Drill Programs Planed For Spring Peak And Lodestar Projects

VANCOUVER - Headwater Gold Inc. reported exploration activities on the Spring Peak and Lodestar projects under earn-in agreements with Newmont Corporation. Headwater and Newmont have agreed upon proposed 2024 exploration activities at the Spring Peak and Lodestar projects targeting high-grade gold mineralization in epithermal veins. Exploration activities are currently expected to include up to 7,000 metres of drilling at Spring Peak and up to 3,500 metres of drilling at Lodestar. Further exploration activities including geophysics, additional geological mapping and environmental baseline surveys are currently planned across both project areas.

Drilling is estimated to commence at Spring Peak in early summer 2024 and at Lodestar in the fall of 2024. As the current operator, Headwater will earn a 10% management fee on earn-in exploration expenditures, and discussions are underway regarding potential work plans across the remainder of the Newmont earn-in project portfolio.

Caleb Stroup, President and CEO, said, “We are very excited to announce plans for another busy year of drilling funded by our earn-in partner, Newmont. The Company is pleased to see Newmont’s commitment to further test our vision for Tier 1 potential at the Spring Peak and Lodestar gold projects. This year’s drilling will cover an expanded land position and footprint of exploration in the district.  In addition to the ongoing step-out drilling at the Disco Zone high-grade discovery, we will be devoting a significant proportion of our proposed drilling activity to new areas, including targets on the recently acquired private lands at Spring Peak and an exciting first test of the Zodiac sinter target at Lodestar.  Our understanding of this mineralized system has grown significantly over the last two years of drilling and our team is very excited to apply that knowledge at a district scale.  Our partnership with Newmont offers shareholders a rare opportunity to gain exposure to a substantial amount of partner-funded greenfields exploration in a tier-one jurisdiction, in addition to pure upside from our 100% owned and operated exploration projects while minimizing dilution at the corporate level.”