HSTR.V · 2025-05-15 12:00:00

Heliostar Drills 56.6 Metres Grading 2.88 g/t Oxide Gold from 68 metres at the La Colorada Mine, Sonora, Mexico

Drill Results

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Heliostar Drills 56.6 Metres Grading 2.88 g/t Oxide Gold

from 68 metres at the La Colorada Mine, Sonora, Mexico

HIGHLIGHTS:

• 56.6m grading 2.88 g/t gold from 68m

• 23.2m grading 14.4 g/t gold from surface (including 0.85m grading 381 g/t gold)

• 4.05m grading 17.8 g/t gold from 136m

• 8.7m grading 6.68 g/t gold from 56m

• 18.85m grading 3.54 g/t gold from 95m

• Deeper drilling at the Creston Pit shows a combination of wide intervals and high grades

• Results will be incorporated in an updated technical study for La Colorada expected to be

released mid-2025

• The focus of drilling at La Colorada will shift to stockpiles and then high-grade veins

beneath and along strike from the open pits

Vancouver, Canada – May 15, 202 5 – Heliostar Metals Ltd. (TSX.V: HSTR, OTCQX: HSTXF, FRA: RGG1)

(“Heliostar” or the “Company”) is pleased to announce additional results from an expanded 16,211 metre

drilling program at the La Colorada Mine in Sonora, Mexico. La Colorada restarted production in early

January 2025, and the current drill program is intended to expand the mineral reserves ahead of an updated

technical report and expansion decision planned for mid-2025.

Heliostar CEO, Charles Funk, commented , “The turnaround at La Colorada has been a real strength for

Heliostar. In the three months since the acquisition, the Company has restarted production and established

a mine life of 6.5 years. This drill program has returned a powerful combination of wide gold intervals and

high-grade veins, leading to our expanding the program to a total of 104 drill holes. The intervals reported

to date are intended to drive stronger economics in an updated technical report planned for mid- 2025. A

new drilling program at La Colorada will now focus on defining additional mineralized material from historic

stockpiles, which we believe can quickly be brought into production. We will then pivot to exploration for

underground targets in the second half of the year.”

Drill Results Summary

Mineralization at La Colorada’s Creston Pit is predominantly hosted in three veins: the North, Intermediate

and South Veins (Figure 1). These veins trend northeast- southwest to east-west, dip northward and are

surrounded by halos of smaller mineralized vein s. The Creston Pit has historically mined oxide gold and

silver from all three of these veins. A current Probable Mineral Reserve of 312,000 ounces of gold grading

0.76 grams per tonne (g/t) gold and 5,074,000 ounces of silver at 10.1 g/t silver is defined at the Creston

Pit1.

A technical review of expansion potential identified two opportunities for reserve growth, these being near

surface extensions of known veins with little or no drill data and exploring the under -sampled

mineralization beneath the pit. Both opportunities were defined using historical drilling, blasthole data,

mining shapes, and the geological model.

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Figure 1: Plan view of the Creston Pit showing historic drilling, blast hole samples and Heliostar drillholes.

Selected intercepts are labelled.

Figure 2: Cross-section view looking west at the eastern end of the Creston Pit. The section shows historic

drilling and new Heliostar drillhole results below the planned pit boundary.

Blast hole data clearly shows the potential for the continuation of veins at shallow depths that were

previously modelled as waste. They contain elevated gold grades that continue to the edge of the pit walls

where they remain open for expansion (Figures 1 and 2). At depth, drill spacing is wider than the area above.

Additional drilling allows for improved estimation of grade and continuity.

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The Company has completed 104 holes totalling 16,211 metres in the program to date. This is an expansion

on the planned 12,500 metre program. This release reports r esults for 25 new holes at Creston, two at

Gran Central and four metallurgical holes completed at Veta Madre. The majority of the new drill holes

targeted extensions of the North, Intermediate and South Veins in areas where drilling is widely spaced yet,

within the current Creston resource. They aim to add ounces to the overall Creston resources and reserves.

