IronRidge Resources has entered into a conditional agreement with the main shareholders of Tekton Minerals Pte to acquire their interests in Tekton.
The agreement is conditional on IronRidge securing agreements from the remaining shareholders of Tekton, representing 10% of Tekton's issued share capital, which will give 100% ownership of Tekton and its underlying gold exploration projects in Chad.
Chief executive Vincent Mascolo said: "We are extremely pleased with this latest acquisition which is part of the execution of our vision and growth strategy for Africa.
"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 ubiquitous occurrence of free, visible gold endorse our strategy.
"The Tekton team offers extensive francophone exploration, logistics and government relations expertise gained throughout West and Central Africa, providing valuable synergies with the IronRidge team and its growth strategy.
"We are very pleased with the work programs completed to date and look forward to keeping shareholders and investors updated as more news becomes available."