Heliostar Hits 25.45m grading 8.26 g/t Gold in First Down Dip Drilling into Ana Paula Expansion Zone
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Heliostar Hits 25.45m grading 8.26 g/t Gold in First
Down Dip Drilling into Ana Paula Expansion Zone
HIGHLIGHTS:
• Expansion Zone Results
o 25.45 m grading 8.26 g/t gold from 493.8 m including, 8.30 m grading 19.99 g/t gold
• High Grade Panel Results
o 55.35 m grading 9.71 g/t gold from 116.65 m
o 23.40 m grading 8.39 g/t gold from 101.15 m
o 40.85 m grading 4.73 g/t gold from 196.0 m
o 32.95 m grading 5.04 g/t gold from 40.15 m
• All holes to be included in Feasibility Study Resource Update
• Expansion Zone is open to the north, northwest and at depth
Vancouver, Canada – February 24, 2026 – Heliostar Metals Ltd. (TSX.V: HSTR, OTCQX: HSTXF, FRA: RGG1)
(“Heliostar” or the “Company”) is pleased to announce additional results from the current drill program
at its 100% owned Ana Paula project in Guerrero, Mexico. The program’s primary aim is to convert inferred
ounces to higher confidence classifications. It will also support the ongoing Feasibility Study and test the
next set of exploration targets near the current Ana Paula deposit.
Heliostar CEO, Charles Funk, commented, “During the reserve conversion drill program at Ana Paula, we
decided to push a hole deeper to test for potential step- outs of the Expansion Zone. Hole AP -25-313A
represents a 70 m step out from the nearest intercept supporting ore stopes and returned a strong interval
of 25.45 m grading 8.26 grams per tonne gold. This is an exciting result from the Company’ s first hole
beneath the High Grade Panel and based on this success, we have extended a number of additional holes
deeper at Ana Paula. Tw o results from the Expansion Zone are reported today with the remaining assay
results pending.”
“We have always interpreted the resource to be open at depth as Ana Paula is geologically shallower than
much larger gold deposits nearby. Due to the lack of drilling at depth, we don’t have a strongly predictive
model for mineralization within the Expansion Zone so hitting in this first step out is very encouraging. We
continue to test this zone with our ongoing drill program and will release further results as we step out
beyond the High Grade Panel within Ana Paula.”
Drilling Program
Heliostar has completed 72 holes and 23,979 metres drilled to date in the current program . Today ’s
release covers 13 holes with 34 holes awaiting assay results. Drilling is designed along north-south sections
with angled holes to be tter define the overall east -west orientation of the High Grade Panel and the
Expansion Zone beneath.
Where appropriate, the holes are also being used to collect rock strength data, hydrogeologic data and
samples for further metallurgical studies. This data will allow Heliostar to further refine the mine design
for Ana Paula in the ongoing Feasibility Study due to be released in the first half of next year.
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Expansion Zone Drill Results Summary
Holes AP-25-313A and AP-25-345 are resource definition holes drilled along the western edge of the High
Grade Panel and Expansion Zone. Hole AP-25-313A is an extension of AP-24-313 which had been drilled
to the maximum depth of the core rig in 2024. The hole intersected 25.45 m of 8.26 grams per tonne
(“g/t”) gold from 493.8 m in an area that is currently outside of the proposed stopes in the November
2025 Preliminary Economic Assessment mine plan. Hole AP -24-345 was drilled from the same platform
with a steeper dip. This hole intersected a 3.75 m zone of 5.00 g/t gold from 508.4 m depth. The interval
is a 60 metre step out underneath and to the north of AP -24-313A and 20 m to the north of AP -11-76
(drilled by a previous operator) that returned 19.84 m at 3.33 g/t Au.
Mineralization is open to the north, northwest and beneath these intercepts.
Figure 1: Cross Section through newly reported holes AP-25-313A and AP-25-345
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Figure 2: Long Section through newly reported holes AP-25-313A and AP-25-345
Figure 3: Plan Map of the current drill program at Ana Paula
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True widths are unknown. Mineralization at Ana Paula occurs as disseminations and vein stockworks with
variable controls including rock porosity, lithology and fault networks.
Drilling continues throughout the High Grade Panel, its less well-defined east and west edges , and into
the Expansion Zone. Two of the drill rigs have continued to target deeper inferred mineralization and the
northern exploration zone, which is approximately 250 m north of the High Grade Panel and that has ten
drill holes pending assay.
The next Ana Paula drill results are anticipated to be released in four to six weeks.
