IronRidge granted 4-year license renewals

Highlights

• 4-year license renewals and corresponding area reductions granted by the Ministry of Petroleum and Mines for the Dorothe, Echbara and Am Ouchar licenses which now cover a combined 446.25 km² within the Company's overall 746.25 km² portfolio in Chad.
• Highly prospective gold portfolio covers a total of 746.25 km² and includes the Kalaka and Nabagay licenses and the drill-ready Dorothe Gold Project.
• Portfolio interpreted to represent an unexplored Intrusion Related Gold (IRG) system; potential analogue of the Tintina Gold Belt in Alaska-Yukon with notable deposits including Donlin Creek (Barrick / Novagold, >45 million oz), Fork Knox (Kinross, ~10 million oz), Pogo (NST, ~10 million oz) and Dublin Gulch (Victoria Gold Corp., >3 million oz).
• Dorothe target covers a 3 km x 1 km zone of artisanal workings with previously reported trenching highlights at 0.2 g/t cut-off and 2 m of dilution and 0.4 g/t cut-off and 4 m of dilution:
  • Trench 37: 84 m at 1.66 g/t from 80 m including 6 m at 5.49 g/t and 8 m at 6.23 g/t.
  • Trench 27: 4 m at 18.77 g/t from 410 m including 2 m at 36.2 g/t+.
  • Trench 33: 32 m at 2.02 g/t from 344 m including 18 m at 3.22 g/t.
  • Trench 39: 24 m at 2.53 g/t from 176 m including 6 m at 4.1 g/t and 2 m at 6.14 g/t.
  • Trench 16: 6 m at 9.48 g/t from 2 m including 2 m at 27.6 g/t.
  • Trench 4: 20 m at 2.53 g/t from 12 m including 4 m at 10.74 g/t.
  • Trench 22: 8 m at 4.73 g/t from 502 m including 4 m at 9.3 g/t.
  • Trench 6: 8 m at 4.51 g/t from 32 m including 2 m at 17.1 g/t.
• Over 14 500 m of trenching results have defined the steep dipping main vein target over 1 km strike and multiple shallow dipping sheeted vein targets over 600 m strike at the Dorothe target.
• Ground based induced polaridation (IP) geophysics confirm the highest priority geophysical anomaly associated with the main vein zone; 1 km long low resistivity mineralised vein zone with coincident chargeability anomaly dipping steeply to the east.
• Renewals include Echbara license where previous trenching has returned highlights of 58 m at 1.31 g/t and 12 m at 2.71 g/t over a 2 km long by 150 m wide 100 – 300 ppb soil anomaly.
• Renewals also include Am Ouchar license where historical United Nations Development Programme (UNDP) trenching results, including 20 m at 6.8 g/t, 16 m at 4.7 g/t and 12 m at 5.7 g/t gold, have defined 2 m to 5 m thick, shallow dipping quartz veins within hematitic schists.
• In-country exploration office to be re-established in N'Djamena now that COVID-19 travel restrictions have been eased and planning is currently underway to resume field activities in the new year.

Vincent Mascolo, CEO of IronRidge, said: "We are very pleased to have successfully renewed the Dorothe, Echbara and Am Ouchar licenses for a further 4-year period; securing this important gold portfolio and in particular the drill-ready Dorothe target - the company's most advanced gold project within the Chad portfolio.

"We have worked closely with the Ministry of Petroleum and Mines to secure the license renewals and look forward to resuming field activities.

"The recently renewed licenses and existing granted tenure now cover a combined 746.25 km² of prospective geological terrain with significant previous exploration work completed to date identifying multiple gold targets for immediate follow-up.

"The Dorothe Project represents a high-priority walk-up and drill target with in-excess of 14 500 m of trenching completed to date, large scale artisanal workings over a 3 km x 1 km area, very encouraging trenching intersections and supporting ground geophysics.

"Now that travel restrictions have eased, we have been able to re-enter Chad and resume activities; the company's N'Djamena exploration office is to be re-established shortly and preparations are now underway to allow the resumption of field activities in the new year.

"Our intention is to focus on drill testing the Dorothe target prior to the onset of the wet season in July 2021. We look forward to updating the market with our progress in due course."

The company has re-commenced travel into Chad now that travel restrictions have eased. The company's exploration office will be re-instated in N'Djamena shortly to allow for field programmes to commence in the new year. Field programme planning has commenced with the intention to focus on a maiden drilling programme to test the Dorothe target prior to the onset of the wet season in July 2021.

Read the article online at: https://www.globalminingreview.com/exploration-development/19112020/ironridge-granted-4-year-license-renewals/