IronRidge Resources PLC (LON:IRR) has completed the 100% acquisition of Tekton Minerals, which owns a number of gold mining licences in Chad.
Tekton's technical and logistics team will join IronRidge, while minority shareholders have also taken their consideration in shares.
Vincent Mascolo, Ironridge’s chief executive, said: "The Chad portfolio represents a highly prospective ground holding with high-grade gold targets within an underexplored yet highly prospective gold Province, potentially analogous to the world class Tintina Province in the Alaska and Yukon Territory.
"The size and extent of artisanal gold workings and the occurrence of coarse, visible gold endorse our strategy."
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Tekton’s licences cover 1,000 sq km in the Ouaddaï Province in Chad. Three highly prospective gold mineralised areas and one advanced exploration target have been defined over the Dorothe, Echbara and Am Ouchar licences.
Additionally, two reconnaissance licences have been awarded over the Adé and Nabagay targets.