Headwater Gold Identifies Meridian Zone and Plans Follow-Up Geophysics at Lodestar Project, Nevada

About this update from Headwater Gold, Inc.

Vancouver, British Columbia, May 6, 2026 – TheNewswire - Headwater Gold Inc. (CSE: HWG) (OTCQX: HWAUF) (the “Company” or “Headwater”) is pleased to announce results from the 2025-2026 drill program at its Lodestar project, located in the Aurora Mining District of Nevada. The program was fully funded by Newmont Corporation (“Newmont”) (NYSE: NEM, ASX: NEM, PNGX: NEM) pursuant to the earn-in agreement announced May 9, 2023. The program identified a new alteration zone (the “Meridian Zone”), now the primary focus for follow-up exploration. Highlights: Meridian Zone identified: Reverse circulation (“RC”) drilling intersected an approximately 600 metre by 700 metre zone of pervasive illite-pyrite alteration with anomalous gold, arsenic and mercury geochemistry interpreted to be open in multiple directions and at depth.  Emerging vectors to system core: Alteration intensity and geochemistry are interpreted to increase systematically to the east with multiple holes ending in strongly altered rock at the limits of drilling.  Follow-up geophysics planned: A 12.6 line-kilometre induced polarization (IP) survey is planned to further define the system and prioritize potential drill targets.  Zodiac Fault tested: Core drilling intersected the targeted structure but did not encounter significant precious metal mineralization or alteration at depth, indicating the Zodiac Fault does not represent the primary feeder to the sinter system.  Permitted for immediate follow-up: A drill permit covering the Meridian Zone is in place, allowing for efficient advancement to a potential next phase of drilling.  Caleb Stroup, President and CEO of the Company, states: “The 2025–2026 drill program at Lodestar significantly improved our understanding of the system and identified the Meridian Zone, a large and previously unrecognized area of hydrothermal alteration. Our geologists interpret the Meridian Zone alteration as similar in character to the alteration associated with the nearby Borealis deposits, located approximately 6 kilometres to the northeast along trend and largely covered between the two areas. While drilling on the Zodiac Fault confirmed it does not represent the primary feeder to the sinter system, the RC program defined a clear vector, with alteration intensity, temperature, and geochemistry strengthening to the east. The scale of this alterati...

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