IronRidge Resources Limited, an African focussed minerals exploration company, announces that it has entered into a binding Memorandum of Understanding (“MoU”) with GeoDrill Limited for a drilling for equity program of up to US$4 million, or 40,000m of drilling. The drilling programs will take place across all the Company’s gold and lithium portfolios throughout Africa.
GeoDrill, established in 1998, is a leading exploration drilling Company with a fleet of 67 drill rigs operating in Africa. The Company has operations is Ghana, Burkina Faso, Côte d’Ivoire, Mali, and Zambia.
Commenting on today’s announcement, 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 Company’s current jurisdictions of focus.
“GeoDrill’s support endorses the IronRidge exploration business model, our commodity and jurisdictional portfolios and the team. We look forward to working closely with GeoDrill as we progress our portfolios.”
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.
“We see significant upside in IronRidge’s asset portfolio, we understand Ghana and Côte d’Ivoire well, and we believe that IronRidge has the right commodity and jurisdiction diversification, with Gold and Lithium being well positioned at this time.
“We have a high degree of confidence in IronRidge’s executive management team and Board, and we look forward to working with them as we advance their exploration programs in Africa.”