Initial Drilling On Midas North Project Identifies Anomalous Precious Metals

Initial Drilling On Midas North Project Identifies Anomalous Precious Metals

VANCOUVER –  Caleb Stroup, Headwater Gold Inc., President and CEO, said, “We are very encouraged by the results of our initial scout drill program at Midas North project, Nevada, which constituted the first known drilling on the property.  This first-pass program has confirmed that alteration and epithermal veining persist at depth below surface alteration and has identified anomalous precious metals at depth in multiple areas.  The Big Opal and Jo Belle fault corridors exhibit the most consistent and intense alteration with several intersections of anomalous precious metals, including 47.0 g/t silver over 9.1 m below the Big Opal sinter in drill hole MN23-02.  Our geologists are also highly encouraged by the initial core intersection of the Big Opal fault target, where drill hole MN23-04 intercepted a fault-hosted epithermal quartz vein with abundant quartz after bladed calcite textures and weak banding of chalcedonic quartz. These vein textures and associated alteration demonstrate the presence of a structurally hosted epithermal cell that experienced epithermal boiling conditions favourable for high-grade precious metal mineralization. Despite the low tenor of the gold values, the Company considers the presence of epithermal quartz veins highly significant. The wide-spaced pattern of holes (up to 1 km spacing) has significantly increased our understanding of the subsurface geology and provided clear vectors toward at least two priority areas to focus follow-up work and continue to explore for high-grade gold mineralization.”