Headwater Gold Inc. (CSE: HWG | OTCQX: HWAUF) has announced initial assay results from its Jake Creek Project in Nevada, with drill hole JC26-01 returning 46.33 metres grading 1.34 grams per tonne gold — described as the best drill result reported to date in the project area. The 2026 drill programs at both Jake Creek and Crane Creek in Idaho are now complete, with partner funding provided by OceanaGold Corporation and Centerra Gold Corporation respectively. Separately, OceanaGold has terminated its earn-in agreements at the Hot Creek and TJ properties, though its Jake Creek earn-in remains active pending full assay results.

Key Points

  • Headwater Gold Inc. (CSE: HWG | OTCQX: HWAUF) is a Nevada- and Idaho-focused epithermal gold explorer
  • Drill hole JC26-01 at Jake Creek intersected 46.33 metres grading 1.34 g/t gold, with the highest-grade sample returning 3.82 g/t gold over 1.52 metres
  • Jake Creek program totalled 3,574 metres across eight holes; Crane Creek program totalled approximately 2,780 metres across 18 holes; remaining assays pending at both projects
  • Investors will be watching OceanaGold's final participation decision at Jake Creek and incoming assay results from both projects

Jake Creek Discovery Corridor Delivers Headwater's Best Result to Date

The Jake Creek first-pass program comprised 3,574 metres across eight holes in five target areas, fully funded by OceanaGold under an earn-in agreement. Hole JC26-01, drilled in the Discovery Corridor, intersected 46.33 metres grading 1.34 g/t gold starting at a downhole depth of 277.98 metres. The reported interval is a downhole length and true thickness cannot be determined from available information. The company notes that an unrecovered 2.29-metre interval within the intercept was assigned a null gold grade, and its actual gold content is unknown. Assays from a second Discovery Corridor hole and six step-out holes remain pending.

Centerra-Funded Crane Creek Program Completes First Core Drilling Since the 1990s

At the Crane Creek Project in Idaho, operator Centerra Gold completed approximately 2,780 metres across 18 holes between May and September, representing the first drilling at the project since the 1990s and the first core drilling ever conducted there. The program tested beneath outcropping epithermal veins and evaluated deeper structural targets. Drilling confirmed widespread silicification and hydrothermal alteration, and core drilling refined the geological model assessing potential for deeper epithermal vein targets. Headwater has not yet received final gold assays from the program and states a full results summary will follow once assays are evaluated.

OceanaGold Exits Hot Creek and TJ Earn-Ins, Jake Creek Decision Pending

OceanaGold has elected to terminate its earn-in agreements at Headwater's Hot Creek and TJ properties after satisfying minimum expenditure commitments of US$500,000 and US$1,000,000 respectively, without earning an ownership interest. Headwater retains 100% interests in both properties and characterises the exit as reflecting a broader realignment of OceanaGold's exploration priorities. At Hot Creek, multiple drill-ready targets and a drill permit remain in place. The Jake Creek earn-in agreement remains in effect, with OceanaGold's continued participation decision pending receipt and review of outstanding assay results.

Self-Funded Whiskey Project Scout Drilling Advances in Nevada

Separately from its partner-funded programs, Headwater disclosed it is advancing preparations for a self-funded scout drilling program at its 100%-controlled Whiskey Project in Nevada. The company announced on October 20, 2026 that drilling is anticipated to commence in the coming weeks, though no further operational details were provided in this release. The technical information in the announcement was reviewed and approved by Joshua Carron, the company's Vice President of Exploration and a Qualified Person as defined under National Instrument 43-101.