Heliostar Drills 71.8 g/t Gold over 16.1 metres in the High Grade Panel at Ana Paula, Mexico
Heliostar Drills 71.8 g/t Gold over 16.1 metres in the High
Grade Panel at Ana Paula, Mexico
HIGHLIGHTS:
• Hole AP-24-317
- 87.8 metres @ 16.0 grams per tonne (g/t) gold including
- 16.1 metres @ 71.8 g/t gold
• Hole AP-24-315
- 125.9 metres @ 4.02 g/t gold including
- 23.6 metres @ 12.5 g/t gold
• Results continue to expand the High Grade Panel and locally increase grades
Vancouver, Canada, December 2 , 2024 – Heliostar Metals Ltd. (TSX.V: HSTR, OTCQX: HSTXF, FRA: RGG1)
(“Heliostar” or the “Company”) is pleased to announce additional results from the 2024 drill program at the
100% owned Ana Paula project in Guerrero, Mexico. The Company is drilling 2,600 metres in phase one of the
program and will follow-up the best results with a second phase of 2,400 metres.
Heliostar CEO, Charles Funk, commented, “Despite regularly seeing wide, high-grade gold intercepts, Ana Paula
continues to surprise us with its gold grades within the deposit. These holes grow the High Grade Panel to the
north and down-dip, increase resource confidence and locally improve gold grades compared to the resource
model. The current drilling program is defining the boundaries of the High Grade Panel and is attempting to
convert inferred mineralization into the higher confidence indicated and measured categories. Last year the
grade of the indicated resource update increased by 36%. This year ’s results suggest conversion of inferred
resource to indicated and measured can also result in increased gold grades.”
Drill Results
The focus of the holes reported today was to expand the High Grade Pane l. Holes AP-24-315 and AP-24-316
are on the same cross-section building out confidence in the northern boundary of the High Grade Panel and
extending it to depth.
Hole AP -24-315 intersected a long run of high -grade gold mineralization on the north side of the panel
returning 125.9 metres grading 4.02 g/t gold from 104.5 metres downhole. Hole AP-24-316 intercepted 61.5
metres grading 5.04 g/t gold from 168.3 metres, beneath the High Grade Panel. This has the potential to add
over 20 metres of gold mineralization beneath the High Grade Panel on this section.
Hole AP-24-316 also intersected a deeper zone of gold mineralization 100 metres below the High Grade Panel
which returned a broad intercept of 115.35 metres grading 2.69 g/t gold from 246.8 metres downhole including
12.0 metres at 9.68 g/t gold.
To the west of these holes AP -24-317 was drilled with the same plan of defining the northern margin of the
High Grade Panel and extending it down-dip. It returned a spectacular interval of 87.8 metres grading 16.0 g/t
gold from 141.0 metres downhole. Further downhole a second intercept of 5.90 metres grading 9.55 g/t gold
from 284.6 metres is interpreted to be a 25-metre extension of the High Grade Panel beneath previous drilling.
To date, eight holes have been completed for a total of 2,860.1 meters. The focus of drilling will pivot to
geotechnical and water testing of potential tailings facility locations before a return to resource drilling in 2025.
TSX.V: HSTR
OTCQX: HSTXF
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Photo 1: Abundant visible gold in hole AP-24-317.
Figure 1: A cross section through the deposit showing drill intercepts with today’s results highlighted.
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Figure 2: A cross section with the resource model from 2023 Mineral Resource Estimate highlighting the High
Grade Panel (clipped to greater than 2 g/t gold resource blocks). New results are highlighted, completed holes
pending assays are in green and planned holes are shown in black.
