Heliostar Drills 31.8 g/t Gold over 9.5 Metres within 8.0 g/t Gold over 72.0 Metres in Up-Plunge Target at the Ana Paula Project
1090 West Georgia Street, Suite 700, Vancouver BC, V6E 3V7, Canada -- Tel +1 236 429 9306
www.heliostarmetals.com | Trading Symbols: TSX.V: HSTR, OTCQX: HSTXF, FRA: RGG1
Heliostar Drills 31.8 g/t Gold over 9.5 Metres within 8.0 g/t
Gold over 72.0 Metres in Up-Plunge Target at the Ana Paula
Project
Highlights:
• Hole AP-23-300
- 72.0 metres @ 8.0 grams per tonne (g/t) gold including
- 9.5 metres @ 31.8 g/t gold
• Hole AP-23-302
- 52 metres @ 5.0 g/t gold
• Hole AP-23-299
- 11 metres @ 15.8 g/t gold
• The up -plunge target is expected to connect into a single block of continuous high grade gold
mineralization.
• Hole AP-23-300 is 480% better than predicted in the current resource model at a >5g/t cutoff grade
Vancouver, Canada, August 9th 2023 – Heliostar Metals L td. (TSX.V: HSTR, OTCQX: HSTXF, FRA: RGG 1)
(“Heliostar” or the “Company”) is pleased to report additional drill results from the Ana Paula project in
Mexico (“Ana Paula” or the “Ana Paula Project”). These four holes continue to assess mineralization up-
plunge of the High Grade Panel at the core of Ana Paula.
Heliostar CEO, Charles Funk, commented, “Drilling at Ana Paula continues to exceed our expectations and
deliver impressive gold intercepts. The headline hole, AP-23-300, is a 480% increase to the current resource
model prediction, at a >5 g/t gold cut -off grade. The most easterly of Heliostar’s holes, AP -23-302 was also
particularly impactful with an intersection of 51 metres @ 5.0 g/t gold in an area where high gold grades were
not modelled in the 2023 PFS resource. These results validate our belief that we can meaningfully increase the
value of the Ana Paula project. The Company continues its well-funded expansion and infill drilling program of
the High Grade Panel. Additional drill results will continue to b e announced ahead of the planned resource
update in November 2023.”
Drill Results
Results from this press release are from Heliostar’s up-plunge growth target at Ana Paula.
Hole AP -23-299 tested the up -dip and central portion of the High Grade Panel. This hole extended
mineralization towards the surface and returned 38.0 metres grading 6.95 g/t gold, including 11.0 metres
grading 15.8 g/t gold.
Hole AP-23-300 tested a gap in the high grade in the up-plunge area where hole AP-23-297 had intersected
a sub-interval of 24 metres at 8.8 g/t gold. Hole AP-23-300 returned 38 metres grading 13.4 g/t gold
including 9.5 metres grading 31.8 g/t gold to better define the northern extent of High Grade Panel in this
area.
Hole AP-23-301 tested deeper beneath AP-23-300 in an area where the panel is narrower. It intersected
8.5 metres grading 3.0 g/t gold.
TSX.V: HSTR
OTCQX: HSTXF
1090 West Georgia Street, Suite 700, Vancouver BC, V6E 3V7, Canada -- Tel +1 236 429 9306
www.heliostarmetals.com | Trading Symbols: TSX.V: HSTR, OTCQX: HSTXF, FRA: RGG1
Figure 1: A section through the resource model from 2023 PFS 1 highlighting the High Grade Panel (clipped to greater than 5g/t
resource blocks). Heliostar results labelled with new holes in red boxes. Completed and ongoing holes are shown in blue, and
Growth and Infill targets areas labelled.
Figure 2: A plan map with the resource model from 2023 PFS1 highlighting the High Grade Panel (clipped to greater than 5g/t
resource blocks). Heliostar results labelled with new holes in red boxes. Completed and ongoing holes are shown in blue, and
Growth and Infill targets areas labelled.
1090 West Georgia Street, Suite 700, Vancouver BC, V6E 3V7, Canada -- Tel +1 236 429 9306
www.heliostarmetals.com | Trading Symbols: TSX.V: HSTR, OTCQX: HSTXF, FRA: RGG1
Hole AP-23-302 tested a gap in the high-grade mineralization at the far east of the High Grade Panel in an
area where no high grade mineralization was modelled in the resource. It returned a strong intercept of
51.8 metres grading 5.01 g/t gold including 4.7 metres grading 11.6 g/t gold. This is particularly impactful
as it has the potential to infill a large gap in the panel with gold mineralization (Figure 1).
