Headwater Gold’s Spring Peak joins FAST-41 track
2025-10-20 12:22 ET – News Release
Mr. Caleb Stroup reports
US FEDERAL GOVERNMENT SELECTS HEADWATER GOLD’S SPRING PEAK PROJECT FOR FAST-41 PERMITTING TRACK
Headwater Gold Inc.’s exploration permit on the Spring Peak project, referred to as the Burnt Rock plan of operations and located in western Nevada, has been selected for the United States Federal Permitting Improvement Steering Council’s FAST-41 Program Transparency List. FAST-41 is a federal initiative designed to streamline approvals for vital infrastructure, ensuring that designated mining projects receive an efficient review and authorization process. Acceptance into the program makes permitting milestones transparent via the FAST-41 project dashboard. The currently contemplated exploration program is financed by Newmont Corp. under stage 2 of the Spring Peak earn-in agreement (see news release dated Sept. 26, 2025) where Newmont may earn a 65-per-cent interest in the project by sole funding $40-million (U.S.) over a 36-month period.
Highlights:
- The selection of the Burnt Rock plan of operations into the FAST-41 program provides for transparent and efficient regulatory review and predictable permitting timelines for the Spring Peak gold exploration project.
- The authorization of the additional potential drill sites in the proposed permit would allow for an expansion of exploration activities at the project under stage 2 of the Spring Peak earn-in agreement.
Caleb Stroup, president and chief executive officer of the company, states: “We are thrilled by the inclusion of our project into the FAST-41 program. The continued support of the federal government for mining and exploration projects underscores the growing recognition of the importance of a domestic mineral supply chain. FAST-41 is the track that high-quality, federally recognized projects are placed on, providing the transparency and predictability that are so critical to advancing exploration in the United States.
“With permitting clarity and a funding partnership in place, we’re well positioned to progress exploration at Spring Peak.”
The Burnt Rock plan of operations on the Spring Peak project is located in the Aurora mining district of west-central Nevada and is adjacent to Hecla’s past-producing Aurora mine. The plan of operations proposes to increase the exploration search space on the project and opens up exploration drilling along the interpreted projection of mineralized trends under thin volcanic cover. The plan of operations includes the potential construction of up to 266 drill sites, 29 miles of new access roads and a comprehensive reclamation plan for all proposed exploration activity disturbance.
About the Spring Peak project
The Spring Peak project is located in the Walker Lane belt, west-central Nevada, approximately 50 km southwest of the town of Hawthorne. The project adjoins Hecla Mining Company’s past-producing Aurora mine, where existing infrastructure includes a 600-ton-per-day mill, several production water wells and high-voltage three-phase power. Drilling at the Disco zone has confirmed the presence of high-grade gold mineralization, including intersections such as 15.92 grams per tonne Au (gold) over 2.38 metres and 10.43 g/t Au over 2.01 m within a broader zone of 2.73 g/t Au over 34.72 m. Headwater holds an option to acquire a 100-per-cent undivided interest in the Spring Peak project from Orogen Royalties (TSX Venture Exchange: OGN), subject to retained royalties and subject to Newmont’s option to acquire up to 75 per cent of the project following certain expenditures and preparation of a prefeasibility study within a designated time frame.
About Headwater Gold Inc.
Headwater Gold is a technically driven mineral exploration company focused on exploring for and discovering high-grade precious metal deposits in the Western United States. Headwater is actively exploring one of the world’s most well-endowed, mining-friendly jurisdictions, with a goal of making world-class precious metal discoveries. The company has a large portfolio of epithermal vein exploration projects and a technical team with diverse experience in capital markets and major mining companies. Headwater is systematically drill testing several projects in Nevada and has strategic earn-in agreements with Newmont on its Spring Peak and Lodestar projects and OceanaGold Corp. on its TJ, Jake Creek and Hot Creek projects. In August, 2022, and September, 2024, Newmont and Centerra Gold acquired strategic equity interests in the company, further strengthening Headwater’s exploration capabilities.
Qualified person
The technical information contained in this news release has been reviewed and approved by Dr. Gregory Dering, PGeo (AIPG CPG-12298), a qualified person (QP) as defined in National Instrument 43-101 — Standards of Disclosure for Mineral Projects. Dr. Dering is not independent by reason of being the company’s vice-president of exploration.
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