Headwater Gold Geophysical Survey Delineates Prospective Fault Corridor on the Spring Peak and Lodestar Projects, Nevada
(TheNewswire)
Vancouver, British Columbia - TheNewswire - November 3, 2025:Headwater Gold Inc. (CSE: HWG) (OTCQB: HWAUF) (the "Company"or "Headwater") is pleased to announce the results of agravity geophysics survey completed on both its Spring Peak projectand adjoining Lodestar project in western Nevada. Exploration programson both projects were funded through earn-in agreements with NewmontCorporation (“Newmont”) (NYSE: NEM, ASX: NEM, PNGX: NEM),originally announced on August 16, 2022 and May 9, 2023,respectively.
Highlights:
Untested Potential: In the southern Spring Peak project area, a mapped faultknown as the Bear Fault hosts high-grade epithermal veins discoveredby Headwater at the Disco Zone. Beyond the drilled extend of theDisco Zone, the Bear Fault corridor remains untested by drilling,offering opportunities for potential blind discoveries akin toNevada’s most recent tier-one discovery at AngloGold Ashanti’sArthur Project.
Bear Fault CorridorRevealed: Based on the gravity survey, Headwatergeologists interpret the Bear Fault as a major extensional structurespanning over 12 km—far beyond the previously known 1 kmstrike—much of it under thin, post-mineral volcanic cover.
Priority TargetsAdvanced: The Zodiac target on the Lodestarproject and the Doug target at Spring Peak show strong structuralalignment in the gravity data, with the Doug target showing apotential linkage with the Bear Fault itself.
Caleb Stroup, President and CEO of the Company, states:“ This gravity surveytransforms our view of the Bear Fault corridor, expanding it todistrict-scale proportions and highlighting kilometres of untestedpotential under shallow post-mineral cover. We've gainedcritical insights into the 3D structure that controls known goldmineralization in the camp and have targets identified for potentialfuture exploration activities. This prospective corridor stands outacross multiple datasets, boosting our confidence in pursuing blindtargets to make the next big Nevada discovery.”
Spring Peak-Lodestar GravitySurvey:
The gravity survey covers approximately 200 square kmwith 2,336 ground stations at a nominal 400-metre spacing with200-metre spacing over the core target area, successfully outlinedmajor faults and basement blocks across the entire district. Thesurvey was conducted by McGee Geophysical and MWH Geosurveys of Reno,Nevada and incorporated reprocessed USGS data using a 2.40 g/ccdensity model for the complete Bouguer anomaly.
The survey was effective at detecting density contraststo map hidden geology beneath post-mineral volcanic flows. The keyfinding, which the Company considers highly significant, is adeep-seated fault system along the Bear Fault corridor marked by sharpnortheast-trending breaks in the total horizontal gradient (Figure 1)with the structure extending from the Disco Zone in the southwest tothe Doug area in the northeast. Gravity data reveals the persistenceof the fault system beneath thin post-mineral volcanic flows, allowingHeadwater to prioritize potential exploration activities for potentialvein-hosting structures through cover.
Figure1: Total horizontal gradientmap of the Spring Peak/Lodestar area, highlighting the Bear Faultcorridor as a sharp northeast-trending density contrast extending 12km in length under thin volcanic cover.
Bear Fault Corridor in GravityData:
The Bear Fault is expressed as northeast-trendingbreaks bounding and dissecting kilometre-scale highs which areinterpreted as basement blocks. Major gravity breaks are visuallyemphasized on the total horizontal gradient map (Figure 1), showingdenser basement rocks northwest of the Bear Fault versus less denserhyolite domes on the southeast side. The NE trend highlighted by thegravity survey is aligned with both the dominant vein orientation inthe district and strong lineaments at surface, but the deep contrastindicates a major older structure reactivated beneath young cover, ageological setting widely viewed as prospective for epithermalsystems.
Drilling to-date has been limited to the southern endof the Bear Fault corridor at the Disco Zone (Figures 1 and 2), wherehigh-grade veins occupy one fault zone that is revealed to be one among many defined by the gravity survey. TheDoug target, with outcropping high-grade veins (announced March 15,2025), is similarly situated, only on the northern end of Bear Faultcorridor. The Doug target is on a gravity break inboard of the edge ofa major gravity high (Figure 2). Headwater interprets this setting asa subsidiary fault strand adjacent to a major fault bounding thebasement gravity high on its southeast side.
Figure2: Residual complete Bougueranomaly map of the Spring Peak/Lodestar area, showing gravity highscorrelated with fault-bounded basement blocks and host rocks,dissected by the Bear Fault corridor.
Lodestar Targets in GravityData:
The top priority drill target on the Lodestar propertyis the Zodiac target, which features a prominent silicified andbrecciated ridgeline capped by a silica sinter. The gravity surveyreveals the Zodiac target is situated on a prominentnorthwest-trending gravity break (Figure 2) which Headwater interpretsas a significant deep-seated extensional fault. Veins and brecciasmapped on surface at the Zodiac target are aligned with the gravitybreak and are similarly northwest- trending. Theinterpreted fault represents a potential conduit and host forhigh-grade vein mineralization in an inferred boiling zone beneath theZodiac sinter in a setting analogous to the Disco Zone discovered byHeadwater beneath the Spring Peak sinter 10 km to the south. Aninitial drill program totaling up to 3,500 m comprising 10 to 15 holesto test the Zodiac target and other Lodestar targets is underway (seeHeadwater October 14, 2025 news release).
