Sarama Resources offers a compelling investment opportunity fueled by a multi-million dollar, fully-funded arbitration claim and two new gold projects encompassing 1,000 sq km of the Cosmo Newbery and Mt Venn Greenstone Belts in Western Australia’s Eastern Goldfields.
Sarama Resources (TSXV:SWA,ASX:SRR) is a gold-focused Australian mineral exploration and development company. Sarama has two core components to its business, one being a significant and fully funded arbitration claim, and the other being two highly prospective gold projects totaling 1,000 sq km in area in the Eastern Goldfields of Western Australia. Individually, each component significantly derisks the company and together they present significant value and upside optionality for investors.
Sarama recently acquired the Cosmo and the Mt Venn gold projects which cover 580 sq km and 420 sq km, respectively, and encompass most of the greenstone belts in which they are situated. These greenstone belts are located in the Eastern Goldfields of Western Australia, and both have historical gold workings and strong geological and structural similarities to the adjacent Dorothy Hills greenstone belt which hosts the +8 Moz Gruyere gold deposit.
The Cosmo and Mt Venn gold projects offer a unique and promising opportunity for exploration in a region known for its prolific gold endowment.
The company is also pursuing a significant arbitration claim which is fully funded through a non-recourse loan facility. Boies Schiller Flexner who have an excellent track record of securing large settlements has been appointed to assist with the claim. The damages being sought are not less than cAU$200 million plus interest, and have the potential to be significantly more.
Sarama is led by an experienced board and management team with more than 30 years of individual experience and a proven track record of discovery and development of large-scale gold deposits including the +25 Moz world-class Kibali Gold Mine (formerly Moto Gold), and the +3 million ounce Sanutura gold project.
The Cosmo Gold project is an underexplored, belt-scale gold asset in Western Australia's Eastern Goldfields. The project spans 580 sq km covering the entirety of the Cosmo-Newbery Greenstone Belt, a large and prospective system with gold first being discovered in the area in the 1890s and where rock chip sampling has returned grades up to 52 g/t gold. Cosmo Gold comprises seven contiguous exploration tenements and is located approximately 85 km northeast of Laverton in a region known for its prolific gold endowment.
The Mt Venn Gold project has many similarities to the nearby Cosmo gold project and the company views it as an underexplored, belt-scale gold asset. The project spans 420 sq km and covers a large portion of the Mt Venn Greenstone Belt, a large and prospective system with gold first being discovered in the area in the 1890s. Limited drilling has returned multiple intersections of merit, and the project has a 35km long gold corridor marked by semi-contiguous gold-in-soil anomalism, old workings and drill intercepts. Mt Venn comprises three contiguous exploration tenements and is located approximately 35 km west of Gold Road’s 8 Moz, +300,000 oz/yr Gruyere gold mine and 40 km east of the company’s Cosmo gold project.
Project Highlights
Andrew Dinning is a founder, managing director and CEO of Sarama Resources. Dinning is committed to development in Africa and recently retired as a board member of The Australia-Africa Minerals and Energy Group (AAMEG) after eight years of service. AAMEG is a peak body representing Australian companies engaged in the development of Africa's resource industry.
Dinning has over 35 years of experience in the international mining arena and has worked in the Democratic Republic of Congo, West Africa, the UK, Russia and Australia. He has extensive mine management, operations and capital markets experience and has spent most of his career in the gold sector. Dinning was a director and president of the Democratic Republic of Congo-based Moto Goldmines Ltd from 2005 to 2009. He oversaw the development of the company's Moto Gold Project (Kibali Gold) from two million to more than 22 million ounces of gold. Dinning took the project from exploration to pre-development. The Moto Gold project was later taken over by Randgold Resources and AngloGold Ashanti for $600 million in October 2009. Dinning has an MBA, a first-class mine managers certificate in Western Australia and South Australia and a Bachelor of Engineering in Mining degree.
