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Gold Road secures 75% option over 2 gold exploration projects

Gold Road Resources Ltd. signed two earn-in agreements with Cygnus Gold Ltd. for a joint venture over the Wadderin and Lake Grace greenfield gold exploration projects in Western Australia.

The company can earn up to a 75% interest in the two projects, which cover about 3,400 square kilometers, according to an Oct. 10 release.

At the Wadderin project, the company can secure an initial 51% stake by spending A$1.6 million in 30 months and can take its interest to 75% by spending an additional A$900,000 over a further 18 months.

The Lake Grace project earn-in requires expenditure of A$700,000 within 30 months for the initial 51% and a further A$500,000 within an additional 18 months to secure a 75% interest.

Additionally, Gold Road has agreed to subscribe for A$750,000 in shares in Cygnus' upcoming IPO later this year.

Last week, the company's executive vice president for Australasia, Stuart Mathews, said Gold Road is reviewing its A$100 million annual exploration budget for Western Australia amid the state government's proposal to hike gold royalties by up to 50%.