HoleID From
(metres)
To
(metres)
Interval
(metres)
Au
(g/t) Comment
AP-23-299 63.0 101.0 38.0 6.95 Includes geotech samples. Note 1
including 72.5 83.5 11.0 15.8
including 72.5 78.5 6.0 23.3
AP-23-300 15.5 18.2 2.7 32.1
and 30.5 102.5 72.0 7.96 Includes geotech samples. Note 2
including 55.0 64.5 9.5 31.8 Includes geotech samples. Note 3
AP-23-301 29.0 37.5 8.5 3.02
including 36.0 37.5 1.5 9.51
and 52.2 53.2 1.0 6.46
and 104.5 106.0 1.5 5.86
AP-23-302 1.5 53.26 51.8 5.01 Includes geotech samples. Note 4
including 19.5 24.22 4.72 11.6
and 68.95 86.55 17.6 2.63
including 73.14 74.5 1.36 21.4
Table 2: Significant Drill Intersections
1 includes 0.40 metres of sample removed for geotechnical studies and assumed to have 0 g/t gold
2 includes 0.82 metres of samples removed for geotechnical studies and assumed to have 0 g/t gold
3 includes 0.40 metres of samples removed for geotechnical studies and assumed to have 0 g/t gold
4 includes 0.87 metres of samples removed for geotechnical studies and assumed to have 0 g/t gold
Drill Results Impact
The potential impact of the drill results on future resource models can be demonstrated by comparing the
current results to the existing model (as reported in the 2023 prefeasibility study 1). Drilling that
outperforms (i.e., is higher grade or wider than) the model may be expected to improve the grade and
size of future resource and reserve estimates. Using a 5 g/t cut-off grade provides a useful benchmark to
the most financially impactful ounces in an underground mining scenario.
At a 5 g/t cutoff, hole AP-23-299 has an 83% increase when compared to an expected intercept calculated
from the existing resource model. Using the same criteria; AP-23-300 has a 480% increase compared to
the expected intercept from the resource model , AP-23-301 has a 63% decrease compared to the
expected intercept from the resource model and AP-23-302 was a significant increase as no high grade
was estimated in the resource model.
1090 West Georgia Street, Suite 700, Vancouver BC, V6E 3V7, Canada -- Tel +1 236 429 9306
www.heliostarmetals.com | Trading Symbols: TSX.V: HSTR, OTCQX: HSTXF, FRA: RGG1
Drilling Progress
The Company is on schedule and on budget with the drilling program. The Company completed eighteen
holes at Ana Paula. The Company has reported results from twelve holes to date . Holes AP -23-302
through and AP -23-305 are the Company’s first holes targeting high -grade mineralization further west
into the down-plunge target. The holes intersected sulfide mineralization throughout, particularly AP-23-
303.
The Company is finishing two infill holes in the vicinity of hole AP-23-291. The result will be a cross-section
of tightly spaced intercepts and these holes will support resource modelling and provide metallurgical
material for analysis.
Hole ID Northing
(WGS84 Zone 14N)
Easting
(WGS84 Zone 14N)
Elevation
(metres)
Azimuth
(°)
Inclination
(°)
Length
(metres)
AP-23-299 410,174 1,998,005 937 000 -55 102.0
AP-23-300 410,227 1,998,034 920 180 -45 118.5
AP-23-301 410,226 1,998,081 898 180 -45 204.0
AP-23-302 410,290 1,998,012 916 180 -50 94.0
Table 2: Drill Hole Details
Quality Assurance / Quality Control
Core samples were shipped to ALS Limited in Santiago Queretaro, Queretaro for sample preparation and
for analysis at the ALS Laboratories in North Vancouver. The North Vancouver ALS facility is ISO/IEC 17025
certified. Gold was assayed by 30 -gram fire assay with atomic absorption spectroscopy finish and
overlimits were analysed by 50g fire assay with gravimetric finish.
Control samples comprising certified reference samples and blank samples were systematically inserted
into the sample stream and analyzed as part of the Company’s quality assurance / quality control protocol.