Assay results show narrow to wide, low - to high-grade oxide gold intercepts. Targeted vein zones

consistently return intercepts above the 0.16 g/t gold-equivalent cutoff grade of reserves within the Creston

pit. The results may increase the tonnes and grade of mineralization in an updated pit shell. If so, that would

add to total reserves in an updated technical report.

Next Steps

Results from the current drill program are being incorporated into a resource model. They will support a

reserve update to be published with a technical report in mid-2025, which will include an updated mine

plan on any additional economic material defined to date.

This drill program is designed to increase the volume of rock containing potentially economic gold

mineralization, which, in turn, could improve the overall mine economics. Any zones currently modelled as

waste but subsequently modelled as ore from this program would have the double benefit of reducing the

overall strip ratio of the Creston pit expansion and adding ounces to the mine plan.

That, in-turn, could reduce the up-front capital requirements for the restart of operations and improve the

IRR and NPV of the updated t echnical report compared to the technical report released in January 2025.

This upcoming study will be the basis of an investment decision for the expansion of open pit mining

production at La Colorada.

Following the successful completion of this drill program, the Company will now change the focus of drilling

to test historic stockpiles. If drilling is successful, it may provide additional resources and cash flow similar

to that currently being generated from the producing Junkyard reserve. The intention is to produce from

these low-cost stockpiles to maximize cash flow ahead of primary mining from the open pit pushbacks.

In the second half of 2025 , the focus will shift to stepping out on the high -grade vein intercepts beneath

and along strike from the open pits. The results received to date provide optimism for the potential of an

underground future at La Colorada (see our April 9, 2025, press release here). In addition, the Company will

advance property scale exploration targets with mapping and geophysics to define drill targets beyond the

currently mined areas.

Quarterly Review and Future Plans Update

The Company presented a live webinar on Tuesday, May 13th, to provide an in-depth review of Heliostar’s

recently reported preliminary interim results for Q1 2025.

The Company also provided a forward-looking overview of what to expect in Q2 and beyond. This included

how Heliostar plans to leverage operational cash flow to boost annual gold production from its two

operating mines and advance the development of the Ana Paula project.

A replay of the webinar can be found on this link.

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La Colorada Mineral Reserves Statement

Classification Zone

AuEq

Cut-off

(g/t)

Tonnes

(kt)

Gold Grade

(g/t Au)

Silver

Grade

(g/t Ag)

Contained

Gold

(koz)

Contained

Silver

(koz)

Probable

El Crestón 0.160 12,841 0.76 10.1 312 4,181

Veta Madre 0.175 1,905 0.70 3.1 43 189

La Chatarrera 0.164 3,413 0.20 6.4 22 704

Total 18,159 0.65 8.69 377 5,074

1 La Colorada Operations, Sonora, Mexico, NI 43-101 technical report (the “Report”) is dated January 11, 2024, has an effective date of December 4, 2024

Diamond Drilling Results Table

HoleID From

(metres)

Interval

(metres)

(g/t)

