Headwater Gold Inc. announce the acquisition of the TJ epithermal gold-silver project (the "Property") located in Elko County, Nevada. The TJ project consists of 103 claims totaling 775 hectares. The Project is located on BLM land in an underexplored area of northeastern Elko County, Nevada.

Indications of a fully preserved epithermal system at TJ include a thick and laterally extensive accumulation of silica sinter, and other alteration features. Alteration is localized along a series of steeply inclined faults within a graben partially filled by silicified, Miocene-age sedimentary rocks. The graben is bounded and underlain by granitic basement rocks which also host gold mineralization.

Historic exploration at the Property consisted of limited geologic mapping, surface rock chip and soil sampling, various geophysical surveys, and several shallow Reverse Circulation ("RC") holes. Significant gold and silver anomalies in historic soil samples include up to 679 ppb Au reported for a sample collected near the sinter exposure and 309 ppb Au in an area of anomalous soil geochemistry to the south. This area of anomalous soil geochemistry aligns with mapped north-trending faults along the main structural corridor and coincides with widespread silicification and clay alteration.

Shallow RC drilling on the Property by Kennecott and Challenger Gold between 1988 and 1992 tested for a shallow, near-surface bulk-tonnage type deposit. Historical drilling records are incomplete but indicate the majority of holes were vertical and drilled to depths of less than 150 metres. The deepest hole reported from the main sinter area ended approximately 150 metres vertically below the sinter and intercepted 38.1 metres of 0.1 g/t Au1.

These historic results are only an indication of the potential for mineralization at depth, as they have not been verified by the Company. 2023 Work Plan: Headwater plans to employ an exploration strategy at TJ consistent with other early-stage projects in the Company's portfolio. Headwater geologists believe the relatively simple structural setting of the Property presents several potential targets for feeder structures which will be further refined using a combination of geologic mapping, surface geochemistry, and geophysics.

The Company plans to complete a controlled-source audio-frequency magnetotelluric ("CSAMT") resistivity survey totaling 8 line-kilometres on 200 metre spaced profiles to estimate the depth to basement rock and identify high-resistivity targets at depth, which may correlate to structurally controlled zones of intense silicification and veining. In addition to the CSAMT survey, detailed geologic mapping and rock chip sampling will be completed to help vector within the alteration cell and potentially further expand the footprint of the system.