Gold Road (ASX:GOR) earn-in agreement update

Company News

by Rachael Jones

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.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.