(via TheNewswire)
Highlights:
Spring Peak– Twenty-five drill holes were completed in the 2023 drill campaign totaling 8,475 metres (“m”);
Initial drill results extend
Disco Zone mineralization to the northeast and southwest over a strike extent of at least 350 m, and to a depth of greater than 300 m below surface. Mineralization remains open in both directions and at depth;Drill hole SP23-28 intercepted 25.54 m grading 1.75 g/t Au including 8.04 g/t Au over 1.19 m and 5.35 g/t Au over 2.59 m;
Drill hole SP23-33 intercepted 37.01 m grading 1.28 g/t Au including 6.53 g/t Au over 1.68 m and 6.27 g/t Au over 1.19 m;
A step out drill hole (SP23-37) has been completed approximately 400 m northeast along strike of the main
Disco Zone . This hole encountered multiple epithermal veins in the target zone. Assays are pending for this hole as well as 11 additional holes from the 2023 program.
Midas North– Nine drill holes were completed totaling 4,202 m at Midas North, testing six target areas. Epithermal veining and alteration were encountered in multiple target areas across the property. Assays are pending;
Mahogany– Five drill holes were completed totaling 1,524 m at Mahogany, testing two target areas. No significant precious metal intercepts were encountered. The Company continues to review the data in consultation with earn-in partner Newmont to determine if additional targets of merit remain on the property; and,
Katey– Eleven drill holes were completed totaling 2,803 m at Katey, testing four target areas. No significant precious metals intercepts were encountered. No further work on the project is planned by the Company at this time.
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Figure 1. Headwater project portfolio including the locations of 2023 drill projects.
Drilling at Katey and Mahogany has failed to demonstrate persistent mineralization at depth in the targets tested and activities have been paused on these projects. Although this outcome is not what we had anticipated, the Company’s disciplined strategy to quickly and aggressively advance exploration targets to critical decision points remains unchanged. We remain committed to our strategy of utilizing partner funding, in combination with self-funded exploration, to advance our portfolio of projects and explore for high-impact gold discoveries.”
Table 1: New Drill Results from Headwater’s 2023 Spring Peak Drill Program1
Hole ID | Type | From (m) | To (m) | Interval (m) | Au (g/t) | Ag (g/t) | Az | Inc | TD (m) | Comments |
SP23-20 | RC | 153.92 | 156.97 | 3.05 | 0.89 | 2.76 | 311 | -73 | 166.1 | New zone in Disco hanging wall |
and | DD | 172.76 | 178.92 | 6.16 | 0.71 | 2.58 | ||||
and | DD | 234.73 | 258.59 | 23.86 | 0.46 | 5.48 | ||||
SP23-21 | RC | 96.01 | 102.11 | 6.10 | 0.80 | 6.35 | 293 | -78 | 194.2 | New zone in |
and | DD | 248.41 | 250.85 | 2.44 | 3.80 | 4.46 | New zone in | |||
including | DD | 248.41 | 249.94 | 1.53 | 5.80 | 6.26 | ||||
and | DD | 302.97 | 309.43 | 6.46 | 0.79 | 4.63 | ||||
and | DD | 315.16 | 325.22 | 10.06 | 0.54 | 5.72 | ||||
SP23-22 | RC | 100.58 | 105.16 | 4.58 | 0.38 | 2.61 | 316 | -46 | 304.8 | True thickness estimated at 90% |
SP23-23 | RC | 170.69 | 179.86 | 9.17 | 0.54 | 7.12 | 299 | -47 | 304.8 | New area of mineralization encountered in footwall of |
and | RC | 259.08 | 294.13 | 35.05 | 0.40 | 3.02 | ||||
SP23-24 | DD | 157.43 | 157.86 | 0.43 | 5.25 | 38.01 | 344 | -45 | 487.7 | New zone in |
and | DD | 184.71 | 192.18 | 7.47 | 1.67 | 9.44 | ||||
including | DD | 185.29 | 186.54 | 1.25 | 6.12 | 16.03 | ||||
SP23-25 | DD | 310.90 | 313.18 | 2.28 | 1.43 | 6.00 | 284 | -79 | 407.1 | |
SP23-27 | DD | 200.56 | 204.43 | 3.87 | 0.90 | 3.57 | 313 | -68 | 279.2 | |
and | DD | 210.01 | 218.39 | 8.38 | 1.77 | 2.06 | ||||
including | DD | 216.71 | 218.39 | 1.68 | 7.40 | 5.24 | ||||
SP23-28 | DD | 114.27 | 116.49 | 2.22 | 2.14 | 7.19 | 359 | -76 | 359.1 | New zone in |
including | DD | 114.27 | 114.60 | 0.33 | 11.20 | 25.22 | ||||
and | DD | 301.48 | 327.02 | 25.54 | 1.75 | 10.78 | ||||
including | DD | 302.06 | 304.65 | 2.59 | 5.35 | 35.81 | ||||
including | DD | 317.48 | 318.67 | 1.19 | 8.04 | 66.96 | ||||
SP23-33 | DD | 179.31 | 216.32 | 37.01 | 1.28 | 12.63 | 306 | -58 | 251.2 | True thickness is estimated at 75%. Highest individual sample 18.0 g/t Au over 0.37mfrom 206.04 to 206.41m |
including | DD | 196.99 | 198.18 | 1.19 | 6.27 | 63.92 | ||||
including | DD | 206.04 | 207.72 | 1.68 | 6.53 | 112.56 |
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. DD signifies diamond drilling and RC reverse circulation.
