Drill Permit Received For Lodestar Project

VANCOUVER – Headwater Gold Inc. has received approval for the Lodestar Plan of Operations from the U.S. Forest Service and is authorized to commence drilling activities. Mobilization of earth work equipment to site will begin immediately in preparation for an inaugural up to 3,500 metre drill program. The Lodestar project is located in the Walker Lane mineral belt in western Nevada and is being explored in partnership with Newmont Corporation.

The planned drill program is fully funded through a minimum expenditure commitment by Newmont. The program is expected to consist of up to 3,500 metres, comprising of 10 to 15 holes. Initial drilling will test beneath the prominent silica sinter ridge at the Zodiac target, currently interpreted as the preserved paleosurface of an epithermal system which shows evidence of a dynamic hydrothermal activity which the Company considers significant. 

Caleb Stroup, President and CEO, said, “We are very pleased to have this much-anticipated permit in place, providing permission to commence drilling at Lodestar. The upcoming program is particularly exciting, as it will be the first-ever test of what we consider to be a very high-priority untested high-grade vein target. The project exhibits all the hallmarks of a robust and well-preserved epithermal system, with extensive silica sinter development and strong alteration features exposed at surface, yet the underlying feeder structures remain completely untested by drilling. We believe this presents a rare opportunity to make a new discovery in one of Nevada’s most prospective epithermal gold districts, and we are eager to get drills turning and begin unlocking this potential for our shareholders.”