Headwater Gold Commences Drilling at TJ Project, Nevada
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Headwater Gold Commences Drilling at TJ Project, Nevada
Vancouver, British Columbia, October 22, 2025: Headwater Gold Inc. (CSE: HWG) (OTCQB:
HWAUF) (the "Company" or "Headwater") is pleased to announce the commencement of drilling
on the TJ project, located in northeastern Nevada. The program is expected to total approximately
1,500 metres of core drilling, fully funded through an earn -in agreement with OceanaGold
Corporation (TSX: OGC, OTCQX: OCANF) (“OceanaGold”) announced on October 15, 2025.
Highlights:
• Approximately 1,500 metres of core drilling planned: The drill program is planned to
consist of 4 to 6 holes and test multiple epithermal vein targets.
• Fully Funded Program: The drill program is fully funded by OceanaGold through a n
option and earn -in transaction announced October 15, 2025 that includes a US $1M
minimum expenditure commitment by OceanaGold on the TJ project.
• Priority focus on the East Sinter fault target: Test high-grade epithermal vein targets
identified by Headwater’s 2024 RC scout drilling program. The 2024 program identified
widespread silicification and epithermal veining as well as broad intervals of anomalous
gold mineralization in the hanging wall of the East Sinter fault, but initial drilling did not
penetrate sufficient depths to test for potential high-grade veins.
• Additional drilling to target major structures in the core of the alteration cell :
Structural targets supported by CSAMT resistivity , geology, and surface geochemical
datasets will be tested along the main structural corridor.
Caleb Stroup, President and CEO of the Company, states: “We are extremely pleased to be
launching the first drill program under our recently announced partnership with OceanaGold. Their
team brings deep technical experience in low-sulfidation epithermal systems and we’re excited to
collaborate as we advance the TJ project. This marks the start of what we expect to be a
productive and discovery -driven exploration partnership across multiple projects in northern
Nevada. With OceanaGold’s support, we can now systematically test the high-quality vein targets
we’ve defined at TJ and move one step closer to realizing the district -scale potential we see in
this system.”
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Figure 1: Map of the TJ project area showing generalized project geology, alteration and locations of
planned and existing drillholes. Cross-section A–A’ corresponds to the interpreted geologic and CSAMT
cross sections shown in Figure 2.
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2025 TJ Drill Program
The 2025 drill program is expected to consist of 1,500 m of core drilling to test two target areas
(Figures 1 and 2):
East Sinter Fault Target: Drilling will target the down-dip projection of the East Sinter fault, a major
west-dipping structural zone that hosts widespread epithermal alteration capped by a thick silica
sinter. The initial reverse circulation (“RC”) drill test, completed by Headwater in 2024 (see news
release dated January 16, 2025), revealed broad intervals of silicification, veining, and anomalous
gold mineralization in the hanging wall of the East Sinter fault. For example, RC drillhole TJ24-04
intercepted 123.44 m grading 0.150 g/t Au including 0.741 g/t Au over 1.52 m. Thin chalcedonic
quartz veins correspond with the highest -grade samples and have distinctive epithermal vein
textures, which together with anomalous epithermal pathfinder element zonation suggest good
potential for fault-hosted feeder veins deeper in the system. The 2025 drill program will target the
inferred boiling horizon at depths of 150 to 300 m below surface, along the > 1 km mapped strike
extent of the East Sinter fault (Figure 1). Following completion of a three -hole drill fan beneath
the silica sinter cap (Figure 2), step-out holes 250 m to the north and south are planned to test for
continuation of the mineralized structure at favorable depths.
Jackpot Fault Target: The Jackpot fault bounds the western margin of known silicification and
veining in the hanging wall of the East Sinter fault (Figure 1). The Jackpot fault is characterized
by a major, >2 km-long break in CSAMT resistivity (Figure 2) that may represent either a splay or
roughly parallel structure to the East Sinter fault. Historic RC drilling encountered difficult
conditions in the Jackpot fault zone and failed to fully test the structure but returned anomalous
gold mineralization. The 2025 drill program will first test the fault at relatively high elevations to
determine the geometry and nature of alteration localized along the structure. If successful, an
existing cased hole (TJ24-04) can be re-entered to effectively test the Jackpot fault at depth.
About the TJ Project
The TJ project is located on BLM land in a relatively underexplored area of northeastern Nevada,
approximately 25 km southeast of the town of Jackpot. The project area contains indications of a
fully preserved epithermal system, including a thick and laterally extensive accumulation of silica
sinter. Epithermal alteration is localized along a series of steeply inclined faults that bound a
graben filled with Miocene-age sedimentary rocks.
Limited historic exploration on the property included shallow RC drilling that confirmed the
presence of a broad zone of high -level epithermal alteration. In 2024, Headwater completed an
initial round of scout drilling which confirmed the project has potential for high -grade epithermal
vein-style mineralization at depth (see news release dated January 16, 2025). The follow-up 2025
core drilling program is underway and will test prospective epithermal structures at depth that
were identified during the 2024 program.
Headwater holds an option to acquire a 100% undivided interest in the TJ project, subject to
retained royalties and subject to OceanaGold’s option to acquire up to 65% of the project following
certain expenditures and preparation of a Pre-Feasibility Study within a designated time frame.
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Figure 2: Interpreted geologic cross section through A-A’ with Headwater drillholes showing anomalous Au-
Ag intercepts (continuous zones of assays greater than 50 ppb Au), generalized geology and silica
alteration, conceptual vein targets, and planned drillholes (top image); and generalized geology and silica
alteration with CSAMT geophysics apparent resistivity profile (bottom image).
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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 OceanaGold on its
TJ, Jake Creek, and Hot Creek projects as well as Newmont Corporation 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 website 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
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
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 and OceanaGold ’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
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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 explorat ion 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 or OceanaGold 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 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 Autho rities, 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.