Headwater Gold Announces Commencement of Centerra-Funded Drilling at Crane Creek Project, Idaho

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About the Crane Creek Project:

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The Crane Creek Project is located in western Idaho, approximately 18 km northeast of the town of Weiser and 90 km northwest of Boise, with a paved county road less than 1 km from the southern property boundary. The Project is fully permitted for drilling under a Notice of Intent with the Bureau of Land Management (“BLM”) and a Plan of Operation with the Idaho Department of Lands. Crane Creek comprises approximately 1,240 hectares, consisting of 123 unpatented federal mining claims on BLM land, a 640-acre State of Idaho minerals lease and a private lease.

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The Project encompasses an array of mineralized epithermal quartz veins within a broad gold and trace element geochemical anomaly and features characteristics of a well-preserved low-sulfidation epithermal system, including historical mercury workings, widespread opaline silica and chalcedonic quartz veins. This alteration cell is located approximately 8 km northwest along trend of the Nutmeg Mountain gold project (Figure 1; 1,006,000 oz Au Indicated, 275,000 oz Au Inferred¹,²) owned by NevGold Corp. Historical drilling primarily tested shallow near-surface mineralization in two main areas of outcropping gold-bearing quartz veins, leaving the potential for high-grade epithermal veins along strike and at depth largely untested.

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About Headwater Gold:

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Headwater Gold Inc. (CSE: HWG, OTCQX: HWAUF) is a technically driven mineral exploration company focused on exploring for and discovering high-grade precious metal deposits in the Western USA. Headwater is actively exploring one of the world’s most well-endowed, mining-friendly jurisdictions, with a goal of making world-class precious metal discoveries. The Company has a large portfolio of epithermal vein exploration projects and a technical team with diverse experience in capital markets and major mining companies. Headwater is systematically drill-testing several projects and has strategic earn-in agreements with OceanaGold Corporation on its TJ, Jake Creek, and Hot Creek projects, Newmont Corporation on its Spring Peak and Lodestar projects and Centerra on its Crane Creek project. In August 2022 and September 2024, Newmont and Centerra acquired strategic equity interests in the Company, further strengthening Headwater’s exploration capabilities.

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For more information about Headwater, please visit the Company’s website at www.headwatergold.com.

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Headwater is part of the NewQuest Capital Group, a discovery-driven investment enterprise that builds value through the incubation and financing of mineral projects and companies. Further information about NewQuest is available at www.nqcapitalgroup.com.

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On Behalf of the Board of Directors

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For further information, please contact:

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Qualified Person:

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The technical information contained in this news release has been reviewed and approved by Joshua Carron (SME Reg No. 042931540), a “Qualified Person” (“QP”) as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Carron is not independent, as he is the Company’s Vice President, Exploration.

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Historical drill results and mineralized intercepts disclosed herein are historical in nature and were completed by previous operators. A Qualified Person has not independently verified the historical drilling, sampling, quality control, collar locations, down-hole surveys or assay data underlying these results and Headwater has not completed sufficient work to validate the historical results. Accordingly, the historical results should not be relied upon as current or verified exploration results. The Company considers the historical information relevant for the purpose of identifying areas for follow-up exploration, but its reliability is uncertain because the original sampling methods, analytical procedures, laboratory certifications, chain of custody and quality control protocols are not known and therefore do not meet current industry standards. Reported intervals should be treated as down-hole lengths and true widths are unknown.