Far Northern Resources is well-placed to capitalize on Australia's resource opportunities and deliver sustainable returns to its shareholders as it pursues strategic exploration across its assets in some of Australia’s most prolific mining jurisdictions.
Far Northern Resources (ASX:FNR) is a newly listed Australian explorer focused on gold and base metals. The company debuted on the ASX on April 12, 2024, after finalizing its IPO, during which it secured AU$4 million in funding. The company has three exploration projects – two based in Northern Queensland (Empire and Rocks Reef) and one in the Northern Territories (Bridge Creek).
In the 2022-23 fiscal year, mining played a pivotal role in Australia's economy by generating a record $455 billion in export revenue, accounting for nearly 66 percent of the total exports. This underscores the industry's significant contribution to the nation's economic stability, government revenues, and the creation of employment opportunities in regional areas.
According to the Fraser Institute Annual Survey of Mining Companies 2023, Australia is one of the most attractive regions for mining. Fraser Institute ranks the Northern Territories and Queensland as the 6th and 13th most attractive destinations for mining investment.
During 2023, Queensland's mines yielded 12.6 tons of gold, positioning it as the fourth most prolific state in Australia for this precious metal. Its output falls slightly below that of the Northern Territory (13.9 tons).
Its presence in relatively attractive mining jurisdictions positions the company to capitalize on opportunities in Australia's resource sector and deliver sustainable returns to its shareholders. The IPO funds of AU$4 million have provided sufficient funding to the company to advance its exploration projects. Overall, Far Northern is planning a 20,000-meter drilling program over the next two years, which will consist: of over 5,000 meters for Empire; 2,500 to 5,000 meters for Bridge Creek; and 2,500 meters planned at Rocks Reef in the China Wall prospect.
The Empire Project, situated 34 km west of the mining town of Chillagoe in North Queensland which had a mill for treating locally mined ore. The project covers an expansive 252 hectares on a granted mining lease. The tenement boasts a rich exploration history, marked by substantial drilling conducted across various phases. This culminated in the determination of a 2019 mineral resource estimate of 22,505 oz of gold on the Empire Stockworks gold deposit.
More than 7,460 meters of RC drilling and 750 meters of diamond core drilling have been carried out by Far Northern Resources, resulting in multiple intersections of copper, gold and silver. Rock chip assays yielded noteworthy grades, with results showing up to 12.64 percent copper (FNRRCS24001) and 4.12 grams per ton (g/t) gold (FNRRCS24002). Further surface sampling unveiled copper grades ranging from 2.61 percent to 11.89 percent and gold grades from 0.70 g/t to 2.16 g/t.
The rock chip assays extended the strike of known mineralization at the Empire Stockworks prospect by a further 750 meters and management believes it could be part of a bigger porphyry-style target.
The company is in the process of updating its current resource and block model before returning to site in 2025 to continue exploration.
Several targets have already been identified on the Empire tenement:
Empire Stockworks Prospect: Located close to the northern Breccia zone, this is the most advanced Far Northern target, in respect of exploration progress.
FNR has completed an RC drilling program at the Empire Gold Deposit designed to update and infill the 2020 resource model drilling program at the Empire Mining Lease. The program confirmed the presence of a zone in the primary vein at the northern end of the Empire Stockworks consisting of a high-grade gold zone within the greater Empire Stockworks gold system, with mineralisation open at depth and along strike. Assays from all six drill holes intercepted the high-grade quartz veins that formed the basis of the previous modeling. These results will provide further data on the known resources at the Empire Stockwork that will enable FNR to update the resource and economic modelling at the current gold prices, to move into future feasibility studies.
United Empire: Situated south of the Empire Stockworks prospect and adjacent to the Pinnacles breccia zone, this anomaly exhibits copper/gold characteristics, as revealed by previous exploration efforts conducted by entities other than Far Northern.
Copper Pit: It is also located south of the Empire Stockworks prospect and close to Pinnacles breccia. The analysis of the minor mullock heaps in the vicinity suggests the area holds promise for copper and gold prospects.
Pinnacles Prospect: It is situated in the Pinnacles breccia zone to the south of the Empire Stockworks Prospect. Far Northern has done very minimal exploration work so far on this prospect.
