Headwater Gold Inc. announced the completion of the 2022 drill programs at the Spring Peak and Agate Point projects located in Nevada, United States. Drilling was suspended due to the onset of inclement winter weather. All drilling was 100% funded by Newcrest Mining Limited (‘Newcrest') pursuant to the earn-in agreements announced on August 16, 2022.

About the 2022 Spring Peak Drill Program: The Company successfully utilized a combination of core and RC drilling at Spring Peak to complete 3,173 metres of drilling in a short time frame prior to the winter shut-down. The program consisted of 993 metres of core drilling, 1,076 metres of RC pre-collars and 1,104 metres of RC exploration drilling. All RC samples have been submitted for assay and core processing is underway to be expedited for laboratory analysis.

The Disco Vein was the top priority target of the program and was intersected with oriented core in all four holes designed to test the target. The four holes that intersected the Disco Vein structural zone were drilled on a single fence with mineralization open up-dip, down-dip and along strike. An additional six drill holes tested a variety of targets at depths greater than 150 metres elsewhere on the property.

All holes encountered epithermal alteration and veining, confirming that the epithermal system extends beneath silica alteration mapped at surface over a large area of the property. About the 2022 Agate Point Drill Program: The first-pass drill program completed at Agate Point consisted of an initial four RC holes, totaling 1,027 metres. The company tested four separate structural targets beneath an alteration cap characterized by anomalous mercury, arsenic, and antimony.

The geological targets tested by Headwater consist of high-angle structures with the potential to host epithermal feeder veins beneath silicified breccias mapped at surface. The breccias at surface above the vein targets contain textures characteristic of high-level epithermal alteration, including banded chalcedonic vein fill. Two of the four holes encountered significant epithermal alteration at depth.

Headwater believes this is the first ever drill test for structurally controlled vein mineralization at depth at Agate Point. All samples have been submitted for laboratory analysis with assays pending.