Headwater Gold Stakes New District-Scale Epithermal Gold Project in Nevada
(TheNewswire)
Vancouver, British Columbia -TheNewswire - May 5, 2026: Headwater Gold Inc. (CSE: HWG) (OTCQX: HWAUF) (the “Company” or“Headwater”) is pleased to announce it has acquired the JupiterProject (“Jupiter” or the “Project”) through claim staking. The Project is a 100%-owned and royalty free district-scaleepithermal gold project located on Bureau of Land Management(“BLM”) land in Nye County, Nevada.
The Project comprises 352 unpatented lode mining claimscovering approximately 7,000 acres (2,800 hectares) and encompasses alarge, well-preserved hydrothermal alteration system within the WalkerLane belt. The Project represents a large, underexplored epithermalsystem with demonstrated gold mineralization that has not previouslybeen evaluated as a cohesive exploration target.
Highlights:
Large, well-preserved and underexplored epithermalsystem with a surface alteration footprint of approximately 5 by 8km;
Historical drilling confirmed gold mineralization,including 9.1 m at 1.1 g/t Au1,2, with no meaningful follow-up;
Strong surface rock chip and soil geochemistry withgold values up to 3.1 g/t Au and broad pathfinder anomalism;
100%-owned district-scale land position covering themapped alteration system and interpreted structural extent;and
Clear path forward to define and prioritize initialdrill targets.
Caleb Stroup, President and CEO of the Company,states: “Jupiter is exactlythe type of opportunity we look for: a large, metal-bearinghydrothermal system in Nevada where previous work demonstrated thepresence of gold but failed to recognize the scale and coherence ofthe system. Historical drilling confirmed the presence of goldmineralization, including 9.1 metres grading 1.1 grams per tonne goldassociated with illite alteration, but that work was never followed upin the context of the broader mineral system. By compiling andintegrating historical data with modern alteration mapping,geochemistry and structural interpretation, we now see a clear pictureof a district-scale epithermal system with multiple structurallycontrolled targets which are untested at depth. We have secured adominant land position across the full alteration footprint and have aclear path to systematically advance the Project.”
The Jupiter Project:
Jupiter is located in Nye County, Nevada, within theWalker Lane, a highly prospective belt that hosts severalmulti-million-ounce gold systems including Round Mountain owned byKinross Gold Corporation and the Silicon–Merlin discovery (Arthurproject) owned by AngloGold Ashanti (Figure 1). The Project lieswithin a regional mineral belt associated with Tertiary magmatism andis underlain by Miocene volcanic rocks intruded by felsic dikes andcut by ENE- to NE-trending structures. At the district scale, thesefeatures define a coherent structural and magmatic corridorinterpreted to control hydrothermal fluid flow and mineralization.
Figure 1: Location of the Jupiterepithermal gold project within the Walker Lane belt in Nevada relativeto the major epithermal gold deposits and districts within the belt. The background image is regional reduced-to-pole magnetics.
Large Hydrothermal System:
Jupiter hosts a laterally extensive and well-zonedhydrothermal system covering approximately 5 by 8 km. Pervasivekaolinite alteration observed at surface is consistent with apreserved epithermal environment, with higher-temperaturesilica-dickite-kaolinite assemblages localized along multiplestructurally controlled corridors, often associated with rhyolitedikes. Alteration generally transitions outward into broad zones ofillite alteration and distal smectite- and silica-richassemblages.
Figure 2: Simplified alteration map of the JupiterProject target areas and associated geologic features.
Gold mineralization identified to date has beenprimarily associated with illite alteration below a broad zone ofkaolinite-dickite alteration that dominates the majority of theproject area at surface. The most intense surface alteration occursalong a well-defined ENE structural corridor interpreted as theprimary upflow zone for the system (Queen City and Redwing targetareas, Figure 2). Historic drilling in these areas was generallyshallow and consisted of vertical holes which did not adequately testfor mineralization along potential high-angle feeder structures at depth. Several interpreted lower-temperaturealteration zones display characteristics consistent with the upperportions of a low-sulfidation epithermal system, suggesting potentialfor bulk mineable and high-grade underground style targets across theproperty and further expanding the overall exploration potential.
Figure 3: Jupiter alteration footprint and surfacemercury occurrences documented by the USGS (United States GeologicalSurvey) in relation to the AngloGold project (Silicon-Merlin) located110 km SW of Jupiter (Figure 1).
Gold Mineralization and HistoricalWork:
The project area has seen a series of limitedexploration campaigns by companies such as US Minerals, Kennecott,Geologix, Altan Nevada, Kinross, Renaissance Gold and RameliusResources between 1981 and 2020. Historical work has demonstrated thatthe Jupiter system is metal-bearing, with gold mineralizationspatially associated with alteration and structurally controlledzones. The most significant drill intercept reported to date is 9.1 mgrading 1.1 g/t Au from hole JURC00011, 2, which wasreportedly not followed up. Historical surface rock samplingreportedly returned gold values up to 3.1 g/t Au1. Historicalsoil sample geochemistry1 defines a strong gold anomaly along thecontact between Paleozoic carbonates and altered volcanic rocks in thewestern portion of the Project (Figure 2), indicating furtherpotential for gold mineralization at depth to the east below the broadargillic alteration footprint.
Despite these results, past exploration was generallyfragmented across multiple operators and largely focused onalternative deposit models such as Carlin-type gold mineralization inthe Paleozoic rocks west of the main alteration footprint. No previousoperator has controlled the full land position or evaluated the systemin an integrated manner.
