(via TheNewswire)
Highlights
Approximately 4,000 m of drilling is planned, including 2,000 m of reverse circulation (“RC”) and 2,000 m of core drilling;
Spring Peak is located immediately adjacent to the past producing Aurora gold mine, owned by Hecla Mining Company (“Hecla”);
Drill program is fully funded by Newcrest Mining Limited (“Newcrest”) as part of a multi-project earn-in agreement (see news release dated
August 16, 2022 ); andThe goal of the drill program is to further expand the zone of mineralization encountered in Headwater’s 2021 discovery drill hole SP21-03, which intersected 38.1 m of 1.0 g/t Au and test multiple other high-priority vein targets throughout the property.
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Figure 1: Reverse-circulation drilling currently underway at the
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Figure 2: Spring Peak project geological map with drill targets and the location of planned drill holes. Drilling will follow up on last year’s blind vein discovery and drill multiple untested high-grade vein targets on adjacent structures.
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Figure 3: Cross section of the Spring Peak project showing CSAMT geophysical image with 2022 drilling and planned drill holes currently underway.
About the
The Spring Peak project is located in the
A large hydrothermal alteration cell occurs in the center of the Spring Peak project area, which represents a high-level manifestation of an epithermal precious metal system. An approximate 5-metre thick silica sinter, which extends over 500 metres in strike, occurs in the center of this alteration cell and displays various vent facies textures interpreted to reflect a high-energy hydrothermal vent environment.
In 2021, Headwater conducted an initial first-pass RC drill program consisting of five holes totalling 1,350 metres. Drilling successfully intersected epithermal quartz veins at a range of elevations in multiple structures (see Headwater News Release dated
Headwater holds an option to acquire a 100% undivided interest in the Spring Peak project from the underlying owner, subject to retained royalties and subject to Newcrest’s option to acquire 75% of the Spring Peak project following certain expenditures and preparation of a Pre-Feasibility Study within a designated timeframe.
About
For more information, please visit the Company's website at www.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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Copyright (c) 2022 TheNewswire - All rights reserved., source