True

Width

Comment

24-LCDD-290 290.75 310.7 19.95 2.51 98.0 83.4 South Vein

including 301.25 306.5 5.25 5.79 115 83.4 South Vein

25-LCDD-291 1.0 13.75 12.75 0.91 14.2 100 Intermediate Vein

and 26.5 36.0 9.5 0.47 4.4 99.6 Intermediate Vein

and 40.5 46.5 6.0 0.65 3.6 99.6 Intermediate Vein

and 68.0 124.6 56.6 2.88 6.9 94.1 Intermediate Vein

68.0 124.6 56.6 2.18 6.9 94.1 Top-cut to 23 g/t Au

including 111.85 116.9 5.05 9.22 19.4 96.4 South Vein

25-LCDD-292 2.7 33.95 31.25 0.65 34.7 85.4 Intermediate Vein

and 41.75 51.0 9.25 0.23 33.6 88.7 Intermediate Vein

and 124.9 145.8 20.9 3.63 23.8 82.8 South Vein

124.9 145.8 20.9 3.03 23.8 82.8 Top-cut to 20 g/t Au

including 135.75 139.8 4.05 17.8 99.9 82.8 South Vein

135.75 139.8 4.05 14.6 99.9 82.8 Top-cut to 20 g/t Au

25-LCDD-293 48.35 55.85 7.5 1.00 5.2 77.1 Intermediate Vein

and 68.5 79.25 10.75 1.52 1.8 65.1 Intermediate Vein

and 92.0 100.7 8.7 2.41 8.4 77.8 Intermediate Vein

25-LCDD-294 0.0 15.3 15.3 0.57 28.1 100 Intermediate Vein

and 52.4 82.2 29.8 2.22 22.3 87.8 Intermediate Vein

52.4 82.2 29.8 1.62 22.3 87.8 Top-cut to 23 g/t Au

including 56.05 64.75 8.7 6.68 62.8 95.1 Intermediate Vein

including 56.05 64.75 8.7 4.63 62.8 95.1 Top-cut to 23 g/t Au

and 103.0 120.4 17.4 1.08 2.2 99.8 South Vein

25-LCDD-295 24.05 29.6 5.55 0.21 31.3 87.6 South Vein

and 35.55 38.35 2.8 0.17 28.0 85.7 South Vein

25-LCDD-296 0.0 29.3 29.3 1.08 7.2 88.9 Intermediate Vein

including 5.5 13.65 8.15 3.25 9.7 93.0 Intermediate Vein

and 59.2 84.8 25.6 0.66 4.8 80.9 Intermediate Vein

and 118.1 135.4 17.3 1.87 9.8 96.2 South Vein

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including 121.8 124.8 3.0 6.73 25.4 96.2 South Vein

25-LCDD-297 29.9 46.0 16.1 0.29 17.4 85.1 Intermediate Vein

and 99.7 127.6 27.9 0.62 12.4 79.0 Intermediate Vein

25-LCDD-298 8.6 20.25 11.65 2.01 16.2 99.3 Intermediate Vein

and 77.8 119.05 41.25 1.87 4.9 98.3 South Vein

including 95.15 114.0 18.85 3.54 4.8 98.3 South Vein

25-LCDD-299 99.9 108.15 8.25 0.21 13.4 80.6 Gran Central Vein

and 114.4 118.0 3.6 0.53 19.0 80.6 Gran Central Vein

25-LCDD-300 0.0 23.2 23.2 14.4 21.8 94.5 Intermediate Vein

0.0 23.2 23.2 1.28 21.8 94.5 Top-cut to 23 g/t Au

including 9.15 10.0 0.85 381.0 167 94.5 Intermediate Vein

9.15 10.0 0.85 23.0 167 94.5 Top-cut to 23 g/t Au

and 38.0 51.65 13.65 0.93 12.7 87.6 Intermediate Vein

and 66.95 85.2 18.25 0.66 2.1 87.5 Intermediate Vein

and 104.9 116.25 11.35 1.47 1.8 91.1 South Vein

and 122.5 129.5 7.0 1.18 8.1 91.1 South Vein

25-LCDD-301 35.0 47.4 12.4 0.54 71.8 Gran Central Vein

Table 2: Significant Drill Intersections.

RC Drilling Results Table

HoleID From

(metres)

Interval

(metres)

(g/t)

% True

Width Comment

24-LCRC-757 No signiﬁcant results

24-LCRC-758 No signiﬁcant results

25-LCRC-759 No signiﬁcant results

25-LCRC-760 No signiﬁcant results

25-LCRC-761 No signiﬁcant results

25-LCRC-762 50.3 61.0 10.7 2.01 2.8 98.9 North Vein

including 59.5 61.0 1.5 13.3 4.0 98.9 North Vein

25-LCRC-763 138.7 144.8 6.1 0.42 18.8 100 North Vein

and 167.6 179.8 12.2 0.24 4.5 98.9 Intermediate Vein

25-LCRC-765 No signiﬁcant results

25-LCRC-766 109.7 120.4 10.7 0.77 123 94.7 Intermediate Vein

25-LCRC-767 47.2 53.3 6.1 0.34 51.7 99.0 North Vein

25-LCRC-768 47.2 57.9 10.7 0.62 82.1 95.0 North Vein

25-LCRC-769 245.4 251.5 6.1 7.94 3.2 80.5 Intermediate Vein

245.4 251.5 6.1 6.36 3.2 80.5 Top-cut to 23 g/t Au

25-LCRC-770 121.9 128.0 6.1 0.47 5.9 99.1 North Vein

and 163.1 169.2 6.1 0.75 4.1 73.7 North Vein

25-LCRC-771 No signiﬁcant results

25-LCRC-772 No signiﬁcant results

Table 3: Significant Drill Intersections.

