Ni43-101 Technical Report Douta Filed 04-01-2022

Independent Technical Report: Mineral
Resource Estimate, Douta Gold Project,

Senegal
Report for NI 43-101
Prepared for Thor Explorations Ltd
Qualified Person:
Mr Babacar Diouf,
Azimuth Consulting Senegal
Geol.Ing, MSc, GDE, MAusImm
Effective Date: 21 December 2021

Independent Technical Report: Mineral Resource Estimate, Douta Gold Project, Senegal
CONTENTS
1 SUMMARY .................................................................................................. 5
1.1 Mineral Resource Estimate ........................................................................................... 5
1.2 Mineral Reserve Estimate.............................................................................................. 5
2 INTRODUCTION ........................................................................................... 6
2.1 Issuer ............................................................................................................................. 6
2.2 Terms Of Reference ....................................................................................................... 6
2.3 Information Used........................................................................................................... 6
2.4 Current Personal Inspection By Qualified Persons ........................................................ 6
3 RELIANCE ON OTHER EXPERTS ..................................................................... 6
4 PROPERTY DESCRIPTION AND LOCATION ..................................................... 7

4.1 Property Tenure ............................................................................................................ 8
4.1.1 Summary ............................................................................................................. 8
4.1.2 History ................................................................................................................. 8
4.2 Property Rights And Obligations ................................................................................. 10
4.3 Encumbrances, Royalties And Taxes ........................................................................... 10
4.4 Environmental Liabilities ............................................................................................. 10
5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND

PHYSIOGRAPHY ......................................................................................... 11
5.1 Access .......................................................................................................................... 11
5.2 Physiography ............................................................................................................... 11
5.3 Climate......................................................................................................................... 11
5.4 Local Resources ........................................................................................................... 11
5.5 Infrastructure............................................................................................................... 12
6 HISTORY .................................................................................................... 12
6.1 Previous Ownership..................................................................................................... 12
6.2 Past Production ........................................................................................................... 12
6.3 Exploration History ...................................................................................................... 13
6.3.1 Soil Sampling And Trenching ............................................................................. 13
6.3.2 Historical Drilling ............................................................................................... 14
6.3.3 Historical Resource Estimates ........................................................................... 14
7 GEOLOGICAL SETTING AND MINERALIZATION ............................................ 15

7.1 Regional Geology ......................................................................................................... 15
7.2 Local Geology............................................................................................................... 17
7.2.1 Lithology ............................................................................................................ 17
7.2.2 Structure............................................................................................................ 17
7.3 Property Geology ......................................................................................................... 17
7.3.1 Lithology ............................................................................................................ 17
7.3.2 Structure............................................................................................................ 18
7.3.3 Mineralization ................................................................................................... 19
7.4 Deposit Types .............................................................................................................. 19
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8 EXPLORATION ........................................................................................... 20
8.1 Near-Surface Sampling ................................................................................................ 20
8.1.1 Trenching........................................................................................................... 20
8.1.2 Auger-Assisted Geochemical Surveys And Termite Mound Sampling .............. 20
8.2 Geophysics ................................................................................................................... 21
9 DRILLING ................................................................................................... 23
9.1 Methods And Procedures ............................................................................................ 23
9.2 Survey Control ............................................................................................................. 26
9.3 Drill Planning And Site Preparation ............................................................................. 26
9.4 Downhole Survey......................................................................................................... 26
9.5 Collar Surveys .............................................................................................................. 27
9.6 Diamond Drilling .......................................................................................................... 28
9.6.1 Diamond Drilling Procedure .............................................................................. 28
9.6.2 Diamond Core Logging ...................................................................................... 28
9.7 Reverse Circulation Drilling ......................................................................................... 29
9.7.1 Reverse Circulation Drilling Procedures ............................................................ 29
9.7.2 Reverse Circulation Sampling Procedures......................................................... 29
9.7.3 Reverse Circulation Logging .............................................................................. 30
10 SAMPLE PREPARATION, ANALYSES AND SECTURITY ................................... 30

10.1 Sample Preparation ..................................................................................................... 30
10.2 Sample Analysis ........................................................................................................... 30
10.3 Quality Assurance And Quality Control ....................................................................... 31
10.3.1 Field Duplicates ................................................................................................. 32
10.3.2 Blanks ................................................................................................................ 33
10.3.3 Certified Reference Materials ........................................................................... 33
10.4 Sample Preparation, Analyses And Security Comments ............................................. 36
10.5 Security ........................................................................................................................ 36
10.6 Audit ............................................................................................................................ 36
11 DATA VERIFICATION .................................................................................. 36
12 MINERAL PROCESSING AND METALLURGICAL TESTING .............................. 37
13 MINERAL RESOURCE ESTIMATE ................................................................. 39

13.1 Geological Modelling ................................................................................................... 40
13.1.1 Modelling Techniques ....................................................................................... 40
13.2 Data Analysis And Domaining...................................................................................... 40
13.3 Compositing ................................................................................................................. 42
13.3.1 Compositing Length .......................................................................................... 42
13.3.2 Composite Statistics .......................................................................................... 43
13.4 Top Cutting .................................................................................................................. 44
13.5 Data Declustering ........................................................................................................ 46
13.6 Variography ................................................................................................................. 46
13.7 Bulk Density ................................................................................................................. 46
13.8 Block Models ............................................................................................................... 49
13.9 Resource Estimation .................................................................................................... 50
13.10 Resource Block Model Validation ................................................................................ 51
13.10.1 Local Bias Check ................................................................................................ 51
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13.10.1 Alternate Estimation Methods .......................................................................... 51

13.11 Mineral Resource Classification .................................................................................. 52
13.12 Economic Parameters .................................................................................................. 52
13.13 Mineral Resource Statement ....................................................................................... 57
13.14 Mineral Resource Risk Assessment ............................................................................. 59
14 MINERAL RESERVE ESTIMATE .................................................................... 60

14.1 Mineral Reserve Statement ......................................................................................... 60
15 ADJACENT PROPERTIES ............................................................................. 60

15.1 Massawa Gold Deposit ................................................................................................ 60
15.2 Makabingui Gold Deposit ............................................................................................ 60
16 OTHER RELEVANT DATA AND INFORMATION ............................................. 62
17 INTERPRETATION AND CONCLUSIONS ....................................................... 62

17.1 Mineral Resource And Mineral Reserve ...................................................................... 62
17.2 Metallurgical Recovery ................................................................................................ 62
17.3 Environment And Social .............................................................................................. 63
18 RECOMMENDATIONS ................................................................................ 64
18.1 Exploration .................................................................................................................. 64
18.2 Qaqc Procedures ......................................................................................................... 64
18.3 Metallurgy ................................................................................................................... 64
18.4 Resources Estimation .................................................................................................. 65
19 REFERENCES .............................................................................................. 65
20 DATE AND SIGNATURE PAGE ..................................................................... 66
21 CERTIFICATES OF QUALIFIED PERSONS....................................................... 67
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1 SUMMARY
This is an independent technical report on the Douta Gold Project (or “the Property”) in Senegal of
Thor Explorations Ltd, prepared in accordance with Canadian National Instrument 43-101 Standards
of Disclosure for Mineral Projects (NI43-101).
The Douta Gold Project is a gold exploration permit, E02038, which covers an area of 58km2 and is
located within the Kéniéba inlier, eastern Senegal. Thor, through its wholly owned subsidiary African
Star Resources SARL (“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.
1.1 Mineral Resource Estimate

The Mineral Resource Estimate for the Douta Gold Project, Senegal, has been prepared with an
effective data of 21 December 2021 by Mr Babacar Diouf of Azimuth Consulting Senegal (ACS). Mr
Diouf takes Qualified Person responsibility for the Mineral Resource Estimate
The MRE is classified as Inferred Resources and is constrained within optimised pit shells and
comprises 15.3Mt grading 1.5g/tAu for 730,000 ounces of gold.
Deposit Classification Tonnage Grade Contained Metal

Thor Interest
Mt Au g/t koz Au
Makosa Inferred 11.7 1.5 550 70%
Makosa Tail Inferred 3.6 1.6 180 70%
Total Makosa Inferred 15.3 1.5 730 70%
Table 1: Douta Gold Project Mineral Resource Estimate, November 2021 (reported at cut-off grade of 0.3g/t Au)
• Open Pit Mineral Resources are reported in situ at a cut-off grade of 0.30 g/t Au. An optimised Whittle
shell ($2,200) was used to constrain the resources.
• The Mineral Resource is considered to have reasonable prospects for economic extraction by open pit
mining methods above a 0.30 g/t Au and within an optimised pit shell.
• Metallurgical and mining recovery factors not applied.
• Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
• Totals may not add exactly due to rounding.
• The statement used the terminology, definitions and guidelines given in the CIM Standards on Mineral
resources and Mineral Reserves (May 2014) as required by NI 43-101.
• Bulk density is assigned according to weathering profile with a weighted average of 2.78.
• Mr B. Diouf (CP), Principal Geologist of Azimuth Consulting Senegal, is responsible for this Mineral
Resource statement and is an “Independent Qualified Person” as defined in NI 43-101.
• Mr Diouf has undertaken several site visits during the course of the resource drilling and is satisfied that
industry-standard sampling and QAQC procedures have been followed.
1.2 Mineral Reserve Estimate

No mineral reserves have been defined
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2 INTRODUCTION
2.1 Issuer
Thor Explorations Ltd (“Thor” or “the Company”), through its wholly owned subsidiary African Star
Resources SARL (“African Star Senegal” or “ASR”), requested Azimuth Consulting Senegal (ACS) to
estimate and certify the Mineral Resource at the Douta Gold Project to a NI43-101 standard and
compile the NI43-101 Report. This report is prepared in accordance with Canadian National
Instrument 43-101 Standards of Disclosure for Mineral Projects (NI43-101). ACS was requested to
undertake a site visit, review, and verify the data and processes used, present results and
recommendations.
The Douta Gold Project is located in the Kedougou region, eastern Senegal, approximately 800km east-
southeast of the capital city, Dakar (Figure 1).
2.2 Terms of Reference

ACS was commissioned by Thor in October 2021 to undertake a mineral resource estimate and prepare
this Technical Report.
The Technical Report is prepared in accordance with the requirements of NI 43-101 and in compliance
with Form 43-101F1 of the Ontario Securities Commission (OSC) and the Canadian Securities
Administrators (CSA).
2.3 Information used

This report is based on technical data provided by Thor and its various consultants including Cube
Consulting and ALS Laboratories. Thor provided open access to all the records necessary, in the opinion
of ACS, to enable a proper assessment of the project. Thor has warranted in writing to ACS that full
disclosure has been made of all material information and that, to the best of the Thor’s knowledge
and understanding, such information is complete, accurate and true.
Additional relevant material was acquired independently by ACS from a variety of sources. Historical
documents and data sources used in the preparation of this technical report are listed in Section 6:
References. This material was used to expand on the information provided by Thor and, where
appropriate, confirm or provide alternative assumptions to those made by Thor.
2.4 Current Personal Inspection by Qualified Persons

The Qualified Person for this Technical Report Mr Babacar Diouf of Azimuth Consulting Senegal, as
defined in the regulations of NI 43-101. A site visit was conducted by Mr Diouf in October 2021.
Mr Diouf reviewed the geological setting, examined rock specimens and field locations of interest,
reviewed geological procedures, databases, and general geological practices.
3 RELIANCE ON OTHER EXPERTS

For information concerning legal, environmental, political and taxation issues and factors relevant to
this report, the author has relied on reports, opinions or statements of other experts who are not
Qualified Persons.
ACS accepts that all the information and existing technical documents referred to in this Technical
Report are accurate and complete in all material aspects. While ACS has carefully reviewed all the
available information presented to us, ACS cannot guarantee its accuracy and completeness. ACS
6
reserves the right but will not be obligated to revise the Technical Report and conclusions if additional
information becomes known to us after the date of this Technical Report.
ACS has relied on ownership information provided by Thor. ACS has not researched property title or
mineral rights for the Douta Gold Project and expresses no opinion as to the ownership status of the
property.
All statements and opinions expressed in this document are given in good faith and in the belief that
such statements and opinions are not false and misleading at the date of this Technical Report.
4 PROPERTY DESCRIPTION AND LOCATION

The Douta Gold Project comprises a single exploration licence, E02038, which is located in the
Kedougou region of south eastern, Senegal.
The Douta licence is strategically positioned 4km east of the deposits Massawa North and Massawa
Central deposits which form part of the world class Sabadola-Massawa Project that is owned by
Endeavour Mining (Figure 1). The Makabingui deposit, belonging to Bassari Resources Ltd, is located
immediately to the east of the northern portion of E02038.
7
Figure 1: Douta Project location plan
4.1 Property Tenure

