Headwater partner Centerra begins drilling Crane Creek
Centerra advances generative exploration at its Crane Creek project, though early-stage drilling offers limited near-term financial impact.
Centerra Gold Inc. has initiated Phase 1 drilling at the Crane Creek project in Idaho, a fully permitted asset owned by Headwater Gold Inc. The program, which marks the first major test of the property since the 1990s, involves approximately 3,000 metres of reverse circulation (RC) and diamond core drilling.
Centerra is operating and funding the program under a definitive earn-in agreement signed in December 2025. The current $1.7M spend is part of a minimum $2.5M commitment over three years, with total potential exploration spend capped at $25M. Drilling targets include following up on historical shallow gold mineralization, testing below outcropping veins, and stepping out along strike to test a 4km x 2km potassium anomaly identified by recent geophysics.
Centerra can earn up to a 70% interest through staged expenditures and technical milestones, including a Preliminary Economic Assessment (PEA) requiring ≥1Moz gold equivalent.
Centerra Gold Inc. (CG) has begun drilling at its Crane Creek project, a move that validates the strategic earn-in partnership with Headwater Gold. The company noted that the activity carries no immediate financial or production impact. The initial spend of $1.7 million is immaterial to Centerra’s $543 million cash balance and $943 million in total liquidity.
The market has already priced in the strategic value of the Crane Creek earn-in, which was announced in December 2025.
Centerra Gold Inc. (CG) operates two producing mines, Mount Milligan in British Columbia, Canada, and Öksüt in Türkiye, alongside a molybdenum business unit that includes Endako, Thompson Creek, and Langeloth. The company also manages two development projects: Goldfield in Nevada and Kemess in British Columbia.
Mount Milligan is a 100% owned open-pit copper-gold mine, while Öksüt is a 100% owned open-pit heap-leach gold mine. The Goldfield project, based in Nevada, targets approximately 100,000 ounces per year in peak production, with first production expected by the end of 2028. Kemess, located in British Columbia, leverages existing infrastructure and has a preliminary economic assessment outlining strong economics. Additionally, Thompson Creek is undergoing a restart, targeting mid-2027 for first production.