Commencement Of Drilling At Spring Peak Project

VANCOUVER - Headwater Gold Inc. reported the commencement of drilling at the Spring Peak project in Nevada.  The program is designed to follow-up on the 2022 drill results which discovered high-grade epithermal veins in two distinct target areas. Spring Peak is located in the Walker Lane belt of Nevada, with up to approximately 11,500 m of drilling is currently planned, utilizing three drill rigs and a combination of reverse circulation (RC) and core drilling. The drill program is currently fully funded by a subsidiary of Newcrest Mining Limited.

The goals of the drill program are to: 1) Offset high-grade epithermal veins discovered in Headwater’s 2022 drilling at the Disco Zone which intercepted 34.72 m grading 2.73 grams per tonne gold (“g/t Au”), including 15.92 g/t Au over 2.38 m and 10.43 g/t Au over 2.01 m. 2) Systematically test an approximately 500 m strike segment of the Disco Zone. 3) Follow-up drilling at the newly discovered Opal Ridge Zone below shallow high-grade mineralization encountered in RC drill hole SP22-14. 4) Test multiple new high-priority target areas with RC scout drill holes.  

Caleb Stroup, President and CEO, “In a busy year of drilling for Headwater, the Spring Peak drill program stands out as an extremely exciting opportunity to advance a new discovery to the next phase.  Since acquiring the project in 2021, we have been systematically vectoring into the high-grade portions of this epithermal alteration cell, culminating in the high-grade vein discoveries announced earlier this year.  We now believe we have a solid understanding of the geology at depth and with this drill program will attempt to systematically offset known high-grade mineralization along strike and down dip and begin evaluating the scale of this new discovery.”