Headwater Gold Advances Targets at Crane Creek and Receives Permits for Initial Drill Test
Suite 1210 – 1130 West Pender Street
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Headwater Gold Advances Targets at Crane Creek and Receives
Permits for Initial Drill Test
Vancouver, British Columbia, September 8, 2025: Headwater Gold Inc. (CSE: HWG) (OTCQB:
HWAUF) (the "Company" or "Headwater") is pleased to announce the completion of airborne
magnetic and radiometric surveys and a ground gravity survey on its 100% -controlled Crane
Creek gold project located in western Idaho. The Company has also received drill permits from
the state of Idaho and BLM authorizing drilling activities on the project.
Highlights:
• The Company has identified new high -priority drill targets beneath outcropping gold -
bearing epithermal quartz veins where potential mineralized feeder structures have never
been tested at depth as well as new target areas with the potential to significantly expand
the mineralized footprint of the system.
• The radiometric survey delineated a 4 km long by 2 km wide zone of potassium enrichment
encompassing the Crane Creek epithermal vein system and unexplored areas to the west
and south. This anomaly is interpreted to represent the footprint of illite -adularia
hydrothermal alteration and highlights prospectivity beyond the exposed portion of the
epithermal vein system.
• The magnetic survey identified numerous targets for fault-hosted vein mineralization within
the same structural corridor as NevGold Corp’s Nutmeg Mountain project located 8 km
along strike to the southeast. Clear identification of structures from results of the magnetic
survey allows mapping of potential target structures under cover, in areas that have never
been drill tested.
• The Company has received all necessary permits from the BLM and Idaho Department of
Lands for exploration drilling on the project, including a total of 14 drill pads across BLM
land and leased land from the State of Idaho.
• The Company is evaluating strategic options for advancing Crane Creek, including
potential partnerships, while also preparing for the possibility of conducting initial drilling
itself.
Caleb Stroup, President and CEO of Headwater, comments: “We are very excited about the
opportunity at Crane Creek, particularly as this part of Idaho has gained a much higher profile
with the recent discovery by Hercules Metals. Our detailed geophysical surveys, geological
mapping and reinterpretation of historical drilling demonstrate that the system is larger and more
robust than previously recognized. Together, these datasets have defined a series of exploration
targets for both high-grade vein mineralization and potential near-surface bulk-tonnage gold. With
permits secured and drill targets now defined, we are now positioned with a range of options to
advance this exciting project.”
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Figure 1: Location of the Crane Creek project in western Idaho with respect to the Crane Creek Graben, a
major extensional fault system which hosts the Nutmeg Mountain epithermal gold deposit, and lies
approximately 40 km south of the recently discovered copper porphyry belt centered on the Hercules
project.
Crane Creek Geophysical Surveys
Airborne Radiometric Survey
Precision Geosurveys completed a 302 line -km helicopter airborne magnetic and radiometric
survey at 100 m spacing totaling 27.4 km2 (Figures 2 and 3). Results from the airborne radiometric
survey show a broad radiometric high defined by increased potassium concentrations that
coincide with mapped areas of argillic alteration and are interpreted to represent illite-adularia
alteration associated with mineralizing fluid s. Thorium is immobile in comparison to potassium
and evaluation of the ratios of these two elements gives further confidence that the radiometric
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high defined over the center of the property is related to hydrothermal fluid flow and alteration
rather than lithologic variability.
Figure 2: Potassium response map from the Crane Creek airborne radiometric shows a coherent potassium
anomaly 4 km long and 2 km wide that extends west and south from the area of previously known epithermal
vein mineralization.
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Airborne Magnetic Survey
The airborne magnetic survey displays a strong NNW structural trend in the project area related
to basin-bounding structures parallel to and possibly controlling the outcropping vein zones. The
sharp magnetic contrast associated with these NNW-trending breaks enables continuous
mapping of target structures under cover and away from the main area of outcropping veins.
Linear magnetic low s within the alteration footprint locally coincide with outcropping zones of
mineralization and may directly map zones of structurally controlled magnetite -destructive
alteration associated zones of more intense mineralization.
Figure 3: Reduced to Pole magnetic response map from Crane Creek airborne magnetic survey showing
epithermal veins situated within a system of NW -striking faults that define the Crane Creek Graben .
Magnetic lows highlighted by the survey are potentially related to hydrothermal alteration and have seen
minimal drill testing outside the area of outcropping mineralization.
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Gravity Survey
Magee Geophysical Services and Thomas Carpenter completed g round gravity surveys
consisting of a regional survey of 440 stations collected along a station spacing of approximately
500 m, and a higher resolution survey over the main Crane Creek vein system consisting of 69
stations spaced on a 200 m grid . The property is characterized by a broad northwest -trending
gravity low bordered by gravity gradients that coincide with basin -bounding structures observed
in surface mapping and magnetics. The NNW trend of these features highlights the continuity of
a major Miocene graben which is a well-documented setting for epithermal deposits worldwide.
