Headwater Gold Identifies High-Grade Epithermal Veins at Spring Peak Project in Nevada

Vancouver, British Columbia — May 28, 2025 — NewsWall — Headwater Gold Inc. has announced the identification of outcropping high-grade epithermal veins at the newly identified Doug target, part of its expanding Spring Peak project in Nevada.

Exploration at Spring Peak is fully funded through an earn-in agreement with Newmont Corporation. The veins at the Doug target were found through a recently completed surface exploration program.

The Doug target is approximately 9 kilometers north of the high-grade Disco Zone and is situated along the trend of the Bear Fault, a regionally significant structure which also hosts the Disco Zone mineralization to the south. The Bear Fault projects under thin post-mineral cover to the north from Disco to a small erosional window at Doug where prospective host rocks are again exposed.

Highlights include the sampling of outcropping epithermal quartz veins at the Doug target area, returning exceptional gold grades including 21.8 g/t Au, 9.52 g/t Au and 7.82 g/t Au; the Bear Fault Corridor emerging as a district-scale structure; and vein textures and geochemistry at Doug indicating a high-level position within an epithermal system, suggesting potential for a preserved high-grade vein target at depth.

Caleb Stroup, President and CEO of Headwater, commented that the veins at the Doug target provide a compelling indication of the scale and preservation of the mineral system along the Bear Fault corridor within the expanded Spring Peak project. Headwater now controls over 12 km of strike extent in this well renowned epithermal district and looks forward to advancing these targets along with partner Newmont to further uncover the full potential of the Spring Peak project.

Recent rock chip sampling has confirmed the presence of epithermal quartz veins in outcrop for the first time at the Doug target. The outcropping veins consist of stockwork vein arrays that exhibit classic high-level epithermal textures. The implication is that much of the underlying hydrothermal system could be intact, with organized high-grade vein zones potentially preserved at depth.

The Bear Fault is a major extensional structure believed to be a primary control on epithermal mineralization at the Spring Peak project. At the Disco Zone, Headwater drilling intercepted 34.72 metres grading 2.73 g/t Au within the Bear Fault structure. The broader Bodie–Aurora–Borealis trend has produced over 4 million ounces of gold from multiple high-grade systems. The discovery at Doug coincided with a major expansion of Headwater’s land position through the staking of 509 new mining claims.

Headwater recently completed a suite of geophysical surveys at Spring Peak and Lodestar, including gravity, CSAMT, airborne magnetics, and radiometrics. A systematic program of geological mapping and geochemical sampling is also underway.

Caleb Stroup, President and CEO, +1 (775) 409-3197, cstroup@headwatergold.com

Brennan Zerb, Investor Relations Manager, +1 (778) 867-5016, bzerb@headwatergold.com

Source: Headwater Gold Inc.