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

• Hole AP-23-300
• 0 metres @ 8.0 grams per tonne (g/t) gold including
• 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

Heliostar Metals Ltd. (TSX.V: HSTR, OTCQX: HSTXF, FRA: RGG1) (“Heliostar” or the “Company”) – https://www.commodity-tv.com/ondemand/companies/profil/heliostar-metals-ltd/ – 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 be 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. 

Further information is attached

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.

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 expressions, identify forward–looking statements or information. These forward–looking statements or information relate to, among other things: the exploration, development, and production at the Company’s properties; permitting at the San Antonio project; the release of exploration results; and future resource and reserve estimates.  Forward–looking statements and forward–looking information relating to any future mineral production, liquidity, enhanced value and capital markets profile of the Company, future growth potential for the Company and its business, 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 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 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 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 documents. Readers are cautioned against attributing 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 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.