Wednesday, Headwater Gold Inc. announced an earn-in agreement with a subsidiary of Centerra Gold Inc. (CGAU), allowing the latter to earn up to a 70 percent interest in the company's Crane Creek project in Idaho.
Under the deal, Centerra could earn up to a 60 percent interest in the Project by funding exploration expenditures of $25 million and granting Headwater a royalty on the Project.
The agreement would allow Centerra test underexplored epithermal system with high-grade potential at depth as well as near surface bulk-tonnage potential.
As per the terms of the deal, Centerra has to make an initial cash payment of $87,000 to Headwater, and subsequent annual cash payments of $50,000 thereafter.
Meanwhile, Centerra may earn an additional 10 percent interest (up to 70 percent) in the Project by completing a preliminary economic assessment report.
In the pre-market hours, CGAU is trading at $13.10, up 0.23 percent on the New York Stock Exchange.
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