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Headwater Gold Provides Exploration Update on its Partner Funded Portfolio of Projects
Vancouver, British Columbia - TheNewswire - August 16, 2024: Headwater Gold Inc. (CSE: HWG) (OTCQB: HWAUF) (the "Company" or "Headwater") is pleased to provide
About this update from Headwater Gold, Inc.
[{"type":"text","content":"Vancouver, British Columbia - TheNewswire - August 16, 2024: Headwater Gold Inc. (CSE: HWG) (OTCQB: HWAUF) (the \"Company\" or \"Headwater\") is pleased to provide an update on activities across the Company’s portfolio of projects under earn-in agreements (the “Earn-In Agreements” or “Agreements”) with Newmont Corporation (“Newmont”) (NYSE: NEM, TSX: NGT, ASX: NEM, PNGX: NEM) announced on August 16, 2022 and May 9, 2023. Highlights: Spring Peak Drilling: A multi-rigdrill program is underway at the Spring Peak Project earn-in with Newmont. Approximately 2,500 metres of up to 7,000 metres of planned drilling has been completed. Five drill holes have been completed, with three additional Reverse Circulation “RC” pre-collars cased and pending completion with diamond core. The program is designed to follow-up on high-grade epithermal vein intercepts as well as stepping out testing new target areas. Spring Peak and Lodestar Regional Exploration Program: District-scale geophysical surveys have been completed over Headwater’s recently expanded land position including gravity, magnetics and radiometrics. Reconnaissance rock sampling on Headwater’s newly acquired ground has identified large areas of epithermal vein float. Initial sample results include 6.7 g/t Au and 3.2 g/t Au from banded epithermal vein float. Follow-up sampling and geologic mapping is already underway. Midas North and Mahogany: The Company has received notice that Newmont has declined to continue exploration into Phase I of the earn-in agreements announced on August 16, 2022 after having met the minimum commitment required expenditure on both. The projects revert to Headwater on a 100% owned and royalty-free basis. A 2024 field program at Midas North is planned and will be executed by Headwater, including additional geological mapping and the completion of a previously planned soil geochemistry survey. No further work is planned at Mahogany. Caleb Stroup, President and CEO of the Company, states: “We are very pleased with the ongoing work programs at our Spring Peak and Lodestar projects in Nevada. Drilling is proceeding as we had hoped and our regional exploration program on the newly expanded Lodestar and Spring Peak land positions is turning up positive indications of a...