Jack Hamilton is a founder and the vice president of exploration at Sarama Resources. Hamilton has 35 years of experience as a professional geologist. Hamilton has worked around the world for international resource companies. Before Sarama, he was the exploration manager for Moto Goldmines. in the Democratic Republic of Congo. At Moto Goldmines, he led the team that discovered the main deposits and resource at the world-class Moto Gold Project (now Kibali Gold) which has a resource of more than 22 million ounces.
Hamilton specializes in precious metal exploration in Birimian, Archean and Proterozoic greenstone belts. He has worked and consulted in West, Central and East Africa for the past 20 years with various companies, including Barrick Gold Corporation, Echo Bay Mines, Etruscan Resources Inc, Anglo American, Geo Services International and Moto Goldmines. Whilst at Moto Goldmines, he led the exploration team that took the Moto gold deposit from discovery to bankable feasibility. The Moto gold deposit was later sold to Randgold Resources and AngloGold Ashanti in October 2009.
Paul Schmiede is a major shareholder and the vice president of corporate development at Sarama Resources. He is a mining engineer with over 25 years of experience in mining and exploration. Before joining Sarama Resources in 2010, Schmiede was vice president of operations and project development at Moto Goldmines. At Moto Goldmine, he managed the pre-feasibility, bankable and definitive feasibility study for the more than 22 million-ounce Democratic Republic of Congo-based Moto Gold Project (now Kibali Gold). Whilst at Moto Goldmines, he also managed the in-country environment, community studies and pre-construction activities. Before joining Moto Goldmines, he held senior operational and management positions with Gold Fields and WMC Resources. At these companies, Schmiede was responsible for underground and open-pit operations as well as project development and planning.
Schmiede holds a first-class mine managers certificate in Western Australia and a Bachelor of Engineering in Mining degree. He is also a fellow of the Australasian Institute of Mining and Metallurgy.
Lui Evangelista is Sarama's chief financial officer with 35 years of experience in accounting, finance and corporate governance with public companies. He has more than 20 years of experience in the mining industry –– 10 years of which have been at the operational and corporate level with companies operating in Francophone Africa.
Evangelista held the positions of group financial controller and acting CFO at Anvil Mining. which operated 3 mines in the DRC. He was an integral part of the senior management team that saw Anvil's market capitalization grow from C$100 million in 2005 to C$1.3 billion upon takeover by Minmetals in 2012.
Evangelista holds a Bachelor of Business in Accounting degree, a graduate diploma in business administration and a graduate diploma in applied corporate governance.
Simon Jackson is a founder, shareholder and non-executive chairman of Sarama Resources. Simon is a Chartered Accountant with over 25 years of experience in the mining sector. He is the chairman of Predictive Discovery and non-executive director of African gold producer Resolute Mining. He has previously held senior management positions at Red Back Mining, Orca Gold and Beadell Resources.
Jackson specializes in M&A, public equity markets management and corporate finance. His career has included corporate transactions in Canada, Australia, Africa and Indonesia. He holds a Bachelor of Commerce degree from the University of Western Australia and is a fellow of the Institute of Chartered Accountants in Australia.
Adrian Byass has more than 25 years of experience in the mining industry. He has focused his career on the economic development of mineral resources. He is skilled in economic and resource geology. Byass has experience ranging from production in gold and nickel mines to the evaluation and development of mining projects with listed and unlisted entities in several countries. He has also held several executive and non-executive board roles on both ASX and AIM-listed companies.
Byass presently operates in a corporate and market-focused capacity on a national and international basis. He has board-level experience in mine development, capital raising and M&A in Australia and on overseas stock exchanges. Byass has played key roles in a range of exploration and mining projects in Australia, Africa, North America and Europe. These projects were based on a suite of commodities including gold, base and specialty metals.
Byass holds a Bachelor of Science in Geology and a Bachelor of Economics. Byass is a member of the Australian Institute of Geoscientists, a fellow of the Society of Economic Geology and a competent person for the reporting of mineral resources (JORC 2012).
Byass is currently on the board of multiple ASX-listed companies, including Galena Mining, Kaiser Reef, Kingwest Resources and Infinity Lithium.
