Headwater Gold Inc. announced assay results from the first- pass diamond core drill program on its 100% owned Mahogany gold project. Highlights: First-pass scout drilling, totalling 810 metres in five holes, intersected multiple zones of anomalous gold mineralization; Hole MH21-02 intersected 1.47 grams per tonne ("g/t") gold over 12.3 metres, including 4.05 g/t gold over 3.84 metres, with the highest individual sample grading 9.37 g/t gold over 0.73 metres; Mineralization encountered in MH21-02 remains open along strike to the northwest; Core orientation analysis and analytical results indicate northwest- and northeast-trending structures appear to be the predominant mineralized features, pointing to additional yet to be tested targets on the property; and, Drill results from Headwater Gold's 100% owned Katey Project, located 30 km northwest of Mahogany, are pending with results expected within approximately two to four weeks.