(Alliance News) - IronRidge Resources Ltd on Thursday said further surveys at its Dorothe project in Chad lend confidence to the gold targets identified.
Ground-based induced polarization surveys have been conducted at Dorothe and the anomalies defined "coincide with the high-grade gold trenching anomalies" already identified. These have been interpreted as being "associated with quartz veining or silica alteration" with quartz veining a common host for gold mineralisation while silica alteration might indicate disseminated sulphides.
The "highest priority geophysical anomaly" was associated with the main vein zone at Dorothe, which is a kilometre long zone of low resistivity.
IronRidge also said it has held "positive meetings" with the new mining and finance ministers in Chad.
Chief Executive Vincent Mascolo said: "Results have confirmed and enhanced our geological understanding of the main vein zone target, with the geophysical interpretation providing greater confidence in target depth continuation and dip direction. The coincident resistivity and chargeability anomalies broadly occur along gold mineralised targets within trenching intervals; providing further confidence in gold targets to date and their overall structural settings.
"Additionally, the company had a positive meeting with Chad's new mining and finance ministers, the Honourable Mahamat Hamid Koua and the Honourable Tahir Hamid Nguilin, this week. We continue to have a solid working relationship with the Chadian government and are working closely with them to progress the project and future work programmes which we will update the market on in due course."
Shares in IronRidge were up 1.3% at 14.69 pence in London on Thursday morning.
By Anna Farley; annafarley@alliancenews.com
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