Heliostar Drills 8.32 g/t Gold over 5.52 Metres and 5.13 g/t over 4.42 Metres to expand the SH-1 Zone at the Unga Project, Alaska
1090 West Georgia Street, Suite 700, Vancouver BC, V6E 3V7, Canada -- Tel +1 236 429 9306
TSX.V: HSTR, OTCQX: HSTXF, FRA: RGG
Heliostar Drills 8.32 g/t Gold over 5.52 Metres and 5.13 g/t
over 4.42 Metres to expand the SH-1 Zone at the Unga
Project, Alaska
Vancouver, Canada, February 18th, 2021 – Heliostar Metals Limited (TSX.V: HSTR, OTCQX: HSTXF, FRA: RGG)
("Heliostar" or the "Company") is pleased to announce results from six additional holes completed at the SH -1
Zone in its 2020 exploration program at the Unga project in Alaska.
Heliostar CEO, Charles Funk, commented “SH-1 continues to deliver robust widths and high grades as we step out
and expand on the historical drilling, particularly in holes SH20 -03 and SH20 -04. The company is preparing to
recommence drilling at Unga in late March to continue infilling and stepping beneath open intersections at the
SH-1 zone. Assays also remain pending from the Apollo-Sitka Mine area and the Aquila zone and are expected in
later February and early March.”
Drilling Highlights
SH20-03
• 6.66 grams per tonne (g/t) gold and 11.7 g/t silver over 6.97 metres (m) from 20.0 m downhole
including;
• 8.32 g/t gold and 12.0 g/t silver over 5.52 m from 21.45 m downhole including;
• 19.80 g/t gold and 23.3 g/t silver over 2.0 m from 23.0 m downhole
SH20-04
• 5.13 g/t gold and 14.6 g/t silver over 4.42 m from 13.26 m downhole including;
• 11.5 g/t gold and 20.7 g/t silver over 1.58 m from 13.26 m downhole
Note: All numbers are rounded and widths represent downhole lengths. True thickness is estimated at 80-85% of downhole thickness.
SH-1 Zone
SH-1 is a priority target at Unga. It holds a high -grade, inferred resource containing 384,318 ounces gold at a
grade of 13.8 g/t and has significant potential for expansion, with high grade intercepts open along strike and at
depth. The resource is centred on the Main Shoot, which is well defined by tightly spaced drilling, but is loosely
defined by widely spaced drilling outside of this zone.
A 100-metre vertical gap existed between surface and the first historical vein intercepts and in 2020, seven holes
were completed to improve our understanding of the rocks around the upper portions of the Main Shoot. The
reported holes are 50 metre step outs on previously completed drilling. Based on previous drilling, it was possible
to interpret both steep and shallow plunges to mineralization. Holes SH20 -02 and SH20 -03 suggest a steeper
orientation is more likely and this will guide drilling in 2021.
The company also completed two deeper holes in 2020 to test depth extensions in areas of widely spaced drilling.
These holes each intersected a wide vein, but gold mineralization is low grade. Epithermal veins have natural
variability in the distribution of mineralization, and these are the first two of 10 -12 that the company plans to
drill to systematically infill the loosely defined areas to better constrain the distribution of coarse grained gold.
TSX.V: HSTR
OTCQX: HSTXF
1090 West Georgia Street, Suite 700, Vancouver BC, V6E 3V7, Canada -- Tel +1 236 429 9306
TSX.V: HSTR, OTCQX: HSTXF, FRA: RGG
The deepest completed hole to date at SH-1 intersected 23.99 g/t gold over 5.48 metres in hole BM-01 and the
company will continue expand to depth where the system remains open.
Figure 1: Long section of SH-1 looking to northwest with 2020 holes shown and recently received results labelled in red.
Drilling along strike from the Main Shoot indicates parallel zones of mineralization that remain open and will be
tested when drilling recommences in late March.
SH-1 is one of multiple epithermal gold targets along the 8.4km long Shumagin vein corridor. It is the most
advanced prospect at Unga with a high-grade inferred resource and has considerable potential for expansion.
The SH -1 inferred resource sits at the eastern end of the Shumagin vein corr idor, where quartz veining and
alteration with associated gold mineralization form an elongate hill. At SH -1, the vein occurs between rhyolite
in the hanging wall to the southeast and andesite in the footwall to the northwest. The vein comprises a multi-
episodic quartz vein, with a core of competent, brecciated quartz vein that grades outwards through an intense
to weak zone of quartz alteration. Gold and lesser silver mineralization is carried within the veins and strongly
silicified zones, and is usually found associated with the zinc and lead sulphides, sphalerite and galena.
1090 West Georgia Street, Suite 700, Vancouver BC, V6E 3V7, Canada -- Tel +1 236 429 9306
TSX.V: HSTR, OTCQX: HSTXF, FRA: RGG
Figure 2: Plan Map of Unga project with priority targets labelled
Drillhole From To Interval Gold Silver Comment (m) (m) (m) (g/t) (g/t)
SH20-01A 12.95 24.6 11.65 7.74 27.00 Previous Release
Incl. 12.95 16.95 4.0 16.06 37.70
SH20-02 50.75 52.73 1.98 18.66 11.50 Previous Release
SH20-03 20.00 26.97 6.97 6.66 11.73
Incl. 23.00 25.00 2.0 19.80 23.30
and 32.00 36.32 4.32 0.67 4.44
SH20-04 13.26 19.20 5.94 3.94 12.45
Incl. 13.26 17.68 4.42 5.13 14.56
and Incl. 13.26 14.84 1.58 11.50 20.70
SH20-05 28.65 33.42 4.77 0.69 9.25
SH20-06 28.65 34.75 6.1 2.22 11.33
Incl. 30.18 31.70 1.52 4.14 8.03
SH20-07 Results Pending
SH20-08 22.00 24.00 2.0 1.31 1.99
and 259.00 263.35 4.35 0.48 0.77
SH20-09 227.49 237.84 10.35 0.25 1.69
Table 1: Table of intersections from the SH-1 Zone. True thickness is estimated at 75-85% of downhole lengths.