The project is located 150 km south of Darwin in the Northern Territories. It comprises three mining leases situated within the Pine Creek Geosyncline. The project is in the historical mining area of Cosmos Howley – Pine Creek which has produced over 2 million oz of gold. It covers a sector of the axis of the Howley Anticline, approximately 12 km along strike north from the Cosmopolitan Howley gold mine currently owned by Kirkland Lake Gold.
A mineral resource estimate was completed in 2022 containing 70,560 oz of inferred gold resources.
Far Northern is looking to accelerate its exploration activity at Bridge Creek, with a planned 2,500 to 5,000-meter drilling program in 2025, aiming to move the inferred resources to indicated status, as well as extend the mineralization both along the strike and at depth.
The Rocks Reef Project is located 52 km west of Chillagoe and comprises exploration permit 26473, which covers the Georgetown Tectonic Province. It is situated along a northeast structural trend spanning over 20 kilometers, within a large quartz-veined and altered porphyry formation. Geochemical sampling has revealed anomalous gold and silver veins within a 3-km by 1-km area.
The Rock Reefs property presents a prospective upside for Far Northern with historical exploration confirming the presence of a mineralized vein system at the China Wall prospect. The project shows early-stage promise for gold and copper deposits. Far Northern has completed an extensive early exploration program and results are expected over the coming months.
FNR has already identified targets for the tenement:
China Wall: Situated north of the tenement, this represents the most advanced target in terms of exploration progress within Rocks Reef. The previous operator had drilled a total of 155 air track holes along major and minor epithermal veins and structures, reporting precious metal mineralization. Subsequently, Far Northern conducted rock chip and soil analyses as part of follow-up investigations. Management is now planning a 2,500-meter drill program at the China Wall prospect.
Savannah Way and Single Peak: It is located about 1.3 km north of the China Wall. Far Northern has undertaken a rock chip and soil sampling program.
Roadside Copper: The target is located about 4.5 km from the China Wall Prospect. It saw little exploration work when it was held by the previous owner. Far Northern has conducted preliminary exploration including the analysis of rock chips and soils, which revealed the presence of gold, copper and associated minerals in the area.
North Drift Breccia and South Drift: Here again, the rock chip and soil samples have returned positive results indicating potential for mineralization.
Cameron Woodrow has over two decades of experience in the financial and mining industries, both domestically and internationally. He oversees the day-to-day operations of the company in collaboration with FNR's geologist. Woodrow's professional background commenced in the investment banking sector in Europe and Australia, where he held positions as a corporate advisor and sales trader at Paterson Securities and the Stonebridge Group. Earlier in his career, he served in various roles at Merrill Lynch and Credit Suisse in London.
Mattew Bashford has nearly 28 years of experience serving as CFO and company secretary at various public and private firms. Bashford has played a crucial role in the success of Far Northern Resources since its inception, contributing to its structuring, all capital raises to date, and accounting/tax compliance. He has been serving as a director of Far Northern since May 17, 2019. He holds a Bachelor of Commerce from the University of Queensland and is also a chartered accountant.
Catriona Glover is a qualified lawyer with over two decades of experience in corporate and commercial law, specializing in corporate governance and providing company secretarial advice to both listed and unlisted entities. She has offered legal counsel, corporate governance expertise, and company secretarial services to numerous companies across diverse industries such as biopharma, financial services, mining, stockbroking, education, manufacturing, software and not-for-profit organizations. Glover has been the company secretary for several listed and unlisted companies, including Far East Gold, Maronan Metals, VGI Health Technology (NSX:VGI), Aeramentum Resources, and Invictus Biopharma.
With more than two decades of experience, Michael Stephenson has served as an exploration project manager for prominent companies such as Hancock Prospecting, Murchison Metals and Great Central Mines. He has extensive expertise in exploration project management, accumulated over 20 years of professional practice. Stephenson has played a pivotal role at Far Northern, overseeing all exploration activities, including structural mapping, rock chipping and soil sampling. Notably, he played a crucial role in enhancing the JORC Resource at Empire by executing the drilling program in 2020.
