(via TheNewswire)
Highlights:
Drilling has commenced on multiple high-priority targets focused on exploring the extensions of the high-grade mineralized structure encountered in drill hole KT21-01 (6.34 grams per tonne gold (“g/t Au”) over 14.54 metres, including 30.73 g/t Au over 1.95 metres);
Approximately 3,500 m of drilling is planned, utilizing two drill rigs and a combination of reverse circulation (“RC”) and core drilling, over approximately 10 to 12 holes;
Katey is one of three currently active drill programs in the Headwater portfolio, with five drill rigs now deployed in the western
USA ;The goals of the drill program are to:
Further explore the area of high-grade epithermal mineralization discovered in Headwater’s 2021 drilling at the
West Zone ;Test the depth extent of high-grade mineralization down dip from Headwater drill hole KT21-01;
Systematically test an approximately 600 m strike segment of the West Zone Fault; and,
Drill several follow-up scout holes below soil anomalies along the projection of the
West Zone fault to the north and south (see Headwater New Release datedMarch 2 , 2023).
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Figure 1. Key geologic features of the two main target areas at the Katey gold project and location of cross section shown in Figure 2. Inset box shows the location of Figure 3.
2023 Drill Program:
A multi-rig, mixed RC and diamond core drill program has commenced and is expected to consist of an initial 3,500 metres over an estimated 10 to 12 holes with potential to extend the program subject to positive results. Combining RC and core drilling is a cost-effective way to maximize the number of drill intersections and test the along-strike potential of the alteration system. Core drilling will be focused in the KT21-01 offset target area while RC will be utilized along the trace of the West Zone Fault where there is no historic drilling information.
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Figure 2: Interpretive geologic cross section showing historic drillholes in the
Analysis of previous drilling and surface geological and geochemical data has resulted in the development of the following high-priority drill targets for the current year:
KT21-01 Offset Target: Immediate offsets of the high-grade gold intercept encountered in diamond core hole KT21-01 (14.54 m grading 6.34 g/t Au, including 30.73 g/t Au over 1.95 m)are planned both down dip and along strike in approximate 50 m step-outs.
Northern Extension Target: North of the strongly silicified outcrop where the West Zone Fault outcrops, the principal mineralized structure disappears under shallow cover but is traced by strongly anomalous auger soil samples and subsurface (auger hole) mapping, including strongly oxidized and silicified sandstone with quartz veining along the NNW trend of the West Zone Fault.
Upper Flats Target:Planned holes in this area directly offset KT21-01 to the south and test the continuity of the main mineralized structure along strike (Figure 3). Anomalous soil geochemistry extends along the mapped trace of the West Zone Fault and includes values up to 135 ppb Au and up to 1890 ppb Ag (see news release dated
February 10, 2022 ).Southern Extension Target: Geologic mapping completed with the aid of high-resolution drone imagery and subsurface auger mapping trace the West Zone Fault structuralcorridor through this area. Planned holes test this structural corridor and a splay off the West Zone Fault that correlates with anomalous soil and rock chip geochemistry.
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Figure 3: High-resolution drone digital surface model of the
About the
About
For more information, please visit the Company's website atwww.headwatergold.com.
On Behalf of the Board of Directors
President and CEO
+1 (775) 409-3197
cstroup@headwatergold.com
For further information, please contact:
Investor Relations Manager
+1 (778) 867-5016
bzerb@headwatergold.com
Qualified Person:
The technical information contained in this news release has been reviewed and approved by
Forward-Looking Statements:
This news release includes certain forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding future capital expenditures, exploration activities and the specifications, targets, results, analyses, interpretations, benefits, costs and timing of them, Newcrest’s anticipated funding of the option and earn-in projects and the timing thereof, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Companybelieves that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward looking information can be identified by words such as “pro forma”, “plans”, “expects”, “may”, “should”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “potential” or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, risks related to the anticipated business plans and timing of future activities of the Company, including the Company’s exploration plans and the proposed expenditures for exploration work thereon, the ability of the Company to obtain sufficient financing to fund its business activities and plans, the ability of the Company to obtain the required permits, changes in laws, regulations and policies affecting mining operations, the Company’s limited operating history, currency fluctuations, title disputes or claims, environmental issues and liabilities, as well as those factors discussed under the heading “Risk Factors” in the Company’s prospectus dated
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements, except as otherwise required by law.
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