Thor Explorations Ltd. (TSXV: THX) (AIM: THX) ('Thor' or the 'Company') is pleased to announce drill-intersections of significant gold mineralisation from the Makosa gold deposit ('Makosa') and the Sambara prospect at its Douta Gold Project, Senegal (the 'Douta Project').

The Douta Gold Project encompasses the Makosa gold deposit which currently comprises a total resource of approximately 1.78 million ounces ('Moz') of gold ('Au') that consists of an indicated resource of 20.2 million tonnes ('Mt') grading 1.3 grammes per tonne ('g/t') Au for 874,900 ounces ('oz') Au together with an inferred resource of 24.1 Mt grading 1.2g/t Au for 909,400 oz Au.

An infill drilling reverse circulation ('RC') drilling program has targeted the Inferred Resources material within the optimised pit shells with the objective of converting this material to the Indicated Resource classification. In addition, a diamond drilling ('DD') program has been completed within the Makosa and Makosa Tail areas in order obtain samples for detailed metallurgical test work. Further exploration drilling was also completed at the Sambara prospect.

The Company is also pleased to announce the discovery of a new prospect, Makosa East, following the drilling of mineralized intersections.

The assay results from the drilling completed to date include the following highlights:

Makosa Tail: Drillhole DTRC807 3 meters ('m') at 23.35/tAu from 78m

Makosa Tail: Drillhole DTDD0021 8m at 8.08/tAu from 36m

Makosa Tail: Drillhole DTRC848 13m at 4.59/tAu from 96m

Makosa Tail: Drillhole DTRC865 9m at 4.33/tAu from 93m

Makosa Tail: Drillhole DTRC842 18m at 1.82/tAu from 25m

Makosa: Drillhole DTDD0029 16m at 2.03g/tAu from 0m

Makosa Tail: Drillhole DTRC844 10m at 3.00/tAu from 45m

Makosa Tail: Drillhole DTRC812 6m at 4.94/tAu from 50m Segun Lawson, President & CEO, stated;

'We are pleased to announce further encouraging drilling results from Thor's Douta Project in Senegal. The main purpose of the drilling has been to advance the project towards development by upgrading more of the resource to indicated classification and also to commence detailed metallurgical test work that is focussed on achieving the most suitable and efficient ore treatment and extraction process.

'Once all the drilling results are in, we look forward to updating our Mineral Resource Estimate to form the basis of a preliminary feasibility study.

'We are also pleased to add the new Makosa East prospect to our development plan. In the coming year we plan to maintain focus on project development in Senegal to meet our objective of bringing the Company's second gold mine into production.'

Introduction

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 kilometres ('km2'). Thor, through its wholly owned subsidiary African Star Resources Incorporated ('African Star'), 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.

In April 2023 Thor commenced a program of infill RC drilling with the objective of upgrading the inferred portions of the resource that fall within the optimised pit shell, to indicated classification.

At Makosa, zones of gold mineralisation are developed either within a sheared gabbro intrusive or within a steep north-westerly dipping sequence of meta-sedimentary rocks that are in close proximity to the gabbro. Higher grade zones or shoots are suspected to occur along east-west oriented structures that cut across the main north-east trend of the mineralisation.

About Thor

Thor Explorations Ltd. is a Canadian mineral exploration company engaged in the acquisition, exploration and development of mineral properties located in Nigeria, Senegal and Burkina Faso. Thor holds a 100% interest in the Segilola Gold Project located in Osun State of Nigeria. Mining and production commenced at Segilola in 2021. Thor holds a 70% interest in the Douta Gold Project located in south-eastern Senegal. Thor trades on the TSX Venture Exchange under the symbol 'THX'.

Contact:

Email: info@thorexpl.com

This press release does not constitute an offer to purchase securities. The securities to be offered in the offering have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to, or for the benefit or account of, a U.S. person, except pursuant to an available exemption from such registration requirements.

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.

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