Yukon Metals Corp. (CSE: YMC, FSE: E770, OTC: YMMCF the "Company" or "Yukon Metals"), is pleased to provide compelling results from gravimetric geophysical fieldwork on its road-accessible 715-hectare Star River Project located near Ross River, Yukon.
Highlights:
Rory Quinn, President & CEO stated , " We are very excited to have developed such compelling targets for a substantial drill program at Star River. The company invested in multiple tools to triangulate its absolute highest priority drill targets. The 800-meter-long gravity anomaly at F2, overlapped with a powerful electromagnetic anomaly at SR-3 shown in Figures 1-3, is supported by surface samples of up to 101 g/t gold , and multiple samples of over 1,000 g/t silver. This will be the focus of our first drilling at Star River. "
Star River is a target rich environment. In the south we have an underexplored parallel 800-meter-long anomaly, and in the north, we have multiple additional targets featuring bonanza grade silver of 10,936 g/t in addition to multiple samples of over 1000 g/t silver"
Two strong continuous anomalies were identified in the southern portion of the survey coincident with modelled zones of high conductivity from the previously reported TDEM survey at F2 and F3 showings. In the northern portion of the property, the gravity survey identified multiple anomalous high-density zones associated with most historical showings as well as a standout gravity high associated with the Key 35 showing.
The gravity survey results are noteworthy due to their association with areas of known mineralization and previously identified electromagnetic anomalies, highlighting the potential for zones of mineralization . Additionally, this survey has indicated numerous unexplored anomalies across the property, further expanding the scope for discovery and emphasizing the strong exploration potential of the area.
Figure 1 – A plan-view map of the Gravity Anomaly targets with significant 2024 Gold and Silver samples (results for density of 2.70 g/cm³ with a 100 m upward continued trend removed).
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Figure 2 – A plan-view map of the Bouguer Gravity Anomaly with arrows showing overlapping TDEM and Gravity highs (results for density of 2.70 g/cm³ with a 100 m upward continued trend removed).
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Further Information
In September 2024, Aurora Geosciences completed ground-based Gravity and Time Domain Electromagnetic (TDEM) surveys at the Star River property to assist in target definition and support drill hole planning. The Gravity survey was completed over most of the Star-River property. Particular attention was paid to the southern block, where TDEM survey data was previously released. An area of 3 kilometers by 4 kilometers was surveyed with a 100m line and station spacing, including additional infill at 50m x 50m spacing over the F3, F2, Lap 10, and Key 3 showing areas. The program overlaps with the previously released TDEM survey on the southern portion of the property. The results of the combined Gravity and TDEM surveys as well as 2024 prospecting and sampling program will be used to effectively generate high quality targets for future drilling campaigns.
Figure 3 – Map of vertical EM response (B-field Z-component) with overlaid target plates, DEM lineaments, and Au g/t in prospecting samples.
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South Block
The comparison of TDEM results with gravity data highlights coincident gravity high anomalies associated with Maxwell plates SR-3 and SR-4 (Figure 2), which are interpreted as strong indicators of exploration potential. Notably, gravity highs are often linked to areas with high concentrations of lead, silver, and gold, provided sufficient density contrast exists. The SR-4 plate demonstrates a stronger correlation, with the main gravity anomaly positioned near the top of the northerly dipping plate, while the anomaly over the SR-3 plate resolves further down-dip. These findings are further validated by the presence of known showings in these areas as well as anomalous silver and gold in rock chip samples during the 2024 field season.
Maxwell plate models from the TDEM survey SR-1 and SR-2 do not directly coincide with gravity anomalies. SR-1, in an underexplored area, sits within a gravity low response unlike the anomalies to the east and suggests the TDEM conductivity high here may be related to a conductive geologic unit rather than a higher density mineralized body.
The lack of response seen with the SR-2 plate is likely due to it's steeper dip, creating a reduced response footprint and/or because it is located at the edge of both surveys resulting in incomplete coverage. Rock-chip sampling over the SR-2 area shows elevated gold values within an oxidised manto. Additional gravity stations in this area may further resolve any density anomalies.