Implications for Exploration:
Residual complete Bouguer anomalies tie the Disco, Dougand Zodiac targets to bounding faults at the margins of major gravityhighs, typical of epithermal districts globally where mineralizationis commonly focused along the edges of fault-bounded bedrock uplifts.This survey refines regional targeting along the Bear Fault,illuminating blind opportunities under cover and guiding efficient,high-potential drilling in this prolific Nevada trend. Additionalexploration programs are in progress to further resolve vein targetswithin the major structural corridors identified by the gravitysurvey. These follow-up programs continue to leverage theindustry-leading technical expertise within Newmont to deploydeep-sensing geochemistry and high-resolution ground-based geophysicaltechniques to explore through cover.
About the Spring PeakProject:
The Spring Peak project is located in the Aurora MiningDistrict in the Walker Lane belt, west-central Nevada, approximately50 km southwest of the town of Hawthorne. The project adjoins HeclaMining Company’s past-producing Aurora Mine complex, where existinginfrastructure includes a 600 ton per day mill, several productionwater wells and high-voltage three-phase power. Recent drilling at theDisco Zone has confirmed the presence of high-grade goldmineralization, including significant intersections such as 15.92 g/tAu over 2.38 m and 10.43 g/t Au over 2.01 m within a broader zone of2.73 g/t Au over 34.72 m. The Spring Peak project has been selectedby the US Federal Government for the FAST-41 permitting program whicha federal initiative designed to streamline approvals for vitalinfrastructure, ensuring that designated mining projects move throughan efficient review and authorization process. An exploration Plan ofOperations has been submitted to the US Forest Service proposing up to266 potential additional drill sites to further explore for extensionsof known mineralization and test additional targets within the landpackage. Headwater holds an option to acquire a 100% undividedinterest in the Spring Peak project from Orogen Royalties (TSXV: OGN),subject to retained royalties and subject to Newmont’s option toacquire up to 75% of the project following certain expenditures andpreparation of a Pre-Feasibility Study within a designated time frame. On September 26, 2025 the Company announced that Newmont has electedto advance to Stage 2 of the Spring Peak earn-in agreement, wherebythey have the opportunity to increase theirinterest in the project from 51% to 65% by funding explorationexpenditures of US$40,000,000 over a 3-year period.
About the LodestarProject:
The Lodestar project is located approximately 10 kmnorth of the Company’s Spring Peak project in the Aurora MiningDistrict and adjoins Hecla’s past-producing Aurora mine complex tothe south. Silica sinter exposures and other high-level epithermalalteration features at Lodestar are geologically analogous to theSpring Peak project and suggest the potential for preservation ofundiscovered high-grade epithermal veins at depth. Headwater hasinitiated the first significant exploration program on the propertysince 1988.
Headwater holds an option to acquire a 100% undividedinterest in the Lodestar project from a private vendor, subject toretained royalties and Newmont’s option to acquire up to 75% of the project following certain expenditures andpreparation of a Pre-Feasibility Study within a designated time frame.
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 of experienced geologists with diverse capital markets,junior and major mining company backgrounds. The Company is systematically drilltesting several projects in Nevada and in August 2022 and May 2023announced significant transactions with Newmont where it acquired a9.9% strategic equity interest in the Company and entered into earn-inagreements on several of Headwater’s projects ,including Spring Peak and Lodestar which continue under partnership. In September 2024, Centerra Gold Inc. acquired a strategic 9.9%interest in the Company through a non-brokered privateplacement.
Headwater is part of the NewQuest Capital Group whichis a discovery-driven investment enterprise that builds value throughthe incubation and financing of mineral projects and companies. Further information about NewQuest can be found on the companywebsite at www.nqcapitalgroup.com .
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 Gregory Dering, PhD, P.Geo(AIPG CPG-12298), a “Qualified Person” (“QP”) as defined inNational Instrument 43-101 – Standards of Disclosure for MineralProjects. Dr. Dering is not independent by reason of being theCompany’s Vice President of Exploration.
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,Newmont’s anticipated funding of the earn-in projects and the timingthereof, and the anticipated business plans and timing of futureactivities of the Company, are forward-looking statements. Althoughthe Company believes that such statements are reasonable, it can giveno assurance that such expectations will prove to be correct. Often,but not always, forward looking information can be identified by wordssuch as “pro forma”, “plans”, “expects”, “may”, “should”,“budget”, “scheduled”, “estimates”, “forecasts”,“intends”, “anticipates”, “believes”, “potential” orvariations of such words including negative variations thereof, andphrases 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 fromany future results, performance or achievements expressed or impliedby the forward-looking statements. Such risks and other factorsinclude, among others, risks related to the anticipated business plansand timing of future activities of the Company, including theCompany’s exploration plans and the proposed expenditures forexploration work thereon, the ability of the Company to obtainsufficient financing to fund its business activities and plans, therisk that Newmont will not elect to obtain any additional interest inthe earn-in projects in excess of the minimum commitment, the abilityof the Company to obtain the required permits, changes in laws,regulations and policies affecting mining operations, the Company’slimited operating history, currency fluctuations, title disputes orclaims, environmental issues and liabilities, as well as those factorsdiscussed under the heading “Risk Factors” in the Company’sprospectus dated May 26, 2021 and other filings of the Company withthe Canadian Securities Authorities, copies of which can be foundunder the Company’s profile on the SEDAR website at www.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.
Copyright (c) 2025 TheNewswire - All rights reserved.
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