(via TheNewswire)
Highlights:
Spring Peak is located in the
Walker Lane belt ofNevada , immediately south of Hecla Mining Company’s(NYSE: HL) past producingAurora Mine Recent drilling has extended mineralization at the
Disco Zone target, intercepting high-grade epithermal veins in an approximately 70 metre step-out from previous drilling.Drill hole SP23-17 intercepted 13.0 grams per tonne gold (“g/t Au”) over 1.21 metres (“m”) and 9.0 g/t Au over 3.11 m within a broader interval of 20.46 m grading 2.59 g/t Au in the
Disco Zone target;Drill hole SP23-17 also intercepted 27.44 m grading 0.95 g/t Au above the
Disco Zone in a newly recognized zone which may represent a parallel mineralized structure;Mineralization remains open at depth and along strike and ongoing drilling continues to intersect epithermal veins in the target zone;
Assays from the initial four holes of the program are presented here, with the remainder of the assays pending; and,
A multi-rig drill program is still underway at Spring Peak with 22 holes completed to date and assays pending for 18 holes.
2023 Drill Program:
The primary objective of the 2023 drill program is to further define and expand the
Earlier Headwater’s drilling atthe
The 2023 drill program is targeting the same elevation horizon as the previous drilling between 150 m and 400 m below an extensive zone of silica sinter exposed at surface. Drill hole SP23-17 was the first core hole of the 2023 program and successfully extended the mineralization encountered in SP22-13. SP23-17 intercepted 13.0 g/t Au over 1.21 m and 9.0 g/t Au over 3.11 m within a broader interval of 20.46 m grading 2.59 g/t Au (Table 1, Figure 2).
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Figure 1: Plan geological map of the central Spring Peak drill area with location sections A-A’ (Figure 2) and section B-B’ (Figure 3).
Mineralization in drill hole SP23-17 consists of banded quartz-calcite veins with quartz-after-bladed calcite, vein sediments, and silica cemented breccias. The highest-grade mineralization intercepted in SP23-17 occurs within discrete quartz dominant zones at the margins of the broader mineralized interval. This drill intercept occurs approximately 325 metres below surface and remains open at depth and along strike. Several additional step out holes along strike and down dip of this intercept are either currently in progress or completed with assays pending.
Drillhole SP23-17 also intercepted a new zone of mineralization approximately 130 metres above the
Table 1: Drill Results from Headwater’s 2023 Spring Peak drilling program1
Hole ID | Type | From (m) | To (m) | Interval (m) | Au (g/t) | Ag (g/t) | Az | Inc | TD (m) | Comments |
SP23-16 | RC | - | - | - | - | - | 0 | -90 | 135.64 | Water well, no significant intercepts |
SP23-17 | RC | 108.20 | 135.64 | 27.44 | 0.95 | 9.87 | 014 | -73 | 376.52 | New zone within |
and | DD | 267.13 | 270.05 | 2.92 | 3.92 | 3.93 | ||||
including | DD | 267.74 | 268.53 | 0.79 | 9.10 | 6.38 | ||||
and | DD | 310.59 | 331.01 | 20.42 | 2.59 | 15.16 | ||||
including | DD | 312.12 | 313.33 | 1.21 | 13.0 | 105.4 | ||||
including | DD | 327.90 | 331.01 | 3.11 | 9.0 | 43.2 | ||||
SP23-18 | RC | 118.87 | 135.64 | 16.77 | 0.46 | 5.30 | 005 | -69 | 335.98 | New zone within |
and | DD | 279.96 | 292.30 | 12.34 | 0.88 | 5.16 | ||||
SP23-19 | DD | 151.39 | 160.45 | 9.06 | 0.53 | 3.92 | 299 | -63 | 383.13 | New zone within |
and | DD | 272.16 | 284.53 | 12.37 | 1.25 | 6.18 |
1Reported grades were calculated using a 0.2 g/t cut-off grade for primary intervals and a 2 g/t cut-off grade for included intervals. Intervals correspond to downhole thickness. Unless otherwise stated in the “Comments” field, insufficient information is available to determine true thickness of mineralized intervals.
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Figure 2:
Results have also been received for two additional holes from the
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Figure 3. Interpretive geological cross section B – B’ showing results from the 2023
About the
The Spring Peak project is located in the
Headwater holds an option to acquire a 100% undivided interest in the Spring Peak project from Orogen Royalties (TSXV: OGN), subject to retained royalties and subject to Newcrest Mining Limited’s option to acquire up to 75% of the project following certain expenditures and preparation of a Pre-Feasibility Study within a designated timeframe.
About
For more information, please visit the Company's website atwww.headwatergold.com.
On Behalf of the Board of Directors
President and CEO
+1 (775) 409-3197
cstroup@headwatergold.com
For further information, please contact:
Investor Relations Manager
+1 (778) 867-5016
bzerb@headwatergold.com
Qualified Person:
The technical information contained in this news release has been reviewed and approved by
Forward-Looking Statements:
This news release includes certain forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding future capital expenditures, exploration activities and the specifications, targets, results, analyses, interpretations, benefits, costs and timing of them, Newcrest’s anticipated funding of the earn-in projects and the timing thereof, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward looking information can be identified by words such as “pro forma”, “plans”, “expects”, “may”, “should”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “potential” or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, risks related to the anticipated business plans and timing of future activities of the Company, including the Company’s exploration plans and the proposed expenditures for exploration work thereon, the ability of the Company to obtain sufficientfinancing to fund its business activities and plans, the risk that
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements, except as otherwise required by law.
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