AMN - CHAD: IronRidge and Tekton partnership delivers

IronRidge Resources partnership with Tekton Minerals provides IronRidge with access to exclusive rights to an extensive existing tenure package and associated major new gold discovery in Chad.

Corporate highlights:

-          Tekton satisfies all agreement terms ahead of schedule to successfully ratify the partnership with IronRidge.

-          IronRidge to proceed with the investment of up to US$3.5m in Tekton to obtain up to a 58% shareholding in Tekton

-          IronRidge subscribes for a separate pre-Investment interest in Tekton to increase its post-Investment holding to 60%.

-          IronRidge directors formally appointed to the board of Tekton.

-          Tekton team already in country from late August 2016.

Project highlights:

-          First mover advantage with Tekton's secured exploration rights over 1,400 sqkm of gold mineralised, province-scale geological structures.

-          Multiple high-priority gold targets defined within the Dorothe, Echbara and Am Ouchar licences.

-          One drill ready target defined at Dorothe and additional untested lithium, graphite, base metal and uranium targets within the license portfolio.

-          Extensive active and historic artisanal gold workings observed over 3 sqkm within weathered and fresh rock within the Dorothe target alone.

-          40% of the Dorothe rock chips and 28% of the trench samples have grades greater than 0.5 grams/tonne told and up to 103 grams/tonne gold over a >3 sqkm area.

-          Trenching results at Dorothe: 14.12 grams/tonne gold over 4 metres, 34.1 grams/tonne gold over 2 metres and 63.2 grams/tonne told over 1 metre, defined gold mineralised quartz veining over a confirmed 1km strike at an average of 2 metres and up to 5 metres true width across multiple stacked vein zones up to 200 metres wide. New hard-rock artisanal workings potentially extending strike to >3 km.

-          Gold nuggets up to 1cm across, including gold in quartz vein material and disseminated gold observed in the project areas.

-          Historical United Nations Development Program field work defined a 100-300 ppb gold in soil anomaly over a 2 km strike and 100 metres to 200 metre width with best trenching results of 1.29 grams/tonne over 28 metres and 0.61 grams/tonne gold over 56 metres within the Echbara prospect.

-          Additional kilometre scale lithium and graphite anomalies defined within the project portfolio.

Ironridge CEO Vincent Mascolo says: "The company is pleased to have concluded the deal ahead of schedule. Chad represents an underexplored yet highly prospective country where we have first mover advantage and access rights to an exciting pipeline of projects. Tekton brings with it a highly professional and experienced team with a proven track record in target generation, project development, government relations, logistics and security with francophone African expertise. We are extremely confident with the decision to invest in Chad and Tekton and believe we have created a remarkable opportunity. With Tekton already in the field, we look forward to providing updates in due course."

www.ironridgeresources.com.au

News courtesy of International Mining