FURTHER MINERALISATION INTERSECTED BELOW SEGILOLA

Thor Explorations Ltd

06 August 2026

 

NEWS RELEASE

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES

FOR IMMEDIATE RELEASE                                                                                   TSXV/AIM: THX

August 6, 2026                                                                                                                               

Vancouver, British Columbia

FURTHER HIGH-GRADE MINERALISATION INTERSECTED BELOW SEGILOLA OPEN PIT

Thor Explorations Ltd (TSXV / AIM: THX) ("Thor" or the "Company") is pleased to announce that its ongoing diamond drilling program beneath the current Segilola Gold Mine ("Segilola" or the "Project") open pit continues to intersect high grade gold mineralisation which remains open at depth.

Significant drill intersections from the program include:

·    Drillhole SNMDD089 - 19.4 metres ("m") at 3.01 grammes per tonne of gold ("g/t Au") from 346m

·      Drillhole SNMDD166 - 5.3m at 5.66g/t Au from 300m

·      Drillhole SNMDD171 - 2m at 9.27g/t Au from 420m

·      Drillhole SNMDD170 - 3.4m at 7.58g/t Au from 289m

·      Drillhole SNMDD178 - 1.2m at 11.31g/t Au from 288m

·     Drillhole SNMDD179 - 2.1m at 3.02g/t Au from 296.9m and 3.3m at 5.99 g/t Au from 307.7m and 5.5m at 2.28g/t Au from 312m

Segun Lawson, President & CEO, stated

"We are extremely pleased to report these drill results which demonstrate the continuation of high-grade mineralisation beneath the Segilola pit and continue to contribute new ounces to Segilola' s gold inventory well below the current pit design. We are also encouraged that our drilling continues to delineate a high grade steeply dipping shoot in a previously untested area which currently extends to 400m beneath the pit and remains open.

"This has been an extensive drilling program which will continue through the course of the year as we work towards making an underground mining development decision. I am particularly pleased with our growing understanding of the structural controls of the mineralisation, which has been a challenging aspect of this drilling program.

"Our drilling has intersected multiple strong intercepts which include grades between 5 and 11 g/t gold at mineable widths, encountered hundreds of metres below the surface of the final open pit. This provides a strong platform for continued resource growth and potential mine-life extension, enhancing the long-term value of Segilola.

"As our drilling program continues, using four owner-operated rigs, we will focus on testing the along-strike and down-plunge extensions of the deposit where relatively little drill-testing has taken place. We are encouraged that these deeper holes confirm the continuation of the mine rock sequence which remains mineralised and also open at depth. We look forward to receiving further results, which will add to our understanding of the deposit as we progress our plans for potential underground mining.

"Our drilling will continue to both upgrade parts of the remaining inferred underground resource and to increase the overall size of the underground resource with the objective of extending the life of mine at Segilola."

Introduction

The Segilola Gold Project is located 190 kilometres northeast of Lagos and covers a large area of the Pan African Ilesha Schist Belt. The deposit is located near the north-east trending Ifewara Shear Zone that extends for several hundred kilometres through Nigeria.

Gold mineralisation is developed within an overturned sequence of metamorphosed, strongly foliated meta-sediments at the boundary between the basement biotite gneiss and calc-silicate and mylonitic biotite-garnet schists. A unit of massive to foliated granodiorite conformably intrudes the sequence between the quartzites and basement gneisses. Gold mineralisation is developed with steep west-dipping parallel lodes that comprise late-stage silica-altered zones that are commonly referred to as "veins" and which are restricted to the meta-sedimentary unit.

Drilling Results

The ongoing diamond drilling program that commenced is continuing to test the continuity of mineralisation following the down-plunge trend to the south. Drill sampling is being carried out using HQ diamond core. Half core samples are analysed by fire assay at the SROL Laboratory, which was established by MSA Laboratories at the Segilola Mine Site. The final assay results are an average of the primary assay result (Au1) and two additional fire assays of the same pulp (AuR1 and AuR2). Significant results that exceed three gram-metres (average grade x true width) are shown in Table 1. All results are tabled in Appendix 1.

Figure 1: Longitudinal Section Showing Gram-Metre Contours and Drill Intercepts

Drilling has focused on two main areas: the Northern Zone, where the targeted mineralisation forms the hanging wall lode, which is variable in geometry ranging from a vertical orientation to a prominent south-plunging orientation at depth, and the Southern Zone, where mineralisation is developed in both the shallow-plunging footwall zones and the hanging wall zones (Figure 1).

