Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) said first assays from drilling on its lithium prospects in southwest Nigeria have recorded significant metal intersections.
An initial drilling campaign in the West Oyo project area hit 11 metres (m) at 2.61% Li2O from 15m, 9m at 2.42% Li2O from 35m and 11m at 1.53% Li2O from 14m in the three separate holes.
Spodumene was confirmed as the main lithium-bearing mineral together with minor lepidolite.
A gold producer currently, Thor recently expanded its portfolio to include lithium and Segun Lawson, Thor’s chief executive, said he was “extremely encouraged by the first set of results”.
“This is the first area of our [lithium] portfolio we have drilled and we are looking forward to both continuing the drill program on this prospect and extending the drilling over the other lithium-bearing pegmatites within our portfolio in Oyo State.
“Our objective is to expand our exploration activities and drilling program to the other pegmatites within our permits and commence exploration activities over the larger extent of all our permit areas in Nigeria.
“With the forecasted lithium market deficit expected to grow out by 2040, with an untapped lithium potential in West Africa, we believe it is a great opportunity to help diversify our existing gold production.“