Figure 4: Historic workings likelytargeting structurally controlled mercury mineralization associatedwith silicification and clay alteration. Open stope is approximately 1metre in width.
Structural Controls andTargeting:
Headwater’s preliminary fieldwork indicates thatmineralization is controlled by a combination of ENE-trendingstructures and associated felsic intrusions, which together define adistrict-scale structural corridor. Available historic geophysicaldata supports this interpretation, highlighting major structurallineaments, zones of demagnetization associated with alteration andconductive clay-altered rocks overlying a large untested resistivebody at depth. These datasets collectively define convergent structural, alteration and geophysicaltargets that will be prioritized for follow-up work. Headwater hasidentified several initial target areas across the property, includingzones of known gold mineralization, structurally focused alterationand strong geochemical anomalies (Figure 2).
The next phase of work at Jupiter will focus ontransitioning from reconnaissance to systematic target definition.Headwater plans to complete detailed geological mapping, targetedsurface sampling and property-scale geophysical surveys to refinestructural architecture beneath post-mineral cover and prioritizeinitial drill targets.
About the Jupiter Project:
The Jupiter Project is a 100% owned, district-scaleepithermal gold project located in Nye County, Nevada, within theWalker Lane belt approximately 110 km northeast of AngloGold’sArthur project. The Project comprises 352 unpatented mining claimscovering approximately 7,000 acres (2,800 hectares) on BLM land and isroyalty-free. Jupiter hosts a large, well-preserved hydrothermalsystem extending approximately 5 by 8 km, with well-developedalteration zoning and broad gold-in-soil anomalies. Historicaldrilling and surface sampling have confirmed the presence of goldmineralization, including 9.1 m grading 1.1 g/t Au and rock samplesreturning up to 3.1 g/t Au. Documented mineralization is associatedwith an illite-dominant alteration zone developed beneath the upperlevels of the system. Despite its scale and demonstrated goldmineralization Jupiter has not been evaluated as a cohesiveexploration project and represents a compelling opportunity forsystematic exploration.
About Headwater Gold:
Headwater Gold Inc. (CSE: HWG, OTCQX: HWAUF) is atechnically driven mineral exploration company focused on exploringfor and discovering high-grade precious metal deposits in the WesternUSA. Headwater is actively exploring one of the world's mostwell-endowed, mining-friendly jurisdictions, with a goal of makingworld-class precious metal discoveries. The Company has a largeportfolio of epithermal vein exploration projects and a technical teamwith diverse experience in capital markets and major mining companies.Headwater is systematically drill-testing several projects in Nevadaand has strategic earn-in agreements with OceanaGold Corporation onits TJ, Jake Creek and Hot Creek projects, Newmont Corporation on itsSpring Peak and Lodestar projects and Centerra Gold Inc. on its CraneCreek project in Idaho. In August 2022 and September 2024, Newmont andCenterra acquired strategic equity interests in the Company, furtherstrengthening Headwater's exploration capabilities.
For more information about Headwater, please visit theCompany's website at www.headwatergold.com.
Headwater is part of the NewQuest Capital Group, adiscovery-driven investment enterprise that builds value through theincubation and financing of mineral projects and companies. Furtherinformation about NewQuest is available atwww.nqcapitalgroup.com.
On Behalf of the Board of Directors
Caleb Stroup
President and CEO
+1 (775) 409-3197
cstroup@headwatergold.com
For further information, please contact:
Brennan Zerb
Investor Relations Manager
+1 (778) 867-5016
bzerb@headwatergold.com
References
¹ Historical drill intercepts and surface sampleresults included in this release were sourced from primary historicaldata compiled by Headwater. Results have not been independentlyverified by the Company and are treated as historical in nature andnot current or NI 43-101 compliant.
2Renaissance Gold Inc. news release dated January 29, 2018
3 AngloGoldAshanti plc news release dated March 26, 2026
Qualified Person
The technical information contained in this newsrelease has been reviewed and approved by Dr. Stephanie Grocke, P.Geo.(EGBC License #58217), an independent “Qualified Person”(“QP”) as defined in National Instrument 43-101 – Standards ofDisclosure for Mineral Projects.
Forward-LookingStatements: This news releaseincludes certain forward-looking statements and forward-lookinginformation (collectively, “forward-looking statements”) withinthe meaning of applicable Canadian securities legislation. Allstatements, other than statements of historical fact, included hereinincluding, without limitation, statements regarding plannedexploration programs at the Jupiter Project, the Company'sability to attract a strategic partner, the exploration potential ofthe Jupiter Project, and the Company's financial resources andplanned use of funds are forward-looking statements. Although theCompany believes that such statements are reasonable, it can give noassurance that such expectations will prove to be correct. Often, butnot always, forward-looking information can be identified by wordssuch as “pro forma”, “plans”, “expects”, “may”,“should”, “budget”, “scheduled”, “estimates”,“forecasts”, “intends”, “anticipates”, “believes”,“potential” or variations of such words including negativevariations thereof, and phrases that refer to certain actions, eventsor results that may, could, would, might or will occur or be taken orachieved. 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, the ability of theCompany to obtain sufficient financing to fund its business activitiesand plans, the ability of the Company to obtain required permits,changes in laws, regulations and policies affecting mining operations,currency fluctuations, title disputes or claims, environmental issuesand liabilities, as well as those factors discussed under the heading“Risk Factors” in the Company's filings with the CanadianSecurities Authorities, copies of which can be found under theCompany's profile on the SEDAR+ website atwww.sedarplus.ca.
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) 2026 TheNewswire - All rights reserved.
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