North Block
The northern portion of the gravity survey grid identified several anomalies associated with historical polymetallic vein showings including at FLT, Key 9, Lap 10, Key 3, and Blazed Tree (Figure 1). One notable anomaly in a yet unnamed area is proximal to the rock-chip float sample identified in the 2024 prospecting program of 10,936 g/t silver. In addition, the Key 35 showing gravity anomaly is of particular interest as it appears as a well-isolated, strong gravity high anomaly within an otherwise lower amplitude area. Rock-chip sampling in this area showed elevated gold values in a massive pyrite vein.
About the Star River Project
Yukon Metals owns 100% of the Star River base and precious metals project accessible by all-season road from the Robert Campbell Highway and adjacent to the former Ketza Mine haul road. The project is host to multiple showings of polymetallic carbonate replacement mineralization and quartz-sulphide veins first discovered in the 1950s. Remnants of underground and surface workings using historical exploration techniques are visible around much of the property and tied together with previously established access roads and trails branching from the Ketza Mine Road.
Methodology
Gravity Survey
A gravity survey measures variations in the Earth's gravitational field to identify subsurface density differences. It is used to detect dense mineralized bodies, such as those containing lead, silver, or gold, by highlighting gravity anomalies associated with these materials. Instrumentation used in the Star-River survey consisted of two Scintrex gravimeters and two Leica RTK GPS receivers. Figure 4 shows the placement and coverage of the gravity stations on the Star River property covering an area of 3 km by 4 km. A 100m x 100m line and station spacing was used over most of the survey area with 50m x 50m spacing around the Lap 10, F2, F3, and Key 3 showing areas. Part of the northern survey area over cliff terrain was not accessible during the program and several stations were not included.
Sampling
Rock samples were sent to ALS Minerals for analysis with sample preparation in Whitehorse, Yukon and analysis in North Vancouver, British Columbia.
Samples were prepared by crush to 70 % passing 2mm, 250g split pulverised better than 85% passing 75 microns (Prep-31A). Pulp samples were analysed for 34 elements by four acid digestion and ICP-AES (ME-ICP61). All samples were analyzed for gold by fire assay and AAS with a 50g nominal sample weight (Au-AA24). Samples over 10 g/t Au were assayed with 50g sample fire assay with gravimetric finish (Au-GRA22). Samples over 1500 g/t Ag were assayed by 50g sample fire assay with gravimetric finish (Ag-GRA21). Samples over 10,000 g/t Ag were analysed with Ag-CON01.
Rock samples taken while prospecting referenced in this release are selective in nature and collected to determine the presence or absence of mineralization and may not be representative of the mineralization hosted on the project.
Figure 4 – A plan-view map showing the ground gravity survey area and the measured station locations.
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Figure 5 – Star River Project Location Map
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Qualified Person
The technical content of this news release has been reviewed and approved by Helena Kuikka, P.Geo., VP Exploration for Yukon Metals and a Qualified Person (as defined by National Instrument 43-101).
About Yukon Metals Corp.
Yukon Metals is well financed and represents a property portfolio built on over 30 years of prospecting by the Berdahl family, the prospecting team behind Snowline Gold's portfolio of primary gold assets . The Yukon Metals portfolio consists of 17 properties, including copper-gold and silver-lead-zinc assets as well as critical metals, with a substantial gold and silver component across the portfolio. The Company is led by an experienced Board of Directors and Management Team across technical and finance disciplines.
Yukon Metals is focused on fostering sustainable growth and prosperity within Yukon's local communities, while simultaneously enhancing stakeholder value. Our strategy centers around inclusivity and shared prosperity, offering both community members and investors the chance to contribute to, and benefit from, our ventures.
The Yukon
The Yukon ranks 10ᵗʰ most prospective for mineral potential across global jurisdictions according to the Fraser Institute's 2023 Survey of Mining Companies, and is host to a highly experienced and conscientious local workforce, fostered by a long culture of exploration coupled with deep respect for the land. Recent major discoveries with local roots such as Snowline Gold's Rogue Project – Valley Discovery, demonstrate the Yukon's potential to generate fresh district-scale mining opportunities.
Yukon Metals CORP.
