Headwater Gold and OceanaGold Commence Drilling at Jake Creek Project, Nevada
(TheNewswire)
Vancouver, British Columbia -TheNewswire - June 2, 2026: Headwater Gold Inc. (CSE: HWG) (OTCQX: HWAUF) (the “Company” or“Headwater”) is pleased to announce the commencement of drillingat its Jake Creek Project (“Jake Creek” or the “Project”) inNevada. The program is expected to total approximately 3,500 metres ofdrilling, fully funded by OceanaGold Corporation (“OceanaGold”)(TSX: OGC, NYSE: OGC) pursuant to the earn-in agreement announcedOctober 15, 2025.
Highlights:
Drilling Underway at Jake Creek:Approximately 3,500 metres of drilling plannedin 8 to 10 holes, utilizing two drill rigs and a combination ofreverse circulation (“RC”) and core drilling to test multiplehigh-priority epithermal targets;
Fully Funded by OceanaGold:The program is fully funded pursuant to theOceanaGold earn-in agreement announced on October 15, 2025, whichincludes US$10 million in expenditures for OceanaGold to earn a 51%interest in Jake Creek;
Core Drilling the Discovery Corridor:Initial core drilling will test the area ofblind gold mineralization identified by historical drilling, including11.30 g/t Au over 1.53 m within 45.73 m grading 0.98 g/t Au in holeJC-005, where mineralization has not beenadequately followed up and has never been tested with core;and
New District-Scale Targets:The majority of the program will test newlydefined and previously undrilled targets across the property,including Pete’s Vein, Frostline, Owyhee, and Snowstorm, generatedfrom integrated mapping, surface geochemistry, SWIR analysis, andCSAMT geophysics.
Caleb Stroup, President and CEO of the Company,states: “We are verypleased to have drilling underway at Jake Creek with our partnerOceanaGold. This program marks the first systematic drill campaign onthe Project focused specifically on epithermal gold mineralization andis designed to test both the known Discovery Corridor and severalnewly defined targets across the property. Historic drillingdemonstrated the presence of blind gold mineralization at the Tertiaryunconformity, including high-grade gold in hole JC-005, but thatmineralization was never adequately followed up and has never beentested with core drilling. Over the past year, our team has integratedhistorical drilling, new geologic mapping, surface geochemistry, SWIRmineralogy, and CSAMT geophysics to build a much stronger targetingmodel. Importantly, while the Discovery Corridor is a key focus, themajority of this program will test new targets such as Pete’s Vein,Frostline, Owyhee, and Snowstorm, reflecting our view that Jake Creekis a district-scale epithermal system with multiple opportunities fordiscovery.”
Figure 1: District-scale mapshowing the proximity of the Jake Creek Project to the Turquoise RidgeComplex and target areas to be tested in the upcoming 2026 Headwaterdrill program. Cross-section lines correspond to Figure 3 (A–A’)and Figure 4 (B–B’).
2026 Jake Creek Drill Program:
The 2026 Jake Creek drill program is expected toconsist of approximately 3,500 metres in 8 to 10 holes utilizing oneRC rig and one core rig. The program will test five target areas whereepithermal vein targets have been identified through the integrationof geological mapping, surface geochemistry, SWIR alteration data, andcontrolled-source audio-frequency magnetotelluric (“CSAMT”)resistivity profiles. This represents the first systematic drillcampaign at Jake Creek focused specifically on epithermal goldmineralization.
A portion of the program will focus on the DiscoveryCorridor, where historical drilling intersected broad zones of goldmineralization at the Tertiary unconformity, including 11.30 g/t Auover 1.53 metres within a broader interval of 45.73 metres grading0.98 g/t Au in hole JC-005. Recent relogging and reinterpretation ofhistorical RC chips have improved Headwater’s understanding of thesubsurface geology in this area, including the relationship betweenmineralization, the Tertiary unconformity, and controlling structures.Planned west-directed core holes through the Discovery Corridor willbe the first core holes drilled through the altered Tertiary volcanicsection above the unconformity and are designed to better define thegeometry of mineralization and test for potential high-grade feederstructures.
Figure 2: Geologic map of JakeCreek Project showing principal 2026 target areas and planned drillhole traces.
Figure 3: Simplified geologiccross-section through A–A’, the Discovery Corridor showing goldmineralization concentrated at the Tertiary unconformity, thecorrelation of ammonium illite and buddingtonite (ammonium feldspar)with gold, and potential mineralized feeder vein targets to be testedwith 2026 Headwater drilling.
Headwater has completed systematic SWIR analysis ofhistorical RC samples from the Discovery Corridor, totaling 2,115analyses from 12 drill holes. This work identified ammonium-bearingillite and buddingtonite (ammonium feldspar), both importantalteration minerals in low-sulfidation epithermal systems, anddemonstrated a strong correlation between these minerals and goldgrade at Jake Creek. Buddingtonite is an important vector mineral atseveral Nevada epithermal systems, including the Sleeper deposit,where ammonium alteration is closely associated with high-grade goldmineralization. At Jake Creek, the correlation between ammoniummineralogy and gold provides a practical near-real-time downholevectoring tool that will be applied during the 2026 drillprogram.