Drilling Results and Coordinates Tables
Hole Name From
(metres)
To
(metres)
Interval
(metres)
Au
(g/t)
Topcut
Au
(g/t)
Hole
Purpose
AP-25-313A 493.8 519.25 25.45 8.26 5.68 Resource Hole 1, 4
including 510.95 519.25 8.3 19.99 12.28 4
and 558.8 559.75 0.95 19.85
and 574.6 585.6 11.0 1.55
and 597.0 597.6 0.6 11.45
and 623.0 640.9 17.9 2.09
and 655.45 656.35 0.9 6.91
AP-25-337 139.0 155.2 16.2 7.28 6.88 Geotechnical Hole1
and 170.5 183.5 13.0 2.05
and 193.85 212.05 18.2 5.05
AP-25-338 76.45 88.6 12.15 2.80 Geotechnical Hole
AP-25-339 5.0 29.75 24.75 2.56 Resource Hole
and 43.0 48.9 5.9 5.61
and 80.2 84.6 4.4 5.18
AP-25-340 2.0 11.0 9.0 4.33 Resource Hole
AP-25-341 No significant assays Resource Hole
AP-25-342 14.3 19.1 4.8 5.79 Resource Hole
and 40.15 73.1 32.95 5.04
including 63.0 70.0 7.0 14.15
AP-25-343 45.1 62.9 17.8 1.78 Geotechnical Hole
and 107.15 140.75 33.6 2.42
and 224.0 238.0 14.0 2.02
and 281.3 284.55 3.25 7.91
and 337.4 352.0 14.6 1.91
AP-25-344 101.15 124.55 23.4 8.39 7.56 Resource Hole 1
including 120.9 124.55 3.65 31.78 26.42 1
and 153.25 165.0 11.75 3.25
and 196.0 236.85 40.85 4.73 4.39 2
including 214.15 222.35 8.2 16.85 15.18 2
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and 252.0 265.9 13.9 5.70 4.42 1
and 301.2 323.1 21.9 2.03
and 390.4 396.0 5.6 3.20
AP-25-345 87.0 102.85 15.85 2.04 Resource Hole
and 427.05 428.35 1.3 65.10 50.00 3
and 508.4 512.15 3.75 5.00
AP-25-346 193.4 248.0 54.6 2.51 Geotechnical Hole
including 201.9 216.5 14.6 4.70
and including 234.0 248.0 14.0 3.17
and 263.0 268.0 5.0 2.44
and 288.0 324.35 36.35 4.52 3.49 4, 5
including 312.0 318.6 6.6 20.66 14.98 4
AP-25-347 95.0 104.5 9.5 2.91 Resource Hole
and 121.0 142.15 21.15 5.34
including 121.0 129.65 8.65 10.23
and 241.85 245.6 3.75 2.72
AP-25-348 116.65 172.0 55.35 9.71 6.82 Resource Hole 1
including 127.75 138.65 10.9 38.57 23.88 1
and 194.7 195.75 1.05 13.00
and 344.6 361.15 16.55 5.11
and 381.2 384.2 3.0 5.15
Table 1: Significant Drill Intersections
1 Top cut to 38 ppm Au based on resource model domains
2 Top cut to 64 ppm Au based on resource model domains
3 Top cut to 50 ppm Au based on resource model domains
4 Top cut to 47 ppm Au based on resource model domains
5 Includes geotechnical samples assigned 0 g/t gold
Drilling Coordinates Table
Hole ID Easting
(WGS84 Zone 14N)
Northing
(WGS84 Zone 14N)
Elevation
(metres)
Azimuth
(°)
Inclination
(°)
Length
(metres)
AP-25-337 410,156 1,998,131 916.9 0 -53 581.8
AP-25-338 410,230 1,998,016 931.6 180 -50 188.0
AP-25-339 410,305 1,997,997 921.0 180 -55 92.0
AP-25-340 410,305 1,997,996 921.0 180 -55 86.0
AP-25-341 410,305 1,997,995 921.0 178 -55 68.0
AP-25-342 410,230 1,998,056 910.2 180 -46 200.0
AP-25-343 410,080 1,998,047 956.9 180 -55 371.0
AP-25-344 410,080 1,998,118 960.6 180 -55 414.0
AP-25-345 410,031 1,998,204 943.6 180 -60 680.5
AP-25-346 410,080 1,998,168 941.4 180 -55 620.0
AP-25-347 410,080 1,998,073 964.7 180 -55 398.0
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AP-25-348 410,079 1,998,097 965.1 180 -55 420.0
AP-25-313A 410,032 1,998,199 939.4 180 -55 757.0
Table 2: Drill Hole Details
Ana Paula Preliminary Economic Assessment Note
Heliostar announced the results of a Preliminary Economic Assessment on November 6, 2025 and filed
the full report titled “ NI 43 -101 Technical Report Preliminary Economic Assessment of the Ana Paula
Project, Guerrero, Mexico” on SEDAR+ on December 22, 2025. Additional details on the Ana Paula project
can be found here.
Heliostar Metals Included In 2026 TSX Venture 50
Heliostar Metals is further pleased to announce that it has been included in the 202 6 TSX Venture 50™
list. The TSX Venture 50 ™ is a ranking of the top fifty performing companies on the TSXV over the prior
year and this is the second year in a row that Heliostar has been awarded the distinction.
TSX Venture 50 is an annual ranking of the top -performing companies over the last year on the TSX
Venture Exchange, a world -leading capital formation platform for early -stage growth firms. The
companies are ranked based on three equally weighted criteria o f one -year share price appreciation,
market capitalization increase, and Canadian consolidated trading value.
The Company takes pride in its share performance in 2024 and 2025 and the benefits that brings our
shareholders. We believe our catalysts for 2026, including: 1) year-on-year gold production growth, 2)
$27 million dollars in exploration programs , and 3) the advancement of key development projects
including the Veta Madre pre-strip at La Colorada and the decline at Ana Paula, hold the Company in good
stead to continue our share outperformance this year.
Quality Assurance / Quality Control
Drill core is PQ and HQ size, and the core is cut in half, with half sent for analysis. Core samples were
shipped to ALS Limited in Zacatecas, Zacatecas, Mexico, for sample preparation and for analysis at the ALS
laboratory in North Vancouver. The Zacatecas 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
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 appro ved the disclosure herein. Mr . Harris is employed as
Exploration Manager of the Company.
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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
information relate to, among other things, show the full extent of the deposit, upgrade and expand the
resource base, growing our annual production profile in the near term and bringing additional production
online.
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
that are or may be expressed or implied by such forward– looking statements or forward -looking
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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
regarding 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 properties, 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 abili ty 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 documents. 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.