Headwater Gold Inc. (CSE: HWG) is excited to announce the successful completion of drill programs at its Lodestar and TJ projects located in Nevada, United States. The drilling at Lodestar was fully financed by Newmont Corporation ($NEM) through an earn-in agreement established on May 9, 2023, while the TJ project drilling was funded entirely by OceanaGold Corporation ($OGC) under an earn-in agreement signed on October 15, 2025.
Caleb Stroup, President and CEO of Headwater, remarked, "We are pleased to have successfully completed both the Lodestar and TJ drill programs which began in Q4 2025. At Lodestar, our team intersected the targeted structures and associated hydrothermal alteration, and at TJ, we confirmed the scale and continuity of epithermal veining along the East Sinter fault system. While assays are pending, the geological observations from both programs are promising. We look forward to receiving and interpreting the analytical results and will outline follow-up plans once the full dataset has been evaluated."
About the 2025 Lodestar Drill Program
Headwater conducted approximately 2,950 metres of drilling across four core holes and five reverse circulation (RC) holes at the Lodestar project. The core drilling specifically targeted the Zodiac Fault, a northwest-striking structure situated in Miocene volcanic rocks, which extends over a 550-metre strike length. The RC drilling was employed for exploratory purposes on various satellite targets identified through geological mapping and geophysics.
Exploratory holes confirmed a substantial zone of pervasive illite-pyrite-silica epithermal alteration within Miocene volcanic rocks, extending north and east from the Zodiac Fault zone. This alteration zone remains open to the north, south, and east, with widely-spaced RC drilling encountering this alteration as shallow as 30 metres from the surface. These findings will heavily influence subsequent drill targeting within this extensive alteration footprint.
The Lodestar project is located in the Aurora Mining District in the Walker Lane belt, approximately 10 km north of Headwater’s Spring Peak project, which also falls under an earn-in agreement with Newmont. The project is adjacent to Hecla Mining Company’s former Aurora mine complex, which features existing infrastructure, including a 600 ton per day mill and several production water wells.
About the 2025 TJ Drill Program
At the TJ project, Headwater completed around 1,350 metres of core drilling over five holes prior to the winter shutdown. The East Sinter fault, identified during the Company’s first pass RC program in 2024, was the top priority and was intersected in three of the four holes designed to evaluate this target.
Drilling encountered thick intervals of epithermal veining, fault gouge, and silicified fault breccias in the main structural target area across all three holes that intercepted the East Sinter fault. A silicified hydrothermal breccia body, up to 60 metres thick, was also found in the hanging wall of all holes directed at the fault, coinciding with the highest intensity of epithermal veining.
All holes confirmed epithermal alteration and veining, indicating that the system extends over at least the >500-metre-long tested extent and remains open along strike. This area shows evidence of multiple discrete phases of epithermal alteration.
The TJ project is located on Bureau of Land Management land in a relatively underexplored region of northeastern Nevada, roughly 25 km southeast of Jackpot. The area exhibits signs of a well-preserved epithermal system, including extensive silica sinter accumulations. Previous shallow RC drilling on the property validated the presence of a broad high-level epithermal alteration zone.
Headwater holds an option to acquire a 100% undivided interest in the TJ project, contingent on retained royalties and OceanaGold’s option to acquire up to 65% of the project following specific expenditures and preparation of a Pre-Feasibility Study.
Headwater Gold Inc. ($HWG) is a technically driven mineral exploration company aimed at discovering high-grade precious metal deposits in the Western USA, with a focus on systematically drill-testing several projects in Nevada. For more information about Headwater, visit www.headwatergold.com or explore their profile on Inside Ticker.