en.Wedoany.com Reported - Dimension News, August 13 — Headwater Gold has signed a staged earn-in agreement with Newmont USA Limited, a subsidiary of Newmont, for the Jupiter gold project in Nevada, USA. Newmont can earn up to a 75% interest in the project by investing a cumulative $30 million in exploration expenditures and completing a pre-feasibility study. Jupiter thus becomes the third gold exploration project the two companies are collaborating on in Nevada, following Spring Peak and Lodestar.
Under the agreement, Newmont has initially committed to investing at least $2.5 million within 24 months of the agreement's effective date. A cumulative investment of $10 million within 48 months from the effective date will earn a 51% interest in the project. Upon completion of the first phase, Newmont may invest an additional $20 million within the following 36 months to increase its interest to 65%.
The third phase does not set a fixed exploration expenditure amount. Newmont is required to deliver a pre-feasibility study based on at least 1.5 million ounces of gold equivalent within 36 months of commencing this phase, and grant Headwater Gold a 2% net smelter return royalty, to further increase its project interest to 75%.
During the initial phase of the agreement, Headwater Gold will serve as project operator and will charge a 10% management fee on project expenditures. Newmont will also reimburse Headwater Gold for $250,000 in prior expenditures incurred on the Jupiter project. It should be noted that the firm financial commitment currently in place is limited to $2.5 million over the first 24 months; the remaining expenditures and interest increases are contingent on Newmont's decision to advance through subsequent phases.
The Jupiter project is located in the Walker Lane mineral belt in southern Nye County, Nevada, and comprises 352 unpatented mining claims covering approximately 7,000 acres, or 2,800 hectares. The project hosts a hydrothermal alteration system measuring approximately 5 km by 8 km. Historical drill hole JURC0001 reported a 9.1-meter intersection grading 1.1 g/t gold, and surface rock chip samples returned a maximum gold grade of 3.1 g/t. However, Headwater Gold has not yet independently verified these historical data.
The next phase of the project plans to conduct detailed geological mapping, surface sampling, and project-scale geophysical surveys to identify structural systems beneath overburden and prioritize drill targets. Initial drilling is planned to commence in late 2026 or early 2027, with the exact timeline still subject to target refinement, permitting, and field logistics.
