(via TheNewswire)
Highlights:
Headwater and Newmont have agreed upon proposed 2024 exploration activities at the Spring Peak and Lodestar projects targeting high-grade gold mineralization in epithermal veins;
Exploration activities are currently expected to include up to 7,000 metres of drilling at Spring Peak and up to 3,500 metres of drilling at Lodestar;
Further exploration activities including geophysics, additional geological mapping and environmental baseline surveys are currently planned across both project areas;
Drilling is estimated to commence at Spring Peak in early summer 2024 and at Lodestar in the fall of 2024;
As the current operator, Headwater will earn a 10% management fee on earn-in exploration expenditures; and
Discussions are underway regarding potential work plans across the remainder of the Newmont earn-in project portfolio.
About the
The Spring Peak project is located in the
A multi-rig drill program totaling up to approximately 7,000 metres over 20 to 25 holes is scheduled to begin in early summer 2024. The primary objective of the drill program will be to test for extensions of mineralization along the Bear Fault corridor which hosts high-grade mineralization at the
A further objective of the 2024 drill program will be to test multiple new targets across the property package with initial scout drilling, including targets on newly acquired private lands which have no prior drilling. Drilling is authorized for 2024 under an existing drill permit and an expanded Plan of Operations permit has been submitted to the
Table 1: Select Previously Released Results from Headwater’s Spring Peak Drilling1
Hole ID | Type | From (m) | To (m) | Interval (m) | Au (g/t) | Ag (g/t) | Az | Inc | TD (m) | Comments |
SP22-11 | RC | 105.16 | 117.35 | 12.19 | 1.15 | 3.79 | 330 | -62 | 237.74 | |
including | RC | 111.25 | 112.78 | 1.53 | 6.58 | 18.44 | ||||
and | DD | 185.38 | 226.01 | 40.63 | 1.86 | 18.63 | ||||
including | DD | 197.39 | 198.18 | 0.79 | 7.37 | 55.81 | ||||
including | DD | 208.33 | 208.91 | 0.58 | 43.70 | 351.00 | ||||
SP22-13 | DD | 256.12 | 290.84 | 34.72 | 2.73 | 18.38 | 330 | -72 | 315.47 | |
including | DD | 262.46 | 264.47 | 2.01 | 10.43 | 55.35 | ||||
including | DD | 275.26 | 277.64 | 2.38 | 15.92 | 90.83 | ||||
SP23-17 | RC | 108.20 | 135.64 | 27.44 | 0.95 | 9.87 | 014 | -73 | 376.52 | |
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 | ||||
SP23-31 | DD | 208.79 | 248.87 | 40.08 | 1.51 | 14.87 | 359 | -63 | 253.0 | |
including | DD | 226.16 | 235.92 | 9.76 | 4.55 | 40.36 | ||||
SP23-32 | DD | 182.27 | 222.08 | 39.81 | 1.93 | 19.65 | 354 | -56 | 243.2 | |
including | DD | 206.04 | 217.47 | 11.43 | 4.60 | 37.94 |
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 drilled thickness. Unless otherwise stated in the “Comments” section, insufficient information is available to determine true thickness of mineralized intervals.
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 Newmont’s option to acquire up to 75% of the project following certain expenditures and preparation of a Pre-Feasibility Study within a designated time frame.
For more information on the Spring Peak project refer to thenews releasedated
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Figure 1: Map of Spring Peak and Lodestar land positions showing location of main target areas tested during the 2023 drill program.
About the
The Lodestar project is located approximately 10 kilometres north of the Company’s Spring Peak project in the
A multi-rig drill program totaling up to approximately 3,500 metres over 10 to15 holes is currently scheduled to begin in the fall of 2024. The primary objective of the drill program will be to test for high-grade precious metals in steeply dipping feeder structures under the Zodiac sinter target. The Zodiac target consists of a prominent silicified and brecciated ridgeline capped by a silica sinter similar in character to the sinter exposed above the
Headwater holds an option to acquire a 100% undivided interest in the Lodestar project from a private vendor, subject to retained royalties and Newmont’s option to acquire up to 75% of the project following certain expenditures and preparation of a Pre-Feasibility Study within a designated time frame.
For more information on the Lodestar project refer to thenews releasedated
About
Headwater is part of the
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, Newmont’s anticipated funding of the earn-in projects and the timing thereof, and the anticipated business plans and timing offuture 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 sufficient financing to fund its business activities and plans, the risk that Newmont will not elect to obtain any additional interest in the earn-in projects in excess of the minimum commitment, the ability of the Company to obtain the required permits, changes in laws, regulations and policies affecting mining operations, the Company’s limited operating history, currency fluctuations, title disputes or claims, environmental issues and liabilities, as well as those factors discussed under the heading “Risk Factors” in the Company’s prospectus dated
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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