023, consisting of diamond drilling and reverse circulation drilling. Mineralization remains open along strike between the known prospects with further growth potential along 20 kilometers of under-explored prospective strike length covered by the Douta exploration permit.

Segun Lawson, President & CEO, said, ”This is an excellent milestone in the progress of the Douta Project. The 2023 MRE has more than doubled the contained gold within the Douta permit to over 1.7 million ounces, with the indicated component of the resource alone exceeding 870,000 ounces of gold compared to the maiden inferred resource of 730,000 ounces. In addition, there are a further 909,000 ounces of inferred resources within the optimized pit shells that we intend to convert to indicated classification with additional infill drilling which forms part of our ongoing 40,000 meter program. This updated resource base provides for a solid foundation for more advanced studies on the pathway to developing Thor's second operating gold mine in West Africa.

We are now focussing our exploration efforts towards expanding the resource along the prospective corridor that runs along the full 30km length of our exploration license. Priority will be given to extensional drilling at Makosa, Maka, Mansa and the newly discovered Sambara prospects."

The Douta Gold Project is located within the Kenieba inlier, in eastern Senegal, and comprises the northeast trending gold exploration permit, E02038 that covers an area of 58 square kilometers (km2). Thor, through its wholly owned subsidiary African Star Resources Incorporated has a 70% economic interest in partnership with the permit holder International Mining Company SARL (IMC). IMC has a 30% free carried interest in its development until the announcement by Thor of a Probable Reserve.