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Veta Madre Metallurgical Drilling Results Table

HoleID From

(metres)

Interval

(metres)

(g/t)

% True

Width Comment

24-LCMET-19 43.8 112.5 68.7 0.73 3.3 74.7

24-LCMET-20 108.6 118.65 10.05 1.00 1.3 69.1

and 138.5 223.75 85.25 1.14 4.3 69.1

138.5 223.75 85.25 1.01 4.3 69.1 Top-cut to 7 g/t Au

including 149.15 162.8 13.65 3.47 3.4 69.1

149.15 162.8 13.65 2.76 3.4 69.1 Top-cut to 7 g/t Au

24-LCMET-21 166.0 237.0 71 1.26 5.1 79.2

166.0 237.0 71 1.24 5.1 79.2

including 223.1 224.4 1.3 8.21 3.4 79.2

including 223.1 224.4 1.3 7.00 3.4 79.2

24-LCMET-22 185.0 247.45 62.45 0.64 6.7 67.2

Table 4: Significant Drill Intersections.

Drilling Coordinates Table

Hole ID

Northing

(NAD27 CONUS

Zone 12N)

Easting

(NAD27 CONUS

Zone 12N)

Elevation

(metres)

Azimuth

(°)

Inclination

(°)

Length

(metres)

25-LCDD-290 542264 3185808 360.4 180 -43 318.25

25-LCDD-291 542641 3185777 182.7 180 -12 154.95

25-LCDD-292 542415 3185710 221.1 180 -49 151.65

25-LCDD-293 542775 3185810 246.0 180 -70 157.25

25-LCDD-294 542641 3185777 182.3 180 -26 132.65

25-LCDD-295 542184 3185598 381.2 215 -40 84.1

25-LCDD-296 542641 3185777 183.2 180 +2 151.25

25-LCDD-297 542425 3185721 221.1 190 -55 138.15

25-LCDD-298 542653 3185788 182.7 170 -20 129.95

25-LCDD-299 540979 3185503 420.4 180 -60 138.05

25-LCDD-300 542653 3185788 183.3 170 -3 150.85

25-LCDD-301 540997 3185454 416.5 180 -55 72.6

24-LCMET-19 543965 3185611 346.0 184 -45 126.0

24-LCMET-20 543890 3185658 418.4 163 -51 223.75

24-LCMET-21 543880 3185639 419.6 180 -47 237.0

24-LCMET-22 543890 3185659 418.4 173 -55 247.45

24-LCRC-757 542065 3185543 458.7 180 -45 128.0

24-LCRC-758 542065 3185621 455.7 180 -45 158.5

25-LCRC-759 542748 3185451 433.6 180 -45 100.6

25-LCRC-760 542750 3185390 439.7 180 -45 152.4

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25-LCRC-761 543080 3185936 444.1 180 -45 195.1

25-LCRC-762 543100 3185898 442.4 175 -50 167.6

25-LCRC-763 543025 3185964 460.6 180 -45 213.4

25-LCRC-764 542214 3185673 373.9 180 -50 121.9

25-LCRC-765 542188 3185623 380.2 215 -44 85.3

25-LCRC-766 542215 3185704 371.3 168 -44 176.8

25-LCRC-767 542218 3185725 369.6 180 -55 103.6

25-LCRC-768 542222 3185726 369.5 155 -45 100.6

25-LCRC-769 542975 3185996 472.7 178 -45 256.0

25-LCRC-770 542900 3186006 476.9 180 -49 268.2

25-LCRC-771 542465 3185371 415.1 179 -45 140.2

25-LCRC-772 542465 3185311 433.0 179 -50 152.4

Table 5: Drill Hole Details

Quality Assurance / Quality Control

Core holes were drilled with PQ, HQ, and NQ tools and drill core was sawn in half with one half submitted

for analysis and one half retained as a record. Reverse circulation (RC) holes were drilled with 5-inch and

5-1/4 inch tools. Reverse circulation samples with a mass of >20kg were split into one-quarter, which was

submitted for analysis. Reverse circulation samples with a mass of ≤20kg were split into half which was

submitted for analysis. Three-quarters or one-half of the samples, respectively were retained as a record.