Statement of Qualified Person
Stewart Harris, P.Geo., a Qualified Person, as such term is defined by National Instrument 43 -101 –
Standards of Disclosure for Mineral Projects (“NI 43 -101”), has reviewed the scientific and technical
information that forms the basis for this news release and has approved the disclosure herein.
Investor Relations
The Company entered into a marketing services arrangement with Mr. Robert Sinn on May 5, 2023,
pursuant to which Mr. Sinn agreed to provide certain investor relation services to the Company over a 12-
month period for a total fee of US$25,000, which was paid upfront. The services to be provided include
featured articles and videos on the Company and coverage of news flow on social media. Robert Sinn is
at arm's length to the Company, and neither holds any securities of the Company nor has any interest,
direct or indirect, in the Company.
1090 West Georgia Street, Suite 700, Vancouver BC, V6E 3V7, Canada -- Tel +1 236 429 9306
www.heliostarmetals.com | Trading Symbols: TSX.V: HSTR, OTCQX: HSTXF, FRA: RGG1
Robert Sinn is a trader, portfolio manager, and analyst in capital markets. Mr. Sinn studied finance and
real estate at university and has been blogging about the stock market, precious metals, and mining for
over a decade. Mr. Sinn is based in Florida, USA.
About Heliostar Metals Ltd.
Heliostar is a junior mining company with a portfolio of high-grade gold projects in Mexico and Alaska.
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 conti nues 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
(630,000 proven and 451,000 probable ounces) at 2.38 grams per tonne (“g/t”) gold and 2,547,000 ounces
of silver (1,322,000 proven and 1,226,000 probable ounces) at 5.61 g/t silver. Ana Paula hosts measured
and indicated resources of 1,468,800 ounces of gold (703,800 measured and 765,000 indicated ounces)
at 2.16 g/t gold and 3,600,000 ounces of silver (1,637,000 measured and 1,963,000 indicated ounces) 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.
References
1 An updated prefeasibility study titled “Ana Paula Project NI 43 -101 Technical Report Preliminary
Feasibility Study Update” was filed on SEDAR on April 6, 2023, with an effective date of February
28, 2023, prepared for the Company by Daniel H. Neff, PE, Art S. Ibrado, PhD, PE, Richard K.
Zimmerman, RG, SME-RM, Craig Gibson, PhD, CPG, Andrew Kelly, P.Eng., Gordon Zurowski, P.Eng.,
Paul Daigle, P.Geo., Gilberto Dominguez, PE and James A. Cremeens, PE, PG.
For additional information please contact:
Charles Funk
Chief Executive Officer
Heliostar Metals Limited
Email: [email protected]
Rob Grey
Investor Relations Manager
Heliostar Metals Limited
Email: [email protected]
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This news release includes certain "Forward–Looking Statements" within the meaning of the United States
Private Securities Litigation Reform Act of 1995 and "forward –looking information" under applicable
Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate",
1090 West Georgia Street, Suite 700, Vancouver BC, V6E 3V7, Canada -- Tel +1 236 429 9306
www.heliostarmetals.com | Trading Symbols: TSX.V: HSTR, OTCQX: HSTXF, FRA: RGG1
"expect", "target", "plan", "forecast", "may", "wou ld", "could", "schedule" and similar words or
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on management's experience and perception of trends, current conditions and expected developments,
and other factors that management believes are relevant and reasonable in the circumstances, but which
may prove to be incorrect. Assumptions have been made regarding, a mong other things, the price of
metals; no escalation in the severity of public health crises or ongoing military conflicts; costs of exploration
and development; the estimated costs of development of exploration projects; and the Company's ability
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uncertainties and contingencies. Many factors, both known and unknown, could cause actua l results,
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conduct of the Company's mining activities in foreign jurisdictions ; regulatory, consent or pe rmitting
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recoveries and capital and operating costs of such projects; contests over title to properties, particularly
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conflicts and general economic factors to the Company; operating o r technical difficulties in connection
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assets; the speculative nature of exploration and development, including the risks of diminishing quantities
or grades of reserves; stock market volatility; conflicts of interest among certain directors and officers; lack
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undue certainty to forward –looking statements or forward-looking information. Although the Company
has attempted to identify key factors that could cause actual results to differ materially, there may be
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looking information to reflect changes in assumptions or changes in circumstances or any other events
affecting such statements or information, other than as required by applicable law.