Gold Road Resources Ltd.'s subsidiary Gold Road Projects Pty. Ltd. informed Cygnus Gold Ltd. of its decision to withdraw from the Wadderin letter agreement, the latter said Dec. 27.
The tenements subject to the Wadderin agreement will now fully revert to Cygnus.
The company said Gold Road Projects was able to reach spending of A$900,000 in November, prior to withdrawing.
Cygnus said a strategic review is now underway to rationalize the Wadderin landholdings and look for third-party funding to test gold prospects adjacent to Ramelius Resources Ltd.'s Tampia project in Western Australia.
Meanwhile, the company said the 2020 programs and budgets for the joint ventures with Gold Road for Lake Grace and Yandina are in the process of being finalized.