2nd Jun 2023 10:55
Thor Explorations Ltd - Vancouver, Canada-based mineral exploration company with interests in Nigeria, Senegal and Burkina Faso - Announces acquisition by newly-formed Nigeria subsidiary Newstar Minerals Ltd of over 600 kilometres squared of granted tenure covering two known lithium bearing pegmatite deposits and one large unexplored prospective pegmatite-rich belt. Tenure comprises West Oyo, Kwara State and Ekiti State lithium project areas in south-west Nigeria "within close proximity" to Lagos and Cotonou. Company aims to develop its first large-scale lithium mine without selling down ownership positions or dilute existing shareholders. It also will continue to prioritise explorations at Segilola gold mine, also in Nigeria.
Chief Executive Officer Segun Lawson says: "While gold remains fundamental to our growth strategy, we consider the virtually untapped lithium potential of Nigeria to be an opportunity that is too good to miss, particularly given our established in-country presence, experience and first-mover advantage. We intend to develop both businesses without any shareholder dilution."
Current stock price: 17.50 pence
12-month change: down 5.4%
By Emma Curzon, Alliance News reporter
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