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  • Thor Explorations (THX) has acquired a 100 per cent interest in the Central Houndé Project in Burkina Faso
  • The company will purchase Barrick Gold's (ABX) 51 per cent ownership of the project in exchange for a 1 per cent net smelter royalty
  • The Central Houndé Project consists of three early-stage exploration permits covering 474 km of the Houndé Greenstone belt
  • Thor Explorations is engaged in the acquisition, exploration and development of mineral properties in Nigeria, Senegal and Burkina Faso
  • Barrick Gold (ABX) is up 1.29 per cent and is currently trading at C$25.90 per share
  • Thor (THX) is down 2.33 per cent and is currently trading at $0.21 per share

Thor Explorations (THX) has acquired a 100 per cent interest in the Central Houndé Project in Burkina Faso.

The company signed an agreement with Barrick Gold Corporation (ABX) to acquire its 51 per cent ownership of the project in exchange for a 1 per cent net smelter royalty.

The transaction increases Thor's ownership stake in the project to 100 per cent.

The agreement terminates the 2015 earn-in agreement between Thor and Acacia Mining, which Barrick subsequently acquired.

The Central Houndé Project consists of three early-stage exploration permits covering 474 km of the Houndé Greenstone belt. It is located approximately 260 km Southwest of Ouagadougou. 

A total of 20,208 m of RC drilling and 3,156 m of diamond drilling have been completed to date.

The project has a number of prospects which have been previously delineated through mapping, soil geochemistry and drilling campaigns.

Segun Lawson, President and CEO of Thor, stated,

"We are pleased to have regained a 100 per cent interest in the Central Houndé Project, which lies in one of West Africa’s highly regarded Birimian greenstone belts.

In recent years, the joint venture has undertaken diligent exploration programs which have resulted in the identification of several targets that have been outlined by preliminary drilling, which we consider merit further assessment. We would like to thank Barrick and all of the team who have worked on the project over the term of the JV.

The Central Houndé Project adds further depth to the company’s exploration portfolio, which supports the company’s strategy to become a leading West African gold producer and developer."

Thor Explorations is engaged in the acquisition, exploration and development of mineral properties in Nigeria, Senegal and Burkina Faso.

Barrick Gold (ABX) is up 1.29 per cent and is currently trading at $25.90 per share as 0f 12:51 pm ET.

Thor (THX) is down 2.33 per cent and is currently trading at $0.21 per share as of 12:17 pm ET.

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