The eastern margin of this graben coincides with both the mineralized f ootprint at Crane Creek
and NevGold Corp’s Nutmeg Mountain deposit (1.0 Moz Au M&I1,2), located approximately 8 km
along strike to the southeast.
Exploration Implications from Geophysical Survey Results
The recent geophysical surveys highlight exploration potential on the property beyond the
historically tested areas , where previous drilling targeted shallow (<150 m) disseminated and
vein-hosted mineralization beneath outcropping gold -bearing quartz veins. Integration of new
geophysical data with existing datasets highlights the potential for testing historic high -grade
intercepts down-dip and along strike where the system remains open, as well as newly generated
structural targets within the broader alteration footprint. A clear target is the structural corridor
occupied by the outcropping veins that is well-defined in the magnetic survey and shown to extend
hundreds of meters north of the known historical drilling. Additional targets include fault splays
with geophysical signatures comparable to the known mineralized block that lie within the
interpreted broad zone of illite–adularia alteration that is typical of high-temperature epithermal
systems. The surveys define numerous structurally aligned magnetic lows coincident with the
potassium anomaly that Headwater geologists interpret as magneti te-destructive hydrothermal
alteration associated with a fluid upflow zone. These areas represent priority targets for fault -
hosted epithermal veins that have seen little to no historical drilling.
Drill Permits
Permits for exploration drilling on the property are in place with the BLM and Idaho Department
of Lands. Permitted drill pads are centered on the area of outcropping mineralized veins that lie
near the center of the radiometric anomaly described above. The permitted drill pads will allow
for 1) confirmation drilling of historical mineralized zones; 2) initial drill tests at untested depths
below zones of shallow vein-controlled mineralization; and 3) expansion drilling along strike and
between zones of known mineralization.
About the Crane Creek Project
The Crane Creek project is located in western Idaho, approximately 18 km northeast of the town
of Weiser and 90 km northwest of the city of Boise, with a paved county road less than 1 km from
the southern property boundary. The project is fully permitted for drilling under a Notice of Intent
with the BLM and a Plan of Operation with the Idaho Department of Lands. The project
encompasses an array of mineralized epithermal quartz veins within a broad gold and trace
element geochemical anomaly and features characteristic of a well-preserved low -sulfidation
system, including mercury prospects, widespread opaline silica, and chalcedonic vein fill. This
alteration cell is located 8 km along trend northwest of the Nutmeg Mountain gold project
(1,006,000 oz Au Indicated, 275,000 oz Au Inferred1,2). The Crane Creek project comprises
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approximately 1,240 hectares, consisting of 123 unpatented federal mining claims on BLM land,
a 640-acre State of Idaho minerals lease and a private lease.
Historic drilling took place on the property between 1984 and 1996, consisting of mainly shallow
reverse-circulation holes with an average depth of 71 m and only three holes drilled to greater
than 150 m in depth1. Historic drilling primarily targeted bulk-tonnage disseminated mineralization
in a package of near -surface sedimentary rocks , with most holes terminated shortly after
intercepting an underlying basalt unit. A significant number of holes encountered mineralized
quartz veins ranging from 2.0 g/t Au up to 8.14 g/t Au that were apparently never followed up,
within broader intervals of disseminated low-grade mineralization. The potential for basalt-hosted
high-grade veins at depths of 100 m or more below the paleosurface, such as those occurring at
the Midas mine in northern Nevada (Hecla Mining Company) and the Cerro Negro mine
(Newmont Corporation) in Argentina, remains untested at the project.
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.
For more information about Headwater , please visit the Company's website at
www.headwatergold.com.
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.
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
Qualified Person
The technical information contained in this news release has been reviewed and approved by Dr.
Gregory Dering, P.Geo (AIPG CPG-12298), a “Qualified Person” (“QP”) as defined in National
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Instrument 43-101 – Standards of Disclosure for Mineral Projects. Dr. Dering is not independent
by reason of being the Company’s Vice President of Exploration.
References
1The Qualified Person has been unable to verify the information on the adjacent properties.
Mineralization hosted on adjacent and/or nearby and/or geologically similar properties is not
necessarily indicative of mineralization hosted on the Company's proper ties. Historical resource
estimates, historical drill intercepts, and historical surface samples are treated by the Company
as historical in nature, and not current or NI 43-101 compliant.
2Nevgold Corp. 2023 Almaden NI43-101 Technical Report ( https://www.sedar.com )
3Reported grades were calculated using a 0.2 g/t cut -off grade for primary intervals and a 2 g/t
cut-off grade for included intervals. Intervals correspond to downhole thickness, with insufficient
information available to calculate true thickness.
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, Newmont’s anticipated fu nding 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”, “antic ipates”, “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 Newmont will not elect to obtain any additional prognostic interest in the earn-in projects
in excess of the minimum commitment, the ability of the Company to obtain the required permits, changes
in laws, regulations and policies affecting mining operations, the Company’s limited operating history,
currency fluctuations, title disputes or claims, environmental issues and liabilitie s, 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.