Headwater Gold and OceanaGold Commence Drilling at Jake Creek Project, Nevada

About this update from Headwater Gold, Inc.

Vancouver, British Columbia - TheNewswire - June 2, 2026 - Headwater Gold Inc. (CSE: HWG) (OTCQX: HWAUF) (the “Company” or “Headwater”) is pleased to announce the commencement of drilling at its Jake Creek Project (“Jake Creek” or the “Project”) in Nevada. The program is expected to total approximately 3,500 metres of drilling, fully funded by OceanaGold Corporation (“OceanaGold”) (TSX: OGC, NYSE: OGC) pursuant to the earn-in agreement announced October 15, 2025. Highlights: Drilling Underway at Jake Creek: Approximately 3,500 metres of drilling planned in 8 to 10 holes, utilizing two drill rigs and a combination of reverse circulation (“RC”) and core drilling to test multiple high-priority epithermal targets;  Fully Funded by OceanaGold: The program is fully funded pursuant to the OceanaGold earn-in agreement announced on October 15, 2025, which includes US$10 million in expenditures for OceanaGold to earn a 51% interest in Jake Creek;  Core Drilling the Discovery Corridor: Initial core drilling will test the area of blind gold mineralization identified by historical drilling, including 11.30 g/t Au over 1.53 m within 45.73 m grading 0.98 g/t Au in hole JC-005, where mineralization has not been adequately followed up and has never been tested with core; and  New District-Scale Targets: The majority of the program will test newly defined and previously undrilled targets across the property, including Pete’s Vein, Frostline, Owyhee, and Snowstorm, generated from integrated mapping, surface geochemistry, SWIR analysis, and CSAMT geophysics.  Caleb Stroup, President and CEO of the Company, states: “We are very pleased to have drilling underway at Jake Creek with our partner OceanaGold. This program marks the first systematic drill campaign on the Project focused specifically on epithermal gold mineralization and is designed to test both the known Discovery Corridor and several newly defined targets across the property. Historic drilling demonstrated the presence of blind gold mineralization at the Tertiary unconformity, including high-grade gold in hole JC-005, but that mineralization was never adequately followed up and has never been tested with core drilling. Over the past year, our team has integrated historical drilling, new geologic mapping, surface geochemistry, SWIR mineralogy, and CSAMT geophysics to build a much stronger ta...

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