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Highlights:
The Midas North project hosts a large, previously undrilled epithermal alteration cell in the northern
Midas District ,Nevada , located approximately 13 km north of Hecla Mining Company’s (“Hecla”, NYSE: HL) past-producingMidas Mine ;Nine widely spaced scout drill holes were completed by Headwater totaling 4,202 metres, designed to test six target areas. Epithermal veining and alteration were encountered in multiple target areas across the property;
Drill hole MN23-02 returned 47.0 g/t silver over 9.14 m below the Big Opalsinterand drill hole MN23-06, targeting the Jo Belle fault, intersected 0.51 g/t Au over 1.52 metres;
First-pass evaluation of initial target areas at Midas North was successful in identifying mineralized epithermal veining and favorable alteration at depth, providing critical vectors to guide future drilling on the property targeting high-grade gold in mineralized structures; and
The Company continues to review data in consultation with earn-in partner Newmont to prioritize potential follow-up work on the project.
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Figure 1: Map of the Midas high-grade vein district in northern
2023 Drill Program:
The Company utilized a combination of diamond core and reverse circulation (“RC") drilling at Midas North to complete nine wide spaced drill holes totaling 4,202 metres. Drilling intersected epithermal veining and alteration in multiple target areas. This maiden drill program consisted of drill holes (Figure 3) designed to test the large epithermal alteration cell on the property and a variety of targets generated from initial geologic and geophysical work (see news release dated
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Figure 2: Core photograph of fault-hosted epithermal quartz vein from drill hole MN23-04 exhibiting quartz-after-calcite lattice textures and weak banding of chalcedonic quartzindicative of epithermal boiling. Depth on run block shown in feet.
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Figure 3: Geologic map showing the location of the scout drill holes at Midas North with target areas as interpreted from anomalous pathfinder element geochemistry in surface sampling and drill holes. Cross section A–A’ corresponds to Figure 4 below.
The primary objective of the program was to perform a first-pass evaluation of six discrete target areas at multiple elevations to assess the strength of epithermal alteration at depth and ultimately guide future drilling on the property toward the most favourable structures. Drilling confirmed the presence of widespread epithermal alteration and identified anomalous precious metals at depth in multiple areas. Geologic logging has resulted in a much-improved understanding of the subsurface stratigraphy and identified the presence of the
Scout RC drill hole MN23-02 was drilled below an outcropping zone of opaline silica and sinter with fossilized geyser vents, within the Big Opal fault corridor (Figure 3). This drill hole intersected 47.0 g/t silver over 9.14 m from 371.86 m to 381.00 m in a structurally controlledhigh-resistivity feature underlying the silica sinter exposure. The mineralized interval consists of quartz-calcite-sulfide veining hosted in a gabbroic sill, which typically acts as a poor host for mineralization within the Midas district. This intercept represents the most significant precious metal anomaly identified on the property to date and highlights the potential for epithermal vein-style gold mineralization within more favourable host units laterally along strike or at depth.
Drill hole MN23-04, located approximately 1 kilometre south of hole MN23-02 along the Big Opal fault corridor (Figure 3) intersected a 3-metre-wide fault zone hosting a quartz vein with quartz-after-calcite lattice textures (Figure 2). Lattice-bladed and weakly banded quartz veining is consistent with epithermal boiling as the product of a high-energy geothermal system and implies potential for mineralized feeder structures deeper into the boiling zone at depth or laterally along strike. This vein returned highly anomalous pathfinder geochemistry with weakly anomalous gold and silver values. The significant strike length between low-grade mineralization encountered in hole MN23-02 to the northwest and epithermal veining in hole MN23-04 to the southeast indicate over a kilometre of prospective and untested strike extent along the Big Opal fault corridor, as corroborated by anomalous surface and drill hole pathfinder element geochemistry across the area (Figure 3).
The westernmost scout RC drill hole, MN23-06, targeted the district-scale
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Figure 4: Interpretive cross section A–A’ showing correlation of elevated mercury and arsenic values with interpreted structures from CSAMT geophysics. The
The 2023 drill program at Midas North also demonstrated the utility of controlled-source audio-frequency magnetotelluric (“CSAMT”) resistivity geophysical interpretation for target generation at the property. Geologic mapping and modeling efforts are limited by relatively poor preservation of outcrop exposures and a pervasive silica altered alteration cap. Interpretation of CSAMT has assisted with mapping of large-scale structures and prospective high-resistivity features at depth. Nearly all the 2023 drill holes which encountered fault zones and associatedepithermal pathfinder element geochemistry were predicted by the geophysics, demonstrating the efficacy of this approach at the project. Stratigraphic and structural controls from the broadly spaced drill holes will provide significantly improved constraints for the Company’s evolving geologic model and will greatly aid future exploration. Headwater geologists believe the fault-hosted epithermal alteration and veining encountered in multiple drill holes suggest the potential for high-grade mineralization within the refined target areas remains.
About the
Headwater’s 100% owned and royalty-free Midas North project adjoins Hecla Mining Company’s past producing
About
Headwater is part of the
For more information, please visit the Company's website atwww.headwatergold.com.
On Behalf of the Board of Directors
President and CEO
+1 (775) 409-3197
cstroup@headwatergold.com
For further information, please contact:
Investor Relations Manager
+1 (778) 867-5016
bzerb@headwatergold.com
Qualified Person:
The technical information contained in this news release has been reviewed and approved by
Sampling Quality Control:
Drill core was transported from the Project to the Company’s logging facility in
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 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 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 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 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
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.
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