The main shallow-plunging mineralised structure in the Southern Zone is typically more continuous, with true widths of 3-5m and a strike length of about 800m. Significant intersections from the current drilling include 1.6m grading 3.73g/t Au in drillhole SNMDD090.

 

Figure 2: Longitudinal Section Showing Mineralisation Trends and Drill Intercepts

Hole ID	East	North	Depth (m)	Dip	Azi-muth	From    (m)	To         (m)	Interval (m)	Grade (g/tAu)	True Width (m)
SNMDD089	4083	11797	368	-84	91	346.0	365.4	19.4	3.01	9.0
SNMDD090	4099	10749	278	-61	92	256.1	258.2	2.1	3.73	1.6
SNMDD097	4199	10469	210	-79	90	437.3	439.8	2.5	3.60	1.2
SNMDD098	4032	11724	485	-84	90	448.0	456.3	8.3	1.41	4.1
SNMDD101	4203	10448	231	-84	90	198.5	203.2	4.7	1.52	2.1
SNMDD107	4035	10833	382	-70	90	345.1	348.4	3.3	1.27	2.2
SNMDD114	4031	11756	442	-80	80	411.5	423.3	11.8	1.26	6.4
SNMDD125	4020	11783	420	-78	90	397.7	406.2	8.5	1.55	4.7
SNMDD128	4068	11823	390	-79	81	349.3	363.0	13.7	1.80	7.0
SNMDD129	4065	11849	429	-84	132	384.9	392.4	7.5	1.66	3.2
SNMDD138	4141	11605	174	-55	90	123.6	124.9	1.3	4.93	1.1
SNMDD141	3968	11264	420	-63	90	353.3	354.7	1.4	2.83	1.1
SNMDD144	4157	11542	155	-53	90	110.8	111.5	0.7	5.92	0.6
SNMDD150	4206	11690	89	-80	90	30.5	31.8	1.3	4.10	0.7
SNMDD165	4027	11936	327	-65	90	299.9	301.7	1.8	10.50	1.4
SNMDD166	4068	11843	321	-71	90	300.1	305.4	5.3	5.66	3.3
SNMDD170	4076	11899	372	-74	91	288.7	292.1	3.4	7.58	2.2
					and	303.0	307	4.0	1.16	2.6
SNMDD171	3951	11221	480	-67	90	420.1	422.1	2.0	9.27	1.6
SNMDD178	4092	11959	276	-74	90	256.0	257.2	1.2	11.31	0.7
SNMDD179	4067	11864	334.4	-75	90	297.4	299	1.6	3..67	1.02
					and	307.7	311	3.3	10.19	2.11
					and	312.5	316	3.5	2.86	2.24

Table 1: Significant Drillhole Intersections

(>3gram-metres, 0.5g/tAu cut off, Min. length 0.5m, Max. internal dilution 1m)

 

Figure 3: Selected Underground Drilling Cross Sections from Segilola Northern Zone

  

Figure 4: Selected Underground Drilling Cross Sections from Segilola Southern Zone

Conclusions

The preliminary economic assessment (PEA) completed in 2018 included an "underground" indicated resource of 28,000 ounces grading 9.4g/t Au together with an inferred resource of 90,000 ounces grading 7.9g/t Au. A portion of this resource has since been incorporated within a larger open pit design.

Given the fundamental change in the project economics brought about by the current record gold price, the Company will review the option of further extending the open pit prior to transitioning to an underground operation in the short term.

It is anticipated that the current program will both upgrade the inferred resource below the pit and increase the size the overall of the resource, with the objective of increasing the life of mine at Segilola.

Ongoing work streams will also incorporate geotechnical and metallurgical studies.

Forward Programs

The Group has engaged a mining consultancy to conduct a high-level review of the underground potential as well as potential open pit mine life extension at current compiled potential resources to support the continuation of the drilling program. The Group is now aiming to define an updated resource by the end of 2026.

In addition to this, exploration activities were carried out on all the Group's licenses. A follow-up drilling program designed to test surrounding geochemical signatures and potential extensions along strike commenced during the period.

Qualified Person
The above information has been prepared under the supervision of Alfred Gillman (Fellow AusIMM, Chartered Professional), who is designated as a "qualified person" under National Instrument 43-101 and the AIM Rules and has reviewed and approves the content of this news release. He has also reviewed QA/QC, sampling, analytical and test data underlying the information.