Michael Bohm is a seasoned director and mining engineer in the resources industry. His career spans roles as a mining engineer, mine manager, study manager, project manager, project director, and managing director.
He has been directly involved in the development of multiple mines in the gold, nickel, and diamond industries, and made significant contributions to Ramelius Resources during its formative years. This experience is particularly important as Sarama is currently in the process of rebuilding its operations in the Eastern Goldfields region of Western Australia.
He is a current director of ASX-listed Riedel Resources and has previously been a director of ASX listed Perseus Mining, Ramelius Resources, Mincor Resources NL and Cygnus Metals.
Promising new gold projects in Western Australia, plus a large fully funded arbitration claim.
(TheNewswire)
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April 10th, 2025 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 to Present on the Emerging Growth Conference on Wednesday, April 16, 2025
Opawica invites individual and institutional investors as well as advisors and analysts to attend its real-time, interactive presentation on the Emerging Growth Conference.
The next Emerging Growth Conference is presenting on Wedenesday April 16 th of  2025 . This live, interactive online event will give existing shareholders and the investment community the opportunity to interact with the CEO and President Blake Morgan in real time. Blake Morgan CEO and President will perform a presentation and may subsequently open the floor for questions.
Please submit your questions in advance to Questions@EmergingGrowth.com or ask your questions during the event and Blake Morgan CEO will do his best to get through as many of them as possible.
Presentation link:
https://goto.webcasts.com/starthere.jsp?ei=1705403&tp_key=612b99c876&sti=opwef
Blake Morgan CEO and President states, "We are thrilled to be presenting at the Emerging Growth Conference live 3:10 - 3:20 Eastern Time on Wednesday, April 16, 2025. With Opawica's phase two drilling program underway, We are thrilled to give a update on our current drill program on the Bazooka property.. www.opawica.com
If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available on www.EmergingGrowth.com and on the Emerging Growth YouTube Channel, http://www.YouTube.com/EmergingGrowthConference . We will release a link to that after the event.
About the Emerging Growth Conference
The Emerging Growth conference is an effective way for public companies to present and communicate their new products, services and other major announcements to the investment community from the convenience of their office, in a time efficient manner. The Conference focus and coverage includes companies in a wide range of growth sectors, with strong management teams, innovative products & amp, services, focused strategy, execution, and the overall potential for long term growth. Its audience includes potentially tens of thousands of Individual and Institutional investors, as well as Investment advisors and analysts. All sessions will be conducted through video webcasts and will take place in the Eastern time zone.
Drilling Update
Of the ten drill holes collected, our team has successfully intersected the iconic Cadillac-Larder fault multiple times, revealing promising mineralization which underscores local understanding of mineralization patterns. The Cadillac-Larder Lake fault is a major structural element in the Abitibi greenstone belt, known for its rich mineralization and geological backbone supporting dozens of commercial mines in the region.
Sample drill hole OP-25-27 was completed at a depth of 171 m. Between 114 and 156.5 m, we intersected a fine-grained greenish-olive-grey rock. Serecite formation is present throughout, with localized occurrences containing fuschite and silicification pulses, slightly fractured except for a small area between 145.5 and 148.0 m, likely ultramafic, where two small shear zones are observed. Arsenopyrite is present at 1-2% up to 132 m, decreasing to trace levels beyond this depth. Fine pyrite occurs at 1-2% from 148 m onward, with local vein stockwork increasing to 15% from 152 m to 156 m. (see table below).
