Multiple High-Priority Drill Targets Defined At The Midas North Project

VANCOUVER - Headwater Gold Inc. reported on the Midas North project located in Elko County, Nevada.  The Company has defined multiple high-priority drill targets located directly on trend north of Hecla Mining Company’s (“Hecla”) past producing Midas high-grade mine complex. It interprets the project to represent a fully preserved epithermal system with potential for high-grade mineralization at depth below broad areas of favorable alteration. CSAMT geophysical surveys have identified several high-resistivity zones interpreted to represent silicification and possible feeder structures. Radiometric survey results show both a broad radiometric low and linear radiometric highs interpreted to represent structurally controlled zones of alteration potentially associated with mineralized epithermal feeder structures. An aeromagnetic survey has highlighted several linear magnetic lows interpreted as corridors of structurally controlled mag-destructive alteration which may also indicate feeder structures at depth, and a  final drill plan is currently being developed for a multi-rig maiden drill program scheduled to commence in Q2.

Caleb Stroup, President and CEO, said, “Since signing the earn-in agreement with Newcrest in August 2022, we have been building an extensive geological and geophysical dataset at Midas North.  The goal has been to apply the very best geoscientific tools available to identify feeder structures which have the potential to host high-grade epithermal gold-silver mineralization at depth below the extensive zone of alteration observed at surface.  In aggregate, the geophysical studies have done a phenomenal job of helping the Company understand the subsurface geology and have been instrumental in identifying several high-priority target areas for drill testing in the upcoming field season.  The Midas mine complex located immediately to the south serves as a clear geologic analog, with over two million ounces of gold and over 25 million ounces of silver historically produced from high-grade epithermal veins at Midas between 1998 and 2019.