Thor Explorations (TSXV/AIM: THX) has expanded its operations into Côte d’Ivoire by acquiring the Guitry gold project from Endeavour Mining Corporation (LSE:EDV, TSX:EDV).

Guitry is an advanced exploration project. Some of the drill results include 12m grading at 10.4g/t Au, 16m grading at 7.90g/t Au, 24m grading at 2.02g/t Au, and 16m grading at 2.25g/t Au.

Thor plans to conduct further exploration work and drilling, targeting a maiden resource of between 500,000 and 1,000,000 ounces before the end of next year.

The total consideration for the acquisition is a cash payment of $100,000 upon completion and a 2% Net Smelter Royalty.

In addition to acquiring Guitry, Thor has entered into an option agreement with Goldridge Resources SARL to earn up to an 80% interest in the Boundiali Exploration Permit, an early-stage gold exploration permit located in northwest Côte d’Ivoire. Boundiali contains several continuous soil geochemical anomalies that Thor has identified for drilling.

“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,” said Thor CEO Segun Lawson.

Thor Explorations holds a 100% interest in the Segilola gold project in Osun State, Nigeria, and a 70% economic interest in the Douta gold project in southeastern Senegal.

Shares of Thor Explorations rose 1.4% by 12:32 p.m. EDT. The miner has a market capitalization of C$226 million ($166 million).

Source: MINING.COM – Read More