THOR EXPLORATIONS LTD.
Segun Lawson
President & CEO

For further information please contact:

Thor Explorations Ltd

Email: [e-mail]

Canaccord Genuity (Nominated Adviser & Broker)

Henry Fitzgerald-O'Connor / James Asensio / Harry Rees

Tel: [phone]

Hannam & Partners (Broker)

Andrew Chubb / Matt Hasson / Jay Ashfield

Tel: [phone]

BlytheRay (Financial PR)           

Tim Blythe / Megan Ray / Said Izagaren

Tel: [phone]

Yellow Jersey PR (Financial PR)

Charles Goodwin / Shivantha Thambirajah 

Tel:  [phone]

Cautionary Note Regarding Forward-Looking Statements

Except for the statements of historical fact contained herein, the information presented constitutes "forward looking statements" within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions that could cause the actual results of the Company to differ materially form the forward-looking statements. Such forward-looking statements, including but not limited to, the Company's ability to fully finance the Project, to bring the Project into operation or to produce gold from the Project, and the use of the proceeds.  The words "may", "could", "should", "would", "suspect", "outlook", "believe", "anticipate", "estimate", "expect", "intend", "plan", "target" and similar words and expressions are used to identify forward-looking information. The forward-looking information in this news release describes the Company's expectations as of the date of this news release and accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time.

Appendix 1: Drillhole Intersections

(0.5g/tAu cut off, Min. length 0.5m, Max. internal dilution 1m)

