Headwater Gold Advances Drill Permitting at Lodestar Project, Nevada
Suite 1210 – 1130 West Pender Street
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Headwater Gold Advances Drill Permitting at Lodestar Project,
Nevada
Vancouver, British Columbia, July 24 , 2025: Headwater Gold Inc. (CSE: HWG) (OTCQB:
HWAUF) (the "Company" or "Headwater") is pleased to announce that drill permitting has
advanced through the formal public scoping phase on Headwater’s Lodestar project, located in
western Nevada. Project scoping marks a significant step toward securing final drilling approval
following the submission of a Plan of Operations to undertake a proposed 3,500 -metre drill
program. The Lodestar project is being explored in partnership with Newmont Corporation
(“Newmont”) (NYSE: NEM, TSX: NGT, ASX: NEM, PNGX: NEM) through an earn-in agreement
announced on May 9, 2023.
Highlights:
• Scoping Phase Completed: The U.S. Forest Service has concluded the scoping phase
of the environmental review process, paving the way for a final decision on the Plan of
Operations. Project approval is anticipated by early fall 2025.
• Drill Program Currently Planned to Commence in Q4: Following final project approval,
the Company expects to commence its planned drill program, fully funded through the
$2M minimum expenditure commitment by Newmont. The program is expected to consist
of up to 3,500 metres across 10 to 15 holes.
• Zodiac Target is High Priority: The geology of the Zodiac target, including thick silica
sinter, indicates near complete preservation of an epithermal system analogous to the
geological setting of the Disco Zone discovered by Headwater on the Spring Peak project,
approximately 10 km south of Lodestar. The Zodiac target is the highest priority untested
target within Headwater’s greater Lodestar/Spring Peak project area.
Caleb Stroup, President and CEO of the Company, states: “We are thrilled to see the Lodestar
project progress through the formal scoping stage, bringing us closer to a maiden drill program
on the high-priority Zodiac target. Final public scoping is the concluding stage of the Federal
permitting process and sets the stage for currently anticipated drilling in Q4 2025 . Every effort
has been made to refine our exploration plans to ensure responsible and efficient development
and it is great to see the project moving ahead . We remain confident in the geological potential
for Lodestar to host high -grade epithermal vein systems, building on the success of our nearby
Spring Peak project. Our partnership with Newmont continues to provide significant value, funding
this exciting exploration while minimizing dilution for our shareholders.”
2025 Lodestar Currently Planned Drilling
Following project approval of the Lodestar Plan of Operations, the 2025 drill program is currently
expected to consist of up to 3,500 metres across 10 to 15 holes. The primary objective is to test
for high -grade veins in steeply dipping feeder structures beneath the Zodiac sinter target, a
prominent silicified and brecciated ridgeline capped by a thick accumulation of silica sinter. The
Zodiac target features laminated silica sinter with palisade textures, algal mats, and geyserite,
suggesting potential prolonged hydrothermal activity and high-level preservation of the system .
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Headwater believes the system has potential for high-grade veins at depth. The Lodestar sinter
is similar in character and size to the sinter overlying the Disco Zone at Headwater’s Spring Peak
project where high-grade epithermal veins were discovered at approximately 150 m depth. The
Lodestar program is designed to leverage Headwater’s successful exploration model from Spring
Peak, utilizing geophysical and geochemical data to target high-grade epithermal veins within the
interpreted boiling zone approximately 150 m below surface. Additional scout holes will test under-
cover geophysical targets adjacent to the Zodiac target, beneath a t hin veneer of post -mineral
basalt, to explore for blind mineralization.
Figure 1: Map of the Headwater Spring Peak and Lodestar land positions within the Aurora trend showing
area of the Spring Peak 2024 drill program. [1]Vikre and others (2015); [2]Borealis Mine 43 -101 dated
February 16, 2024; [3]Long and others (1998).
About the Lodestar Project
The Lodestar project is located in the Aurora Mining District in the Walker Lane belt, west-central
Nevada, approximately 10 km north of Headwater’s Spring Peak project and adjacent to Hecla
Mining Company’s past -producing Aurora mine complex, which hosts existing infrastructure
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including a 350 ton per day mill, production water wells, and high-voltage three-phase power. The
project features a prominent silicified and brecciated ridgeline capped by a silica sinter, similar to
the sinter overlying the Disco Zone at Spring Peak, where Headwater intersected high-grade gold
mineralization, including 15.92 g/t Au over 2.38 m and 10.43 g/t Au over 2.01 m. Historic shallow
drilling at Lodestar encountered anomalous gold but did not test deeper feeder structures, leaving
significant exploration potential untested. Headwater holds an option to acquire a 100% undivided
interest in the Lodestar project from a private vendor, subject to retained royalties and Newmont’s
option to acquire up to 75% of the project following certain expenditures and preparation of a Pre-
Feasibility Study within a designated time frame.
