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
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Headwater drilling penetrated deeper than any historic drill holes and four of five drill holes encountered alteration, veining associated with the MRF. Two holes encountered significant gold mineralization in close proximity to the fault. The apparent lack of continuity of gold mineralization along the MRF is thought to be the result of northwest- and northeast-trending secondary structures playing a more significant role in controlling mineralization than previously understood. Detailed analysis of structural data collected from the oriented core indicate that the mineralized intercept in drill hole MH21-02 coincides with steeply dipping northwest-trending set of quartz-calcite veins which parallel a northwest trending structure in the footwall of the MRF. This structure remains open along strike northwest of MH21-02.
Analysis of oriented core data also highlighted an abundance of northeast-trending epithermal veins and veinlets in many of the drill holes. This orientation is parallel to a prominent altered northeast-trending ridgeline in the hanging wall of MRF which hosts two hydrothermal vent breccias consisting of opalized sediment and sinter clasts within a silica matrix. Surface samples from the breccia exposures return anomalous gold values and highly elevated pathfinder geochemistry. Historical drilling in the area was limited to less than 30 metres vertical depth and did not adequately test the vent feeders at the appropriate depths. A surface geophysical program is currently being planned to better define the three-dimensional geometry of these target areas at depth.
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Email: bzerb@headwatergold.com
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, anticipated content, commencement, and cost of exploration programs in respect of the Company's projects and mineral properties, 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, statements as to the anticipated business plans and timing of future activities of the Company, including the Company's exploration plans. the proposed expenditures for exploration work thereon, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of the Canadian Securities Exchange), permits or financing, 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
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