IronRidge Resources Ltd (LON:IRR) is winding down exploration activities early at its operations in West Africa in the wake of the coronavirus threat, the firm revealed as it posted a half-year financial report.
"In light of developments regarding COVID-19 IronRidge has acted to adjust its activities and is winding down drilling and field programmes a few weeks earlier than originally planned before the upcoming wet season, in order to ensure the health and safety of all of its employees and contractors at this time,” IronRidge chief executive Vincent Mascolo said in the update.
“The company's personnel are transitioning to working from home and sites will remain secured until safe working conditions can be re-established. Whilst the company is winding down activities on the ground, other work continues with the analysis of soils and auger drilling samples submitted to date, review of results from field programmes and planning for further field programmes and drilling campaigns. Furthermore, the company's range of corporate activities, including progressing the recently announced conditional acquisitions along with other new opportunities, will continue unabated,” he added.
In the six months to 31 December, 2019, Ironridge spent A$5.6mln on exploration, and closed out the period with A$4.3mln in cash.