(TheNewswire)
Vancouver, British Columbia - TheNewswire - December 12,2022: HeadwaterGold Inc. (CSE:HWG) (OTC:HWAUF) (the "Company" or"Headwater") announces that it has re-acquired a 100%interest in the Flint epithermal gold-silver project (the“Project”), located in southern Idaho .
Highlights:
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The Flint project is located in a historic high-gradesilver mining district with potential for new precious metaldiscoveries;
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The Project occurs in an analogous geologic setting tothe adjacent to Integra Resources DeLamar project ; and,
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The Project is 100% owned and royalty-free.
Caleb Stroup, Headwater’s President and CEO,commented: “ We are happy tohave the Flint project back in the Headwater portfolio as it islocated in a rapidly developing and highly prospective epithermalgold-silver belt in southern Idaho. Flint was one of the earlyprojects staked by Headwater and the prospectivity of the Projectremains very high. We will immediately begin work re-evaluating thenear-term exploration potential at Flint and prioritizing further workin the context of our 100% owned asset portfolio ”.
Figure 1: Location of the Flint projectrelative to Integra Resources’ DeLamar project 2 .
About the FlintProject:
Flint is 100% owned by Headwater and royalty free, consisting of 130 claims totalling 1,020 hectares. The Project is located on BLM land approximately 7kilometres southwest of Integra Resources’ DeLamar and FloridaMountain deposits (Figure 1).
Preserved high-level epithermal alteration occurs inthe target Silver City Rhyolite package which is the ore host at thehistoric DeLamar and Florida Mountain mines.
More than 1.5 M oz of silver was reportedly producedfrom the Flint District at bonanza grades (20-30 oz/ton Ag) from veinsemplaced in late Cretaceous plutonic rocks of the Silver Citygranite 3 . The same pre-volcanic basement rocks are interpreted tohost silver-gold veins at Florida Mountain that comprise an analogoushigh grade low-sulfidation gold-silver system.
Potential for gold-silver mineralization at Flint in ageologic setting analogous to the adjacent DeLamar deposit has beenrecognized but never drill tested 1 . Tertiaryvolcanic rocks overlying the Flint vein system are preserved in thehanging wall of the Flint Creek fault and host widespread silica andclay alteration (Figure 2). The volcanic package includes rhyoliticflows, vent facies and basalts that are equivalent to the majorore-hosting units at DeLamar.
Huntsman Exploration (“Huntsman”) acquired the Flint projectfrom Headwater in December 2020 for a cash payment of US$100,000 and8,450,000 common shares. Huntsman elected to relinquish the Projectwithout conducting any exploration work and pursuant to the originalagreement, relinquished the claims to Headwater for a nominal cost ofUS $130.
Figure 2: Highly altered and flow banded SilverCity Rhyolite in hanging wall of Flint Creek Fault.
About Headwater Gold:
Headwater Gold Inc. (CSE: HWG, OTCQB: HWAUF) is atechnically-driven mineral exploration company focused on theexploration and discovery of high-grade precious metal deposits in theWestern USA. Headwater is aggressively exploring one of the mostwell-endowed and mining-friendly jurisdictions in the world with agoal of making world-class precious metal discoveries. Headwater hasa large portfolio of epithermal vein exploration projects and atechnical team comprised of experienced geologists with diversecapital markets, junior company and major mining company experience. The Company is systematically drill testing several projects inNevada, Idaho, and Oregon and has recently announced a significanttransaction with Newcrest Mining Limited where Newcrest acquired a9.9% strategic equity interest in the Company and entered into earn-inagreements on four of Headwater’s projects.
For more information, please visit the Company'swebsite at www.headwatergold.com .
On Behalf of the Board ofDirectors
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 newsrelease has been reviewed and approved by Scott Close, P.Geo (158157),a “Qualified Person” (“QP”) as defined in National Instrument43-101 – Standards of Disclosure for Mineral Projects.
1 The SilverCity Rhyolite target owned by the Company is an exploration targetwith no resources or reserves. Gold-silver mineralization on Integra Resources' DeLamarand Florida Mountain projects does not indicate similar mineralizationis present on the Company’s Flint project.
2 Ivosevic,Stanley W., 1980, Flint District Map, Owyhee County, Idaho, preparedfor Santa Fe Mining Inc., 1:6000 scale, 1 sheet.
3 Bonnichsen, W., 1983, Epithermal Gold and Silver DepositsSilver City-DeLamar District, Idaho, Idaho Geological Survey,Technical Report 83-4, 34 p.
Forward-Looking Statements:
This news release includes certainforward-looking statements and forward-looking information(collectively, “forward-looking statements”) within the meaning ofapplicable Canadian securities legislation. All statements, other thanstatements of historical fact, included herein including, withoutlimitation, statements regarding future capital expenditures,exploration activities and the specifications, targets, results,analyses, interpretations, benefits, costs and timing of them,Newcrest’s anticipated funding of the earn-in projects and thetiming thereof, and the anticipated business plans and timing offuture activities of the Company, are forward-looking statements.Although the Company believes that such statements are reasonable, it cangive no assurance that such expectations will prove to be correct.Often, but not always, forward looking information can be identifiedby words such as “pro forma”, “plans”, “expects”,“may”, “should”, “budget”, “scheduled”,“estimates”, “forecasts”, “intends”, “anticipates”,“believes”, “potential” or variations of such words includingnegative variations thereof, and phrases that refer to certainactions, events or results that may, could, would, might or will occuror be taken or achieved. Forward-looking statements involve known andunknown risks, uncertainties and other factors which may cause theactual results, performance or achievements of the Company to differmaterially from any future results, performance or achievementsexpressed or implied by the forward-looking statements. Such risks andother factors include, among others, risks related to the anticipatedbusiness plans and timing of future activities of the Company,including the Company’s exploration plans and the proposedexpenditures for exploration work thereon, the ability of the Companyto obtain sufficient financing to fund its business activities andplans, the risk that Newcrest will not elect to obtain any additionalinterest in the Projects in excess of the minimum commitment, theability of the Company to obtain the required permits, changes inlaws, regulations and policies affecting mining operations, theCompany’s limited operating history, currency fluctuations, titledisputes or claims, environmental issues and liabilities, as well asthose factors discussed under the heading “Risk Factors” in theCompany’s prospectus dated May 26, 2021 and other filings of theCompany with the Canadian Securities Authorities, copies of which canbe found under the Company’s profile on the SEDAR website atwww.sedar.com.
Readers are cautioned not to placeundue reliance on forward-looking statements. The Company undertakesno obligation to update any of the forward-looking statements, exceptas otherwise required by law.
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