Thor Explorations has signed an agreement to acquire remaining stake in Central Houndé Project located in south-western Burkina Faso from Barrick Gold.
As a result of the Agreement, Thor has acquired Barrick’s 51% ownership of the Project in exchange for a 1% Net Smelter Royalty. The company now holds 100% of the Project.
The Central Houndé Project consists of three early stage exploration permits located in the highly prospective Houndé Greenstone belt approximately 260km south west of Ouagadougou. The three permits cover a total area of 474km2 over the Houndé Belt. A total of 20,208m RC and 3,156m of Diamond drilling has been completed over the licenses to date.
President and CEO of Thor Exploration, Segun Lawson on the official website of the company, expressed delight over the latest acquisition, he however re-echoed the company’s commitment towards actualizing some strategic exploration projects on going in west Africa.
“We are pleased to have regained a 100% interest in the Central Houndé Project which lies in one of West Africa’s highly regarded Birimian greenstone belts. In recent years, the JV has undertaken diligent exploration programmes which have resulted in the identification of several targets that have been outlined by preliminary drilling, which we consider merit further assessment. We would like to thank Barrick and all of the team who have worked on the Project over the term of the JV.”
“Our development activities remain focused on our Segilola Gold Project in Nigeria, where construction is well advanced and we are on track for first gold pour in June this year. At our advanced exploration project, Douta in Senegal, following the success of our recent drilling programmes at Douta North and Douta Tail, we have initiated a supplementary drilling programme to assess the potential extension of the identified additional mineralisation.”
“The Central Houndé project adds further depth to the Company’s exploration portfolio, which supports the Company’s strategy to become a leading West African gold producer and developer,” Lawson stated.
Thor mineral exploration company holds a 100% interest in the Segilola Gold Project located in Osun State of Nigeria and a 70% interest in the Douta Gold Project located in south-eastern Senegal. The company also holds a 100% interest in the Bongui and Legue gold permits located in Houndé greenstone belt, south west Burkina Faso.