Tag Archives: GeoDrill

Geodrill to carry out 350,000 m of drilling for Endeavour Mining

Mineral exploration, Mining equipment, Mining services, Precious metals, , , , ,

Geodrill Ltd says it has been awarded significant multi-rig long-term drilling contracts with Endeavour Mining, which will see it carry out work across its West Africa gold operations.

The contracts with Endeavour Mining are for a total 350,000 m of exploration and mine reserve drilling across its key West African operations for a period of two years. This will see Geodrill use  up to 10 drill rigs from the company’s existing fleet.

The contracts are expected to generate revenues of $31 million over the term of the contracts.

Geodrill currently has a rig fleet of 71 drill rigs operating in West Africa, Egypt and Peru.

Geodrill President and CEO, Dave Harper, said: “This third significant contract win, within a relatively short time frame, and again with a key valued top tier gold producer, underscores the strength of our reputation and an endorsement of our drilling expertise in our core geographic region and beyond. Most importantly, these contracts add top-line revenue growth this year extending through to 2024 which will provide an even stronger base to build on.”

Endeavour Mining has operating assets across Senegal, Cote d’Ivoire and Burkina Faso and a strong portfolio of advanced development projects and exploration assets in the highly prospective Birimian Greenstone Belt.

GeoDrill backs IronRidge Africa exploration plan with ‘drilling for equity program’

Energy minerals, Mineral exploration, Mining equipment, Mining finance, Mining services, Precious metals, , , , , , , , , , , , , ,

IronRidge Resources has entered a binding memorandum of understanding (MoU) with GeoDrill as part of a “drilling for equity program” of up to $4 million, or 40,000m of drilling at the exploration company’s gold and lithium portfolio throughout Africa.

GeoDrill, established in 1998, is a leading exploration drilling company with a fleet of 67 drill rigs that has operations is Ghana, Burkina Faso, Côte d’Ivoire, Mali, and Zambia.

The MoU will see IronRidge advance all projects across Ghana, Côte d’Ivoire and Chad, while maintaining cash resources, it said.

IronRidge’s Chief Executive Officer, Vincent Mascolo, said: “We are delighted to announce that the agreement with GeoDrill secures access to expert drilling capabilities, which will allow the company to effectively advance its portfolios, whilst helping preserve cash resources.

GeoDrill brings decades of operational expertise throughout West Africa and, with operational centres in both Ghana and Côte d’Ivoire, provides excellent synergies with the Ccmpany’s current jurisdictions of focus.”

Dave Harper, Chief Executive Officer of GeoDrill, said: “Having previously worked with IronRidge on their Cape Coast lithium project and Côte d’Ivoire gold projects, we understand their exploration business model and it was an easy decision for us to partner with IronRidge in this drilling for equity program.”

Under the terms of the binding MoU, any drilling services provided by GeoDrill will be paid by either; cash, shares, or a combination of cash and shares on a 50/50 basis at IronRidge’s election.

The agreement is based on a competitive quotation process, which provides for the issue of ordinary shares in IronRidge for 50% of the drilling cost up to a value of $4 million in two $2 million stages.

“The agreed payment mechanism comprises a share valuation of 90% of the 15-day volume weighted average price against the value of each monthly invoice,” IronRidge said.

Geodrill has commenced drilling works in Ghana where approximately 13,200 m of drilling has been planned at the Cape Coast lithium project over a staged reverse circulation and diamond drilling program dependent on results. It is also currently continuing field mapping and sampling programs over the Zaranou gold project, in Côte d’Ivoire, ahead of a planned air-core drill program.

In Côte d’Ivoire, IronRidge is assessing air-core results over its Bianouan and Bodite licences to determine the next steps as well as soils and trenching results over its Kineta and Marahui licences.

“At this stage the company will maintain its focus on the Côte d’Ivoire gold portfolio and the Ghana lithium portfolio,” IronRidge said.