4.1.1 Summary
Thor, through its wholly owned subsidiary African Star 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.
4.1.2 History
In 2009, IMC was granted this area under the name of Douta permit with an original area of 103km2.
In February 2011, IMC entered into an option agreement with African Star Resources. The option
period ran until November 2011 and then extended for three months until February 2012.
In November 2015, the permit was renewed for another three years. In November 2018, the license
was granted a 2 year extension running until November 2020.
An exploration permit is issued by order of the minister of mines for an initial period of four years. It
is renewable twice for further four-year periods by order of the minister. Each renewal of an
exploration permit results in the reduction by one-quarter of the area covered by the permit.
In 2015 the licence underwent a compulsory reduction to its current area of 58km2.
An exploration permit may be transferred, except during its first validity period. Transfer is subject to
the approval of the minister of mines. The mining convention attached to the transferred exploration
permit is subject to the registration formalities and the payment of capital gains tax with the tax
authority.
An application for an exploitation permit has been submitted by IMC in September 2020 and was
acknowledged by the Ministry of Mines the same month. The exploration licence, which expired in
November 2020 after the exploitation permit application was submitted, benefits from automatic
prorogation until the Ministry of Mines decides on the application for exploitation permit. The
Company is party to an option agreement (“the Option Agreement”) with IMC, pursuant to which,
with effect from 24 February 2012, the Company exercised its option to acquire a 70% interest in the
Douta Gold Project to be held through African Star Senegal.
Date Event Owner Operator Area (km2)

November 2009 E02038 granted IMC IMC 103
February2011 optioned to ASR IMC ASR 103
November 2011 option extended IMC ASR 103
November 2012 3 year renewal granted IMC ASR 77.92
November 2015 3 year renewal granted IMC ASR 58
November 2018 2 year extension granted IMC ASR 58
Table 2: E02038 History
As consideration for the exercise of the option, the Company issued to IMC 11,646,663 Common
Shares, based on a volume weighted average trading price for the 20 trading days preceding the option
exercise date of C$0.2014 (or US$0.2018) per share, valued at C$2,678,732 based on the Company’s
8
closing share price on 24 February 2012. The share payment includes consideration paid to IMC for
extending the period for the exercise of the option.
Pursuant to the terms of the Option Agreement, IMC’s 30% interest will be a “free carry” interest until
such time as the Company announces probable reserves on the Douta Gold Project (the Free Carry
Period). Following the Free Carry Period, IMC must either elect to sell its 30% interest to African Star
at a purchase price determined by an independent valuator commissioned by African Star or fund its
30% share of the exploration and operating expenses.
The 70% interest acquired by African Star has not yet been formally transferred from IMC to African
Star and remains a contractually held interest.
Pursuant to the terms of a side letter to the Option Agreement, the parties have agreed to:
(i) obtain the Ministry of Mines approval of the entry into security to be issued by IMC / its
shareholder in favour of African Star Senegal as security for its interest in the Douta Gold Project.
(ii) set up an exploitation property company (Property Company) to hold the exploitation permit
once granted, the Property Company to be owned 10% by the State of Senegal (being “free carry”
hares, a local law requirement, noting that the State of Senegal has the right to negotiate to
purchase up to a further 25%, being a maximum 35% interest when aggregated with the 10% free
carry shares) with the remaining shares to be held by IMC and
(iii) obtain the Ministry of Mines approval to the transfer of 70% of the shares held by IMC in the
Property Company to African Star Senegal and the deemed transfer of such shares following
receipt of such approval.
The licence boundaries are described by UTM co-ordinates and longitude in permit as issued by
Ministerial decree. The boundaries are located using a Differential Global Positioning System (“DGPS”)
(Figure 2).
Figure 2: E02038 Licence Location and Definition

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4.2 Property Rights and Obligations

An exploration permit confers on its holder an exclusive right to explore for the minerals for which
the permit is issued. The holder is further subject to the following obligations:
• to commence the exploration works within six months of notification of grant of the
exploration permit to the applicant.
• to collect samples, subject to a prior declaration to the mining administration and to the
extent that the works do not lead to exploitation works.
• to spend the approved minimum amount.
• to submit notification of the works performed and the results obtained to the mining
administration.
• to apply for an exploitation permit, subject to confirmation of the existence of a
commercially viable deposit and compliance with the work obligations.
• to apply, with priority, for the issuance of an exploration permit in relation to other minerals
discovered within the mining area covered by the existing exploration permit, subject to the
declaration of such discovery to the Ministry of Mines within 10 days.
• to undertake assessment works within one year of the discovery of commercially viable
deposits and evidence of whether the deposit is commercially viable.
• to take all necessary measures to protect the environment.
• to open an account to be held in escrow with a public entity duly designed by the state for
the rehabilitation of the mining site.
• to carry out an environmental study; and
• to comply with the Forestry Code if the exploration permit is issued within a protected area.
4.3 Encumbrances, Royalties and Taxes

The author is not aware of any encumbrances, royalties or taxes that apply to the exploration lease.
4.4 Environmental Liabilities

The Douta Exploration Licence is not located in a national park nor a nationally designated
environmentally sensitive area. The Niemenike Conservation area (of national significance) is
approximately 20km from the project’s south-western boundary. The Douta exploration licence covers
a mostly modified environment resulting from human activities including harvesting forest flora and
burning vegetation as part of sporadic and unregulated historic artisanal mining activity. However,
there are still areas where primary and secondary vegetation is in evidence. Most of the streams within
the exploration licence are ephemeral streams.
ASR will be required to abide by the Senegal 2016 Mining Code which introduced an obligation for
mining titleholders to contribute annually to a local development fund in the amount of 0.5% of sales,
minus annual fees. The purpose of the local development funds is to promote the economic and social
development of local communities around mining areas and must include women's empowerment
projects. Under the 2016 Code, mining projects require a prior environmental impact assessment, to
be approved by the Directorate of the Environment and Classified Establishments.
10
To gain initial environmental baseline information within the Douta exploration licence a dry season
ecology survey was undertaken in May 2021 by Synergie – a registered environment consultancy in
Senegal. The survey will form part of the overall EIA.
It is planned to undertake a wet season ecology survey in 2022/2023 when the ephemeral streams are
running. Further base line monthly surface and groundwater hydrological surveys are proposed to
commence in early 2022.
Continued specific environmental and social baseline information gathering will culminate in an
Environment and Impact Assessment (EIA) prepared over the next 18 months.
To the extent known by ACS, there are currently no known environmental liabilities on the Property.
5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE

AND PHYSIOGRAPHY
5.1 Access
The Douta Gold Project is located approximately 700km east of the Senegal capital, Dakar. Dakar is
serviced daily by commercial daily flights from main cities of the world. Charter flights are available
from Dakar to Kedougou, the regional centre, located approximately 80km from Douta.
The proposed main transport route for capital equipment would be from the port of Dakar, a journey
of approximately 12 hours. The tarred road from Dakar to Kedougou and Moussala-Bamako is located
south and east of the permit. The unsealed road from Bembou to Mandakhole, provides access to site
from the north.
5.2 Physiography
The topography of the area is generally undulating with elevations ranging from 115m to a maximum
of 240m above mean sea level (“MASL”). The Faleme River is located approximately 30km from the
northern margin of the permit with the drainage characterised by a dense network of small seasonal
streams.
5.3 Climate
The climate at Douta is strongly influenced by the north and southward movement of the Inter Tropical
Convergence Zone (“ITCZ”) which creates distinctive wet and dry seasons between June to September
and October to May respectively.
The mean annual rainfall ranges between 1,084mm and 1,184mm per year, of which 90% falls in the
four months of June to September.
The site is in the Sahelian Transition Zone between the Sahara Desert in the north and the tropical
climate in the south. Temperatures range between approximately 13⁰C and 43⁰C (average 28 ⁰C) with
the hottest months between March and June.
5.4 Local Resources

Immediately to the north of the base camp are the villages of Mandekole and Lafia. These are both
predominantly pastoral communities. About 100 people reside in Mandekole.
The artisanal mining village of Khossanto, located 7.5km northwest of the northern extent of the
permit, comprises approximately 2,000 inhabitants, and is regarded as the informal capital of the rural
community of an estimated 4,500 people.
11
The local Malinke population comprises mostly artisanal gold miners and subsistence farmers. Most
supplies are obtained from Kédougou and Dakar with bread and small quantities of vegetables sourced
locally.
Limited cultivation of maize, millet and peanuts also takes place in the vicinity of these villages,
although agriculture is limited by lateritic soils and a relatively long dry season.
A casual workforce for the Douta exploration camp is sourced from these local villages and Saraya
town.
As the local population is largely unskilled, skilled labour may need to be sourced from Kedougou and
further afield within Senegal during subsequent phases of the project.
5.5 Infrastructure
Local infrastructure is limited to small rural settlements connected by gravel roads and paths.
There is no national water network through the area. At the Louba Exploration Camp (Figure 1) non-
potable water is sourced from a borehole with drinking supplied in bottled form.
There is no (or very limited) national power grid through the area. Presently, an on-site diesel
generator, fuelled regularly by purchases from Bembou or Saraya or Kedougou fuel stations, supplies
electricity power to the camp.
6 HISTORY
6.1 Previous Ownership
Historical exploration activities on the project have included geophysics, geological mapping, soil
sampling and drilling.
Although artisanal mining has long been one of the primary activities of the Malinke people in the
region, the Makosa deposit has not been extensively exploited.
The Douta permit was initially part of Rangold Resources's Kounemba permit. This land package of 3
licenses (Kounemba, Kanoumering, and Tomboronkoto) was selected based on a mineralized structure
that was interpreted from Landsat imagery to extend south from the Sabodala gold deposit and Niamia
Permit in the North, where thick sequences of deformed volcaniclastics including andesitic lithic tuff
were found.
The late 2003 and early 2004 regional soil sampling program at 1,000m by 100m spacing, identified 11
high-priority targets, for detailed work. Due to the low tenor of the Massawa anomaly (initially coded
as MSW, acronym for Mandakhole South West anomaly), it was originally selected as a secondary
target, and only followed-up by a detailed soil grid in mid-2005, which identified a 3.5 km long, 100m
to 400m wide soil anomaly at greater than 50 ppb gold in soil.
The area east of Massawa (the present Douta license) was relinquished by Randgold Resources in
2007-2008.
In 2009, International Mining Company (“IMC”) was granted this area under the name of Douta permit
with an original area of 103km2.
6.2 Past Production

There has been no gold production from the permit area.
12
6.3 Exploration History

Historical exploration activities on the project have included geophysics, geological mapping, soil
sampling and drilling.
Since acquiring the license area, IMC with its partner ASR, carried out an extensive number of works
summarized in Table 3.
Quantity/No. Sample Comp

Year Type No. Assays
Holes/Metres Density/Scale any
2010 Soil sampling 4,500 400mx50m 4,500 IMC
2011 Remote sensing (Aster/ Landsat) 1: 40,000 ASR
2011 Trenching 8/3,040m 2,700 ASR
2011 Ground magnetic survey 1500mx200m ASR
2012 Base camp construction 1 ASR
2012 fractioned sampling 992 ASR
2012 Termite mounds sampling, 2,198 200mx50m ASR
2012 Rotary air blast (RAB) drilling 184/7,942m 3,678 ASR
2012 Diamond drilling 13/1,531m 1,249 ASR
2012 Mapping ASR
2015 Rock chip sampling 500 ASR
2017 RC drilling 24/2,058m ASR
2018 RC drilling 72/8,966 ASR
2020 RC, auger drilling 917/14,789 ASR
2021 RC, auger drilling 433/16,875 ASR
Table 3: Summary of Exploration Activity
6.3.1 Soil Sampling and Trenching

A soil geochemistry campaign was conducted by IMC in 2010. Soil samples were taken on a 400mx50m
grid along the entire length of the permit. In total 4,500 samples were taken and sent to the laboratory
for analysis (Figure 3).
A planning sheet is given to the geologists containing all the information of the program. Before leaving
on the field, the geologist loads the points on the GPS for a quick location of the site to be sampled. A
graduated lead-bar (barre à mine) is used by technicians to dig shallow whose depths vary between
40 and 70 cm. On the lateritic plateaus, the holes stopped at 30cm. The loose material scooped by
hand and put in a bag with the sample Identifier. The average sampled material weight 2.5kg. The
environment is described by the geologist. Field duplicates are taken where planned.
The results of this work identified numerous soil anomalies that led to the signing of a partnership
agreement with African Star.
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Figure 3: Soil Geochemical Survey Coverage Map
6.3.2 Historical Drilling

There has no drilling undertaken within the permit area prior to the commencement of exploration by
Thor.
6.3.3 Historical Resource Estimates

There have been no previous resources estimates at the Douta Gold Project.
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7 GEOLOGICAL SETTING AND MINERALIZATION

7.1 Regional Geology
The West African Craton can be divided into three main Pre-Cambrian terrains.
• In the north, the Reguibat Rise extends over Mauritania and western Algeria and consists of
an Achaean terrain in the west and Paleoproterozoic (Birimian) terrain in the east.
• The southern Leo Rise covers a large area over southern Mali, Côte d’Ivoire, Burkina Faso,
Niger, Ghana and Guinea; and is separated from the Reguibat Rise by the Late Proterozoic to
Phanerozoic sedimentary Taoudeni Basin.
• The western Achaean portion known as the Man Shield is separated from the eastern Birimian
Supergroup of the Baoule Mossi domain by the Sassandra fault. Two Birimian inliers, the Kayes
and Kedougou-Kenieba, suggest the continuity of the Proterozoic basement underneath the
Taoudeni intra-cractonic basin.
The Douta Project is located within the Kedougou-Kenieba inlier (“KKI”) (Figures 4 and 5).
Figure 4: Geology of West Africa and Kendougou-Kenieba Inlier (after Diene, et al,2012)
15
Figure 5: Regional Geological Setting of the Douta Licence
16
The KKI is divided into the Mako Belt to the west, and an overlying Dialé sedimentary basin to the east
(Dia et al., 1997) (Figure 4).
The Mako Belt consist of greenstones and sedimentary rocks, dated between 2160 Ma and 2200 Ma,
which were intruded by ultramafic to felsic plutons yielding ages of 2070 Ma to 2210 Ma (Dia et al.
1997; Hirdes and Davis, 2002; Gueye, et al., 2007).
All rock types, excluding post-Birimian dykes, were metamorphosed to a lower green schist facies
during the Eburnean orogeny.
The belt basin margin, between the Mako and Dialé–Daléma series, is structurally controlled and
marked by the regional-scale NE-trending, Main Transcurrent Shear Zone (“MTZ”) (Ledru et al., 1991).
The MTZ hosts Makosa Prospect and Massawa Deposits.
A second major first order structure is located further to the east, within the Mako belt, and is referred
to as the Sabodala Shear Zone.
7.2 Local Geology

