08:20 AM EDT, 04/03/2024 (MT Newswires) -- Thor Explorations ( THXPF ) said Wednesday that it has completed the acquisition of interests in two licences in Senegal, near its pre-feasibility-stage Douta gold project.

The company said it has acquired an up to 85% stake in the Douta-West license which lies contiguous to the Douta project, as well as an up to 80% interest in the Sofita license located about 20 kilometers south of the project.

Thor said it agreed to pay US$120,000 to Birima Gold SARL for an initial 70% interest in Douta-West. It also committed spending US$300,000 over two years and and paying US$20,000 to Sofita Services & Logistiques for the stake in Sofita.

The company said its planned drilling programs at Douta in the second quarter will be extended to Douta-West.

"The acquisition of the Douta-West permit, which has a number of geochemical targets, allows us to potentially add scale to the Douta gold project, in particular, extensions to Makosa Tail," President and CEO Segun Lawson said.

"We look forward to commencing exploration on this new permit with our existing exploration team and from our exploration camp at Douta," Lawson added.

The company dropped 4.5% at last look in UK trading.