LONDON (Alliance News) - IronRidge Resources Ltd said Tuesday that it has been granted a new exploration license and have had a reconnaissance license converted to an exploration license at its gold mine in Chad.
The company has relinquished its Ade license in favour of this new license at Kalaka. Its exploration portfolio now covers a combined surface area of 900 square kilometres.
Recent mapping and aerial drone surveys conducted by IronRidge have highlighted two "extensive" artisanal mining centres, now largely abandoned at Kalaka, about 15 kilometres north of its existing Dorothe prospect. The Guerere workings, announced June 2017, extend into the southern tip of the newly granted Kalaka license and was an "important observation" in the consolidation of the area between the Dorothe and Nabagay licenses.
According to the company, all the largely abandoned artisanal mining centres occur within "favourable" structural settings within large scale fold closures in the interpreted hangingwall block of a major north-south trending fault structure. At Kalaka, artisanal workings occur over a large 1 kilometre by 1 kilometre area, indicating the "potential large scale" of a mineralised system below.
CEO Vincent Mascolo said:"High-grade rock chip results up to 39.1 grams per tonne gold from new workings occuring within the Dorothe prospect continue to reinforce Dorothe as a high-priority target; we eagerly await assay results for the 9,270 metres of trenching completed.
"New targets to the west and south of the Dorothe prospect have delivered encouraging results, ranging from 1.05% copper and up to 1.1 grams per tonne gold in rock chips, further highlighting the exploration potential within the portfolio.
"Securing the Kalaka license has been a key focus; we are very pleased to consolidate the company's position along this highly prospective and underexplored gold corridor."
"Field programmes for the 2017-2018 season are approaching completion prior to the commencement of the wet season, and with the reporting of initial assay results, we are anticipating regular news-flow as trenching and soil sampling results are received."
Shares in IronRidge were down 6.0% Tuesday afternoon to 24.20 pence each.
