Thor Explorations Ltd. announced the expansion of exploration tenure to a total area of 1,542km2 at the Segilola Gold Project in Nigeria. This tenure comprises 16 granted permits that are 100% owned by Thor together with nine granted permits held under options agreements with seven third parties. In addition to near-mine exploration, activities on the ground have focussed on two main areas: Western Prospects and Malete Project Area.

The Western Prospects are located 15 kilometres ("km") due west from Segilola and comprise two exploration permits that are held under option agreements. Sampling by the Company Of in-situ material from artisanal workings that are located on north-west oriented shear zones has returned rock chip assays of 65.1g/t Au at the Aayelle North pit, 38.2g/t Au from the Igala pit, 12.48g/tAu from the Aayelle pit and 8.55g/tAu from the Epe pit. A systematic drilling program is due to commence in January of 2023 to test these targets.

The Malete Prospect is located in Kwara State 150 km directly north-north west from Segilola and comprises a total of seven permits that cover a combined area of 239 km2. To date, most exploration activity has taken place within Thor's original exploration permit, EL34429. Base on geochemical sampling two targets that warrant drill-testing have been delineated: Dandele North and Dandele South.

The newly acquired permit located immediately to the southeast is notable as it contains a significant gold-bearing structure located at Awn. This structure has previously attracted large-scale artisanal mining.