Headwater Gold begins geophysical surveys at Jake Creek

Executive Summary

• Headwater Gold has mobilized geophysical surveys (CSAMT and ground gravity) at its 100%-owned Jake Creek project in Nevada, fully financed by an earn-in agreement with Oceanagold Corp.
• The company identified a new surface vein discovery ("Pete's vein") characterized by high-level epithermal quartz veining, alongside completed soil sampling and geological mapping that have refined the project's structural framework.
• An initial drill program is scheduled for early summer 2026, with the ongoing geophysical data intended to define fault architecture and prioritize drill targets for blind gold mineralization.

Key Details

• Geophysical Surveys:
  • CSAMT: 12.5 line-kilometres across five parallel lines (aligned with soil survey lines) and one perpendicular northwesterly line. Designed to define structural controls orthogonal to northwest-oriented faults associated with the Northern Nevada Rift.
  • Gravity: Ground gravity survey comprising 600 stations on a 200-metre-spaced grid (400-metre spacing at margins), covering a 28 square kilometre footprint. Aimed at refining property-wide structural trends and identifying fault segments as potential feeder structures.
• New Discovery:
  • Pete's Vein: A new zone of outcropping high-level epithermal quartz veining identified in the northern portion of the project.
  • Characteristics: Linear array of outcropping chalcedonic quartz-opal veins and crackle breccias hosted in flow-banded rhyolite. Exhibits classic high-level epithermal textures (bladed quartz-after-calcite).
  • Geochemistry: Associated with strongly anomalous arsenic, mercury, antimony, molybdenum, tungsten, and manganese.
• Exploration Activities Completed:
  • Soil Sampling: 500-sample soil survey completed on 50-metre-spaced samples. Highlights coherent pathfinder element anomalies aligning with northwest-trending structures and silicification/clay alteration.
  • Mapping & Relogging: Comprehensive geologic mapping and relogging of historic reverse circulation (RC) drill chips completed. Confirmed Jake Creek is situated along the western margin of the Northern Nevada rift with west-dipping fault blocks.
• Drilling Plans:
  • Initial drill program scheduled for early summer 2026.
  • Program scope and target areas to be determined by the continuing geophysical surveys.
• Historic Context:
  • Historic drilling by Evolving Gold Corp. (2010-2011) intersected widespread epithermal mineralization.
  • Notable historic intercept: Hole JC-005 intersected 11.3 g/t Au over 1.52 m within a broader 45.72 m grading 0.96 g/t Au from 210.3 m.
• Project Ownership & Terms:
  • 100% owned by Headwater Gold.
  • 189 unpatented lode mining claims on BLM land in Humboldt County, Nevada.
  • Subject to a 1% NSR royalty, half of which can be purchased for $1 million at any time.
  • Earn-in agreement with Oceanagold Corp. announced Oct. 15, 2025, finances the current geophysical program.

Notable Quotes

• Caleb Stroup, President and CEO: "Historic drilling at Jake Creek confirmed the presence of blind gold mineralization at moderate depth... What has been missing is a clear understanding of the structural framework controlling that mineralization... Our current program... is focused on defining the fault architecture and district-scale fluid pathways responsible for mineralization. As we refine this structural and geological model, we are generating increasingly well-constrained, high-quality drill targets in advance of an initial drill program, funded by Oceanagold and scheduled for early summer 2026."