(via TheNewswire)
Highlights:
Approximately 2,000 m of drilling is currently planned, utilizing two rigs and a combination of reverse circulation and core drilling;
Mahogany is located along the
Oregon -Idaho border, approximately 15 km southeast of Headwater’s Katey project and approximately20 km northwest of Integra Resources’ (TSX-V: ITR, NYSE: ITRG) DeLamar mine complexThe drill program is fully funded by
Newcrest through the option and earn-in transaction announcedAugust 16, 2022 ; andThe goals of the drill program are to:
Target the source of high-grade vein material within the mineralized Main Ridge Fault, which returned up to 170.0 g/t Au from surface sampling;
Test high-grade epithermal vein targets at depth along the Main Ridge Fault below Headwater’s 2021 drilling whichintercepted 1.47g/t Auover 12.25 m including 9.37 g/t Au over 0.73 m; and
Drilling will test two hydrothermal vent breccias which outcrop and include clasts of sinter and quartz vein fragments, and have no known drilling at depths greater than 50 m.
Click Image To View Full Size
Figure 1: Angular block of silica sinter entrained in a silicified phreatic breccia at the Vent Breccia target .
2023 Drill Program:
The 2023 drill program is expected to consist of up to 2,000 m to test two target areas.
Main Ridge Fault Target: Drilling will target the source of high-grade vein material within the Main Ridge Fault, which has yielded up to 170.0 g/t Au from surface sampling and 1.47g/t Auover 12.25 m in drilling, including 9.37 g/t Au over 0.73 m. The current drill program willtest depths of approximately 200 m to 250 m along the Main Ridge Fault and at orientations identified during the Company’s initial oriented core program. Drill targeting also leverages results from a controlled-source audio-frequency magnetotelluric (“CSAMT”) resistivity survey totaling 11.3 line-kilometres completed by Headwater in 2022.
Vent Breccia Target: Drilling will target vein-style mineralization in feeder structures inferred from geology and new CSAMT resistivity data beneath intensely silicified hydrothermal breccias containing silica sinter and quartz vein fragments. Results from the Company’s CSAMT survey support the existence of a major northeasterly structure and associated clay alteration envelope surrounding the outcrop exposures of hydrothermal breccia. Shallow historic drilling and trenching was completed on Breccia Hill by Manville Exploration in the 1980’s, but no known drilling exceeded depths of 50 m.Headwater plans to test for high-grade epithermal veins in an inferred boiling horizon approximately 150 m to 225 m beneath the vent breccias.
Click Image To View Full Size
Figure 2: Alteration map of the Mahogany project area showing existing and planned drill holes and epithermal alteration features.
About the
The Mahogany project is located in southeastern
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 option and 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 anticipatedbusiness 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
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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