Thor Explorations has agreed to acquire a 100% interest in the Guitry gold exploration project in Cote d’Ivoire from Endeavour Mining.
The deal involves a $100,000 cash payment at closing along with a 2% net smelter royalty on the project.
This binding sale and purchase agreement is contingent on the fulfilment of certain conditions, including the final approval of the Minister of Mines.
Located 220km west of Abidjan, the Guitry Project spans 295km² of the Tehini Greenstone Belt, known for its gold deposits. Early-stage exploration by Endeavour includes extensive soil sampling and over 11,000m of drilling.
Two main prospects, Krakouadiokro and Gbaloukro, have been identified, with significant drill intersections at Krakouadiokro suggesting open mineralisation along strike and down dip.
Thor Explorations has also signed an option deal with Goldridge Resources to earn up to an 80% interest in the Boundiali Exploration Permit in Côte d’Ivoire.
The Boundiali early-stage gold exploration permit in northwest Côte d’Ivoire has several soil geochemical anomalies ready for drilling.
Under the agreed terms, Thor Explorations will undertake a minimum exploration programme over 36 months. It includes an option fee payment of $150,000 within the first two years to earn an initial 51% interest.
Thor Explorations president and CEO Segun Lawson said: “As a country, Cote D’Ivoire is a West African gold mining and exploration success story that hosts over 30% of West Africa’s greenstone belts and is proving to be an emerging region for world-class gold discoveries.
“The two major prospects, Krakouadiokro and Gbaloukro, are yet to be fully tested with several additional targets yet to be drilled. We plan on carrying out further exploration work and drilling and we are targeting a maiden resource of between 500,000oz – 1,000,000oz before the end of next year.
“We are also pleased to enter an option agreement with Goldridge to earn an up to 80% interest in Boundiali. This comes after significant reconnaissance work in the country for prospective projects that can be easily derisked and advanced through further exploration.”
In April 2024, Thor Explorations acquired interests in two licences in Senegal to advance its gold exploration work.