Drill samples were shipped to ALS Limited in Hermosillo, Sonora, Mexico , for sample preparation and for

analysis at the ALS laboratory in North Vancouver. The Hermosillo and North Vancouver ALS facilities are

ISO/IEC 17025 certified. Gold was assayed by 30 -gram fire assay with atomic absorption spectroscopy

finish, and overlimits were analyzed by 30-gram fire assay with gravimetric finish.

Control samples comprising certified reference 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

Gregg Bush, P. Eng. and Stewart Harris, P.Geo. , the Company’s Qualified Persons, as such term is defined

by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, have reviewed the scientific

and technical information that forms the basis for this news release and ha ve approved the disclosure

herein. Mr. Bush is employed as Chief Operating Officer of the Company, and Mr. Harris is employed as

Exploration Manager of the Company.

Technical Report Reference

1 La Colorada Operations, Sonora, Mexico, NI 43-101 Technical Report (the “Report”) is dated January

11, 2024, has an effective date of December 4, 2024 and was prepared for Heliostar Metals Inc. by Mr. Todd

Wakefield, RM SME, Mr. David Thomas, P.Geo., Mr. Jeffrey Choquette, P.E., Mr. Carl Defilippi, RM SME, and

Ms. Dawn Garcia, CPG. The Report can be found under the Company’s profile on SEDAR+

(www.sedarplus.ca) and on Heliostar’s website (www.heliostarmetals.com).

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About Heliostar Metals Ltd.

Heliostar is a gold mining company with production from operating mines in Mexico. This includes the La

Colorada Mine in Sonora and the San Agustin Mine in Durango. The Company also has a strong portfolio of

development projects in Mexico and the USA. These include the Ana Paula project in Guerrero, the Cerro

del Gallo project in Guanajuato, the San Antonio project in Baja Sur and the Unga project in Alaska, USA.

FOR ADDITIONAL INFORMATION PLEASE CONTACT:

Charles Funk

President and Chief Executive Officer

Heliostar Metals Limited

Email: [email protected]

Phone: +1 844-753-0045

Rob Grey

Investor Relations Manager

Heliostar Metals Limited

Email: [email protected]

Phone: +1 844-753-0045

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies

of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward-Looking Information

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 rel ease, the words "anticipate", "believe", "estimate",

"expect", "target", "plan", "forecast", "may", "would", "could", "schedule" and similar words or expressions,

identify forward –looking statements or information. These forward– looking statements or infor mation

relate to, among other things, the open pit intervals are intended to drive stronger economics in an updated

technical report planned for mid-2025. Drilling at La Colorada will now be undertaken to define additional

stockpile material and then we will pivot to exploration for underground t argets in the second half of the

year and, leverage operational cash flow to boost annual gold production from its two operating mines and

advance the development of the Ana Paula project , the results received to date provide real optimism for

the potential of an underground future at La Colorada.

Forward-looking statements and forward–looking information relating to the terms and completion of the

Facility, any future mineral production, liquidity, and future exploration plans are based on management’s

reasonable assumptions, estimates, expectations, analyses and opinions, which are based 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, among other things, the receipt of necessary

approvals, 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 to operate in a safe and effective manner and its ability to obtain financing on reasonable

terms.

These statements reflect the Company’s respective current views with respect to future events and are

necessarily based upon a number of other assumptions and estimates that, while considered reasonable by

management, are inherently subject to significant business, economic, competitive, political, and social

uncertainties and contingencies. Many factors, both known and unknown, could cause actual results,

performance, or achievements to be materially different from the results, performance or achievements that

are or may be expressed or implied by such forward–looking statements or forward-looking information and

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