"Rory Quinn"
Rory Quinn, President & CEO
Email: roryquinn@yukonmetals.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This news release contains certain forward-looking information, including information about the metal association and geology of the prospect area at Star River, strong electromagnetic responses coincident with gold and silver sampling pointing to gold and silver deposits, the accuracy of the completed plate modelling and geophysical surveys, the potential for economic grades of silver and gold, Yukon's potential to generate fresh district-scale mining opportunities, and the Company's future plans and intentions. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify the forward-looking information. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking information involves significant risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from those discussed or implied in the forward-looking information. Such factors include, among other things: risks and uncertainties relating to Star River not being a prospective gold-rich or silver-rich geological system; rock samples analysed not being representative of overall mineralization; the required assumptions of completed plate modelling results; not having significant scale and a lack of economic grade minerals; the Yukon not having the potential to generate fresh district-scale mining opportunities; and other risks and uncertainties. See the section entitled "Risk Factors" in the Company's listing statement dated May 30, 2024, available under the Company's profile on SEDAR+ at www.sedarplus.ca for additional risk factors. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking information. Although the forward-looking information contained in this news release is based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with the forward-looking information. The forward-looking information is made as of the date of this news release, and the Company assumes no obligation to update or revise the information to reflect new events or circumstances, except as required by law.
Tempelman-Kluit, D.J., 2012. Geology of the Quiet Lake and Finlayson Lake map areas, south-central Yukon – An early interpretation of bedrock stratigraphy and structure; Geological Survey of Canada, Open File 5487. Doi: 10.4095/291931
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December 3rd, 2024 TheNewswire - Vancouver, B.C. Opawica Explorations Inc. (TSXV: OPW) (FSE: A2PEAD) (OTCQB: OPWEF) (the "Company" or "Opawica") a Canadian mineral exploration company focused on precious and base metal projects. Opawica Explorations Inc. has received a two-year drill permit on its 25 high-priority gold targets at the Arrowhead property of the Abitibi gold camp. The permit allows 25 drill pad locations with short-range spacing, allowing the company to move forward quickly on any one of the targets once permitting is received.
Blake Morgan CEO and President states, "We are thrilled to have the drill permits in hand on the Arrowhead Project and we are expecting the Bazooka drill permits to closely follow. With high priority drill targets in play, the team at Opawica Explorations is eager to start drilling both its flagship properties in one of the most prolific gold bearing regions on earth. We expect to have more news regarding the drilling soon."
The 25 drill targets were done in collaboration with ALS GoldSpot Discoveries Ltd. and Opawica. The team integrated various drill hole recent and legacy data sets, including geological, structural, alteration, mineralogical, geochemical and two-dimensional seismic data that have provided a deeper insight into Arrowhead's geology. The interpretation of this updated drill hole database led to a cohesive three-dimensional model/geological model, fault network and orebody model, which have provided the foundation for a drilling exploration strategy at Arrowhead property.
First prospecting started in 1920 on the major shear zone located in the northern part of the property. In 1926, the exploration works consisted of prospecting, pitting, trenching and diamond drilling, mainly to test two shear zones containing quartz-carbonate veins with free gold. Gold values of up to 45.05 grams per tonne were obtained over appreciable widths.
M. Yvan Bussieres, PEng, is the qualified person for Opawica Explorations and approves the technical content of this news release. The qualified person has not verified the information on the Abitibi greenstone belt. Mineralization hosted on adjacent and/or nearby and/or geologically similar properties is not necessarily indicative of mineralization hosted on the company's properties.
The Company has entered into an advertising and investor awareness campaign with Dig Media Inc. dba Investing News Network (INN). INN is a private company headquartered in Vancouver, Canada, dedicated to providing independent news and education to investors since 2007 at www.investingnews.com. For the 12-month term of the agreement starting November 2024, INN will provide advertising on its website to increase awareness of the issuer. INN does not provide Investor Relations or Market Making services. The cost of the campaign is $22,500. INN can be reached at 604-688-8231 or info@investingnews.com .
