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Headwater Gold Signs Additional Earn-In Agreement with Newcrest on Lodestar Project, Nevada
(TheNewswire) Vancouver, British Columbia – TheNewswire - Ma...
About this update from Headwater Gold, Inc.
[{"type":"text","content":"Headwater Gold Signs Additional Earn-In Agreement with Newcrest on Lodestar Project, Nevada\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Vancouver, British Columbia –\n \n \n TheNewswire -\n \n \n May 9, 2023:\n \n \n Headwater Gold Inc. (CSE:HWG) (OTC:HWAUF) (the\n\"Company\" or \"Headwater\") is\n \n \n pleased to announce it has signed a definitive option and\nearn-in agreement (the “Earn-in Agreement”) with a wholly owned\nsubsidiary of Newcrest Mining Limited (“Newcrest”) (ASX, TSX,\nPNGX: NCM) on the Company’s Lodestar Project in Nevada\n(“Lodestar” or the “Project”).\n \n \n \n \n Pursuant to the Earn-in Agreement, Newcrest will have\nan option to acquire (the “Earn-In Transaction”) up to a 75%\ninterest in Lodestar for cumulative earn-in exploration expenditures\nof US$30,000,000 and the completion of a Pre-Feasibility Study which\nincludes a minimum resource of 1.5 million gold or gold equivalent\nounces.\n \n \n \n \n Highlights:\n \n \n \n \n \n \n Newcrest will sole fund a minimum commitment of\nUS$2,000,000 in exploration expenditures on the Lodestar project, or\npay the difference to Headwater;\n \n \n \n \n \n \n During the staged earn-in phase, Newcrest will have the\nright to earn up to a 65% interest in the Project by sole funding\nexploration expenditures of US$30,000,000 over a 6-year period;\n \n \n \n \n \n \n Newcrest retains the right to earn an additional 10%\ninterest in the Project (for a total interest of 75%) by: (1) ceding a\n2% Net Smelter Return (“NSR”) royalty to Headwater on claims 100%\nowned by the Company and a 1% NSR royalty on inlying claims subject to\nan underlying option agreement and (2) completing a Pre-Feasibility\nStudy, solely funded by Newcrest which includes a minimum 1.5 million\nounce gold or gold-equivalent resource within an additional 24-month\nperiod; and,\n \n \n \n \n \n \n Newcrest will reimburse all expenditures previously\nincurred by the Company on the Project through a cash payment\ntotalling US$77,759.\n \n \n \n \n \n \n Caleb Stroup, the President and CEO of the Company,\nstates:\n \n \n “We are very\nexcited to partner with Newcrest again on yet another high-quality\...