Spring Peak Project

Large and under-explored precious metal
system with a clear analog immediately
next door at Hecla’s Aurora Mine

Project Snapshot

Spring Peak Overview

Several high-priority drill targets defined by OceanaGold before exiting Nevada for non-technical reasons
High-quality exploration database, including extensive CSMAT and soil surveys collected by OceanaGold in 2019
Infrastructure at nearby Aurora includes a 350 ton per day mill, several production water wells, and high-voltage three-phase power
Option to acquire 100% ownership

Shallow historic RC drilling consistently encountered anomalous gold values, but failed to test for high-grade vein mineralization at depth

Historic rock sampling on the Property returned values up to 35.7 g/t gold in banded epithermal quartz veins1
5-metre thick silica sinter indicates the system is fully preserved
Headwater has finished a first-pass drill program completing five reverse circulation (“RC”) drill holes

New blind gold discovery made with drill hole SP21-03 which intersected 38.1 m grading 1.00 g/t gold including 9.2 m grading 2.49 g/t gold

Four of five holes encountered significant gold mineralization beginning approximately 100m below surface
Vein textures and multi-element geochemistry suggest mineralization occurs in the top of the targeted boiling horizon, with follow-up targets presented down dip
Results validate Headwater’s exploration model, confirming the presence of a laterally continuous gold-bearing epithermal boiling zone below a cap of silica sinter and barren alteration at surface