NEWS RELEASE

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES

FOR IMMEDIATE RELEASE                                                                                   TSXV/AIM: THX

November 16, 2022                                                                                                                        

Vancouver, British Columbia

FURTHER HIGH GRADE GOLD INTERSECTIONS RECEIVED

AT THE DOUTA GOLD PROJECT IN SENEGAL

Thor Explorations Ltd. (TSX VENTURE/AIM: THX) ("Thor" or the "Company") is pleased to announce additional drilling results from the Makosa gold deposit ("Makosa") at the Douta Gold Project, Senegal (the "Douta Project").

The Douta Gold Project encompasses the Makosa gold deposit which currently comprises an Inferred Resource of 730,000 ounces of gold, grading at 1.53 grams per ton ("g/t"), as announced in its maiden Mineral Resource Estimate ("MRE") published on 18 November 2021.

The results are the latest from an ongoing comprehensive exploration program of reverse circulation ("RC") drilling, which was designed to both upgrade parts of the existing resource and to specifically target potentially higher-grade parts of the deposit.

Highlights include:

·      Drillhole DTRC561     7m at 8.96 g/t gold ("Au") from 67m (including 1m at 52.7 g/tAu)

·      Drillhole DTRC540     4m at 13.82 g/tAu from 44m

·      Drillhole DTRC570     6m at 5.72 g/tAu from 59m (including 3m at 8.9 g/tAu)

·      Drillhole DTRC539     10m at 3.80 g/tAu from 59m

·      Drillhole DTRC536     17m at 1.22 g/tAu from 15m

·      Drillhole DTRC550     17m at 2.02 g/tAu from 80m (including 1m at 7.7 g/tAu)

·      Drillhole DTRC526     2m at 12.98 g/tAu from 73m

·      Drillhole DTRC535     11m at 2.23 g/tAu from 39m (including 1m at 8.44 g/tAu)

·      Drillhole DTRC555     10m at 2.70 g/tAu from 31m

·      Drillhole DTRC556     11m at 2.30 g/tAu from 78m

·      Drillhole DTRC560     5m at 4.80 g/tAu from 74m

Segun Lawson, President & CEO, stated:

"We are pleased to announce further, very positive drilling results from the southern parts of the Makosa resource area. In addition to upgrading the resource to a mostly indicated classification, the current drilling program was designed to test interpreted higher-grade parts of the deposits that were thought to be related to cross-structures. Several high-grade intervals with grades of up to 13.8 g/tAu were encountered during the drilling showing that more higher-grade material has been delineated in line with the program objectives.

"Notably, we continue to encounter strong mineralisation from the surface, and at relatively shallow depths. We are continuing this theme of shallow drilling along the entire strike length of the deposit, with the objective of delineating a high grade, shallow, mineable deposit.

"We look forward to updating the market with the drill results as we receive them this year."

Introduction

The Douta Gold Project is a gold exploration permit that covers an area of 103 km² and is located within the Kéniéba inlier, eastern Senegal. The northeast trending permit (Figure 1) has an area of 103 km². Thor, through its wholly owned subsidiary African Star Resources Incorporated ("African Star"), has acquired a 70% economic interest in the licence from the permit holder International Mining Company SARL ("IMC"). IMC has a 30% free carry until the announcement by Thor of a Probable Reserve.

The Douta permit 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 northern parts permit is bounded by the Makabingui group of gold deposits that belong to Bassari Resources Ltd.

Makosa

The Makosa resource is currently classified as inferred. In July 2022 Thor commenced a program of follow up RC and diamond drilling with the objective of upgrading the higher-grade portions of the resource, that fall within the optimised pit shell, to indicated classification.

At Makosa, zones of gold mineralisation are developed either within a sheared gabbro intrusive or within a steep north-westerly dipping sequence of meta-sedimentary rocks that are in close proximity to the gabbro. Higher grade zones or shoots are expected to occur along east-west oriented structures that cut across the main north-east trend of the mineralisation.

The significant intersections from Makosa are listed in Table 1 below. The full table of results is attached in Appendix 1. Drill samples were analysed by ALS Laboratories in Mali using the AA26 fire assay method (50g charge).

