Headwater Gold Inc. (CSE: HWG | OTCQX: HWAUF) announced on October 29, 2026, that it has acquired a 100% interest in the Ollie Project through claim staking in Mineral County, Nevada, within the Walker Lane gold belt. The royalty-free project comprises 81 unpatented lode mining claims covering approximately 1,635 acres (662 hectares) and was generated entirely by Headwater through geological mapping, alteration analysis, and surface sampling. The acquisition places the company in a district hosting multiple known gold deposits, with no historical drilling recorded on the Ollie ground itself — a detail investors may find significant when evaluating early-stage exploration upside.

Key Points

  • Headwater Gold Inc. (CSE: HWG | OTCQX: HWAUF) announced the staking of the Ollie Epithermal Gold Project in Nevada's Walker Lane
  • The project is 100%-owned and royalty-free, covering 81 unpatented lode mining claims across approximately 1,635 acres (662 hectares)
  • Surface samples returned gold values up to 0.23 g/t Au, with mercury exceeding 100 ppm in several samples and arsenic reaching 1,400 ppm
  • Investors will be watching for results from planned additional mapping, sampling, and a potential initial scout drilling programme

Ollie Project Location and District Context in Nevada's Santa Fe Mining District

The Ollie Project is situated approximately 5 kilometres northeast of Fortitude Gold Corporation's Isabella Pearl mine and 3 kilometres east-northeast of Lahontan Gold Corp.'s Santa Fe project. The broader Santa Fe mining district contains several gold deposits, and the Santa Fe deposit produced approximately 359,000 ounces of gold between 1988 and 1995. Lahontan's Santa Fe project currently hosts Indicated Mineral Resources of 47.5 million tonnes grading 0.72 g/t Au and Inferred Mineral Resources of 60.7 million tonnes grading 0.59 g/t Au, though the release notes this neighbouring-property information has not been independently verified by Headwater's Qualified Person.

Alteration Signatures and Surface Geochemistry at Ollie

Headwater characterised the project's alteration using airborne hyperspectral data supported by spectrometer analyses of 149 surface samples. Alteration is dominated by extensive kaolinite development with localised silicification. Surface geochemical data from 52 rock samples — 23 collected by Headwater and 29 historical — returned gold values up to 0.23 g/t Au alongside strong pathfinder enrichment: 14 samples exceeded 10 ppm mercury, arsenic reached 1,400 ppm, and antimony reached 53 ppm. The company describes these concentrations as consistent with a high-level geochemical signature above a potential concealed gold system, though no mineralisation has been confirmed.

Geological Rationale for Concealed Gold Mineralisation Targets

The project is underlain by Oligocene Mickey Pass Tuff overlying Triassic Luning Formation sedimentary rocks — both units known to host gold mineralisation elsewhere in the district. Mapped fault geometry supports an interpreted graben structure placing Ollie on the opposing margin from the Santa Fe deposit. The lower volcanic section and its basal contact with the Luning Formation are not surface-exposed, leaving these prospective horizons untested. The release states that no historical drilling is known on the project, which Headwater views as an opportunity to explore for blind mineralisation beneath the alteration footprint.

Planned Exploration Work to Refine Drill Targets at Ollie

The release states that the next phase of exploration will include additional geological mapping and surface sampling to refine alteration patterns, geochemical vectors, and the projection of favourable host rocks at depth. This work is described as supporting detailed targeting ahead of a potential initial scout drilling programme. The company did not disclose a budget or timeline for these activities in the announcement. The technical information in the release was reviewed and approved by Josh Carron (SME Reg No 042931540), Headwater's Vice President, Exploration, acting as Qualified Person under NI 43-101.