Heliostar Metals drills 9.06 g/t gold over 242 metres at Ana Paula, Mexico

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Heliostar Metals Ltd. [HSTR-TSXV; HSTXF-OTCQX; RGG1-FSE] reported additional drill results from the Ana Paula project in Mexico. These two holes continue to assess mineralization up plunge of and within the high-grade panel at the core of Ana Paula.

Highlights: Hole AP-23-297 returned 241.95 metres at 9.06 g/t gold, including 31.5 metres at 21.5 g/t gold, including 5.00 metres at 51.0 g/t gold, including 35.2 metres at 23.6 g/t gold, including 9.90 metres at 42.4 g/t gold.

Hole AP-23-298 returned 104.1 metres at 6.14 g/t gold, including 19.5 metres at 15.11 g/t gold.

Hole AP-23-297 is the longest, highest grade interval drilled in the history of the Ana Paula project. These holes exceed the resource model’s predicted high grades and extends high-grade mineralization up plunge.

Heliostar believes that the up-plunge area of the high-grade panel has the potential to increase the current mineral resource. The current drill program continues to demonstrate higher overall grades over broad widths relative to the current mineral resource. The current program will evaluate Ana Paula’s ability to host a high-margin, underground gold mine.

Heliostar chief CEO Charles Funk commented: “Hole AP-23-297, 242 metres grading 9.06 g/t gold, is an incredible gold intercept that exceeded our expectations. It shows potential to add ounces at higher grade in the up-plunge growth target. And it illustrates the excellent continuity of high grade along the length of the high-grade panel. Holes AP-23-297 and AP-23-298 are both respectively 33% and 38% increases relative to the current resource model prediction, at an over five g/t gold cut-off grade. Heliostar is well placed with a recently strengthened cash balance, continued flow of infill and growth drilling results, and impactful metallurgical and geotechnical studies pending. The company continues to tick off the catalysts to deliver the updated resource and re-scope of Ana Paula in 2023.”

The company is on schedule and on budget with the drilling program. To date, the company has completed 16 holes at Ana Paula. The company has reported results from eight holes so far. Holes AP-23-299, AP-23-300 and AP-23-301 continue to assess the up-plunge growth target. Sulphide mineralization occurs throughout each hole, particularly AP-23-300. Holes AP-23-302 and AP-23-303 are the company’s first holes targeting high-grade mineralization further west into the down-plunge target. The holes intersected sulphide mineralization throughout, particularly AP-23-303.

The company will commence two infill holes in the vicinity of hole AP-23-291. The result will be a cross-section of tightly spaced intercepts. These data will support resource modelling and provide metallurgical material for analysis.

Heliostar has retained the services of Swiss Resource Capital AG (SRC) to undertake European-focused investor relations activities on behalf of the company. SRC is an independent arm’s-length entity based in Switzerland .

The company is focused on developing the 100%-owned Ana Paula project in Guerrero, Mexico. In addition, Heliostar is working with the Mexican federal and local government to permit the San Antonio gold project in Baja Sur, Mexico. The company continues efforts to explore the Unga gold project in Alaska, United States of America.

The Ana Paula project deposit contains proven and probable mineral reserves of 1,081,000 ounces of gold at 2.38 g/t gold and 2,547,000 ounces of silver at 5.61 g/t silver. Ana Paula hosts measured and indicated resources of 1,468,800 ounces of gold at 2.16 g/t gold and 3.6 million ounces of silver at 5.3 g/t silver. The asset is permitted for open-pit mining and contains significant existing infrastructure including a portal and a 412-metre-long decline.

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