Spring Peak Project

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

Spring Peak Overview

Under earn-in agreement with Newcrest Mining
Commanding land position in an established mining district – 2232 hectares
2021 drilling successfully intersected mineralized epithermal quartz veins at a range of elevations in multiple structures
Infrastructure at nearby Aurora includes a 350 ton per day mill, water wells, & high-voltage power

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 veins
5m thick silica sinter indicates the system is fully preserved
In 2021 Headwater completed a five hole first-pass drill program, with four of five holes encountering significant gold values

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
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
Vein textures and multi-element geochemistry suggest mineralization occurs in the top of the targeted boiling horizon, with follow-up targets presented down dip