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.
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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.