Promising Geological Continuity In Initial Drilling At Spring Creek

VANCOUVER - Headwater Gold Inc. reported on its active 2023 drilling programs.  The Spring Peak, Midas North and Mahogany drill programs are fully funded through option and earn-in agreements with Newcrest Mining Limited. Drilling at Katey is self-funded by the Company. Spring Peak Drilling has over 3,000 metres of a planned 11,500 metres of drilling have been completed to date, comprising of ten holes.  Eight holes have been completed in the Disco Zone target and all eight holes encountered epithermal veining in the modelled target zone.  Drilling continues at the Midas North with approximately 900 metres of a planned 3,500 metres of drilling have been completed to date, comprising of two holes. Both holes were drilled below the Big Opal Sinter target intercepting epithermal alteration and veining at depth.  Drilling continues. At Mahogany drilling of approximately 1,600 metres of drilling have been completed over five holes in two target areas. Three of five holes encountered veining and vein breccias in the modelled target zones - assays pending. Approximately 2,800 metres of drilling have been completed over eleven holes at Katey.  Most holes encountered significant epithermal alteration, structurally controlled breccias and epithermal veining - assays pending. All assays pending from the programs with initial results are expected in the coming weeks. Drilling programs are expected to continue through late fourth quarter of this year.

Caleb Stroup, President and CEO, said, “We are extremely pleased with the progress of our 2023 drill programs.  The Company has successfully maintained a high pace of drilling activity on multiple exploration projects, which is a strong testament to the capability of the Headwater team.  The initial geological results from this year’s drilling appear to validate our targeting and we are eagerly awaiting the assay results from the holes completed thus far.  Our geologists are particularly impressed with the geological continuity in the initial 2023 drilling at Spring Peak.  With up to 20,000 metres of planned drilling across the Headwater portfolio, we believe our shareholders have a unique opportunity to see additional value created through multiple potential catalysts.”