Headwater Gold Inc. announced it has finalized drilling plans for the maiden drill program at the Midas North project, located directly north and adjacent to the historic high-grade Midas gold-silver mine now owned by Hecla Mining Company (Hecla). Headwater's maiden Midas North exploration drill program is fully funded by Newcrest Mining Limited (Newcrest), pursuant to the option and earn-in agreement announced on August 16, 2022. Highlights: Multiple priority drill targets have been identified within the multi-kilometre epithermal alteration footprint at Midas North; Drill plans have been finalized with Newcrest for a two-rig maiden drill program projected to consist of up to an initial 3,000 metres; Drill permits have been received and drilling is currently scheduled to commence in early June 2023; Recent geologic mapping and hyperspectral alteration mapping, combined with previously announced geophysics, have facilitated detailed targeting of potential mineralized feeder structures at depth; Headwater drill program will represent the first-ever modern exploration drilling within the Midas North land position; and, In addition to Midas North, Headwater is finalizing plans for drill programs for the Spring Peak, Katey, and Mahogany projects.

In total, the Company is expecting 5 to 6 drill rigs to be in operation across the Headwater portfolio during the summer drill season. Headwater interprets Midas North to represent a fully preserved epithermal alteration cell with no known historic drilling completed on the project. This upcoming drill program presents Headwater shareholders with a rare opportunity to be the first to explore this portion of the Midas District, which hosts multiple past producing high-grade vein district in northern Nevada.