Headwater Gold drills 1.93 g/t gold over 39.81 metres at Spring Peak, Nevada

Headwater Gold Inc. [CSE-HWG; OTC-HWAUF] released final assay results from its 2023 Spring Peak drilling program. Drilling at Spring Peak was fully financed by a subsidiary of Newmont Corp. [NYSE-NEM; TSX-NGT] under the earn-in agreements announced on August 16, 2022.

Highlights: Drilling at the Disco zone has identified high-grade gold mineralization along the 400-metre drilled strike extent of the zone with multiple intercepts in excess of 10 g/t gold. Mineralization remains open to the northeast, southwest, at depth and up-dip toward surface.

Drill hole SP23-32 intercepted 39.81 metres grading 1.93 g/t gold, including 4.60 g/t gold over 11.43 metres and drill hole SP23-31 intercepted 40.08 metres grading 1.51 g/t gold including 4.55 g/t gold over 9.76 metres.

Step-out drill hole SP23-37 completed on the Pioneer target area approximately 400 metres to the northeast along strike of the main Disco zone intersected four assay intervals grading over one g/t gold within a 59-metre-wide structural zone that hosts widespread low-grade gold and elevated pathfinder element mineralization.

New surface sampling from the Pioneer target area has returned gold values up to 3.61 g/t gold in epithermal vein grab samples, prioritizing this area for future follow up.

All drill holes from the 2023 program are now reported. Discussions with earn-in partner Newmont are ongoing to finalize the 2024 work program for Spring Peak.

Caleb Stroup, president and CEO, stated: “We are very excited to announce the final assays from our 2023 exploration program at Spring Peak. This project continues to deliver positive results and further validates our exploration model. With these latest assays we have demonstrated that the drilled strike extent of the Disco zone is mineralized with various epithermal veins assaying in excess of 10 g/t gold over greater than 400 metres of strike and remaining open in both directions. Mineralization also extends to greater than 350 metres vertical depth with no geochemical or textural indications that we are approaching the bottom of the epithermal boiling zone implying further exploration potential at depth.

“Drill hole SP23-32 intercepted 4.60 g/t gold over 11.43 metres within a broader zone of 1.93 g/t gold over 39.81 metres which is one of the better intersections in the Disco zone to date, demonstrating additional up-dip potential from approximately 180 metres vertical depth potentially all the way to surface.

“The company is also very pleased to have successfully achieved our objective of further defining and expanding the footprint of mineralization at the Disco zone while also advancing exploration in new targets, demonstrating the potential for future discoveries within the broader project area.”

Headwater completed a multi-rig drill program totaling 8,475 metres at Spring Peak in 2023. The primary objective of the drill program was to further define and expand the Disco zone both along strike and down dip. The Disco zone was discovered by Headwater in 2022 by drilling beneath a thick accumulation of unmineralized silica sinter at surface and hosts a series of mineralized epithermal veins at depth within a property-scale fault zone referred to as the Bear Fault.

Previous Headwater drilling at the Disco zone intercepted multiple, discrete epithermal veins with textures indicative of boiling including ginguro banding, silica replacement of lattice-bladed calcite and vein sediments. The highest-grade gold encountered to date at the Spring Peak project is in drill hole SP22-13 which intersected two separate veins assaying 15.92 g/t Au over 2.38 m and 10.43 g/t Au over 2.01 m. The highest individual assay from SP22-13 returned 69.6 g/t Au over 0.34 m within a broader zone of 2.73 g/t Au over 34.72 m . The 2023 drill program targeted the same elevation horizon as the previous drilling along the trend of the Bear Fault, between 150 and 400 m below a zone of silica sinter exposed at surface.

Headwater Gold is a technically-driven mineral exploration company focused on the exploration and discovery of high-grade precious metal deposits in the Western USA.

The company is systematically drill testing several projects in Nevada and Idaho and in August 2022 and May 2023 announced significant transactions with Newmont where it acquired a 9.9% strategic equity interest in the company and entered into earn-in agreements on several of Headwater’s projects. Headwater is part of the NewQuest Capital Group.