Global Fortune Investment Ltd. entered an agreement with Expose Resources Ltd. to negotiate a joint venture option deal over exploration license E31/1122, which forms part of the company's flagship Horse Rock gold project in Western Australia.

Expose Resource's flagship Red Gate project also lies adjacent to the site of the proposed joint venture.

The company said Dec. 22 that Expose Resources will be wholly responsible for managing and investing in the project for the first several years, with the aim of identifying an economic gold deposit, and developing models of metal zoning and alteration.

In January, Western Australia's Department of Mines and Petroleum granted the exploration license to the company.