(via TheNewswire)
Highlights:
Approximately 3,500 m of initial drilling is planned, utilizing a combination of reverse circulation (“RC”) and diamond core drilling;
The Midas North project hosts a large, un-drilled epithermal alteration cell in the northern
Midas District , approximately 13 km north of Hecla Mining Company’s (“Hecla”, NYSE: HL) past-producingMidas Mine ;The goal of the program is to drill multiple structural targets at depth in the inferred epithermal boiling zone and test for the presence of high-grade gold and silver mineralization; and,
Midas North represents the fourth drill program of 2023 across the Headwater portfolio. More information on the other drill programs is availablehere.
Midas North: ~3,500 metres (this release)
Spring Peak: ~11,500 metres (in progress)
Katey: ~3,500 metres (in progress)
Mahogany: ~1,500 metres (assays pending)
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Figure 1: Map of the Midas high-grade vein district in northern
2023 Drill Program:
The drill program is expected to consist of approximately eight to ten holes comprising 3,500 m of drilling. A combination of RC and diamond core drilling will be utilized to test five principal target areas where potential feeder structures have been identified through the integration ofgeologic mapping and controlled-source audio-frequency magnetotelluric (“CSAMT”) resistivity geophysical interpretation. The presence ofsteam heated alteration, outcropping vent facies silica sinter, and collapse structures suggests the epithermal alteration cell is fully preserved with potential for high-grade gold and silver mineralization in an interpreted epithermal boiling zone, approximately 150 to 250 m below surface.
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Figure 2: Geological map showing drill targets and planned drill holes for the maiden drill program at Midas North which is interpreted to represent a fully preserved epithermal system. Cross-section A-A’ corresponds to Figure 3 below.
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Figure 3: Interpretive cross section through section A-A’ with CSAMT geophysics apparent resistivity profile, modelled geology and planned drill holes.
About the
Headwater’s 100% owned and royalty-free Midas North project adjoins Hecla Mining Company’s past producing
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 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 Company believes 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 risk that
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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