JOHANNESBURG (miningweekly.com) – Aim-listed IronRidge Resources has secured a first-mover advantage over a potential major new gold discovery in Chad after entering into a conditional share subscription agreement with private Singapore-registered company Tekton Minerals.
The Africa- and Australia-focused mineral exploration company will invest up to $3.5-million to acquire up to 58% of the shareholding in Tekton and, subsequently, obtain access to exclusive rights over five exploration permits covering 1 000 km2 and reconnaissance licences covering 400 km2 within the Ouaddaï province.
The underexplored, yet highly prospective territory within the Saharan Metacraton of Central Africa boasted gold-mineralised, province-scale geological structures comparable to that of the gold-rich Birimian greenstone belts in Ghana, Senegal, Mali, Côte d'Ivoire and Burkina Faso.
“Chad represents a highly prospective, underexplored destination for minerals with obvious gold endowment, largely forgotten owing to the focus on oil, with an attractive mining code and investment framework where major oil companies have been operating for decades,” said IronRidge CEO Vincent Mascolo.
Tekton, which has extensive in-country exploration, logistics and government relations expertise, along with a proven record in geological target generation and development, has undertaken comprehensive exploration work in the region over the past two years, he explained.
Geological mapping, soil, rock-chip, trenching and channel sampling, ground magnetic and resistivity surveys, high-resolution digital terrain modelling and aerial photography using drone technology, and mineralogical studies, indicate the potential for several multimillion-ounce gold discoveries within the Ouaddaï province alone.
Tekton had mostly focused on its Dorothe, Echbara and Am Ouchar licences, where multiple high-priority gold targets have been defined, including one drill-ready target at Dorothe and additional untested lithium, graphite, base metal and uranium targets within the licence portfolio.
Trenching and channel sampling across Dorothe unveiled 14.12g/t gold over 4 m, 34.1 g/t over 2 m and 63.2 g/t over 1 m along a 1 km strike with additional extensions up to 3 km strike.
A 3 km by 1 km gold mineralised area was also defined for follow-up after further artisanal hard rock workings.
Trenching results at Am Ouchar, a 200 km2 area 70 km southâeast of the Dorothe licence, include intersections of 20 m at 6.8 g/t gold, 16 m at 4.7 g/t gold and 12 m at 5.7 g/t gold with individual 2 m composite grades up to 33 g/t gold.
Follow-up channel sampling by Tekton returned intersections including 2 m at 18.2 g/t gold, 2 m at 14.2 g/t gold and 2.3 m at 9.9 g/t gold.
Within the 200 km2 Echbara licence area, some 25 km west of Dorothe, follow-up trenching by Tekton revealed 56 m at 0.61 g/t gold, including 10 m at 0.9 g/t gold and 20 m at 0.87 g/t gold, and 25 m at 0.8 g/t gold.
Two further highly prospective reconnaissance licences have been awarded within the same province over the targets Adé, 40 km east of Dorothe, and Nabagay, 25 km north of Dorothe, collectively covering a total of 400 km2.
Further, two exploration licences have been granted at Waya Waya, covering 400 km2 in the northern Ouaddaï region, 260 km north of the Dorothe project area.
The funding will now be used to undertake further exploration work and to prepare a technical report compliant with Canadian National Instrument 43-101 or Australian Joint Ore Reserve Committee requirements.
Upon the completion of the subscription, IronRidge chairperson Nick Mather will be appointed Tekton chairperson, while Mascolo and IronRidge Gabon country manager Len Kolff will join the Tekton board.