Newmont backs explorer Headwater on 3rd Nevada gold project
Newmont has agreed to earn control of Jupiter gold project by covering exploration costs.
Newmont, a major gold mining company, has agreed to take a stake in Headwater Gold's Jupiter gold project in Nevada. This comes just over three months after Headwater staked the ground. Newmont will cover the exploration costs and complete a prefeasibility study, spending $30 million for three quarters of the 28-sq.-km Jupiter, located in Nye County, roughly 370 km southeast of Nevada's capital, Carson City.
Headwater will manage the work. The CEO of Headwater, Caleb Stroup, believes that Jupiter could represent a large contiguous district that has not been explored at the district-scale context by previous operators. This agreement allows Headwater to test several gold targets without having to fund most of the early exploration itself.
Headwater's shares last traded at C53¢ apiece, after gaining 56% over the past 12 months. Newmont already backs Headwater's Spring Peak and Lodestar projects in Nevada. The state's biggest gold miners are consolidating and expanding their holdings as the metal's price recovers from a six-month downturn.
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