Headwater Gold Mobilizes District-Scale Geophysical Surveys to Define Extension of TJ Epithermal System, Nevada

About this update from Headwater Gold, Inc.

Vancouver, British Columbia – TheNewswire - June 1, 2026 - Headwater Gold Inc. (CSE: HWG) (OTCQX: HWAUF) (the “Company” or “Headwater”) is pleased to announce that CSAMT resistivity and ground gravity geophysical surveys are underway at its TJ Project in Elko County, Nevada. The surveys are fully funded by OceanaGold Corporation (“OceanaGold”) (TSX: OGC, NYSE: OGC) pursuant to the earn-in agreement announced October 15, 2025. The program is designed to define the northern extension of the large alteration system identified beneath the TJ sinter during the Company’s 2025 core drilling program and to refine the district-scale architecture of the TJ Graben, interpreted by Headwater geologists as the primary structural control on known mineralization at the Project. Highlights: District-Scale Geophysical Program Underway: Approximately 16 line-kilometres of CSAMT and 600 gravity stations are being completed across the northern projection of the TJ system and recently expanded land position;  Expanding CSAMT Coverage Over the TJ Graben: The program will approximately triple existing CSAMT coverage and add the first property-scale gravity survey at TJ to help define basin geometry, fault architecture and the broader structural framework controlling alteration and mineralization;  Targeting Concealed Alteration Under Cover: Existing CSAMT data imaged the intensely silicified alteration system beneath the main sinter as a strong resistivity high, and the new survey is designed to identify similar features extending north beneath shallow cover; and  Building on Successful 2025 Drilling: The program follows core drilling that returned the highest gold grades to date at TJ and confirmed a large, structurally controlled epithermal system open along strike and at depth.  Caleb Stroup, President and CEO of the Company, states: “The 2025 drilling program at TJ confirmed that the surface sinter is part of a much larger and more dynamic epithermal system than previously recognized. The intensity of alteration, stacked sinter horizons, hydrothermal breccias and multi-phase veining encountered in drilling all point to a system that extends well beyond the limited area tested to date. This geophysical program is designed to step out aggressively to the north, where the TJ Graben projects under shallow cover and where recent land expansion gives us ro...

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