7.2.1 Lithology
The geology of the Douta permit is dominated to the east by the Dialé sedimentary formations and to
the west by the mafic and volcaniclastics formations of the Mako Belt (Figure 5).
7.2.2 Structure
From south to north, the main structural feature of the exploration license is the NNE-to-NE striking
Main Transcurrent Shear Zone (“MTSZ”).
A parallel structure located 2.5km to the west of the MTSZ hosts the Massawa Gold Deposit and its
satellite deposits (Endeavour Mining).
7.3 Property Geology

7.3.1 Lithology
Geological mapping of the four main prospect areas within the Douta licence has identified the
following geological characteristics:
Samba: rare graywackes and quartz float observed
Maka/Mansa: Outcrops are mainly observed at Mansa along the streams and are dominated by
greywackes, gossan, gabbro and quartz in the form of float. North of Mansa, in Maka,
rare outcrops were observed due to the extent of the lateritic cover
Makosa: mainly chert and greywacke
Makosa Tail: mainly greywacke, quartzite and gossan.
The following rock type are also present in scattered outcrops and identified in drilling:
• greywacke
• carbonaceous and graphitic shales
• shale (schist)
• sedimentary breccias
• granite
• gabbro
Examples of the rock types within the Douta licence are illustrated in Figure.
17
Figure 6: Geology of the Douta Licence
Anomalous gold values are observed in sheared greywackes. Graphitic shale units may also be
mineralized but with lower values compared to those obtained in greywackes. This is explained by the
difference in competence between the two lithological units.
7.3.2 Structure
Gold mineralization is associated with a NE-striking (N040°) steeply NW-dipping (75° to 80°) shear zone
which forms part of the brittle-ductile Makosa Gold Corridor that, itself, is part of the MTSZ shear
system.
18
The gold mineralisation is structurally controlled, hosted in faulted and sheared contact between
sedimentary successions and occurs in zones of large NE-striking, NW-dipping structural corridors, that
contain a complex networks of extensional dilation fracture systems. This system may extend over
4.5km.
The Makosa deposit formed from left-stepping geometry forming extensional fault systems in a
sinistral-reverse compressional tectonism consistent with the D2 deformation of the late Birimian
event that have affected the West African Shield (Dieng, 2018).
7.3.3 Mineralization
The style of gold mineralization is similar along the 12km shear zone within the Douta permit. The
mineralization is hosted by deformed sedimentary rocks near the contact with gabbro or
volcaniclastics. Gold mineralization appears to be controlled by the NE (N030 to N040) and NW dip
(-700 to - 800) brittle-ductile shear corridor.
The thickness and grade change along with the shear due to dilution and restriction zone.
Gold mineralisation is associated with low temperature mineral assemblage including quartz
stockworks, sericite, chlorite, and calcite. Abundant disseminated fine pyrite and arsenopyrite occur
in the wall-rock.
Two generations of pyrite have been identified:
• syngenetic (primary) massive, sometimes spherical, pyrite
• fine-grained pyrite associated with hydrothermal gold mineralization event
Widespread hematite and carbonate-chlorite alteration is primary and predates the mineralization.
The gabbro is locally mineralized in places, suggesting two generations of gabbro in the area.
Hydrothermal gold-bearing fluids are thought to have originated from metamorphic fluids generated
from dehydration of water-rich minerals during thermal-tectonism or from hydrothermal fluids
degassing from syn-orogenic calc-alkaline felsic intrusive magma that intruded the deposit (Dieng,
2018).
7.4 DEPOSIT TYPES

The Makosa deposit is a typical shear-zone controlled orogenic type gold mineralization hosted in
greenstone folded and faulted sedimentary sequence of turbidite successions near the contact with
syn-tectonic D1 gabbroic intrusive dykes (Dieng, 2018).
The main Makosa deposit (including the northern extensions known as Makosa North) is continuous
over a NE-SW oriented (0430 ) strike length of 5.5km. This portion of the resource comprises a total of
22 individual NW-dipping sub-parallel mineralised lodes. To the north the lodes have yet to be closed
off with drilling. The southern extremities pinch out into weak stringer-like mineralisation in the
Makosa Gap zone which covers 350m of strike-length.
The Makosa Tail deposit extends southwards from the southern extremity of the Makosa Bridge and
comprises a total of 16 sub-parallel lodes oriented at 0230.
Most gold mineralisation throughout the system is developed withing sediments in close proximity to
conformable gabbroic intrusives.
19
8 EXPLORATION
Initial exploration carried by Thor comprised mainly of an auger-assisted geochemical survey,
trenching and RC drilling.
8.1 Near-Surface Sampling

8.1.1 Trenching
Eight trenches for a total length of 3,040 meters were excavated by hand on the Makosa prospect in
2011 to test geochemical anomalies. The results of the trench campaign confirmed that the gold
anomaly from soil geochemistry is in situ and comes from the underlying saprolites and justified follow
up drill testing.
8.1.2 Auger-assisted Geochemical Surveys and Termite Mound Sampling

Between March 202 and June 2021, a total of 1,003 vertical auger holes were completed within the
licence (Figure 7). Average depth to bottom of hole is 9m. The total number of samples collected
amounted to 4,088 including 205 blanks, 204 duplicates and 204 CRM (standards). This survey was
designed to better define gold anomalism that had been delineated during the historic surface-soil
geochemical programs. The results of auger program enable targeted RC drill testing of areas to the
north and south of the Makosa deposit.
A total of 2,198 termite mounds have been sampled. Of this total 696 were collected in the western
portion of the exploration licence which was subsequently surrendered (Figure 8)
Figure 7: Auger Drilling Coverage Map
20
Figure 8: Termite Mound Sample Coverage Map
8.2 Geophysics
Ground Magnetic Survey
A ground magnetometer survey was carried out through the Makosa Prospect by African Star Senegal
in July 2011 (Figure 9).
Magnetic measurements were made on 1500m long by 200m lines using a Scintrex G858 Caesium
Vapor Magnetometer.
The measurements were continuously done along the lines with a location of the magnetic sensor
determined by a system connected to the GPS. The magnetometer cycles done at every second to give
a measurement interval of 1 to 2 meters along the profile depending on the progress through the
bush. Daytime magnetic field variations were measured using a magnetometer at intervals of 100
seconds.
The interpretation of the magnetic measurements in the Makosa prospect allowed the identification
of potential structures and mafic intrusions.
21
Figure 9: Ground Magnetometer Survey Area
22
9 Drilling
9.1 Methods And Procedures
All exploration activities including soil geochemical surveys, geological mapping and supervision of
drilling and sampling has been carried out by employees of Thor.
At the date of this report the number of holes drilled on the project total 1,645 for 52,559m comprising
a combination of:
•
auger and rotary air blast (“RAB”) used for the generation and testing of geochemical
anomalies respectively
• Reverse circulation (“RC”) and diamond core drilling (“DD”) used mostly for resource
delineation
Tables 4 and 5 summarise the drilling statistics for the Project.
Year 2012 2017 2018 2020 2021 Total

Type No. Metres No. Metres No. Metres No. Metres No. Metres No. Metres
Auger 785 5,327 218 1,673 1,003 7,000

DD 15 1,937 15 1,937
RAB 184 7,942 184 7,942
RC 24 2,050 72 8,966 132 9,462 215 15,202 443 35,680
Total 199 9,879 24 2,050 72 8,966 917 14,789 433 16,875 1,645 52,559
Table 4 : Drilling Statistics by Year
Auger DD RAB RC Total

Prospect
No. Metres No. Metres No. Metres No. Metres No. Metres
Maka 436 3,062 75 5,977 511 9,039
Makosa 11 1,507 184 7,942 82 9,868 277 19,317
Makosa Bridge 76 5,035 76 5,035
Makosa North 86 5,649 86 5,649
Makosa Tail 149 1,033 4 430 93 6,746 246 8,209
Mansa 200 1,232 31 2,405 231 3,637
Samba 218 1,673 218 1,673
Total 1,003 7,000 15 1,937 184 7,942 443 35,680 1,645 52,559
Table 5: Drilling Statistics by Prospect
23
Figure 10: RAB Drilling Coverage Map
Figure 11: RC Drilling Coverage Map
24
Figure 12: Diamond Drilling Coverage Map
Diamond Drilling was completed by Boart Longyear contractor using an LM55 diamond rig. All core
was orientated using Magnetic Reflex EZ-Trac tool.
AZMC is of the opinion that Thor’s drilling programmes have been carried out using industry-standard
drilling, logging and QA/QC protocols and procedures.
Figure 13: SENGOLD RC Drilling Rig
25
9.2 Survey Control

The Project uses the UTM Zone 29N datum WGS84. The boundary between Zone 28 and Zone 29
passes through the gap between Makosa and Makosa Tail. At Makosa Tail UTM Zone 28 is converted
into the same grid system as Makosa and the rest of the Project (UTM Zone 29N datum WGS84).
9.3 Drill Planning and Site Preparation

Drill holes are planned to intersect the mineralisation perpendicular to the main strike direction of the
mineralisation.
Most of the holes are drilled on a 500 to 600 dip angle to cut the steeply dipping mineralised lenses at
a high angle. Initially, the planned collar location is marked by a surveyor using either a handheld or
differential global positioning system (DGPS).
An appropriate size drill pad is cleared around the collar marker to ensure sufficient room for the drill
rig, auxiliary vehicles, and sample collection.
At the completion of the drilling the drill sites are remediated as far as possible whilst retaining the
collar concrete pad and polyvinyl chloride (PVC) pipe casing.
9.4 Downhole Survey

Prior to March 2018, Reflex EZ-Trac, and Reflex Act2 Single Shot camera tools were used for downhole
surveys.
Since March 2018, all drill holes were surveyed with a Reflex EZ-Gyro with measurements taken at
either 20m or 10m intervals.
Prospect Hole Type Survey Instrument Period

Makosa DDH Magnetic Reflex EZ-Trac 2012
Makosa Tail DDH Magnetic Reflex EZ-Trac 2012
Makosa RC Reflex Act 2 2017
Makosa RC Gyro Reflex 2018
Makosa Bridge RC Gyro_Reflex 2020-2021
Makosa North RC Gyro_Reflex 2020-2021
Makosa Tail RC Gyro_Reflex 2020-2021
Table 6: Summary of Downhole Survey Tools Used at Douta
The 2020-2021 RC Drill holes are surveyed at every 10m intervals downhole, using a Reflex Ezy-Gyro
downhole survey tool with electronic transfer of data.
Downhole measurements were obtained both on entry and on-exit from the hole.
Globally, the on-exit data show a higher variability and spread than the on-entry data. The area with
the highest variation is Makosa-North. Thus, on-entry downhole measurements were used.
26
9.5 Collar Surveys

Drillholes have their collar location surveyed using differential global positioning system (DGPS Leica
system 1200) to centimetre accuracy.
Verifications were done on two control points comprising drillhole RC beacons to check their 3D
coordinates (Table 8, Figure 14).
The measured coordinates checked with a hand-held GPS are within 2m of the surveyed by Differential
GPS.
Drillhole Coordinate DGPS Leica System 1200 Handheld GPS map 64 Variance (m)
DTRC083 x 176822.00 176820 -2.0

DTRC083 y 1437876.28 1437878 1.7
DTRC083 z 192.03 192 0.0
DTRC309 x 178119.73 178117 -2.7
DTRC309 y 1439345.00 1439346 1.0
DTRC309 z 186.50 188 1.5
Table 7: Control Point Data
Figure 14: Photographs of Control Points
27
9.6 Diamond Drilling

All diamond drilling (DD) has been conducted by Boart Longyear, Canada. DD was utilised in the early
stages of exploration with a total of 15 holes being completed for 1,937m. Diamond drilling represents
only 4% of the total number of drillholes in the resource area with the remainder comprising RC
drilling.
9.6.1 Diamond Drilling Procedure

Sampling commenced at significant geological boundaries that were considered to represent a distinct
change in potential grade. Such boundaries could be structural, lithological, or alteration zone
contacts. The sample lengths either side of this boundary were not less than 0.5 m and no more than
2.0 m and returned to 1.0 m intervals as soon as geologically sound.
The sample intervals were recorded on the drill log. An aluminium tag (or a core marker) showing the
sample number and depth from and to, was then wired or riveted into the core tray at the start of the
interval.
Thor conducted half-core sampling on predominantly HQ core.
Sampling procedures involved marking the sample boundary on the core then cutting or breaking the
core at that boundary. A diamond saw was used to cut the core lengthways along the core axis of the
sample interval. One half was sent for analysis, the other half was retained in the core tray.
Before the core was cut, it was turned to ensure that the geological boundaries were cut at the
optimum angle. The core was then cut down the orientation line.
Drill samples were submitted to the laboratory as loose pieces of core contained within appropriately
numbered plastic bags. The following procedures were followed:
• Samples for each hole are consolidated at site and the sample numbers are entered into a
single submission form (i.e. one submission number).
• Weights were recorded for individual samples.
• Bagged samples were put into manageable loads in large polyweave bags.
Sample recovery for diamond drill holes was very good although recoveries for diamond core from the
moderate to highly weathered saprolite and highly fractured and brecciated zones returned poor
recoveries.
9.6.2 Diamond Core Logging

