Highlights:
- Hole AP-23-309
– 147.05 metres @ 4.13 grams per tonne (g/t) gold including
– 16.0 metres @ 11.2 g/t gold in the Parallel Panel
- Hole AP-23-308
– 14.8 metres @ 5.06 g/t gold in Parallel Panel
– These results will not be included in the updated mineral resource estimate the Company expects to announce later this month and represents the potential for further resource growth
Heliostar Metals Ltd. report results from two diamond drill holes at the Parallel Panel target at the Ana Paula Project in Mexico (“Ana Paula”). These two holes are the first to specifically test the Parallel Panel target, which is 50 metres north of the High Grade Panel, after the Company identified it as new zone of high-grade mineralization over the last few months.
“Ana Paula continues to outperform our expectations. The Company’s improved understanding of the gold mineralization led to the recent recognition of a new Parallel Panel only 50 metres north of the High Grade Panel. Today’s results are wide, with high-grade mineralization. In hole AP-23-309, the High Grade and Parallel panels almost connect, returning 147m at 4.13g/t gold which remains open to depth. The Company continues to test its growth targets and remains on target to deliver a resource update this month. These new successes demonstrate that the upcoming resource estimate may already be underplaying the true potential of Ana Paula.”
Heliostar CEO, Charles Funk
Drill Results
Today’s results are the first to specifically target the Parallel Panel. The locations step out from recent drill intercepts and test the target with the optimal north-south orientation. The new holes demonstrate good continuity of width and grade within the Parallel Panel. The gold intercepts demonstrate the strong potential for continued resource growth at Ana Paula.
Hole AP-23-309 is at the eastern end of the currently defined Parallel Panel and returned 147.05 metres grading 4.13 g/t gold from 37.5 metres downhole (Figure 1). Within that, the hole encountered 16.0 metres grading 11.2 g/t gold from 77.0 metres downhole in the Parallel Panel target.
The intercept continues downhole into the High Grade Panel with the two zones almost connecting to create the very long intercept (Figure 2). The hole encountered additional subzones of high-grade gold in the High Grade Panel. Those include 7.0 metres grading 14.5 g/t gold from 112.4 metres downhole and 8.6 metres grading 8.70 g/t gold from 153.5 metres downhole.
Hole AP-23-308 tested the Parallel Panel over 140m west of hole AP-23-309. It is the only hole within the local area that was drilled at the optimal north-south drilling orientation and retuned 14.8 metres grading 5.06 g/t gold. This intercept is open in all directions within the plane of the panel. In the area of AP-23-308, the Parallel Panel is clearly a discrete zone. It is located in the footwall and separate from the High Grade Panel.
Drilling Results Table
| HoleID | From (metres) | To (metres) | Interval (metres) | Au (g/t) | Comment |
| AP-23-308 | 112.95 | 127.7 | 14.75 | 5.06 | Parallel Panel Target |
| Including | 122.4 | 127.7 | 5.3 | 11.7 | Parallel Panel Target |
| And | 157.0 | 175.1 | 18.1 | 2.3 | Parallel Panel Target |
| AP-23-309 | 37.5 | 184.55 | 147.05 | 4.13 | Parallel and High Grade Panel |
| Including | 76.0 | 92.0 | 16.0 | 11.2 | Parallel Panel |
| And Including | 112.4 | 119.4 | 7.0 | 14.5 | High Grade Panel |
| And Including | 153.5 | 162.1 | 8.6 | 8.70 | High Grade Panel |
Drill Progress
Upon completion of hole AP-23-309, the Company moved the drill rig and completed two holes at the West Breccia exploration target. After West Breccia, the focus will return to the Parallel Panel target where step out drilling is planned from today’s results.
Drill Hole Information Table
| Hole ID | Northing (WGS84 Zone 14N) | Easting (WGS84 Zone 14N) | Elevation (metres) | Azimuth (°) | Inclination (°) | Length (metres) |
| AP-23-308 | 410,045 | 1,997,961 | 943 | 354 | -44 | 201.0 |
| AP-23-309 | 410,186 | 1,998,098 | 904 | 180 | -55 | 201.0 |
Quality Assurance / Quality Control
Core samples were shipped to ALS Limited in Zacatecas, Zacatecas, Mexico for sample preparation and for analysis at the ALS Laboratories in North Vancouver. Each of these 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 50g fire assay with gravimetric finish.
Control samples comprising certified reference samples and blank samples were systematically inserted into the sample stream and analysed 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.
About Heliostar Metals Ltd.
Heliostar is a junior mining company with a portfolio of high-grade gold projects in Mexico and Alaska.
The Company is developing the 100% owned Ana Paula Project in Guerrero, Mexico. In addition, Heliostar in conjunction with the Mexican federal and local government, is working to permit the San Antonio Gold Project in Baja Sur, Mexico. The Company continues to explore the Unga Gold Project in Alaska, United States of America.
The Ana Paula Project deposit contains proven and probable mineral reserves of 1,081,000 ounces of gold (630,000 proven and 451,000 probable ounces) at 2.38 grams per tonne (“g/t”) gold and 2,547,000 ounces of silver (1,322,000 proven and 1,226,000 probable ounces) at 5.61 g/t silver. Ana Paula hosts measured and indicated resources of 1,468,800 ounces of gold (703,800 measured and 765,000 indicated ounces) at 2.16 g/t gold and 3,600,000 ounces of silver (1,637,000 measured and 1,963,000 indicated ounces) at 5.3 g/t silver. The asset is permitted for open-pit mining and contains significant existing infrastructure including a portal and a 412-metre-long decline.
References
- An updated prefeasibility study titled “Ana Paula Project NI 43-101 Technical Report Preliminary Feasibility Study Update” was filed on SEDAR on April 6, 2023, with an effective date of February 28, 2023, prepared for the Company by Daniel H. Neff, PE, Art S. Ibrado, PhD, PE, Richard K. Zimmerman, RG, SME-RM, Craig Gibson, PhD, CPG, Andrew Kelly, P.Eng., Gordon Zurowski, P.Eng., Paul Daigle, P.Geo., Gilberto Dominguez, PE and James A. Cremeens, PE, PG.
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]
