Geodrill awarded multi-rig contracts with Perseus Mining

Leading West Africa-based drilling company Geodrill has been awarded ‘significant multi-rig, long-term’ drilling contracts with mid-tier gold producer Perseus Mining.

The contracts with Perseus will involve exploration drilling in Ghana and Côte d’Ivoire, with up to 15 rigs from Geodrill’s existing fleet to be utilised.

ASX and TSX-listed Perseus currently has three producing gold mines in the two West African jurisidctions, including the recently commissioned Yaouré Gold Mine which achieved commercial production in March 2021.

Running to August 2023, the contracts are expected to generate revenue in excess of US$45 million over the period. Geodrill currently has a rig fleet of 71 drill rigs operating in West Africa, Egypt and Peru.

The TSX-listed driller provides a diverse selection of services from exploration to delineation, underground and grade control drilling to a range of senior mining, intermediate and junior exploration companies.

“Geodrill continues to build meaningful relationships and revenue by expanding contracts with top-tier gold customers in our core geographic region,” Geodrill’s CEO and president Dave Harper said.

“These contracts bring top-line growth, improving economies of scale and support our goal of delivering consistent earnings in 2022,” he continued.

@RGNonline