Core recovery is measured in the field and during detailed logging; core loss is marked out clearly.
Most of the DD core is oriented. In cases where orientation is not possible, the core is assembled with
previous runs to extend the orientation line from previous runs of orientated core, such that structural
directions in the form of alpha and beta angles are documented. Logging for DD were completed on
hard copy before being transcribed to the database.
The following information was recorded from the drill core:
• Geology – Rock type, colour (using a standard colour chart), texture, grain size, weathering
(oxide, transition, fresh), alteration, veins, sulphides, mineralogy.
• Structure – Azimuth/dip and dip direction, shear, fracture, joint, infill, colour, thickness,
bedding, crenulation, veins, quality of the measurement.
28
• Sample sheet - Number, weight, mineralogy, and abundance (volume %) of veins and
mineralization.
• Recovery and RQD -Geotechnical - Rock strength, weathering, joint sets with type, count,
angle, alteration, infill, roughness.
All data was captured directly onto paper and then transferred to Microsoft Excel spreadsheets. All
parameters were logged using codes specific to the Project and these were checked daily by the Senior
Geologist for completeness and accuracy. Relevant meta-data such as Hole ID, declination, azimuth,
hole depth, core diameter, date, and water ingress, were also recorded.
All core was photographed before being marked and cut for assaying.
9.7 Reverse Circulation Drilling

RC drilling is used at Douta for both exploratory and resource definition drilling. RC drillholes have
been drilled at a 5.5in/14cm diameter which produces approximately 20 kg of material per one-metre
sample interval. The RC drill rods are 6 m in length.
The first RC drilling at Makosa was completed by IDC using KL900 rig in July 2017. The subsequent
drilling was completed by Sendrill and Sengold drilling contractors using a Thor 5000 rig and booster
combination. RC holes were drilled using either 16cm to 17.4cm diameter rods with a 5”1/2 face‐
sampling bit size (Table 8).
Drilling Company Rig Type Bit Type Bit Size (inch) Hole Diameter (cm) Casing diameter (cm)
IDC KL900 AR Drill Bit 5.5 14.33 17.35
Sendrill Thor 5000 Mincon Bit 5.5 14.33 16
SENGOLD Thor 5000 AR Drill Bit 5.5 14.33 16
Table 8: RC Drilling Contractors and Drilling Specifications
9.7.1 Reverse Circulation Drilling Procedures

A geologist is present during RC drilling operations. Prior to commencement of any drilling, cross
sections for all planned holes are printed indicating the expected geology and mineralisation to be
intercepted. The geologist lays out the site to ensure that, where possible, the drilling and sampling
operations will not interfere with each other and that the sampling is not taking place down wind of
the drilling.
PVC casing is used to collar the hole to help prevent drill hole collapse and sample contamination.
If the drill hole intersects the water table, an auxiliary booster is utilised to ensure that the samples
are dry. After each rod change, air is blown down the hole prior to recommencing drilling to dry it out.
9.7.2 Reverse Circulation Sampling Procedures

RC chips are collected from the rig in standard one-meter intervals through a cyclone. RC samples are
not composited at this stage, allowing a better definition and increased understanding on gold
variability. On the rare occasion a wet sample is obtained, it is dried before being manually split. In
2017-2018, auxiliary booster units are used to ensure that most of the samples collected are already
dry. Gilson single-stage splitters are used to produce split weight ranges of 0.5kg to 3.5kg, with an
average of 2.3kg, for analysis. This is achieved after 3 or 4 stages of splitting. This represents on
average a size reduction of -92% from the bulk sample, or approximately 7-10% of the 1m-interval
bulk-sample. The remaining bulk sample was collected and stored in large plastic bag either at the drill
site or laydown facility. To monitor representativeness of the split samples a field duplicate was taken
29
at every 20th sample. Results from the field duplicate samples illustrate there is no apparent bias. This
is considered appropriate for the style of mineralisation and size of the RC sample over each 1m
interval.
9.7.3 Reverse Circulation Logging

All RC samples are logged on one-metre intervals as per the sample length received from the RC rig.
Logging is completed on paper logs which were transcribed into the database later. For each drill hole
lithology, visible mineralisation, vein intensity, alteration, oxidisation, and depth of water table are
logged as a minimum.
10 SAMPLE PREPARATION, ANALYSES AND SECTURITY

The resource estimate is based entirely on RC and DD sampling data. No samples from RAB drilling are
used for mineral resource estimation.
The data and sampling techniques are audited internally by the Company’s competent person (CP).
The CP is of the opinion that the sample collection, preparation, analysis, and security used at the
Douta Gold Project performed in accordance with exploration best practices and industry standards
and are suitable for use in Mineral Resource estimation.
10.1 Sample Preparation

Minimal sample preparation is carried out on site. Core samples are cut in half with a diamond saw
and broken into smaller rock pieces for packaging. RC samples are split using single-stage Gibson
splitters. Approximately 3kg of material per sample is sent to the laboratory for assay.
Laboratory sample preparation (Figure 15) includes weighing and drying, and crushing to 75% passing
2 mm. A 250g or 1,000 g split (for fire assay and bulk respectively) is then pulverised to 85% passing
75μm.
10.2 Sample Analysis

All samples were prepared by ALS Bamako, Mali and analysed by ALS Ouagadougou, Burkina Faso.
ALS is an ISO9001:2008 accredited laboratory. The CP has not audited the sample preparation for
assaying laboratory in Mali. The laboratory is independent of Thor.
Thor samples were analysed by fire assay with an AAS finish (Au-AA26). An aliquot of 5g was weighed,
mixed with flux (a blend of litharge, soda ash, borax, silica, silver, and various other essential reagents),
and then fused to produce a lead button. The gold-containing lead button was cupelled to remove
the lead and yield a bead which contains precious metals. The bead was then digested with nitric and
hydrochloric acid. On completion of the digestion, the solution is bulked up to volume with dilute
hydrochloric acid. The final solution was analysed by AAS.
Approximately 1 in 50 samples are screened for QC testing of the crushing efficiency, and
approximately 1 in 20 samples are screened for QC of the pulverising efficiency.
30
Figure 15: ALS Laboratory Sample Preparation Flow Sheet
10.3 Quality Assurance and Quality Control

Thor has implemented a rigorous a set of QA/QC procedures to ensure the reliability of the assay data.
This section details the QA/QC from Thor’s 2017 to 2021 drilling programmes.
The QA/QC is divided into ‘Field’ samples submitted by Thor and the ‘Laboratory’ samples internally
submitted by MS Analytical. The summary of RC and DD quality control sample statistics and insertion
rates is shown in Table 9.
Drill_Type Year No. No. CRM No. Blanks Original Combined
Duplicates Standards SampIDs Insertion Rate %
DD 2012 117 1218 10

RC 2017 121 120 121 2052 18
RC 2018 530 526 530 9014 15
RC 2020 284 284 284 9461 18
RC 2021 1237 1159 1161 15,205 18
Total 2,172 2,206 2,096 36,950 17
Outliers -21 -1
Total 2,172 2,185 2,095 36,950 17
Insertion rate 6% 6% 6%
Table 9: QAQC Statistics
31
10.3.1 Field Duplicates

Field duplicates are used to determine sampling error and to give an indication of the precision of the
data pairs (original versus duplicate). Duplicates are inserted at a rate of one in every 20 samples.
There are 2,172 field duplicate samples for RC samples analysed by Au method Fire Assay. These were
filtered for the mineralised threshold of Au >0.10 g/t which resulted in 444 samples for analysis. No
duplicates were collected from the diamond core program.
Figures 16 and 17 shows a scatter plot of duplicates versus original values. In general, the data
indicates reasonable precision for the sampling method given the nuggety nature of the
mineralization.
Figure 16: Field Duplicate Scatter Plot
Figure 17: Field Duplicate Q-Q Plot

32
10.3.2 Blanks
To check for contamination gold-free blank samples were inserted into batches of samples after every
at a rate of 1 blank for every 20 samples.
Blanks were prepared made from crushed and homogenised from Saraya granite – a gold free rock
that is commonly used by several Companies in the area as a source blank material.
Table 10 shows the results for the blank sample analysis. In the QP’s opinion, the blank results are
acceptable, with only one failure.
Laboratory CRM No. EVal Std Accuracy Precision %Passing Comments

Blanks Dev 3SD
1 outlier removed;1 failure
ALS_Mali BLANK 2,095 0.01 0.1 PASS PASS 99 observed;1 batch method
incorrect
Table 10: Performance of Blanks
10.3.3 Certified Reference Materials

To validate the performance of the laboratory, standard samples, also referred to as Certified
Reference Material (“CRM”), were added to each batch of samples, typically after every 20th sample.
CRM’s were obtained from OREAS Australia.
CRM No. EVal StdDev Accuracy %Passing %Bias Period In Use

Samples 3SD
OREAS_209 190 1.58 0.044 PASS 92 -2.31 Aug2017-Aug2018
OREAS_216b 201 6.66 0.155 PASS 98 -0.49 Nov2020-Aug2021
OREAS_235 406 1.59 0.038 PASS 87 -1.56 Nov2020-Aug2021
OREAS_254b 333 2.53 0.061 PASS 85 -3.12 Jan2021-Aug2021
OREAS_256b 187 7.84 0.207 PASS 80 -3.98 May2021-Aug2021
Table 11: CRM Summary (outliers removed)
Table 11 and Figures 18-19 show the performance results of the CRM’s. In general, the variability is
within acceptable limits and the results indicate an acceptable level of accuracy for the analytical
laboratory and the assay method.
33
Figure 18: CRM Performance Charts: OREAS_209 (top), OREAS_216, OREAS_216b
34
Figure 19: CRM Performance Charts: OREAS_254 (top), OREAS_254b, OREAS_256b
35
10.4 Sample Preparation, Analyses and Security Comments

ACS is of the opinion that the sample collection, preparation, analysis, and security used by Thor were
generally performed in accordance with common industry procedures and practices and are suitable
for use in Mineral Resource estimation.
The QA/QC procedures and management are consistent with common industry practice and the assay
results within the database are suitable for use in Mineral Resource estimation. The QP has not
identified any issues which could materially affect the accuracy, reliability, or representativeness of
the results.
The QP is of the opinion that the geological and analytical database quality is of sufficient quality to
support Mineral Resource estimation.
10.5 Security
Samples are under security observation from collection at rig, to processing at the site exploration
camp, to delivery at the laboratory.
Samples are bagged, sealed, and numbered and delivered to ALS Mali. A hard copy sample submission
form is sent with the samples and a digital copy along with a list of samples included in the submission
is emailed to the laboratory.
RC samples are bagged and tied with custom tags before being weighed and documented. Samples
are weighed and documented at the rig. The samples are stored in a secure facility at the Louba
exploration camp until dispatched. DD samples are stored in core boxes (with the appropriate
numbering and markings) at the core shed area.
Returned pulp samples are stored (under clean and dry conditions to avoid contamination) in the core
yard area with dedicated space storage. Disposal of pulp sample varies from project to project. We
generally store pulp samples until the area is mined out.
Samples at ALS are also kept in a secured samples yard. The laboratory discards samples after 3
months unless otherwise directed. Otherwise, samples are kept unless requested by Kibali
management.
As samples are analysed at ALS Bamako and Ouaga laboratories, Douta Gold Project has put in place
prompt, secure and direct shipping of samples to these laboratories, including a logistic partner, who
transports the samples to Mwanza.
10.6 Audit
A review of the sampling methods and procedures was undertaken by the QP during several site visits.
The QP did not identify any material issues.
In the QP’s opinion, the sample preparation, analysis, and security procedures at the Project are
adequate for use in the estimation of Mineral Resources. The QA/QC programmes as designed and
implemented by Thor are adequate and the assay results within the database are suitable for use in a
Mineral Resource estimate.
11 DATA VERIFICATION
The QP authoring this technical report has been directly involved with the development of the Douta
Project since 2016 and has reviewed all forms of Project data used for the estimation of the Mineral
Resource.
The Douta Mineral Resource database is appropriate to be used for the estimation of the Mineral
Resource.
36
Sampling, logging and data entry has been carried out in the field by qualified geologists. Data is
captured on paper logging sheets with the geologist later transcribing the data into a custom Microsoft
Excel template.
The data verification was undertaken by Thor geologists using in-built validation tools in Surpac and
by interrogating the database in Microsoft Access.
The data are then verified for location by producing maps which compared with the expected drillhole
positions. Downhole is verified using 3D mining software. For this Mineral Resource estimate, a
selection of assay values in the database were checked against the original assay certificates and no
errors were observed.
Prior to the MRE the database was independently compiled and reviewed by Cube Consulting (Perth,
Australia). As a result of this work several minor database errors were detected and corrected.
In the QP’s opinion, database verification procedures for the Project are adequate for the
purposes of the Mineral Resource estimation.
12 MINERAL PROCESSING AND METALLURGICAL TESTING

