Vancouver-based junior gold mining company Thor Explorations Ltd. (TSX-V: THX) announced this morning that it has entered into an agreement to buy British Virgin Islands-based African Star Resources Inc. with Thor shares.
In its press release, Thor noted that African Star has an option agreement to acquire 70% in the Douta gold project, an early-stage gold exploration licence for an area of 103 square kilometres within the Kéniéba Inlier in southeastern Senegal.
The company stated the area hosts more than 40 million ounces of gold and has attracted major international mining companies. It further stated that the permit area in question lies in proximity to recent discoveries of significant gold deposits.
On June 15, Thor announced it had entered into a letter of agreement with African Star.
Thor is engaged in the acquisition and exploration of gold mineral properties in the Yukon.
At press time, Thor’s stock had risen 37.5% to $0.22. Its 52-week low is $0.10 and 52-week high is $0.30.
Calls to Thor were not returned by press deadline.
Jenny Wagler
Twitter: JennyWagler_BIV