Iceni Gold's (ASX:ICL) Guyer Well subsidiary entered a binding farm-in agreement with Gold Road Resources' (ASX:GOR) Gold Alpha unit for the 14 Mile Well Gold Project in Western Australia, according to a Wednesday filing with the Australian bourse.
Under the agreement, Gold Road will provide an initial AU$5 million for exploration expenditures, with an option to earn 50% of the joint venture by contributing an additional AU$10 million within two years, the filing said.
Gold Road can increase its stake to 70% by carrying Iceni through a pre-feasibility study and up to 80% by paying AU$20 million after the study.
In addition, Gold Road will acquire a 9.9% stake in Iceni through a subscription agreement.
Iceni Gold's shares rose past 9% in recent Wednesday trade, while Gold Road Resources' shares were down almost 1%.
Price (AUD): $0.07, Change: $+0.01, Percent Change: +9.38%
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