Thor has submitted RC-derived metallurgical samples to ALS (Perth). A total of 58 tests were
completed on oxidised, transitional and fresh samples (Table 12). This number includes 24 duplicate
samples with the original set ground to 106 micron and the duplicates ground to 53 micron. A further
9 original samples were ground to 45 microns.
Preliminary recovery results indicate that oxide material may be recovered by normal gravity/CIL
methods. Excluding an outlier (JR6744) the average recovery of the 45-micron oxide samples is 91%.
Recovery results from the fresh and transitional material are highly variable but generally low
suggesting that fresh material is refractory to partially refractory. This material may be recovered by
either Biological Oxidation (BIOX) or Pressure Oxidation (POX) methods.
Ongoing metallurgical test work is focussed on achieving the optimal operational flow sheet for the
fresh material.
The initial metallurgical results at Makosa are comparable to those reported from initial test work at
the Massawa deposit which is located 5km to the west and which is owned by Endeavour Mining.
Following exhaustive metallurgical testing the optimal laboratory flow sheet for Massawa achieved
recoveries of 88% for fresh (refractory to partially refractory) using a BIOX processing route and 90%
for oxide to transitional.
Until a representative number of samples has been fully tested using optimal recovery techniques
Thor has adopted similar recovery factors used at Massawa for the purposes of defining the open pit
optimisation recovery parameter.
This is considered appropriate for the current level of classification and understanding of the Mineral
Resource.
37
Test # Sample ID Head Au Grind HOLE-ID from to zone Lithology

Grade Extraction (u)
Calc (%)
JR6272 DTMET0013 (g/t)
1.66 28.1 106 DTRC083 57 61 fresh graphitic shale
JR6273 DTMET0014 2.64 82.6 106 DTRC102 33 37 oxide greyw acke/felsic
JR6274 DTMET0015 1.19 87.0 106 DTRC111 4 12 oxide greyw acke
JR6275 DTMET0016 1.21 57.0 106 DTRC118 14 20
JR6276 DTMET0017 1.88 79.6 106 DTRC129 32 37 transitional greyw acke/graphitic shale
JR6277 DTMET0018 1.52 31.0 106 DTRC083 57 61 fresh graphitic shale
JR6278 DTMET0019 2.19 84.0 106 DTRC102 33 37 oxide greyw acke/felsic
JR6281 DTMET0022 1.93 77.2 106 DTRC129 32 37
JR6282 DTMET0023 2.38 67.9 106 DTRC003 20 25
JR6283 DTMET0024 1.91 30.0 106 DTRC003 25 32
JR6284 DTMET0025 0.76 30.1 106 DTRC004 37 42
JR6285 DTMET0026 6.19 39.0 106 DTRC004 45 50
JR6286 DTMET0027 2.11 32.5 106 DTRC004 50 56
JR6287 DTMET0028 0.66 8.7 106 DTRC004 56 61
JR6289 DTMET0030 1.20 67.5 106 DTRC012 25 30
JR6290 DTMET0031 1.45 72.0 106 DTRC012 30 35
JR6292 DTMET0033 1.15 50.4 106 DTRC046 17 21 oxide shale
JR6293 DTMET0034 1.58 73.3 106 DTRC046 27 37 oxide shale
JR6294 DTMET0035 2.62 26.6 106 DTRC047 116 122 fresh greyw ackes/graphitic
JR6295 DTMET0036 1.86 25.1 106 DTRC073 106 111 fresh greyw acke
JR6743 DTMET0038 2.40 88.4 45 DTRC199 24 29 oxide
JR6744 DTMET0039 2.25 5.1 45 DTRC186 75 80 fresh
JR6681 DMET0013 1.56 36.3 53 DTRC083 57 61 fresh graphitic shale
JR6682 DMET0014 2.52 80.8 53 DTRC102 33 37 oxide greyw acke/felsic
JR6683 DMET0015 1.18 86.4 53 DTRC111 4 12 oxide greyw acke
JR6684 DMET0016 1.27 53.3 53 DTRC118
JR6685 DMET0017 1.51 82.2 53 DTRC129 32 37 transitional greyw acke/graphitic shale
JR6687 DMET0019 1.53 74.1 53 DTRC102 33 37 oxide greyw acke/felsic
JR6690 DMET0022 1.42 79.6 53 DTRC129 32 37
JR6691 DMET0023 2.29 69.0 53 DTRC003 20 25
JR6692 DMET0024 1.59 49.7 53 DTRC003 25 32
JR6693 DMET0025 0.86 52.5 53 DTRC004 37 42
JR6694 DMET0026 5.66 58.0 53 DTRC004 45 50
JR6695 DMET0027 1.96 46.0 53 DTRC004 50 56
JR6696 DMET0028 0.66 17.1 53 DTRC004 56 61
JR6697 DMET0030 1.18 67.3 53 DTRC012 25 30
JR6698 DMET0031 1.33 67.8 53 DTRC012 30 35
JR6700 DMET0033 1.13 50.2 53 DTRC046 17 21 oxide shale
JR6701 DMET0034 1.42 71.8 53 DTRC046 27 37 oxide shale
JR6702 DMET0035 2.42 28.0 53 DTRC047 116 122 fresh greyw ackes/graphitic
JR6703 DMET0036 1.69 46.8 53 DTRC073 106 111 fresh greyw acke
Table 12: Metallurgical Recovery Data
38
13 MINERAL RESOURCE ESTIMATE

An initial mineral resource estimate (MRE) of 15 million tonnes grading 1.53g/t Au for 730,000 ounces
gold in the Inferred category at the Douta Gold Project in eastern Senegal is reported. The MRE
encompasses the Makosa, Makosa North and Makosa Tail zones, which are collectively named the
Makosa Resource.
Thor completed a total 458 drillholes comprising 37,665m of drilling (1,937m DD and 35,728m RC)
which have been used to generate the updated MRE.
The MRE is reported at a cut-off grade of 0.3g/t Au within optimised shells using a gold price of
US$2,200 (Table 13).
Deposit Classification Tonnage Grade Contained Metal

Thor Interest
Mt Au g/t koz Au
Total Inferred 15.3 1.5 730 70%
Table 13: Douta Gold Project Mineral Resource Estimate, November 2021 (reported at cut-off grade of 0.3g/t Au)
• Open Pit Mineral Resources are reported in situ at a cut-off grade of 0.30 g/t Au. An optimised Whittle
shell ($2,200) was used to constrain the resources.
• The Mineral Resource is considered to have reasonable prospects for economic extraction by open pit
mining methods above a 0.30 g/t Au and within an optimised pit shell.
• Metallurgical and mining recovery factors not applied.
• Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
• Totals may not add exactly due to rounding.
• The statement used the terminology, definitions and guidelines given in the CIM Standards on Mineral
resources and Mineral Reserves (May 2014) as required by NI 43-101.
• Bulk density is assigned according to weathering profile with a weighted average of 2.78.
• Mr B. Diouf (CP), Principal Geologist of Azimuth Consulting Senegal, is responsible for this Mineral
Resource statement and is an “Independent Qualified Person” as defined in NI 43-101.
• Mr Diouf has undertaken several site visits during the course of the resource drilling and is satisfied that
industry-standard sampling and QAQC procedures have been followed.
The MRE has been prepared by Azimuth Consulting Senegal (ACS). ACS’s employee, Mr B.Diouf,
M.AusIMM prepared the Mineral Resource Estimate. Mr B.Diouf takes Qualified Person responsibility
for the Mineral Resource Estimate.
The estimation process followed the Canadian Institute of Mining, Metallurgy and Petroleum (CIM)
“Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines” (CIM, 2019). The
Mineral Resource Estimate is stated in accordance with CIM Definition Standards (CIM, 2014) and
Canadian National Instrument 43-101 (NI 43-101).
39
13.1 Geological Modelling

13.1.1 Modelling Techniques
Mineralised domains are defined by a nominal 0.3g/tAu cut-off grade using uncomposited intervals
with a nominal internal dilution of 3m. To maintain geological continuity some additional internal
dilution was included in a few instances. However, the overriding strategy was to exclude as much
below cut off material as possible from the mineralised domains as this material is considered to be
waste material, that could be effectively separated during mining.
Grade domaining is mostly conformable with the general steep north-westerly dip of the geological
boundaries (Figure 20).
The wireframing methodology comprised tagging each grade domain or “lode” through a process of
manual assignment of a domain identifier (eg., 100, 200, etc) to a numeric value.
A total of 38 individual grade domains were modelled:
• 22 lodes for Makosa/Makosa North
• 16 lodes for Makosa Tail
Wireframe construction was done using a radial bias function modelling technique in which
hangingwall and footwall surfaces, which are snapped to assay data. Pinch outs and/or boundary
strings were manually created and applied where necessary
The lodes were then combined to form a two grade domains ie., Makosa and Makosa Tail.
13.2 Data Analysis and Domaining

Both Makosa and Makosa Tail are drilled at a generally equivalent drill hole spacing of either 50m or
100m. An initial visual review of the assay data indicated very little variance in the gold grades both
along strike, across strike and vertically within the 38 separate modelled domains that would form the
basis of the resource estimate.
The Makosa lodes are oriented along a strike direction of 0430 while Makosa Tail is oriented at 0230
(Figure 21).
Two main domains were created by combining the separate lodes for Makosa and Makosa Tail.
Grade and composite files were extracted from each of the two domains and treated separately. The
two domains represent hard grade boundaries within their respective areas.
40
Figure 20: Cross section through Makosa showing conformable mineral domains
Figure 21: Plan View showing orientations of Makosa and Makosa Tail
41
13.3 Compositing
13.3.1 Compositing Length
Prior to selecting the composite length, the average sample length was determined. The majority of
the sample intervals are 1.0m, thus a 1m composite length was adopted (Table 14, Figure 22).
Composites were extracted from within the domain boundaries. In the limited cases of where the
distance between domain boundaries produced unequal composite lengths the actual composite
lengths for the respective drillhole intersection were distributed equally and thus resulting in no
residuals. Hence, there was no bias towards a particular sample length.
Sample Length All Data Makosa Composited Makosa Tail Composited
Count 33,193 1,401 478

Length 1,396 474
Mean 1.00 1.00 0.99
SD 0.05 0.05 0.08
CV 0.05 0.05 0.08
Variance 0.002 0.002 0.006
Minimum 0.30 0.01 0.09
Maximum 2.55 1.00 1.00
Table 14: Sample Length Statistics
Figure 22: Histogram of Total Population Interval Length
42
13.3.2 Composite Statistics

Two separate drillhole composite files were extracted from within the two geological domains:
Makosa and Makosa Tail with each composite interval distributed equally if the residuals were less
than 1m. Composite statistics are summarised in Table 15. The hard domain boundaries are reflected
in the boundary validation plots (Figure 22).
Attribute Makosa Makosa Tail

Count 1401 478
Mean 1.31 1.65
SD 2.05 4.28
CV 1.56 2.59
Variance 4.20 18.33
Minimum 0.01 0.01
Q1 0.53 0.37
Q2 0.89 0.81
Q3 1.44 1.64
Maximum 38.6 57.9
Table 15: Summary of Univariate Statistics by Domain
Figure 23: Domain Boundary Validation Plots
43
13.3.2.1 Sample Search Parameters

Kriging statistics were compared at different combinations of minimum and maximum informing
samples. This was done primarily to avoid local conditional biases (too few samples) and over-
smoothing (too many samples) of the estimated grade. These data are summarised in Table 16.
However, due to the generally wide-spaced drilling it was necessary to utilise a minimum number of
two samples to adequately fill the block model. The maximum number of samples used is 20.
Run Attribute Mean SD CV V
2x20 samples AvgD 30.60 9.91 0.32 98.28

4x20 samples 29.66 9.45 0.32 89.36
6x20 samples 29.21 9.30 0.32 86.57
8x20 samples 28.82 9.07 0.31 82.24
2x10 samples 28.23 11.29 0.40 127.55
4x10 samples 26.97 10.80 0.40 116.60
2x20 samples KM 1.36 0.95 0.70 0.90
4x20 samples 1.27 0.66 0.52 0.43
6x20 samples 1.27 0.66 0.52 0.44
8x20 samples 1.27 0.67 0.53 0.45
2x10 samples 1.34 0.96 0.72 0.91
4x10 samples 1.24 0.66 0.53 0.44
2x20 samples KV 0.39 0.26 0.66 0.07
4x20 samples 0.34 0.21 0.63 0.05
6x20 samples 0.32 0.20 0.63 0.04
8x20 samples 0.30 0.18 0.61 0.03
2x10 samples 0.41 0.25 0.62 0.06
4x10 samples 1.24 0.66 0.53 0.44
2x20 samples KE 0.38 0.41 1.07 0.17
4x20 samples 0.46 0.34 0.73 0.11
6x20 samples 0.49 0.32 0.65 0.10
8x20 samples 0.52 0.29 0.56 0.09
2x10 samples 0.35 0.40 1.13 0.16
4x10 samples 0.43 0.33 0.77 0.11
2x20 samples SoR 0.74 0.23 0.31 0.05
4x20 samples 0.79 0.20 0.26 0.04
6x20 samples 0.81 0.19 0.24 0.04
8x20 samples 0.82 0.18 0.22 0.03
2x10 samples 0.71 0.21 0.30 0.04
4x10 samples 0.75 0.18 0.25 0.03
Table 16: Summary of Kriging Statistics
13.4 Top Cutting

