According to the deal, Geodrill Ltd will carry out work across its Endeavour’s West Africa gold operations. This will involve a total 350,000 m of exploration and mine reserve drilling operations for a period of two years.
Geodrill will use up to 10 drill rigs from the company’s existing fleet. The contracts are expected to generate revenues of $31 million over the term of the contracts. Geodrill currently has a rig fleet of 71 drill rigs operating in West Africa, Egypt and Peru.
“This third significant contract win, within a relatively short time frame, and again with a key valued top tier gold producer, underscores the strength of our reputation and an endorsement of our drilling expertise in our core geographic region and beyond. Most importantly, these contracts add top-line revenue growth this year extending through to 2024 which will provide an even stronger base to build on,” Geodrill President and CEO, Dave Harper, said.
With a fleet of 71 surface and underground drill rigs, Geodrill provides Reverse Circulation, Diamond Core, Deep Directional Navi Drilling, Air-Core, Grade Control, Geo-Tech and Water Borehole drilling services to major, intermediate and junior mining companies and operates the largest fleet of multi-purpose rigs in Africa.
Endeavour Mining has operating assets across Senegal, Cote d’Ivoire and Burkina Faso and a strong portfolio of advanced development projects and exploration assets in the highly prospective Birimian Greenstone Belt.