In line with Thor Explorations’ strategic pursuit of valuable mineral resources, the company has taken a significant step through its wholly-owned subsidiary, Newstar Minerals.
This move involves the acquisition of substantial exploration rights in the southwestern region of Nigeria. This region encompasses both established lithium-bearing pegmatite deposits and an expansive unexplored belt rich in pegmatite potential.
The initial phase of drilling is currently underway at one of the prospects situated within the West Oyo Project Area.
The primary aim of this endeavor is to verify and map the presence of lithium-bearing mineralization at depth. Key minerals of interest include spodumene and lepidolite.
Thor Explorations has recently unveiled the first batch of findings derived from this initial exploratory phase.
Segun Lawson, President & CEO of the company, expressed his optimism, stating:
“The preliminary results from our initial drilling campaign are highly promising. Our focus was on confirming the existence of lithium-bearing minerals within the pegmatite bodies found within our licensed zones.
This marks the first targeted drilling within our portfolio, and we are eagerly anticipating the continuation of our drilling efforts at this prospect.
Furthermore, we are poised to expand our drilling initiatives to encompass other lithium-bearing pegmatites within our Oyo State portfolio.”
Lawson further elaborated on the company’s broader objectives, stating:
“Our overarching goal is to broaden our scope of exploration and drilling initiatives to encompass other pegmatites covered by our licenses.
This extension is intended to cover the expansive range of our license areas across Nigeria. Given the projected growth in the lithium market deficit by 2040 and the untapped lithium potential in West Africa, we perceive a substantial opportunity to diversify our existing gold production.”
“In addition to our ongoing efforts, we continue to secure additional licenses that contain lithium-bearing pegmatites, further enriching our portfolio.
We eagerly anticipate sharing the outcomes of our drilling efforts and the advancement of our exploration endeavors in the upcoming weeks and throughout the remainder of the year.”