A total of 1,879 composites were included in the database for top capping analysis (Figure 24). At
Makosa Main, seven composite gold values that exceeded 15g/t were reduced to 15g/t. At Makosa
Tail, three composite gold values that exceeded 15g/t were reduced to 15g/t. Gold composite values
below 15g/t were unchanged. The effect of the application of the top cuts is summarised in Table 17.
At Makosa, the top capping reduced the average mean grade from 1.31g/t Au to 1.27g/t Au.
At Makosa Tail, the top capping reduced the average mean grade from 1.64g/t Au to 1.42g/t Au.
The application of 15g/t top cut results in an overall reduction in contained metal of 4%.
44
Mean CV Capped Capped No of %

No of Max Top Cut %
Domain Au Mean CV Composites CV
Composites Au (g/t) Au (g/t) Metal
(g/t) Au (g/t) Affected
Makosa 1401 38.6 1.31 1.56 15 1.27 1.25 7 -3% -20%
Makosa 2.59 1.45 -44%
478 57.9 1.65 15 1.42 4 -14%
Tail
Total 1879 57.9 1.39 1.83 15 1.31 1.3 11 -6% -29%
Table 17: Composite statistics and effect of top cut on contained metal
Makosa
Makosa Tail
Figure 24: Log Histograms and Log Probability Plots for Composited Intervals
45
13.5 Data Declustering

The sample data at both Makosa and Makosa Tail are not heavily clustered as the drilling is fairly
evenly spaced and there are no areas of close-spaced drilling. No declustering correction is deemed
necessary.
13.6 Variography
Variography was carried out on each combined domain with the appropriate parameters used to
estimate the gold grade using Ordinary Kriging (OK). The modelled variogram geometry is consistent
with the interpreted mineralization wireframes, incorporating a plunge component where identified
and modelled accordingly (Table 18, Figures 25 and 26).
General Direction Structure 1
Variogram Dip Dip Pitch Model Variance Nugget Norm alised Sill Norm - Structure Major Sem i- Minor
Nam e Azim uth space Nugget alised m ajor
sill
Makosa Tail:
80 300 170 Data 18.2 5.5 0.3 12.7 0.7 Spherical 140 85 30
Variogram Model
Makosa:
70 310 160 Data 4.2 1.3 0.3 3.8 0.9 Spherical 105 70 35
Variogram Model
Table 18: Summary of Variogram Parameters
13.7 Bulk Density

The bulk density (tonnage factor) assignments were based on a total of 188 specific gravity (“SG”)
measurements comprising 51 water-immersion half-core core measurements and by 137 SG
pycnometer measurements on RC pulps (Table 19). SG pycnometer measurements were carried out
on RC pulps in laboratory conditions by ALS Vancouver (method OA-GRA08b)
The 51 core measurements included 18 duplicate samples. A validation exercise was run to verify
measurements taken on core samples. The original sample was first measured on site by ASR staff.
The same 18 samples were then submitted for comparative measurements to ALS Johannesburg using
the OA-GRA08a method. The variances between the two data sets are negligible (Table 20).
Method Douta ALS Johannesburg ALS Vancouver Total

half core half core pulp
OA-GRA08b WST-SEQ 31 31
OA-GRA08b WST-SIM 137 137
water immersion 20 20
Total 20 31 137 188
Table 19: Bulk Density Sample Statistics
46
Figure 25: Longitudinal Visual Representation of Makosa Variogram
Figure 26: Longitudinal Visual Representation of Makosa Tail Variogram
47
Hole ID From To(m) Interval(m) Zone SG(OA- SG Variance Variance Average

(m) GRA08a) ASR/Thor % fresh SG
(pycnometer)
DTDD0001 45.78 46.00 0.22 fresh 2.70 2.69 0.01 0.2%
DTDD0001 56.89 57.06 0.17 fresh 2.75 2.73 0.02 0.8%
DTDD0001 71.73 71.87 0.14 fresh 2.73 2.71 0.02 0.6%
DTDD0001 74.05 74.17 0.12 fresh 2.73 2.71 0.02 0.7%
DTDD0001 82.15 82.32 0.17 fresh 2.70 2.72 -0.02 -0.6%
DTDD0001 83.73 83.85 0.12 fresh 2.76 2.53 0.23 8.4%
DTDD0002 78.70 78.87 0.17 fresh 2.66 2.73 -0.07 -2.6%
DTDD0002 81.22 81.37 0.15 fresh 2.60 2.37 0.23 9.0%
DTDD0002 97.50 97.70 0.20 fresh 2.62 2.61 0.01 0.5%
DTDD0002 106.55 106.69 0.14 fresh 2.65 2.54 0.11 4.1%
DTDD0002 110.64 110.80 0.16 fresh 2.68 2.74 -0.06 -2.2%
DTDD0002 139.80 139.93 0.13 fresh 2.75 2.82 -0.07 -2.6%
DTDD0006 126.34 126.55 0.21 fresh 2.71 2.74 -0.03 -1.0%
DTDD0011 81.09 81.20 0.11 fresh 2.78 2.81 -0.03 -1.0%
DTDD0011 99.60 99.73 0.13 fresh 2.47 2.35 0.12 4.9%
DTDD0011 100.19 100.43 0.24 fresh 2.72 2.73 -0.01 -0.5%
DTDD0012 46.51 46.66 0.15 fresh 2.66 2.74 -0.08 -3.0%
DTDD0012 104.00 104.12 0.12 fresh 2.65 2.56 0.09 3.5%
2.68 2.66 0.02 0.6% 2.83
Table 20: Comparison Between Laboratory and Site Water Immersion SG Measurements
Due to the limited amount of usable available core (no usable oxide material remained) the database
was supplemented by pycnometer measurements on RC pulps (Table 21). A comparison between the
pycnometer and water-immersion measurements for fresh core samples (for which there was
sufficient data) showed a +6% bias towards the pycnometer data. Additionally, the pycnometer data
for oxide and transitional showed negligible variance with that of fresh material (Table 21). Given this
doubtful pycnometer data it was decided to assign a density value based on a reasonable
approximation of the core data. As there was no reliable data for and given the small proportion of
the strongly oxidised material category a value of 2.40 was assigned.
half core pulp

Zone Assigned Density
Count SG Average Count SG Average
oxide 0 106 2.82 2.40
transitional 13 2.65 5 2.84 2.50-2.65
fresh 38 2.68 26 2.83 2.70
Total 51 137
Table 21: Summary of Pycnometer Measurements
A weathering model was developed so bulk densities could be assigned according to weathering state
(Figure 27). The tonnage factor in the block models was determined by assigning the bulk densities to
the following material types:
• 2.76 t/m3 for Fresh (FRS)
• 2.70 t/m3 for weakly oxidized (WOX)
• 2.60 t/m3 for moderately oxidized (MOX)
• 2.50 t/m3 for strongly oxidized (SOX)
48
Figure 27: Cross Section through Makosa Tail Showing Weathering Profile
The QP has reviewed THOR’s density measuring procedure and considers it appropriate.
Assigning average densities to rock types is a suitable method for assigning bulk density to the Douta
deposit. At this stage of the project, it is appropriate that blocks within the Makosa mineralised zones
have the same average bulk densities as the blocks within the Makosa waste zones.
13.8 Block Models

Due to the change in strike between Makosa Tail (in the south) and Makosa two separate block models
were developed. Each model was aligned to parallel the respective strike directions. Given the nearly
6km strike length of the Makosa portion a large, and impractical, number of blocks and sub-blocks
resulted. In order to reduce this a dip was applied to the model so that the z-axis blocks were better
aligned with mineralised domains and thus reducing the number of sub-blocks required (Table 22,
Figure 28).
Block Model Property Makosa Makosa Tail

Number of parent blocks 1151x60x102 = 7,044,120 80 x 207 x 83 = 1,374,480
Sub-blocks per parent 4x4x4 = 64 4 x 4x4 = 64
Base point 178250E 1440000N 330Z 173700E 1433450N 250Z
Parent block size 5, 10, 5 5, 10, 5
Minimum sub-block size 1.25, 2.5, 1.25 1.25, 2.5, 1.25
Dip 10 0
Plunge 0 0
Azimuth 130 25
Boundary size 5755, 600, 510 400, 2070, 415
Table 22: Block Model Parameters
49
Figure 28: Plan View Showing Arrangement of Block Models
13.9 Resource Estimation

Variography was carried out on each combined domain with the appropriate parameters used to
estimate the gold grade using Ordinary Kriging (“OK”). Due to the difference in orientation between
Makosa Tail and Makosa/Makosa North two separate blocks were created to better align blocks with
the orientation of the lode systems. For model validation purposes both an inverse distance squared
(ID2) and a nearest neighbour (“NN”) estimate was also completed. A summary of the interpolation
parameters is shown in Tables 23 and 24. A summary of the kriging outputs is detailed in Table 25.
General Value clipping Discretisation Continuity Model

Domained Lower Upper Estimate X Y Z Model Name
Estimation Name bound bound Type
Makosa P1 0.01 15 OK 5 5 2 Makosa: Variogram Model
Makosa P2 0.01 15 OK 5 5 2 Makosa: Variogram Model
Makosa Tail P1 0.01 15 OK 5 5 2 Makosa Tail: Variogram Model
Makosa Tail P2 0.01 15 OK 5 5 2 Makosa Tail: Variogram Model
Table 23: Resource Interpolation Parameters
Block estimation used a two-pass strategy with the number of required samples (2 to 20) maintained
in each pass, and search distance increased significantly for the second estimation pass so that all
blocks were estimated.
General Ellipsoid Ranges Number of Samples
Domain Maximum Intermediate Minimum Variable Orientation Min Max
Kr, Makosa P1 50 50 25 Variable Orientation 2 20
Kr, Makosa P2 500 200 50 Variable Orientation 2 20
Kr, Makosa Tail P1 50 50 25 Variable Orientation 2 20
Kr, Makosa Tail P2 500 200 50 Variable Orientation 2 20
Table 24: Estimation Search and Number of Samples Summary
50
In the opinion of ACS, the Mineral Resource statement reported herein is a reasonable representation
of the Douta deposit based on current sampling data.
Name Block Count Volume Mean SD CoV Var Min Median Max
Makosa P1: NS 127,709 3,845,301 12.3 6.3 0.5 39.3 2.0 12.0 20.0
Makosa P1: AvgD 127,709 3,845,301 30.7 10.5 0.3 110.3 1.7 30.8 49.9
Makosa P1: KV 127,709 3,845,301 0.6 0.3 0.6 0.1 0.0 0.6 1.6
Makosa P1: SoR 127,709 3,845,301 0.6 0.2 0.4 0.1 0.1 0.7 1.1
Makosa P1: KE 127,709 3,845,301 0.2 0.4 2.3 0.2 -1.1 0.3 1.0
Makosa P1: SumN 127,709 3,845,301 0.0 0.0 -5.0 0.0 -0.1 0.0 0.0
Makosa P2: NS 199,674 11,571,871 18 4 0.2 15.6 2.0 20.0 20.0
Makosa P2: AvgD 199,674 11,571,871 150 93 0.6 8693 5.1 131 496
Makosa P2: KV 199,674 11,571,871 0.9 0.3 0.4 0.1 0.0 1.0 1.8
Makosa P2: SoR 199,674 11,571,871 0.3 0.4 1.3 0.1 0.0 0.0 1.1
Makosa P2: KE 199,674 11,571,871 -0.2 0.4 -2.6 0.2 -1.4 -0.3 1.0
Makosa P2: SumN 199,674 11,571,871 0.0 0.0 -4.2 0.0 -0.2 0.0 0.0
Makosa Tail P1: NS 39,066 931,379 13.3 6.4 0.5 41.4 2.0 14.0 20.0
Makosa Tail P1: AvgD 39,066 931,379 30.6 9.9 0.3 98.3 1.9 30.5 49.8
Makosa Tail P1: KV 39,066 931,379 0.4 0.3 0.7 0.1 0.0 0.3 1.4
Makosa Tail P1: SoR 39,066 931,379 0.7 0.2 0.3 0.1 0.0 0.8 1.1
Makosa Tail P1: KE 39,066 931,379 0.4 0.4 1.1 0.2 -1.2 0.5 0.9
Makosa Tail P1: SumN 39,066 931,379 0.0 0.0 -2.6 0.0 -0.1 0.0 0.0
Makosa Tail P2: NS 73,177 3,790,496 18 4.1 0.2 16.5 2.0 20.0 20.0
Makosa Tail P2: AvgD 73,177 3,790,496 151 83 0.6 6938 6 143 468
Makosa Tail P2: KV 73,177 3,790,496 0.8 0.3 0.4 0.1 0.0 0.8 1.5
Makosa Tail P2: SoR 73,177 3,790,496 0.2 0.4 1.5 0.1 0.0 0.0 1.1
Makosa Tail P2: KE 73,177 3,790,496 -0.2 0.5 -2.2 0.2 -1.3 -0.3 0.9
Makosa Tail P2: SumN 73,177 3,790,496 0.0 0.0 -3.3 0.0 -0.1 0.0 0.0
Table 25: Summary of Estimation Outputs
13.10 Resource Block Model Validation

