Cygnus Gold (ASX:CY5) has been notified by Gold Road (ASX:GOR) of their decision to withdraw from the Wadderin Letter Agreement.
In relation to the Lake Grace and Yandina Joint Ventures, programs and budgets for 2020 are currently in the process of being finalised.
The Wadderin Agreement with Gold Road, a wholly owned subsidiary of Gold Road Resources, was subject to a minimum spend of $900,000 prior to withdrawing with that milestone having been reached last month.
The tenements subject to the Wadderin agreement will now revert to Cygnus 100 per cent.
A strategic review is now underway to rationalise the Wadderin landholdings and look for third party funding to test a range of high quality, early stage gold prospects adjacent to Ramelius Resources’ (ASX:RMS) Tampia project in the Wheatbelt of WA.
Shares in Gold Road (ASX:GOR) are trading 1.3 per cent higher at $1.21.