The majority of the planned drilling will test newlydefined targets outside of the Discovery Corridor (Figure 2). Thesetargets were generated through the integration of property-widegeological mapping, surface geochemistry, SWIR mineralogy, CSAMTgeophysics, and subsurface information from historical drilling.Whereas most historical drilling and prior exploration focused on theDiscovery Corridor, the 2026 program is designed to test the broaderproject-scale opportunity and evaluate multiple new structural targetsacross the property.
Figure 4: Interpretivecross-section through section B–B’ with CSAMT geophysics apparentresistivity profile, modelled geology, anomalous soil geochemistry atsurface, and planned 2026 drill holes.
The 2026 drill program is expected to testapproximately five target areas distributed across the property(Figure 2) throughout the broad spatial extent of the Jake Creekhigh-level epithermal alteration cell. These include the following:
Discovery CorridorTarget: Blind discovery area with well-defineduntested structural targets adjacent to high-grade historic drillintercepts near a Tertiary unconformity.
Pete’s Vein CorridorTarget: A zone of outcropping epithermalquartz veining that coincides with a high resistivityCSAMT feature at depth (Figures 4 and 5). Along strike to the souththe veins trend into linear structurally controlled crackle brecciaswith highly anomalous epithermal pathfinder element geochemistry(Figure 5).
Frostline Target: East-dipping structural zone evident in CSAMT, gravity, andaeromagnetic datasets that corresponds to anomalous gold andpathfinder element soil geochemistry (Figure 4).
Owyhee Target:Regional northeast-striking range front fault that preservessubparallel dikes and quartz-carbonate veins in the footwall.
Snowstorm Target: Large north-trending normal fault that aligns withsignificant aeromagnetic high and gravity break along the western edgeof the Northern Nevada Rift. Upper volcanic stratigraphy near thefault is intensely clay altered and corresponds to a broad zone ofanomalous pathfinder element geochemistry in soil, anomalous SWIRmineralogy, as well as discrete zones of high-level chalcedonic quartzvein boulder float.
Figure 5: Left and Centre) “Pete’sVein”—Outcropping high-level chalcedonic quartz-opal vein withsparse bladed quartz-after-calcite epithermal boiling texture. Right)Rhyolite flow with chalcedonic quartz crackle breccia and highlyanomalous pathfinder element geochemistry (579 ppm As, 167 ppm Mo, 50ppm Sb, 1% Mn; see Headwater newsrelease dated February 18. 2026).
About the Jake Creek Project:
The Jake Creek Project is 100% owned by Headwater andconsists of 212 unpatented lode mining claims on BLM land in HumboldtCounty, Nevada, located 65 km northwest of Winnemucca and 8 km east of the Nevada Gold Mines’ Turquoise Ridge MineComplex. A portion of the Project is subject toa 1% NSR, half of which can be purchased for US$1,000,000 at any time. For further information see Headwater news release dated March 3,2025.
The Project covers 2,400 acres (1,000 hectares) on thewestern margin of the Northern Nevada Rift, a north-northwest trendingstructural corridor known for hosting significant precious metalmineralization including Hecla’s past-producing Midas Mine andHollister Mine. The geology is dominated by mid-Miocene bimodalvolcanic rocks, including rhyolite to dacite flows and welded tuffs,unconformably overlying Paleozoic sedimentary rocks at depths of 50 to300 m. Historic drilling by Evolving Gold Corp.in 2010 and 2011 (13 RC holes total) intersected widespread epithermalmineralization at the Tertiary unconformity, with notableintercepts1 such as 11.3 g/t Au over 1.52 m within 45.72 m grading 0.98g/t Au from 210.3 m in hole JC-005. This mineralization, associatedwith silicification, clay alteration and banded quartz veining,suggests a robust low-sulfidation epithermal system with potential forhigh-grade feeder zones at depth or along strike.
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-testingseveral projects in Nevada and has strategic earn-in agreements withOceanaGold Corporation on its TJ, Jake Creek, and Hot Creek projects,Newmont Corporation on its Spring Peak and Lodestar projects, andCenterra Gold Inc. on its Crane Creek project in Idaho. In August 2022and September 2024, Newmont and Centerra acquired strategic equityinterests in the Company, further strengthening Headwater'sexploration 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
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.
References
1Historicaldrill intercepts included in this release were sourced from primaryhistorical Evolving Gold Corp. data and NI43-101 Technical Report onthe Jake Creek Gold Project Humboldt County, Nevada, June 19, 2012,Effective Date: June 19, 2012, prepared for Evolving Gold Corp., 37 p.Drill results and surface samples have not been independently verifiedby Headwater and are treated by the Company as historical in natureand not current or NI 43-101 compliant.
2NI 43-101Technical Report on the Turquoise Ridge Complex Humboldt County,Nevada, USA,
March 15, 2024, Effective Date: December 31, 2023,prepared for Barrick Gold Corporation, 304 p.
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 planned drillingat the Jake Creek Project, OceanaGold's anticipated continuedfunding of the earn-in program, and the anticipated business plans and timingof future activities of the Company, are forward-looking statements.Although the Company believes that such statements are reasonable, itcan give 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, theability of the Company to obtain sufficient financing to fund itsbusiness activities and plans, the risk that OceanaGold will not electto continue with the earn-in program, the ability of the Company toobtain required permits, changes in laws, regulations and policiesaffecting mining operations, currency fluctuations, title disputes orclaims, environmental issues and liabilities, as well as those factorsdiscussed under the heading “Risk Factors” in the Company'sfilings with the Canadian Securities Authorities, copies of which canbe found under the Company'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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