13.10.1 Local Bias Check
The estimate is interrogated by using swath plots which compare the drill hole composite grades to
the estimated block model grades over intervals (sections) along strike, across strike and vertically.
Local bias is assessed visually by comparing graphs of the OK estimate with informing composite
average composite grades (Figures 29 and 30). Ideally, the graphs should be superimposed. However,
this is rarely the case and that is not unusual. Typically, the greater the sample density the closer the
graphs are aligned.
Results show no significant overall bias between OK estimates and informing samples and the
smoothing effects of kriging are apparent. Some variances occur and are typically related to either few
or no informing composites for the respective section of the resource. It is also noted that the kriging
estimate informs sections for which there are no respective composite data. This relates to the
drillhole spacing which is wider than the section of the model being interrogated.
13.10.1 Alternate Estimation Methods

To ensure the kriged estimate is not reporting a global bias, alternative estimation methods (nearest
neighbour and ID2) were utilised (Figures 31 and 32). The correlations returned by the alternate
estimates are considered reasonable. The trend of nearest neighbour estimate data is relatively erratic
51
as block grade is not assigned by an averaging technique (the single closest sample rather than several
weighted samples are used to inform a block).
The ID2 estimate is closer to kriging as it does use averaging weighted by distance, but lacks the ability
to assign anisotropy, de-cluster the input data, or account for the nugget effect.
Using the kriging algorithm provides a reliable global estimate due to the ability of kriging to de-cluster
data and weight the samples based on a variogram (which incorporates the nugget effect and
anisotropy).
13.11 Mineral Resource Classification

Block model tonnage and grade estimates have been classified according to the CIM Definition
Standards for Mineral Resources and Mineral Reserves 2019.
Resource classification is based on data quality, drill density, number of informing samples, kriging
efficiency, average distance to informing samples and deposit consistency (geological continuity).
Drill hole density ranges from 50m to 200m spaced sections with spacing between holes on-section
typically 30m. Notwithstanding the demonstrated geological continuity over a 7km strike length, the
classification as 100% Inferred Resources is considered appropriate for the current level of
understanding and development of the Mineral Resource.
13.12 Economic Parameters

To test the reasonable prospects for eventual economic extraction, the Makosa Mineral Resource is
constrained by optimised pit shells (Figure 33) that are defined by the parameters shown in Table 26.
Parameter Unit
SOX Strongly oxidised: 4% of the resource 45 degrees
MOX Medium oxidised: 6% of the resource 45 degrees
WOX Weakly oxidised: 4% of the resource 50 degrees
Fresh Fresh Rock and sulphides: 86% of the resource 58 degrees
Mining Cost
- Load and Haul US$1.2/t @ surface, increase $0.1/t per 5m bench 1.2 $/t
D&B - SOX 2.60 Total cost $/t 2.6 $/t
D&B - MOX/WOX 3.10 Total cost $/t 3.1 $/t
D&B - Fresh 4.00 Total cost $/t 4 $/t
Total 10.9 $/t
Mining Recovery 95 %
Mining Dilution 5 %
Processing Cost
- Variable Cost power, reagents, consumables, direct labour costs 16 $/t ore
- G&A + overheads 5.5 $/t ore
- Grade Control blast hole sampling/gc program 0.5 $/t ore
- Ore Mining Included in Mining Cost $/t ore
Total 22 $/t
Process Recovery
SOX 90 %
MOX 90 %
WOX 90 %
Fresh 88 %
Product Sell Price Multiple gold prices to be run $2,200 US$/oz
Sell Price $70.73 US$/t
Discount Rate 8 %
Mill Limit 2.5 Mill Mt/pa
Table 26: Open Pit Optimisation Parameters
52
Figure 29: Makosa Swath Plots
53
Figure 30: Makosa Tail Swath Plots
54
Figure 31: Comparisons between Different Estimation Techniques - Makosa
55
Figure 32: Comparisons between Different Estimation Techniques - Makosa Tail
56
Figure 33: Plan View Showing Makosa and Makosa Tail Pit Shells
13.13 Mineral Resource Statement

The Makosa Mineral Resource estimate has been prepared according to the Canadian Institute of
Mining, Metallurgy and Petroleum (“CIM”) Definition Standards for Mineral Resources and Mineral
Reserves dated 10th May 2014 as incorporated in NI 43-101. The Makosa Gold Project Mineral
Resources are listed in Tables 27 to 29 with the open pit resources declared at an average cut-off grade
of 0.3 g/t Au, within a $2,200/oz pit shell. The total resource grade tonnage curve is shown in Figure
34.
Deposit Classification Tonnage Grade Contained Metal Thor Interest

Mt Au g/t koz Au
Total Inferred 14.9 1.5 730 70%
Table 27: Makosa Mineral Resource Estimate (rounded)
Deposit Classification Volume Density Tonnage Grade Contained Metal

m³x1M g/cm³ Mt Au g/t ounces Au
Makosa Inferred 4.2 2.70 11.4 1.51 554,224
Makosa Tail Inferred 1.3 2.70 3.5 1.59 178,488
Total Inferred 5.5 2.70 14.9 1.53 732,713
Table 28: Makosa Mineral Resource Estimate (detailed)
57
Area Weathering Volume (m³) Density Tonnage Grade Contained Metal (ozAu)
Zone (g/cm³) (g/tAu)
Makosa SOX 526,414 2.50 1,316,035 1.39 58,628
Makosa MOX 615,402 2.60 1,600,046 1.34 69,003
Makosa WOX 242,176 2.70 653,875 1.37 28,722
Makosa Fresh 2,852,258 2.76 7,872,232 1.57 397,871
Makosa Total 4,236,250 2.70 11,442,187 1.51 554,224
Makosa Tail SOX 50,449 2.50 126,123 1.34 5,424
Makosa Tail MOX 284,145 2.60 738,776 1.53 36,375
Makosa Tail WOX 236,906 2.70 639,647 1.55 31,904
Makosa Tail Fresh 719,590 2.76 1,986,068 1.64 104,786
Makosa Tail Total 1,291,090 2.70 3,490,614 1.59 178,488
Total SOX 576,863 2.50 1,442,158 1.38 64,052
Total MOX 899,547 2.60 2,338,822 1.40 105,378
Total WOX 479,082 2.70 1,293,522 1.46 60,626
Total Fresh 3,571,848 2.76 9,858,300 1.59 502,657
Total Total 5,527,340 2.70 14,932,801 1.53 732,713
Table 29: Makosa Mineral Resource Estimate (by weathering domain)
16 5.0
Tonnes Grade
4.5
14
4.0
12
3.5
10
Million Tonnes
3.0
Grade g/tAu
8 2.5
2.0
6
1.5
4
1.0
2
0.5
- -
0.00 0.30 0.50 1.00 1.50 2.00 2.50 3.00 3.50
Cut Off Grade
Figure 34: Total Resource Grade Tonnage Curve
58
13.14 Mineral Resource Risk Assessment

ACS has undertaken analysis of the Project risks and the QP’s assessment of the risk degrees and
consequences, as well as ongoing/required mitigation measures (Table 30).
Douta is not yet in production and is a maiden project.
In the QP’s opinion, there are no significant risks and uncertainties that could reasonably be expected
to affect the reliability or confidence in the exploration information and Mineral Resource Estimate.
The following definitions have been employed by the QP s in assigning risk factors to the various
aspects and components of the Project:
Consequence
Issue Likelihood Risk Rating Mitigation
Rating
Geology and
Additional scheduled infill drilling.
Mineral Resources
Resource model updated on a
Confidence in Unlikely Minor Low
regular basis using drilling results.
Mineral Resource
Thin orebodies,
Models
Mining and Ore Reserves Not yet Not yet Not yet
applicable applicable Not yet applicable
Open Pit Slope Stability applicable
Mining and Ore Reserves Not yet Not yet

Not yet
Underground Recovery and applicable applicable Not yet applicable
applicable
Dilution
Partially
Moderate Medium Several campaigns metallurgy to
Processing refractory fresh
be completed
component
Not yet Not yet Not yet

Processing applicable applicable Not yet applicable
applicable
Not yet Not yet Not yet
Environmental applicable applicable applicable Not yet applicable
Dedicated community
Social engagement by company staff
Possible Low Low
Social License to Operate on social and sustainability
department.
Dedicated government liaison

Country & Political
team
Security Possible Low Low
Governmental Government
participation/ownership.
Capital and Operating Not yet Not yet Not yet

applicable applicable applicable Not yet applicable
Costs
Fiscal Stability Possible Low Low New Mining Code
Table 30: Risk Analysis
59
14 MINERAL RESERVE ESTIMATE

14.1 Mineral Reserve Statement
No reserves are reported
15 ADJACENT PROPERTIES
15.1 Massawa Gold Deposit
The Massawa gold project, owned by Endeavour Mining is located approximately 5km to the west of
Makosa (Figure 35). Massawa currently hosts an open pit Mineral Resource which comprises 11.9 Mt
at 2.6 g/t Au for a contained 1 Moz of gold, and a maiden Ore Reserve of 0.9 Mt at 5.7 g/t Au for 158
koz Au (Bassari, 2016). The Massawa Mineral Resources consist of Massawa CZ, Massawa NZ, Sofia,
Tina, Delya, and Bambaraya.
As at 31st December 2018, the open pit Indicated Mineral Resource is estimated to be 23Mt at an
average grade of 4.00 g/tAu containing 2.97Moz of gold and the OP Inferred Mineral Resource is
estimated to be 3.7 Mt at an average grade of 2.2 g/t Au for 0.26 Moz of gold. An underground Inferred
Mineral Resource, situated below the NZ1 and NZ2 open pit solid, is estimated to be 2.6 Mt at an
average grade of 4.1 g/t Au containing 0.35 Moz gold.
Regionally, Massawa is located on the over 150 km long NE trending Main Transcurrent Shear Zone
(MTZ), which is a significant transcrustal dislocation between the Mako Belt (basaltic flow rocks, minor
intercalated volcaniclastics, and ultramafic sub-volcanic intrusions) and the Diale- Dalema Basin
(volcano-sedimentary to sedimentary rocks) within the Paleoproterozoic (Birimian) Kedougou-
Kenieba inlier. Mineralisation is present within various lithologies but is structurally controlled within
anastomosing shears which converge to the north.
15.2 Makabingui Gold Deposit

The Makabingui exploration project, owned by Bassari Resources Limited (Bassari), is located
approximately 25 km NE of Massawa (Figure 35).
As at December 2012 Makabingui comprises an open pit Mineral Resource which comprises 2.6Mt at
an average grade of 4.00 g/tAu containing 0.336Moz of gold and an inferred resources of 9.3Mt at an
average grade of 2.20 g/tAu containing 0.669Moz of gold.
Within this resource a maiden Ore Reserve of 0.9 Mt at 5.7 g/t Au for 158 koz Au has been declared.
Regionally, Makabingui is located in the Diale-Dalema sedimentary basin to the east of the Main
Transcurrent Shear Zone which hosts Massawa. The deposit is hosted in gabbros in a pressure shadow
along the southern margin of the Sambarabougou Granite. Exploration is also focussed on a NE
trending structural zone termed the Lafia Shear Zone which is situated both to the NE and SW of
Makabingui.
60
Figure 35: Map Showing Adjacent Significant Properties
61
16 OTHER RELEVANT DATA AND INFORMATION

The author is not aware of any other relevant data and information.
17 INTERPRETATION AND CONCLUSIONS

17.1 Mineral Resource and Mineral Reserve
Douta is an orogenic-style lode gold deposit within a regional scale shear zone. Primary gold
mineralization in commonly occurs in quartz veins within several lithologies. Sufficient Exploration
work has been completed to define a Mineral Resource as defined by the Canadian Institute of Mining,
Metallurgy and Petroleum (“CIM”) “Estimation of Mineral Resources and Mineral Reserves Best
Practice Guidelines” (CIM, 2019).
Douta Gold Project has documented standard procedures for the drilling, logging, and sampling
processes, which meet industry standards. The geological and mineralisation modelling at Makosa is
based on visibly identifiable geological contacts, which ensure a geologically robust interpretation can
be developed.
Douta has a quality control program in place to ensure the accuracy and precision of the assay results
from the analytical laboratory. Checks conducted on the quality control database indicated that the
results are of acceptable precision and accuracy (apart from common swap issues) for use in Mineral
Resource estimation.
Douta is an orogenic-style lode gold deposit within a regional scale shear zone. Primary gold
mineralization in commonly occurs in quartz veins within several lithologies. Sufficient Exploration
work has been completed to define a Mineral Resource as defined by the Canadian Institute of Mining,
Metallurgy and Petroleum (CIM) “Estimation of Mineral Resources and Mineral Reserves Best Practice
Guidelines” (CIM, 2019).
Geological models and subsequent Mineral Resource estimations have evolved and improved with
each successive model update from added data.
In the Qualified Person’s opinion, the Douta Mineral Resources top capping, domaining and estimation
approach are appropriate, using industry accepted methods. The Qualified Person considers the
Mineral Resources at Douta are appropriately estimated and classified.
The Qualified Person is not aware of any environmental, permitting, legal, title, socioeconomic,
marketing, metallurgical, fiscal, or other relevant factors, which could materially affect the Mineral
Resource estimate.
The strategic focus of Douta exploration is to prioritise additions of resources at satellite projects to
extend the mineral resources base.
17.2 Metallurgical Recovery

