Drilling Commences At The 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 Headwater’s 2022 and 2023 drill programs which discovered high-grade epithermal veins in two distinct target areas. Spring Peak is located in the Walker Lane belt of Nevada. Up to approximately 7,000 metres of drilling is planned, utilizing a combination of diamond core and reverse circulation (RC) drilling.  

The drill program is fully funded by Newmont Corporation pursuant to the option and earn-in transaction. The objectives: 1) Test for extensions up-dip and down-dip from high-grade veins discovered by previous Headwater 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) Test for along-strike extensions of high-grade mineralization within the Bear Fault corridor, both to the southwest and to the northeast of the central Disco Zone.3) Test multiple additional high-priority target areas on the property with initial scout drilling including undrilled target areas on recently acquired private lands.

Caleb Stroup, President and CEO, said, “We are very happy to kick off this fully funded drill program at Spring Peak with our partner Newmont.  This year’s drilling represents a very exciting opportunity to extend zones of known high-grade mineralization and expand the footprint of exploration by testing new target areas with initial scout drilling.  Approximately half of the planned 7,000 metres of drilling will be allocated to the Bear Fault corridor which hosts high-grade veins at the Disco Zone and remains open along strike in both directions as well as up and down-dip.  The remainder of our planned drilling will be focused on initial tests of new high-priority target areas, including the first drilling on newly acquired private lands in the western portion of the land package.  We will also look to drill the initial holes into several compelling targets just south of the Bear Fault in newly recognized parallel fault structures.  We believe this year’s program represents a great opportunity for the Company to significantly advance the Spring Peak project and continue to build on quality results from our previous drilling.”