Commencement Of Drilling At The TJ Project

VANCOUVER - Headwater Gold Inc. has commenced the maiden drill program on its TJ project located in northeast Nevada. Approximately 2,000 metres of drilling is underway on the TJ project.  This maiden drill program will test multiple targets for high-grade epithermal veins at depth beneath outcropping silica sinter and down-dip of historic shallow drill holes that encountered broad zones of silicification, epithermal alteration and anomalous gold.

At the Spring Peak, the drilling activities have concluded for the field season at the Spring Peak project.  Eighteen holes totaling 6,874 metres were completed, with a focus on scout drilling in new target areas.  Results from nine scout holes have been received, including several zones of anomalous gold and pathfinder elements in new target areas.

At Lodestar the company has receipt of the Lodestar drilling permit has been delayed due to staffing shortages within the US government regulatory agency.  Permit approval and drilling is now expected in spring of 2025.  

Caleb Stroup, President and CEO, said, “We are very excited to launch the maiden drill program on our TJ project in Nevada which has quickly become one of our top priorities. With well-preserved silica sinter at surface and compelling resistivity targets at depth, our geologists see strong parallels to our high-grade discovery at Spring Peak and have significantly upgraded the target’s potential since acquiring the project just over a year ago.

In parallel, we have completed drilling for the year on the Spring Peak project and received assays from nine initial scout holes. Several of these holes encountered zones of anomalous gold mineralization and key pathfinder elements across new target areas. We are encouraged by these initial results and the remaining assays will clarify the significance of these new zones within the context of the broader project.

While we initially planned to drill the Lodestar project this fall, permitting delays have shifted that program to spring 2025.  Funding for the planned program from Newmont remains fully committed under the $2M minimum spend component of the Lodestar earn-in agreement, ensuring no material impact on our broader exploration strategy.”