Hole ID	East	North	Depth (m)	Dip	Azi-muth	From    (m)	To    (m)	Interval (m)	Grade (g/tAu)	True Width (m)
SNMDD089	4083	11797	368.4	-84.0	91	346.0	365.4	19.4	3.01	9.0
SNMDD090	4099	10749	278.3	-61.5	92	256.1	258.2	2.1	3.73	1.6
SNMDD091	4218	10418	126.4	-55.0	90	93.8	94.5	0.7	2.10	0.6
SNMDD092	4048	11640	476.3	-84.0	90	nsr
SNMDD093	4168	10503	218.6	-72.0	90	192.2	195.5	3.3	1.18	2.1
SNMDD094	4137	10601	243.3	-63.0	122	213.6	214.9	1.3	2.32	0.9
SNMDD095	4102	11639	330.2	-81.0	90	nsr
SNMDD096	4020	11783	518.3	-83.0	90	nsr
SNMDD097	4199	10469	209.7	-79.0	90	437.3	439.8	2.5	3.6	1.2
SNMDD098	4032	11724	485.4	-84.0	90	448.0	456.3	8.3	1.41	4.1
SNMDD100	4097	10748	347.6	-76.0	90	297.9	299.0	1.1	1.2	0.6
SNMDD101	4203	10448	230.9	-84.0	90	198.5	203.2	4.7	1.52	2.1
SNMDD102	3990	11103	407.3	-68.0	90	370.0	371.0	1	0.54	0.7
SNMDD104	4065	11864	386.5	-80.0	90	nsr
SNMDD105	4102	10421	303.6	-74.0	90	284.4	287.0	2.6	0.68	1.5
SNMDD106	4009	11229	323.6	-62.0	90	290.1	291.1	1	0.68	0.8
SNMDD107	4035	10833	382.1	-70.0	90	345.1	348.4	3.3	1.27	2.2
SNMDD108	4188	10477	254.3	-84.0	90	223.4	227.0	3.6	0.66	1.7
SNMDD109	4015	11695	623.9	-87.0	130	nsr
SNMDD110	4093	10708	332.9	-73.0	90	nsr
SNMDD111	4092	10420	371.6	-75.0	142	nsr
SNMDD112	4027	11227	326.6	-63.0	95	295.5	296.4	0.9	2.03	0.7
SNMDD114	4031	11756	441.9	-80.0	80	411.5	423.3	11.8	1.26	6.4
SNMDD115	4083	11797	338.4	-79.0	90	nsr
SNMDD116	4093	10421	344.5	-62.0	132	307.0	308.0	1	0.7	0.6
SNMDD117	4034	11724	473.2	-78.0	90	383.0	384.0	1	0.88	0.6
SNMDD118	4010	10987	368.7	-64.0	105	nsr
SNMDD120	4084	11797	293.4	-76.0	90	nsr
SNMDD121	4033	10886	453.0	-63.0	90	331.0	334.6	3.6	0.72	2.6
SNMDD122	4104	11963	206.7	-64.0	90	nsr
SNMDD124	4091	10421	304.1	-50.0	127	nsr
SNMDD125	4020	11783	420.0	-78.0	90	397.7	406.2	8.5	1.55	4.7
SNMDD126	4107	12276	221.1	-66.0	90	nsr
SNMDD128	4068	11823	390.1	-79.0	81	349.3	363.0	13.7	1.8	7.0
SNMDD129	4065	11849	428.5	-84.0	132	384.9	392.4	7.5	1.66	3.2
SNMDD130	4015	11687	587.5	-81.0	90	nsr
SNMDD131	3993	11905	540.0	-82.0	90	nsr
SNMDD132	4009	11740	539.7	-83.0	90	nsr
SNMDD133	3995	11830	594.1	-85.0	90	561.0	564.0	3	1.06	1.3
SNMDD135	3963	11175	618.0	-81.0	90	nsr
SNMDD137	3994	11905	468.0	-77.0	90	nsr
SNMDD138	4141	11605	174.0	-55.0	90	123.6	124.9	1.3	4.93	1.1
SNMDD139	4092	11725	193.7	-44.0	90	156.2	157.2	1	0.83	0.9
SNMDD140	4096	11772	193.5	-45.0	90	nsr
SNMDD141	3968	11264	420.0	-63.1	90	353.3	354.7	1.4	2.83	1.1
SNMDD142	4094	11712	200.6	-48.0	90	nsr
SNMDD143	4094	11792	190.7	-45.0	105	nsr
SNMDD144	4157	11542	154.9	-53.0	90	110.8	111.5	0.7	5.92	0.6
SNMDD145	4114	11648	290.0	-45.0	90	141.9	142.7	0.8	0.67	0.7
SNMDD146	4146	11585	173.3	-62.0	90	nsr
SNMDD147	4109	11628	296.5	-50.0	90	151.3	152.7	1.4	0.87	1.3
SNMDD148	4026	11935	448.8	-78.0	90	nsr
SNMDD149	4070	12196	347.7	-80.0	90	nsr
SNMDD150	4206	11690	89.0	-80.0	90	30.5	31.8	1.3	4.10	0.7
SNMDD151	4195	11791	89.6	-65.0	90	34.0	34.8	0.8	1.48	0.6
SNMDD152	4198	11770	80.6	-70.4	91	29.3	35.0	5.7	0.55	3.7
SNMDD153	4205	11710	77.3	-70.0	90	24.0	25.9	1.9	1.76	1.2
SNMDD154	4202	11731	95.3	-80.0	90	nsr
SNMDD155	4200	11750	80.7	-75.0	90	36.0	37.0	1	0.54	0.6
SNMDD156	3965	11264	440.3	-64.0	90	385.9	386.9	1	0.66	0.7
SNMDD157	4057	10674	461.7	-79.0	90	nsr
SNMDD158	3981	11293	494.2	-76.0	90	nsr
SNMDD159	4112	11522	284.3	-73.0	90	nsr
SNMDD160	3922	11428	497.7	-70.3	91	nsr
SNMDD162	3971	11263	359.3	-53.0	90	329.3	332.0	2.7	0.67	2.4
SNMDD163	3964	11243	475.2	-76.0	90	445.0	446.0	1	0.6	0.8
SNMDD164	4112	11526	419.9	-87.0	90	nsr
SNMDD165	4027	11936	326.6	-65.0	90	299.9	301.7	1.8	10.5	1.4
SNMDD166	4068	11843	321.2	-71.0	90	300.1	305.4	5.3	5.66	3.3
SNMDD167	3962	11229	449.3	-66.0	90	396.0	397.0	1	1.92	0.7
SNMDD169	4111	11516	232.2	-59.0	90	nsr
SNMDD170	4076	11899	372.0	-74.0	91	288.7	292.1	3.41	7.58	2.2
					and	303.0	307	4.0	1.16	2.6
SNMDD171	3951	11221	480.0	-67.0	90	420.1	422.1	2	9.27	1.6
SNMDD172	4043	11452	322.1	-60.0	90	nsr
SNMDD173	3982	11293	425.1	-70.0	90	nsr
SNMDD174	3977	11027	392.8	-65.0	90	nsr
SNMDD175	3968	11080	389.3	-60.0	90	355.35	358.3	2.95	0.61	2.5
SNMDD177	3966	11145	383.6	-62.0	90	352.2	355.6	3.4	0.87	2.7
SNMDD178	4092	11959	275.6	-74.0	90	256.0	257.2	1.2	11.31	0.7
SNMDD179	4067	11864	334.4	-75	90	297.4	299	1.6	3.67	1.02
					and	307.7	311	3.3	10.19	2.11
					and	312.5	316	3.5	2.86	2.24

 

END