Preliminary mineralogical studies at Douta Gold deposits. These have consistently demonstrated the
following distinct behavioural patterns:
• The prominent sulphide mineralization observed in the meta-greywacke is largely absent from
the shale, with some pyrite occurring near the contact with the coarser-grained host rock.
However, fine sulphides are present in the shale, occurring as finely disseminated anhedral
62
grains and aggregates rarely exceeding 20 µm. Examination of fine-grained sulphides in the
shale confirmed the presence of pyrrhotite, covellite and chalcopyrite.
• Most native gold grains visible under the microscope observed during this study were present
as fine-grained growths with arsenopyrite and pyrite / marcasite. There is some leeway to
recover some of the gold to a sufficiently fine grinding size, although it is expected that some
of the gold will not be recovered without further oxidation of the gold.
• Volumetrically, fine-grained native gold trapped in sulphides may represent a relatively small
proportion of the total gold content of these ores, especially if coarse gold is found to be
present in significant quantities.
• There is some leeway for the recovery of native gold grains associated with the more porous
transparent gangue minerals, although some of the very fine native gold grains will likely
remain firmly in their host, even at a size of very fine grind.
• The absence of coarse native gold grains is not unexpected due to the small sample size and
the coarse nature of the materials. The carbonaceous material can have “preg-robbing”
properties which can impact the recovery of gold during cyanidation.
Thor has submitted metallurgical samples (at ALS (Perth) and preliminary results suggest that
recoveries are comparable to the Massawa deposit that is located 4km to the west. Carbonaceous
material may have preg-robbing properties, which may affect gold recovery during cyanidation.
Until a representative number of samples has been fully tested, using optimal recovery techniques
Thor has adopted similar recovery factors used at Massawa: 88% for fresh and 90% for oxide to
transitional, which are achieved through a combination of gravity, CIL and flotation processing route.
This is considered appropriate for the current level of classification and understanding of the Mineral
Resource.
17.3 Environment and Social

The Douta Exploration Licence is not located in a national park nor a nationally designated
environmentally sensitive area. The Niemenike Conservation area (of national significance) is
approximately 20km from the project’s southwestern boundary. The Douta exploration licence covers
a mostly modified environment because of human activities including harvesting forest flora and
burning vegetation as part of sporadic and unregulated historic artisanal mining activity. However,
there are still areas where primary and secondary vegetation is in evidence. Most of the streams within
the exploration licence are ephemeral streams.
ASR will be required to abide by the Senegal 2016 Mining Code, which introduced an obligation for
mining title-holders to contribute annually to a local development fund for 0.5 per cent of sales, minus
annual fees (unspecified). The purpose of the local development funds is to promote the economic
and social development of local communities around mining areas and must include women's
empowerment projects. Under the 2016 Code, mining projects require a prior environmental impact
assessment, to be approved by the Directorate of the Environment and Classified Establishments.
63
18 RECOMMENDATIONS
18.1 Exploration
The MRE provides a foundation for continued resource growth along strike to the north from Makosa
North together with the satellite deposits, including the newly discovered Mansa, that are currently
being assessed along the 30km long Makosa gold corridor.
Notwithstanding the demonstrated geological continuity over a 7km strike length, ACS believes the
focus of the future work programme should remain, not only on the expansion of Resource base and
discovery of additional “new” resources along its prospective corridor that runs along the full 30km
length of its exploration licence, but also on increasing the resource category of current resources
Mainly at Makosa Tail where the grade is higher.
More detailed program, including a gold offset study and metallurgical testing. A coarse gold study
will help determine the presence and relative importance of coarse native gold.
18.2 QAQC Procedures

Is it recommended that other duplicate types (e.g., pulp, coarse and umpire) be carried out to assist
in monitoring laboratory performance.
It is recommended that QC procedures should be adopted where if there is more than one fail within
the same batch, re-assaying around the failed samples or re-assaying of the complete batch be carried
out.
Table 31: Cube recommended insertion rate for QC samples
Control Sample Type Purpose % of samples
CRM Accuracy and precision of analytical technique 5
Preparation blank Check Sample contamination in sample preparation 5
Field duplicates (RC only) Measures entire sampling error
5-10
Coarse Reject Duplicates Monitor adequacy of sample preparation
Grind Checks Monitor sample preparation particle size 1
Umpire Pulp Duplicates Assess primary laboratory for assay bias and precision 3-5
Pulp Repeats Measure of precision 3-5
TOTAL 17 - 26
18.3 Metallurgy
It is strongly recommended that these preliminary investigations be followed by a more detailed
testing program, including a coarse gold study, a diagnostic leach test to quantify the proportion of
gold trapped in sulphides, soluble gangue in acid and silicates and grinding tests to determine the
proportion of gold soluble in cyanide at different grind sizes.
A diagnostic leach test will quantify the proportion of gold trapped in sulphides, acid-soluble gangue
and silicates. Due to the very fine particle size of much of the gold, the proportion of cyanide soluble
gold will also be determined at various grind sizes.
Detailed mineralogy and metallurgical testing will provide additional quantitative information on the
behavior of these ores during processing the oxidized ore associated with this deposit should, to the
extent possible, be delineated from the sulphide ore during mapping as it will likely be processed
separately. during treatment.
64
18.4 Resources Estimation

Following subsequent campaigns of infill drilling it is recommended:
• To tailor the searches based on drill spacing.
• Variography: to use for pass 1.use a range that is between first structure and second structure.
For pass 2, it is recommended to use the 80% of the total sill which typically covers enough
the second structures of the variogram models. The pass 1&2 are considered as high
confidence estimates. The third pass is to be set at the full ranges of the variograms models.
and the fourth pass can be set at x1.5 times of the full variogram model ranges or double of
the full variograms ranges. Grades estimated in the third/fourth pass are considered as low
confidence estimates and are for inferred materials.
• The minimum samples to be set to 9 and the maximum to 16. In subsequent passes, reduces
both min and max by steps of 3 samples.
• Introduce the max samples per drill holes to limit the influence of each hole.
• Introduce high grade restriction to reduce the over-smoothing of high-grade samples.
• Introduce the use of dynamic anisotropy surfaces.
• As the mineralized zones are thin, we recommend next time that an attribute flagging the
percentage of ore in a block be added for better volume mapping.
19 REFERENCES
Dia, A., Van Schmus, W.R. and Kröner, A. (1997) Isotopic Constraints on the Age and Formation of a
Paleo-Proterozoic Volcanic Arc Complex in the Kedougou Inlier, Eastern Senegal, West Africa.
Journal of African Earth Sciences, 24, 197-213. http ://dx.doi.org/10.1016/S0899-
5362(97)00038-9
Diene, M., Guye, M., PatheDiallo, D., Dia, A.,2012: Structural Evolution of a Precambrian Segment:
Example of the Paleoproterozoic Formations of the Mako Belt (Eastern Senegal, West Africa),
International Journal of Geosciences, 2012,3,153-165
Dieng, S., 2018, Preliminary Geological and Structural Modelling , Structural Mapping, Analysis and
Interpretation of the Makosa Gold Prospect, Implications on the Control of the Gold
Mineralization (internal report)
Gueye, M., Siegesmund, S., Wemmer, K., Pawlig, S., Drobe, M., Nolte, N., and Layer, P., 2007, New
evidence for an early Birimian evolution in the West African craton : an example from the
Kédougou-Kéniéba inlier, southeast Senegal : South African Journal of Geology, v. 110, p. 511–
534.
Hirdes, W. And Davis, D.W. 2002. U-Pb Geochronology of Paleoproterozoic rocks in the southern part
of the Kédougou-Kéniéba inlier, Senegal, West Africa: evidence for diachronous accretionary
development of the Eburnean Province. Precambrian Research, 118, 83-99. Terre, St-JerBme,
Marseille, 7, 702 p.
Ledru, P., Pons, J., Milési, J.P., Feybesse, J.L., Johan, V., 1991. Transcurrent tectonics and polycyclic
evolution in the lower Proterozoic of Senegal-Mali. Precamb. Res., 50, 337.354.
65
20 DATE AND SIGNATURE PAGE

This report titled “Independent Technical Report: Mineral Resource Estimate, Douta Gold
Project, Senegal” dated 21 December 2021 was prepared and signed by the following author:
Dated at Dakar, Senegal

21 December 2021
Babacar Diouf Owner/Manager Azimuth Consulting

MSc, Geol.Ing, GDE, AusImm
Qualified Person
66
21 CERTIFICATES OF QUALIFIED PERSONS

Babacar Diouf
I, Babacar Diouf, MSc, Geol.Ing, GDE, AusImm, (CP), do hereby certify:
● I am a Principal Geologist with Azimuth Consulting Senegal with a business address 634 Sicap
Baobab, BP19308-Dakar, Senegal.
● This certificate applies to the technical report entitled “Independent Technical Report, Mineral
Resource and Ore Reserve Estimate Douta Gold Deposit, Senegal” with the effective date of
21 December, 2021 (the “Technical Report”).
● I am a graduate of Queen’s University, Kingston, Ontario, Canada in 1999 (M.Sc., Mineral
Exploration and Mineral Economics) and I also own a Graduate Diploma in Engineering
(Mineral Resources Estimation Management and Reporting) from the Witwatersrand
University in Johannesburg, South Africa, in 2005. I am a Member in good standing of the
Australasian Institute of Mining and Metallurgy (# 301111). My relevant experience includes
more than 26 years in the minerals industry. My work experience includes resource geology,
production geology in open pit and underground mines, and exploration roles. I have worked
more recently as a consulting geologist and have consulted primarily in relation to gold
resource estimates including orogenic gold, and Tarkwaian detrital gold.
● I am a “Qualified Person” for the purposes of National Instrument 43-101 Standards of
Disclosure for Mineral Projects (NI 43-101) for the sections of the Technical Report that I am
responsible for preparing.
● I have visited the Douta Project property.
● I am independent of Thor Exploration Limited as defined by Section 1.5 of NI 43-101.
● My previous experience with the Property that is the subject of this Technical Report includes
visits and mineral resources estimates in October 2018 and October 2021.
● I am responsible for all Sections of this Technical Report.
● I have had no prior involvement with the property that is the subject of the Technical Report.
● As of the effective date of the Technical Report, to the best of my knowledge, information,
and belief, the sections of the Technical Report that I am responsible for preparing contain all
scientific and technical information that is required to be disclosed to make the Technical
Report not misleading.
Signed, sealed, and dated this 21 day of December 2021.
Babacar Diouf, MSc, Geol.Ing, GDE, M. AusImm,

Consulting Geologist
Azimuth Consulting Senegal
67

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Independent Technical Report: Mineral

Resource Estimate, Douta Gold Project,

Report for NI 43-101

Prepared for Thor Explorations Ltd

Effective Date: 21 December 2021

3 RELIANCE ON OTHER EXPERTS ..................................................................... 6

4 PROPERTY DESCRIPTION AND LOCATION ..................................................... 7

5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND

7 GEOLOGICAL SETTING AND MINERALIZATION ............................................ 15

10 SAMPLE PREPARATION, ANALYSES AND SECTURITY ................................... 30

11 DATA VERIFICATION .................................................................................. 36

12 MINERAL PROCESSING AND METALLURGICAL TESTING .............................. 37

13 MINERAL RESOURCE ESTIMATE ................................................................. 39

13.10.1 Alternate Estimation Methods .......................................................................... 51

14 MINERAL RESERVE ESTIMATE .................................................................... 60

15 ADJACENT PROPERTIES ............................................................................. 60

16 OTHER RELEVANT DATA AND INFORMATION ............................................. 62

17 INTERPRETATION AND CONCLUSIONS ....................................................... 62

20 DATE AND SIGNATURE PAGE ..................................................................... 66

21 CERTIFICATES OF QUALIFIED PERSONS....................................................... 67

1.1 Mineral Resource Estimate

Deposit Classification Tonnage Grade Contained Metal

1.2 Mineral Reserve Estimate

2.2 Terms of Reference

2.3 Information used

2.4 Current Personal Inspection by Qualified Persons

3 RELIANCE ON OTHER EXPERTS

4 PROPERTY DESCRIPTION AND LOCATION

Figure 1: Douta Project location plan

4.1 Property Tenure

Date Event Owner Operator Area (km2)

Figure 2: E02038 Licence Location and Definition

4.2 Property Rights and Obligations

4.3 Encumbrances, Royalties and Taxes

4.4 Environmental Liabilities

5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE

5.4 Local Resources

6.2 Past Production

6.3 Exploration History

Quantity/No. Sample Comp

Table 3: Summary of Exploration Activity

6.3.1 Soil Sampling and Trenching

Figure 3: Soil Geochemical Survey Coverage Map

6.3.2 Historical Drilling

6.3.3 Historical Resource Estimates

7 GEOLOGICAL SETTING AND MINERALIZATION

Figure 5: Regional Geological Setting of the Douta Licence

7.2 Local Geology

7.3 Property Geology

Figure 6: Geology of the Douta Licence

7.4 DEPOSIT TYPES

8.1 Near-Surface Sampling

8.1.2 Auger-assisted Geochemical Surveys and Termite Mound Sampling

Figure 7: Auger Drilling Coverage Map

Figure 8: Termite Mound Sample Coverage Map

Figure 9: Ground Magnetometer Survey Area

Year 2012 2017 2018 2020 2021 Total

Auger 785 5,327 218 1,673 1,003 7,000

Table 4 : Drilling Statistics by Year

Auger DD RAB RC Total