Headwater Gold Commences Drilling at TJ Project in Nevada
Vancouver, British Columbia — October 22, 2025 — Leads & Copy — Headwater Gold Inc. (CSE: HWG) (OTCQB: HWAUF) has announced the start of drilling at the TJ project in northeastern Nevada.
The program is expected to include approximately 1,500 metres of core drilling, funded through an earn-in agreement with OceanaGold Corporation (TSX: OGC, OTCQX: OCANF) announced on October 15, 2025.
The drill program is planned to consist of 4 to 6 holes and test multiple epithermal vein targets. The drill program is fully funded by OceanaGold through an option and earn-in transaction announced October 15, 2025 that includes a US $1M minimum expenditure commitment by OceanaGold on the TJ project.
Priority will be given to the East Sinter fault target to test high-grade epithermal vein targets identified by Headwater’s 2024 RC scout drilling program. The 2024 program identified widespread silicification and epithermal veining as well as broad intervals of anomalous gold mineralization in the hanging wall of the East Sinter fault. Initial drilling is interpreted to have not penetrated sufficient depths to test for potential high-grade veins.
Additional drilling will target major structures in the core of the alteration cell. Structural targets supported by CSAMT resistivity, geology, and surface geochemical datasets will be tested along the main structural corridor.
Caleb Stroup, President and CEO of the Company, stated that the company is pleased to be launching the first drill program under its recently announced partnership with OceanaGold. He noted that their team brings deep technical experience in low-sulfidation epithermal systems and that the company is excited to collaborate as they advance the TJ project. He stated that this marks the start of what they expect to be a productive and discovery-driven exploration partnership across multiple projects in northern Nevada and that, with OceanaGold’s support, they can now systematically test the high-quality vein targets they’ve defined at TJ and move one step closer to realizing the district-scale potential they see in this system.
The 2025 drill program is expected to consist of 1,500 m of core drilling to test two target areas.
Drilling will target the down-dip projection of the East Sinter fault, a major west-dipping structural zone that hosts widespread epithermal alteration capped by a thick silica sinter. Headwater holds an option to acquire a 100% undivided interest in the TJ project, subject to retained royalties and subject to OceanaGold’s option to acquire up to 65% of the project following certain expenditures and preparation of a Pre-Feasibility Study within a designated time frame.
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.
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