Headwater Gold Geophysical Survey Delineates Prospective Fault Corridor on the Spring Peak and Lodestar Projects, Nevada

Executive Summary

• Headwater Gold released results of a 200 km² gravity geophysics survey over its Spring Peak and Lodestar projects in western Nevada, revealing a district‑scale Bear Fault corridor extending >12 km.
• The survey identified priority drill targets (Doug at Spring Peak; Zodiac at Lodestar) aligned with the newly mapped fault system, supporting plans for up to 3,500 m of drilling on Lodestar and further exploration on Spring Peak.
• The findings enhance the company’s structural model, increase confidence in blind‑target discovery potential, and underpin upcoming exploration spend funded through Newmont earn‑in agreements.

Key Details

• Survey Scope: ~200 km²; 2,336 ground stations at 400 m spacing (200 m over core targets). Conducted by McGee Geophysical & MWH Geosurveys; incorporated reprocessed USGS data using a 2.40 g/cc density model.
• Bear Fault Corridor: Interpreted as a major extensional structure >12 km long, far exceeding the previously known 1 km strike, extending from the Disco Zone (SW) to the Doug area (NE).
• Structural Highlights:
• Sharp NE‑trending breaks in total horizontal gradient delineate dense basement blocks NW of the fault versus less‑dense rhyolite domes SE.
• Gravity breaks align with dominant vein orientations and surface lineaments, indicating a re‑activated older structure favorable for epithermal mineralization.
• Priority Targets:
• Doug Target (Spring Peak): Shows strong structural linkage to Bear Fault; outcropping high‑grade veins previously announced (Mar 15 2025).
• Zodiac Target (Lodestar): Situated on a prominent NW‑trending gravity break; features silicified/brecciated ridgeline capped by silica sinter. Planned drill program: up to 3,500 m in 10–15 holes.
• Exploration Implications:
• Residual Bouguer anomalies tie Disco, Doug, and Zodiac targets to fault‑bounded gravity highs—typical of epithermal districts where mineralization concentrates along uplift margins.
• Survey refines regional targeting, highlighting blind opportunities under thin volcanic cover and guiding efficient high‑potential drilling.
• Recent Drill Results (Spring Peak – Disco Zone):
• 15.92 g/t Au over 2.38 m
• 10.43 g/t Au over 2.01 m
• Broader zone: 2.73 g/t Au over 34.72 m
• Earn‑In Agreements: Funded through Newmont earn‑in arrangements (Spring Peak & Lodestar) originally announced Aug 16 2022 and May 9 2023; Newmont elected to advance to Stage 2 on Sep 26 2025, with option to increase interest to 65% by funding US$40 M over three years.
• Permitting & Infrastructure: Spring Peak selected for FAST‑41 permitting program; existing infrastructure includes a 600 t/d mill, water wells, and high‑voltage power from nearby Hecla Aurora Mine complex.

Notable Quotes

“This gravity survey transforms our view of the Bear Fault corridor, expanding it to district‑scale proportions and highlighting kilometres of untested potential under shallow post‑mineral cover… boosting our confidence in pursuing blind targets to make the next big Nevada discovery.” – Caleb Stroup, President & CEO

All forward‑looking statements are subject to risks and uncertainties detailed in the company’s filing.