The Company is pleased to announce that it has renewed the service agreement (the "Engagement") June 7 th 2024 with White Rabbit Projects Pte. Ltd. ("White Rabbit") pursuant to which White Rabbit shall act as the facilitator of a marketing campaign by the Company (the "Campaign") of up to US$ 305,000 (the "Spending Cap") and to provide the Company with assistance related to the organization and coordination of the Company's investor relations and promotional activities. The Campaign will be coordinated and facilitated by White Rabbit but carried out by third party investor relations providers that will be introduced to the Company by White Rabbit and cleared with the TSXV. In exchange for the Engagement, the Company will pay White Rabbit a fixed fee of US$15,000 for the duration of the agreement, which fee will be counted towards the Spending Cap. The Spending Cap is designed to facilitate the Company's investor relations activities across all engagements during the following twelve-month campaign period and may be allocated to additional investor relations service providers as may be engaged by the Company with the assistance of White Rabbit and subject to customary regulatory approvals. Costs related to the Engagement will be paid from the general working capital of the Company. White Rabbit will not be providing any market making services. White Rabbit, an arm's length party to the Company, is a Singapore-based investor relations consulting company owned and founded by Hamid Kazemzadeh, an experienced marketing and investor relations professional. White Rabbit focuses on delivering marketing campaigns with compelling storylines that resonate in the capital markets landscape and foster stronger connections and impactful market presence. To the Company's knowledge, neither White Rabbit nor its principals own, have any interest or have any right to own or have an interest, in securities of the Company.
As part of the White Rabbit agreement, White Rabbit will onboard Native Ads, Inc. to execute a comprehensive digital media advertising campaign on behalf of the Company for a total retainer of up to US$290,000 over a term of up to twelve months or until the retainer is otherwise depleted. Under the renewal agreement, dated November 21st, 2024, Native Ads, Inc. will execute a comprehensive digital media advertising campaign on behalf of the Company. A significant portion of the budget outlay will be allocated to cost per click costs, media buying, content distribution and search engine marketing. The remaining budget will be allocated for content creation, web development, advertising creative development, search engine optimization, campaign optimization, and reporting and data insights services. The agreement includes a total retainer of up to US$290,000 over a term of up to twelve months, with the management of the budget to be at the discretion of the Company. Native Ads is a full-service advertising agency based out of New York, NY and Vancouver, BC. Native Ads and its principal Jon Malach are arm's lengths to the Company and hold no interest, directly or indirectly, in the securities of the Company or any right to acquire such an interest. The engagement of Native Ads and White Rabbit are subject to the approval of the TSX Venture Exchange.
About Opawica Explorations Inc.
Opawica Explorations Inc. is a junior Canadian exploration company with a strong portfolio of precious and base metal properties within the Rouyn-Noranda region of the Abitibi Gold Belt in Québec. The Company's management has a great track record in discovering and developing successful exploration projects. The Company's objective is to increase shareholder value through the development of exploration properties using cost effective exploration practices, acquiring further exploration properties, and seeking partnerships by either joint venture or sale with industry leaders.
FOR FURTHER INFORMATION CONTACT:
Blake Morgan
President and Chief Executive Officer
Telephone: 604-681-3170
Fax: 604-681-3552
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release.
Forward-Looking Statements
This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company's exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.
Copyright (c) 2024 TheNewswire - All rights reserved.
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Heliostar Metals Ltd. (TSXV: HSTR) (OTCQX: HSTXF) (FSE: 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.
HIGHLIGHTS:
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 Panel. 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.
Photo 1: Abundant visible gold in hole AP-24-317.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7729/232074_bfbf426894753a00_003full.jpg
Figure 1: A cross section through the deposit showing drill intercepts with today's results highlighted.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7729/232074_bfbf426894753a00_004full.jpg
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.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7729/232074_bfbf426894753a00_005full.jpg
Drilling Results and Coordinates Tables
Table 1: Significant Drill Intersections
| 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 | - | |
| 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 2: Drill Hole Details
| 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 |
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: charles.funk@heliostarmetals.com
Phone: +1 844-753-0045
Rob Grey
Investor Relations Manager
Heliostar Metals Limited
Email: rob.grey@heliostarmetals.com
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 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, 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, 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 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 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 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.