Headwater Gold updates exploration on partner funded projects, western USA
Headwater Gold Inc. [CSE-HWG; OTCQB-HWAUF] provided an update on activities across the company’s portfolio of projects in the western USA under earn-in agreements with Newmont Corp. [NYSE-NEM; TSX-NGT; ASX-NEM; PNGX-NEM].
Highlights – Spring Peak Drilling: A multi-rig drill program is underway at the Spring Peak Project earn-in with Newmont. Approximately 2,500 metres of up to 7,000 metres of planned drilling has been completed. Five drill holes have been completed, with three additional Reverse Circulation “RC” pre-collars cased and pending completion with diamond core. The program is designed to follow-up on high-grade epithermal vein intercepts as well as stepping out testing new target areas.
Spring Peak and Lodestar Regional Exploration Program: District-scale geophysical surveys have been completed over Headwater’s recently expanded land position including gravity, magnetics and radiometrics.
Reconnaissance rock sampling on Headwater’s newly acquired ground has identified large areas of epithermal vein float. Initial sample results include 6.7 g/t gold and 3.2 g/t gold from banded epithermal vein float. Follow-up sampling and geologic mapping is already underway.
Midas North and Mahogany: The company has received notice that Newmont has declined to continue exploration into Phase I of the earn-in agreements announced on August 16, 2022 after having met the minimum commitment required expenditure on both. The projects revert to Headwater on a 100%-owned and royalty-free basis.
A 2024 field program at Midas North is planned and will be executed by Headwater, including additional geological mapping and the completion of a previously planned soil geochemistry survey. No further work is planned at Mahogany.
Caleb Stroup, President and CEO of Headwater, stated: “We are very pleased with the ongoing work programs at our Spring Peak and Lodestar projects in Nevada. Drilling is proceeding as we had hoped and our regional exploration program on the newly expanded Lodestar and Spring Peak land positions is turning up positive indications of a large, previously unrecognized epithermal system.
“This year’s systematic exploration program is on track to significantly advance our efforts to unlock the full potential of this high-grade district, which has become the primary focus of our partner funded exploration with Newmont. We are also excited to advance exploration at Midas North on a 100% owned basis as we further develop targets for a Phase II drill program testing this high-upside project at depth.”
Headwater Gold is focused on the exploration and discovery of high-grade precious metal deposits in the Western USA. Headwater has a large portfolio of epithermal vein exploration projects and a technical team of experienced geologists with diverse capital markets, junior and major mining company backgrounds.
The company is systematically drill testing several projects in Nevada 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, including Spring Peak and Lodestar which continue under partnership towards a goal of discovering a Tier-One gold deposit in Nevada.
Headwater is part of the NewQuest Capital Group which is a discovery-driven investment enterprise that builds value through the incubation and financing of mineral projects and companies.