Drilling Results and Coordinates Tables
HoleID From
(metres)
To
(metres)
Interval
(metres)
Au
(g/t)
Topcut
Au (to
67 g/t)
Comment
AP-24-315 104.5 230.35 125.85 4.02 - North side of HGP
including 157.45 181.0 23.55 12.5 -
AP-24-316 112.5 116.8 4.3 2.27 -
and 129.2 136.85 7.65 6.74 -
and 168.3 229.8 61.5 5.04 - Down-dip of HGP
including 197.3 223.5 26.2 10.4 7.31
and 246.8 362.15 115.35 2.69 - Deeper Zone
including 274.0 277.7 3.7 12.2 -
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and including 289.0 301.0 12.0 9.68 -
AP-24-317 141.0 228.8 87.8 16.0 9.37 North side of HGP
including 176.9 193.0 16.1 71.8 35.7
and 284.6 290.5 5.9 9.55 - Down-dip of HGP
Table 1: Significant Drill Intersections
Hole ID Northing
(WGS84 Zone 14N)
Easting
(WGS84 Zone 14N)
Elevation
(metres)
Azimuth
(°)
Inclination
(°)
Length
(metres)
AP-24-315 410,145 1,998,094 924.0 180 -60 329.0
AP-24-316 410,144 1,998,115 924.2 180 -60 398.0
AP-24-317 410,125 1,998,142 929.5 180 -55 409.8
Table 2: Drill Hole Details
Quality Assurance / Quality Control
Core samples were shipped to ALS Limited in Zacatecas, Zacatecas and Hermosillo, Sonora, Mexico for sample
preparation and for analysis at the ALS laboratory in North Vancouver. The Zacatecas , 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 analysed 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
Stewart Harris, P.Geo., a Qualified Person, as such term is defined by National Instrument 43-101 – Standards
of Disclosure for Mineral Projects , has reviewed the scientific and technical information that forms the basis
for this news release and has approved the disclosure herein. Mr Harris is employed as Exploration Manager
of the Company.
About Heliostar Metals Ltd.
Heliostar aims to grow to become a mid-tier gold producer. The Company is focused on developing the 100%
owned Ana Paula Project in Guerrero, Mexico and has recently entered into an agreement to acquire a portfolio
of production and development assets in Mexico.
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.
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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 release, the words "anticipate", "believe", "estimate", "expect",
"target", "plan", "forecast", "may", "would", "could", "schedule" and similar words or express ions, identify
forward–looking statements or information. These forward –looking statements or information relate to,
among other things, This year’s results suggest conversion of inferred resource to indicated and measured can
also result in increased gold grades and these holes grow the High Grade Panel to the north and down -dip,
increase resource confidence and locally improve gold grades compared to the resource model .
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, expectation s, 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 est imated 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 t hat
are or may be expressed or implied by such forward –looking statements or forward-looking information and
the Company has made assumptions and estimates based on or related to many of these factors. Such factors
include, without limitation: precious metals price volatility; risks associated with the conduct of the Company's
mining activities in foreign jurisdictions; regulatory, consent or permitting delays; risks relating to reliance on
the Company's management team and outside contractors; risks regard ing exploration and mining activities;
the Company's inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all;
currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating
to project financing and equity issuances; risks and unknowns inherent in all mining projects, including the
inaccuracy of reserves and resources, metallurgical recoveries and capital and operating costs of such projects;
contests over title to pr operties, particularly title to undeveloped properties; laws and regulations governing
the environment, health and safety; the ability of the communities in which the Company operates to manage
and cope with the implications of public health crises; the economic and financial implications of public health
crises, ongoing military conflicts and general economic factors to the Company; operating or technical
difficulties in connection with mining or development activities; employee relations, labour unrest or
unavailability; the Company's interactions with surrounding communities; the Company's ability to successfully
integrate acquired 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 of liquidity for shareholders of the Company; litigation risk; and the factors identified under
the caption “Risk Factors” in the Company’s public disclosure d ocuments. Readers are cautioned against
attributing undue certainty to forward –looking statements or forward -looking information. Although the
Company has attempted to identify important factors that could cause actual results to differ materially, there
may be other factors that cause results not to be anticipated, estimated or intended. The Company does not
intend, and does not assume any obligation, to update these forward –looking statements or forward-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.