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IronRidge inks US$4mln drilling deal with Canadian firm for African portfolio

GeoDrill will provide either US$4mln or 40,000 metres of drilling for IronRidge's portfolio of gold and lithium projects across the continent

IronRidge Resources Ltd - IronRidge inks US$4mln drilling deal with Canadian firm for African portfolio
GeoDrill operates 67 drill rigs in Africa

IronRidge Resources Limited (LON:IRR) has signed a deal with Canadian listed explorer GeoDrill Limited (TSX:GEO) for a ‘drilling for equity’ programme across its gold and lithium portfolio in Africa.

The AIM-listed minerals explorer said that under the memorandum of understanding (MoU), GeoDrill would commit to providing up to US$4mln or 40,000 metres of drilling across IronRidge’s portfolio.
READ: IronRidge Resources hits more high-grade gold at Zaranou

In return, IronRidge said it would pay for the drilling services through either cash, shares, or a combination of both on a 50/50 basis.

The company’s chief executive, Vincent Mascolo, said that the deal with GeoDrill would provide access to “expert drilling capabilities” and would allow the firm to advance its African portfolio whilst preserving cash resources.

He added that GeoDrill had “decades of operational expertise” in West Africa, where many of IronRidge’s projects are located, while bases in Ghana and Côte d'Ivoire would provide “excellent synergies” with the group’s current jurisdictions of focus.

Quick facts: IronRidge Resources Ltd

Price: 10.5 GBX

Market: AIM
Market Cap: £32.79 m

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