Business
Headwater Gold Announces New Blind Epithermal Gold Discovery at Spring Peak, Nevada and Triples Size of Land Position
VANCOUVER, British Columbia, Nov. 22, 2021 (GLOBE NEWSWIRE) -- Headwater Gold Inc. (CSE: HWG) (OTCQB: HWAUF) (the "Company" or "Headwater”) is pleased to report
About this update from Headwater Gold, Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, Nov. 22, 2021 (GLOBE NEWSWIRE) -- Headwater Gold Inc. (CSE: HWG) (OTCQB: HWAUF) (the \"Company\" or \"Headwater”) is pleased to report results from five reverse circulation (“RC”) drill holes completed on its first-pass drill program at its Spring Peak Project, located in Nevada, USA, immediately adjacent to the past producing high-grade Aurora gold mine owned by Hecla Mining Company (“Hecla”). Highlights New blind gold discovery made with drill hole SP21-03 which intersected 38.1 metres (“m”) grading 1.00 grams per tonne (“g/t”) gold including 9.2 m grading 2.49 g/t gold; Four of five holes encountered significant intervals of gold mineralization beginning approximately 100 metres depth below surface; Drill results validate Headwater’s exploration model, confirming the presence of a laterally continuous gold-bearing epithermal boiling zone below a cap of silica sinter and barren alteration occurring on surface; Vein textures and multi-element geochemistry suggest the mineralization encountered occurs in the top of the targeted boiling horizon, with clear follow-up targets presented immediately down dip; The Company has expanded the Spring Peak land position through claim staking, and approximately tripled the size of the claim block since optioning the Project from Orogen Royalties Inc.; and Follow-up drilling is currently being planned by the Company. Table 1: Drill results from the Spring Peak Project, Nevada1 Hole ID From(m) To(m) Interval(m) Gold Grade(g/t) Az(deg) Inc(deg) TD(m) Comments SP21-02 161.5 164.6 3.1 1.36 180 -55 269.7 Hole ended in 16.8m of 0.28 g/t Au including 163.1 164.6 1.5 2.82 and 176.8 181.4 4.6 0.76 and 240.8 245.4 4.6 0.41 and 253.0 269.7 TD 16.8 0.28 SP21-03 182.9 221.0 38.1 1.00 330 -65 227.1 Maximum value of 4.31 g/t AuHole ended in 4.6m of 0.10 g/t Au including 193.5 202.7 9.2 2.49 SP21-04 230.1 237.7 7.6 0.43 180 -45 274.3 Hole ended in 1.5m of 0.34 g/t Au and 251.5 268.2 16.7 0.44 SP21-05 271.3 275.8 4.5 0.38 330 -45 333.8 and 300.2 310.9 10.7 0.43 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, with insufficient information available to calculate true thickness. Caleb Stroup, Headwater’s President and CEO, sta...