About Headwater Gold
Headwater Gold Inc. (CSE: HWG, OTCQB: HWAUF) is a technically -driven mineral exploration
company focused on exploring for and discovering high -grade precious metal deposits in the
Western USA. Headwater is actively exploring one of the world’s most well -endowed, mining-
friendly jurisdictions, with a goal of making world-class precious metal discoveries. The Company
has a large portfolio of epithermal vein exploration projects and a technical team with diverse
experience in capital markets and major mining companies. Headwater is systematically drill -
testing several projects in Nevada and has strategic earn -in agreements with Newmont on its
Spring Peak and Lodestar projects. In August 2022 and September 2024, Newmont and Centerra
Gold Inc. acquired strategic equity interests in the Company, further strengthening Headwater’s
exploration capabilities.
Headwater is part of the NewQuest Capital Group which is a discovery -driven investment
enterprise that builds value through the incubation and financing of mineral projects and
companies. Further information about NewQuest can be found on the company webs ite at
www.nqcapitalgroup.com.
For more information about Headwater , please visit the Company's website at
www.headwatergold.com.
Promotional Activity Disclosure
In accordance with CSE Policy 7, the Company announces that it has arranged for two service
providers to conduct Promotional Activities on behalf of the Company.
The Company has arranged for Resource Stock Digest to conduct an interview with the Company
and produce its own content for publishing on its website at https://resourcestockdigest.com and
distribution through its email list on July 24, 2025. The principals of Resource Stock Digest are
Gerardo Del Real and Nicholas Hodge of 2051 Gattis School Rd, Ste. 540 PMB 176, Round Rock,
TX 78664, email address [email protected] and telephone number 1 -844-334-
4700. Messrs. Del Real and Hodge are arm’s length to the Company. Resource Stock Digest will
receive total compensation of a cash payment of US$7,500.00 for the Promotional Activity. The
compensation does not include options to purchase securities of the Company.
The Company has arranged for Jefferson Financial, Inc. to disseminate a sponsored promotional
report through its email list on July 29, 2025. The principal of Jefferson Financial, Inc. is Brien
Lundin of 111 Veterans Memorial Blvd., Suite 1555, Metairie, LA 70005, email address
[email protected] and telephone number 1-800-648-8411. Mr. Lundin is arm’s
length to the Company. Jefferson Financial, Inc. will receive total compensation of a cash payment
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of US$7,000.00 for the Promotional Activity. The compensation does not include options to
purchase securities of the Company.
On Behalf of the Board of Directors
Caleb Stroup
President and CEO
+1 (775) 409-3197
For further information, please contact:
Brennan Zerb
Investor Relations Manager
+1 (778) 867-5016
References:
Borealis Mining Company Limited, 2024, NI 43 -101 Technical Report, Project Status Report
Borealis Mine Nevada USA: Prepared by Douglas Reid. Effective Date: October 10, 2023;
Report Date: February 16, 2024.
Long, K.R., DeYoung, J.H., and Ludington, S.D., 1998, Database of significant deposits of gold,
silver, copper, lead, and zinc in the United States: U.S. Geological Survey Open-File Report 98-
206 A, B, 33 p.
Vikre, P.G., John, D.A., du Bray, E.A., and Fleck, R.J., 2015, Gold-silver mining districts, alteration
zones, and paleolandforms in the Miocene Bodie Hills volcanic field, California and Nevada:
U.S. Geological Survey Scientific Investigations Report 2015–5012, 160 p.
Qualified Person
The technical information contained in this news release has been reviewed and approved by
Scott Close, P.Geo (158157) , an independent “Qualified Person” (“QP”) as defined in National
Instrument 43-101 – Standards of Disclosure for Mineral Projects.
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, completion and timing
of the Equity Transaction and the intended use of proceeds therefrom, the anticipated acceptance of the
CSE of the Earn-In Agreements and the Equity Transaction, Newcrest’s anticipated funding of the Minimum
Commitment 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 includi ng 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 wh ich may cause the actual
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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 a ctivities and
plans, delays in obtaining governmental and regulatory approvals (including of the Canadian Securities
Exchange) for the Earn-In Agreements and the Equity Transaction, the risk that the Equity Transaction will
not be completed or on the anticipated timetable, the risk that Newcrest will not elect to obtain any additional
interest in the Projects in excess of the Minimum Commitment, the ability of the Company to obtain the
required permits, changes in laws, regulations and policies affecting mi ning 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
May 26, 2021 and other filings of the Company with the Canadian Securities Authorities, copies of which
can be found under the Company's profile on the SEDAR+ website at www.sedarplus.ca.
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.