Table 1: Makosa Significant Results (>10 gramme-metres)

(0.5g/tAu lower cut off; maximum 2m internal dilution, minimum 2m interval)

Figure 1: Douta Project location map

In addition to potentially upgrading the southern part of the Inferred Resource, the intersection received earlier in 2022 suggested that gold mineralisation may extend at depth. Drillhole DTRC561 was drilled to test for depth extensions of a potential higher-grade zone and returned 7m grading 8.96 g/tAu (Figure 3). Additional higher-grade intersections in the area include 6m grading 5.72 g/tAu in DTRC570 and 4m grading 13.82 g/tAu in DTRC540 (Figure 2).

Figure 2: Makosa Drillhole Location Map

Figure 3: Cross-section showing high grade intersection in drillhole DTRC561

Ongoing Exploration

The Mansa and Maka Prospects are located between Makosa and Sambara (Figure 1). Results from the initial RC drilling at these prosects returned encouraging results including the following:

Mansa Prospect*

·      Drillhole DTRC363            4m at 3.11 g/tAu from 55m

·      Drillhole DTRC347            5m at 1.75 g/t Au from 48m

·      Drillhole DTRC347            2m at 10.65 g/t Au from 56m

Maka Prospect*

·      Drillhole DMRC012           4m at 11.0 g/t Au from 18m

These prospects have the potential to provide additional resources and will be fully tested in forthcoming drilling programs.

* Sedar Filing February 7, 2022: Commencement of Drilling on the Douta Gold Project, Senegal

Qualified Person
The above information has been prepared under the supervision of Alfred Gillman (Fellow AusIMM, CP), who is designated as a "qualified person" under National Instrument 43-101 and has reviewed and approved the content of this news release. He has also reviewed QA/QC, sampling, analytical and test data underlying the information.

About Thor

Thor Explorations Ltd. is a Canadian mineral exploration company engaged in the acquisition, exploration and development of mineral properties located in Nigeria, Senegal and Burkina Faso. Thor holds a 100% interest in the Segilola Gold Project located in Osun State of Nigeria. Mining and production commenced at Segilola in 2021. Thor holds a 70% interest in the Douta Gold Project located in south-eastern Senegal. Thor trades on the TSX Venture Exchange and the AIM segment of the London Stock Exchange under the symbol "THX".

*not depleted for mining

Source

1    Sedar Filing March 21 2019: Technical Report On The Segilola Gold Project Feasibility Study, Osun State, Nigeria

2    Sedar Filing Jan 4 2022: Independent Technical Report: Mineral Resource Estimate, Douta Gold Project, Senegal

THOR EXPLORATIONS LTD.
Segun Lawson
President & CEO

For further information please contact:

Thor Explorations Ltd

Email: info@thorexpl.com

Canaccord Genuity (Nominated Adviser & Broker)

Henry Fitzgerald-O'Connor / James Asensio / Thomas Diehl

Tel: +44 (0) 20 7523 8000

Hannam & Partners (Broker)

Andrew Chubb / Matt Hasson / Jay Ashfield / Franck Nganou

Tel: +44 (0) 20 7907 8500

Fig House Communications (Investor Relations)

Tel: +1 416 822 6483

Email: investor.relations@thorexpl.com

BlytheRay (Financial PR)                                      

Tim Blythe / Megan Ray / Rachael Brooks

Tel: +44 (0) 207 138 3203

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release does not constitute an offer to purchase securities. The securities to be offered in the offering have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to, or for the benefit or account of, a U.S. person, except pursuant to an available exemption from such registration requirements.

Cautionary Note Regarding Forward-Looking Statements

Except for the statements of historical fact contained herein, the information presented constitutes "forward looking statements" within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions that could cause the actual results of the Company to differ materially form the forward-looking statements. Such forward-looking statements, including but not limited to, the Company's ability to fully finance the Project, to bring the Project into operation or to produce gold from the Project, and the use of the proceeds.  The words "may", "could", "should", "would", "suspect", "outlook", "believe", "anticipate", "estimate", "expect", "intend", "plan", "target" and similar words and expressions are used to identify forward-looking information. The forward-looking information in this news release describes the Company's expectations as of the date of this news release and accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time.

Appendix 1: RC Drill Results November 2022