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Figure 2: Plan geological map of the central Spring Peak drill area with location of sections A-A’ (Figure 3) and section B-B’ (Figure 4). Higher resolution figure availablehere.
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Figure 3:
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Figure 4. Interpretive geological cross section B – B’ showing results from 2023
2023 Spring Peak Drill Program:
A multi-rig drill program totaling up to 8,475 m was completed in 2023. The primary objective of the 2023 drill program at Spring Peak was to further define and expand the
Previous Headwater drilling atthe
Drill holes SP23-24 and SP23-27 have extended the strike extent of the mineralized zone to greater than 350 m, and the zone remains open both to the northeast and southwest. Drill holes SP23-25 and SP23-28 also demonstrate that mineralization extends to greater than 300 m below surface and remains open at depth. Drill hole SP23-33, which intercepted the
Scout RC drill hole SP23-23 was drilled below an outcropping zone of intense silicification approximately 350 m northwest of the surface projection of the
Step out drill hole SP23-37 was completed approximately 400 m northeast along strike of the main
Figure 5. Photograph of epithermal silica-cemented hydrothermal breccia from 379.9 m in drill hole SP23-37. Core is HQ size (6.1 cm diameter). Assays pending.
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Figure 6. Core photographs of step-out hole SP23-37 from 443.0 m to 451.7 m showing epithermal veining hosted in the Bear Fault zone. True width is estimated at 90% of drilled thickness. Assays pending.
About the
The Spring Peak project is located in the
For more information on the 2023 Spring Peak drill program, please see Headwater news releases dated
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 timeframe.
Headwater’s Midas North project adjoins Hecla’s past-producing
A multi-rig, mixed reverse circulation and diamond core maiden drill program totaling 4,202 m was completed by the Company in 2023. This program consisted of nine drill holes with depths ranging from 350 m to 600 m. The nine holes tested six targets and epithermal veining and favourable alteration was encountered in multiple target areas across the property. Assays are pending. This program represents the first known exploration drilling campaign within the Midas North project area. See Headwater news release dated
Headwater holds a 100% undivided interest in the Midas North project, 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 timeframe.
The Mahogany project is located 20 km northwest of Integra Resources’ (NYSE: ITRG) DeLamar deposit. Surface alteration at Mahogany is typical of a high-level epithermal system. Headwater’s initial drill program in 2021 confirmed the presence of structurally-controlled high-grade gold zones, including a drill intercept that returned 9.37 g/t Au over a drilled thickness of 0.73 m in hole MH21-02.
Five holes totaling 1,573 m were completed in 2023 targeting the down dip extension of mineralization encountered in 2021 drilling, as well as testing the Vent Breccia target which has seen no known exploration drilling below approximately 50 m depth. The target structures were intercepted in both target areas but assays returned no significant precious metals. The Company continues to review the data in consultation with earn-in partner Newmont to determine if additional targets of merit remain on the property.
Headwater holds a 100% undivided interest in the Mahogany project, 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 timeframe.
The Katey project is located50 km northwest of Integra Resources’ (NYSE: ITRG) DeLamar deposit and 30 km southeast of Paramount Gold Nevada’s (NYSE: PZG)
Eleven holes totaling 2,803 m were completed in 2023 targeting extensions of the high-grade mineralization encountered in KT21-01 as well as testing multiple additional targets along strike. Drilling did not intercept significant precious metals along strike or at depth, including below drill hole KT21-01. No further work on the project is planned by the Company at this time.
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
Sampling Quality Control:
Spring Peak and Mahogany
Drill core was transported from the Project to the Company’s logging facility in
Katey
All drill core was transported to the Company’s logging facility in
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 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 sufficient financing to fund its business activities and plans, the risk that Newmont Corporation 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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Copyright (c) 2023 TheNewswire - All rights reserved., source