Headwater Gold Inc. (CSE: HWG | OTCQX: HWAUF) has announced it has received drill permits and is planning an initial reverse circulation drill program at its Whiskey project in Nevada. The program, expected to commence in late October 2026, will consist of approximately 1,500 metres across 4 to 5 holes targeting multiple high-priority gold mineralisation zones. The disclosure highlights historical intercepts and high-grade surface sampling results that investors may be watching as the company advances this fully Headwater-funded exploration effort.

Key Points

  • Headwater Gold Inc. (CSE: HWG | OTCQX: HWAUF) announced drill permits received for its Whiskey project, Nevada
  • An initial RC drill program of approximately 1,500 metres in 4 to 5 holes is planned, with drilling expected to commence in late October 2026
  • Historical drilling returned intercepts including 59.7 m grading 0.85 g/t Au; recent rock chip sampling returned up to 19.2 g/t Au at the High Proof target
  • Investors may watch for results from three distinct target areas: Rye East, Rye West, and the High Proof target

Three Distinct Targets Drive Headwater's Whiskey Drill Design

The Whiskey drill program will test three separate target areas across the property. The Rye East zone will probe rhyolite-hosted epithermal mineralisation along a series of rhyolite domes to validate a historical intercept of 0.85 g/t Au over 57.93 metres in hole RS-6, which reportedly ended in mineralisation. Rye West drilling will use angled scout holes to test structurally controlled epithermal mineralisation near rhyolite intrusions, following up on historical hole W-83-5, which returned 0.52 g/t Au over 10.7 metres. The High Proof target, hosted in basement granite, will be tested across structural fabric and at depth for a possible intrusion cupola.

High-Grade Surface Results and Historical Data Support Whiskey's Exploration Case

The release states that recent rock chip sampling by Headwater at the High Proof target returned gold grades of 19.2 g/t Au, 18.5 g/t Au, and 14.6 g/t Au, with no known drilling previously completed in the area. Historical shallow drilling at the East Rye and West Rye targets intersected broad zones of epithermal gold mineralisation. The company notes that the High Proof target shows geologic and geochemical similarities to reduced intrusion-related gold deposits present elsewhere in the region. Headwater cautions that the historical drill results have not been independently verified.

Whiskey Project Land Package and Option Agreement Structure

Headwater consolidated the Whiskey project through two exploration lease and option to purchase agreements with separate private arm's length vendors, each carrying an option to acquire a 100% interest at a purchase price of US$1,500,000. Each agreement includes an initial payment of US$4,000 and escalating annual minimum payments beginning on the third anniversary. The Vendor Claims carry a 2.0% net smelter return royalty, of which Headwater may purchase 1.5% for US$2,000,000. The company has also located 134 additional 100% owned unpatented mining claims, bringing the total Whiskey land package to 206 unpatented mining claims.