1090 West Georgia Street, Suite 700, Vancouver BC, V6E 3V7, Canada -- Tel +1 236 429 9306
TSX.V: HSTR, OTCQX: HSTXF, FRA: RGG
Figure 3: Cross section through SH20-03 looking towards the northeast.
Prospect Drillhole Easting Northing Elevation Inclination Azimuth Total
Depth
SH-1
SH20-01A 399,442 6,120,749 87 -45° 330° 72.54
SH20-02 399,536 6,120,778 93 -45° 330° 66.45
SH20-03 399,574 6,120,808 79 -45° 330° 48.46
SH20-04 399,388 6,120,744 98 -60° 330° 37.8
SH20-05 399,340 6,120,729 107 -55° 330° 45.42
SH20-06 399,287 6,120,702 115 -45° 330° 39.17
SH20-07 399,316 6,120,662 107 -50° 330° 116.13
SH20-08 399,723 6,120,656 52 -50° 330° 305.71
SH20-09 399,528 6,120,640 64 -60° 330° 269.75
Table 2: SH-1 drill hole details. NAD83, Zone 4 Coordinate system.
1090 West Georgia Street, Suite 700, Vancouver BC, V6E 3V7, Canada -- Tel +1 236 429 9306
TSX.V: HSTR, OTCQX: HSTXF, FRA: RGG
About Heliostar Metals Ltd.
Heliostar is a well -financed junior exploration and development company with a portfolio of high -grade gold
projects in Alaska and Mexico. The company’s flagship asset is the 100% controlled Unga Gold Project on Unga
and Popof Islands in Alaska. The project hosts an intermediate sulfidation epithermal gold deposit, located within
the district-scale property that encompasses 240km 2 across the two islands. Additional targets on the property
include porphyry, high sulphidation and intermediate sulphidation epithermal veins. On Unga Island, priority
targets include: the SH -1 and Aquila, both on the Shumagin Trend, the former Apollo -Sitka mine, which was
Alaska’s first underground gold mine and the Zachary Bay porphyry gold -copper prospect. Gold mineralization
at the C entennial Zone is located on neighbouring Popof Island within four kilometres of infrastructure and
services at Sand Point.
In Mexico, the company owns 100% of three early stage epithermal projects in Sonora that are highly prospective
for gold and silver. Cumaro forms part of the El Picacho district, while the Oso Negro and La Lola projects are
also prospective for epithermal gold-silver mineralization.
Quality Assurance / Quality Control
Drill core samples were shipped to ALS Limited in Fairbanks, Alaska for sample preparation and for analysis at
the ALS laboratory in North Vancouver. The ALS Fairbanks and North Vancouver facilities are ISO/IEC 17025
certified. Silver and base metals were analyzed using a four-acid digestion with an ICP finish and gold was assayed
by 30-gram fire assay with atomic absorption (“AA”) spectroscopy finish and overlimits were analyzed by 30g fire
assay with gravimetric finish.
Control samples comprising certified reference samples, duplicates and blank samples were systemat ically
inserted into the sample stream and analyzed as part of the Company’s quality assurance / quality control
protocol.
Qualified Person
The Company’s disclosure of technical or scientific information in this press release has been reviewed and
approved by Stewart Harris, P.Geo., Exploration Manager for the Company. Mr. Harris is a Qualified Person as
defined under the terms of National Instrument 43-101.
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]
1090 West Georgia Street, Suite 700, Vancouver BC, V6E 3V7, Canada -- Tel +1 236 429 9306
TSX.V: HSTR, OTCQX: HSTXF, FRA: RGG
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.
Forward-Looking Information. This release includes certain statements that may be deemed "forward -looking
statements". Forward-looking statements are statements that are not historical facts and are generally, but not
always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects",
"potential" and similar expressions, or that events or conditions "would", "may", "could" or "should" occur.
Forward-looking statements in this press release include Heliostar’s plans to continue aggressive exploration at
Unga in 2021 and its goal of defining a resource in excess of one million ounces, its plan to continue infill drilling
to expa nd to depth where the system remains open, and its belief that the SH -1 prospect has considerable
potential for expansion. Although Heliostar believes that the expectations expressed in such forward -looking
statements are based on reasonable assumptions, such statements are not a guarantee of future performance
and actual results may differ materially from those in the forward -looking statements. Factors that could cause
the actual results to differ materially from those in forward-looking statements include market prices, exploitation
and exploration successes, weather, continued availability of capital and financing, and general economic, market
or business conditions. Investors are cautioned that any such statements are not guarantees of future
performance and actual results or developments may differ materially from those projected in the forward -
looking statements. Forward -looking statements are based on the beliefs, estimates and opinions of the
Company's management on the date the statements are made. Except as required by applicable securities laws,
the Company undertakes no obligation to update these forward -looking statements in the event that
management's beliefs, estimates or opinions, or other factors, should change.