Thor Explorations Ltd. (TSXV: THX) announced on Monday it has agreed with Barrick Gold (TSX: ABX) (NYSE: GOLD) to terminate the 2015 earn-in agreement between Thor and Acacia Mining PLC, which has subsequently been acquired by Barrick, on the Central Houndé project in southwestern Burkina Faso.
Following the signing of the agreement, Thor has acquired Barrick’s 51% ownership of the project in exchange for a 1% net smelter royalty. Thor now holds 100% of the project.
Under the 2015 joint venture agreement, Acacia can earn up to an 80% interest in the project by funding all costs up to and including completion of a pre-feasibility study.
The Central Houndé project consists of three early-stage exploration permits covering 474 km2 over the highly prospective Houndé greenstone belt, approximately 260 km southwest of Ouagadougou. To date, 20,208 metres of RC and 3,156 metres of diamond drilling have been completed over the licenses.
“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,” Thor’s CEO Segun Lawson said in a news release.
“In recent years, the JV has undertaken diligent exploration programs, which have resulted in the identification of several targets that have been outlined by preliminary drilling, which we consider merit further assessment,” Lawson said.
Meanwhile, development activities remain focused on the Segilola gold project in Nigeria, where construction is advanced and on track for the first gold pour in June 2021, the company said.
At its Douta project in Senegal, following the success of recent drilling programs at Douta North and Douta Tail, the company has initiated a supplementary drilling program to assess the potential extension of the identified additional mineralization.
