Business
Headwater Gold Commences Exploration Programs on Four Earn-In Projects in Partnership with Newcrest Mining
Vancouver, British Columbia – TheNewswire -- September 8, 2022 - Headwater Gold Inc. (CSE:HWG) (OTCQB:HWAUF) (the "Company" or "Headwater") is pleased to announ
About this update from Headwater Gold, Inc.
[{"type":"text","content":"Vancouver, British Columbia – TheNewswire -- September 8, 2022 - Headwater Gold Inc. (CSE:HWG) (OTCQB:HWAUF) (the \"Company\" or \"Headwater\") is pleased to announce it has initiated the first phase of exploration activities on four projects partnered with Newcrest Mining Limited (“Newcrest”). Pursuant to the earn-in agreements (the “Agreements”) announced on August 16, 2022, Newcrest has the option to earn up to a 75% interest in the four Headwater projects by expending an aggregate of US$145,000,000 and completing Pre-Feasibility Studies on or before the sixth anniversary of the Agreements (Figure 1). Exploration Program Highlights: Approximately 2,000 metres (“m”) of core drilling and 2,000 m of RC drilling is initially planned on the Spring Peak project in Nevada to offset mineralization encountered in Headwater’s 2021 discovery drill hole SP21-03, which intersected 38.1 m of 1.0 grams per tonne gold (“g/t Au”); A comprehensive geophysical and sampling field program has been initiated on the Midas North project in Nevada with a goal of rapidly developing high-priority drill targets in this historic high-grade mining district; A maiden RC drill program on the Agate Point project in Nevada consisting of approximately 2,000 m of drilling is planned to test for high-grade mineralization at depth; and, A core drilling and electrical geophysical survey will be completed on the Mahogany project in Oregon. Approximately 2,000 m of drilling is planned to follow up on Headwater’s successful 2021 core drill program. Caleb Stroup, Headwater’s President and CEO, states: “We are very pleased to get off to such an aggressive start on the Newcrest earn-in projects. High-quality geoscience and fast-paced exploration have been the core of Headwater’s exploration strategy since the Company’s inception. Our partnership with Newcrest allows us to take this approach to the next level. As the operator of the exploration programs, we are confident in our ability to advance these projects rapidly and efficiently.” Figure 1: Headwater project portfolio including the location of Newcrest earn-in projects. Exploration Programs Spring Peak Project The Spring Peak exploration program will include follow-up core and RC drilling to offset Headwater’s 2021 blind discovery of 38.1 m of 1.0 g/t Au (s...