Headwater Gold Commences Drilling at TJ Project, Nevada

Executive Summary

• Headwater Gold announced the start of a fully‑funded core drilling program on the TJ project in northeastern Nevada, totaling ~1,500 m across 4–6 holes.
• The program is funded through an earn‑in/option agreement with OceanaGold, which includes a US$1 M minimum expenditure commitment and gives OceanaGold the right to acquire up to 65% of the project after certain milestones.
• Drilling will focus on high‑grade epithermal vein targets at the East Sinter fault and the Jackpot fault, building on 2024 RC scout results that identified broad silicification, veining and anomalous gold mineralization.

Key Details

• Program Scope: ~1,500 m of core drilling; 4–6 holes targeting multiple epithermal vein structures.
• Funding Structure: Fully funded by OceanaGold under an earn‑in agreement announced Oct 15 2025; includes a US$1 M minimum spend on the TJ project.
• Target Areas:
• East Sinter Fault: Down‑dip projection, aiming to intersect the inferred boiling horizon at 150–300 m depth along >1 km strike length. Prior RC hole TJ24‑04 intercepted 123.44 m @ 0.150 g/t Au (including 0.741 g/t Au over 1.52 m).
• Jackpot Fault: >2 km CSAMT resistivity break; historic RC drilling showed anomalous gold but poor penetration. Plan to test at higher elevations first, then potentially re‑enter cased hole TJ24‑04 for deeper testing.
• Drill Hole Plans: Three‑hole fan beneath silica sinter cap on East Sinter fault, with step‑out holes ~250 m north and south; initial high‑elevation hole on Jackpot fault followed by possible deep re‑entry.
• Option/Earn‑In Terms: Headwater holds an option to acquire 100% undivided interest (subject to royalties); OceanaGold may earn up to a 65% stake after meeting expenditure thresholds and completing a Pre‑Feasibility Study within the agreed timeframe.
• CEO Quote: Caleb Stroup highlighted the partnership’s technical expertise in low‑sulfidation epithermal systems and expressed confidence that the program will advance discovery potential across northern Nevada projects.

Notable Quotes

“We are extremely pleased to be launching the first drill program under our recently announced partnership with OceanaGold… This marks the start of what we expect to be a productive and discovery‑driven exploration partnership across multiple projects in northern Nevada.” – Caleb Stroup, President & CEO