Opawica Exploration Drills 42.5 Meters of Mineralization on the Bazooka Gold Project in the Abitibi Gold Belt
The Company undertook XRF readings at the following points
Conversion factor-1 Part per million (ppm ) = 1 Gram/ton( g/ton )
118.50 m As 2.20%; Au 190 ppm; Ni 1,061 ppm; Cr 4,117 ppm
130.50 m As 795 ppm; Au 11 ppm ; Ni 643 ppm; Cr 2,475 Â ppm
143.95 m As 828 ppm ; Au 16 ppm; Ni 1,127 ppm; Cr 1,564 ppm
156.00 m As 354 ppm ; Au 8 ppm; Ni 458 ppm ; Cr 109 ppm
Conversion factor1 Part per million( ppm ) = 1 Gram/ton( g/ton )
X-ray fluorescence (XRF) is a non-destructive analytical technique used to determine the elemental composition of materials such as drill core. XRF analyzers determine the chemistry of a sample by measuring the fluorescent (or secondary) X-ray emitted from a sample when it is excited by a primary X-ray source. The results only provide an indication of the amount of minerals present. Certified assaying of the core samples is still required to accurately determine the amount of base metal and precious metal mineralization.
Mr.Yvan Bussieres, P.Eng. , Opawica's Geologist has reviewed and approved the technical content of this news release. The qualified person has been unable to verify the information on the adjacent
Properties
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: 236-878-4938
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 as required by applicable law.
Copyright (c) 2025 TheNewswire - All rights reserved.
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1911 Gold Corporation (" 1911 Gold " or the " Company ") (TSXV: AUMB; OTCQB: AUMBF) is pleased to announce that the Company has completed the re-commissioning of the True North mine hoist system in the A Shaft and is now focused on completing all necessary electrical and mechanical work down to Level 16 of the underground mine. Several levels within the True North Mine are now accessible for rehabilitation, including Level 16 at a depth of 695 m below surface, and will be used for our underground drilling to reach key targets identified by the exploration team, including following the SAM Southeast and West targets to depth.
Highlights:
Over the last several months, the Company has worked closely with key contractors to re-commission the hoist system for the A Shaft, providing access to the True North underground mine. This included full inspection and testing of all mechanical, electrical, and shaft infrastructure to ensure safe and effective operation of the hoist. Tests completed included stress testing of the hoist cables, free fall (drop) testing of the conveyances with full anticipated loads, and testing of the software for control systems. Approval from the Mine Safety Administration was received in mid-March, and inspection and repairs to the A Shaft commenced on March 20, 2025 . On March 23, 2025 , the maintenance team gained access to Level 16 and completed a thorough inspection of the electrical connections and communications system.
On April 3, 2025 , a thorough inspection of Level 16 and Level 3 ( 122 m ) (used for the San Antonio West target) was completed to identify rehabilitation work that will be required. Based on this inspection, the Company plans to complete the necessary rehabilitation by late May, including re-aligning the rail tracking, re-establishing electrical and ventilation to key parts of the drift, and reinforcing areas where drill pads are required.
The lack of water on Level 26 ( 1,145 m ), the deepest level of A Shaft, is a positive development and will allow ready access to a significant portion of the current resource. This also expedites the Company's ability to target new resource expansion areas and commence redevelopment of the deeper portions of the mine.
Previously, on January 15, 2025 , the Company also opened and inspected the Hinge and Cohiba access declines. These declines also provide access to the 007, L-13 and L-10 deposits, key resource expansion areas.
"This achievement is a critical step forward for 1911 Gold in pursuit of our restart strategy." Shaun Heinrichs , President and CEO, stated, "With access to Levels 3, 8 ( 340 m ), and 16, we will be able to aggressively pursue our resource growth strategy with an efficient and productive drill program from the underground. We are now closer to some of the best targets in the underground mine and have easy access to both new targets we identified as well as infill and extensions to the 43-101 resource released on November 20, 2024 . This is the next phase for 1911 Gold, and our team is excited about the opportunity this presents."
On March 25, 2025 , Seok Joon Kim P.Eng ., an experienced underground mine engineer, joined the Company to work closely with Éric Vinet to build an underground mining strategy, support the exploration team, and oversee underground redevelopment activities.
Next Steps
With access to the underground now established, the Company will commence planning work for the rehabilitation of Levels 3, 8, and 16 in the underground to support future planned exploration. This will also facilitate the mine planning work underway, as the Company can inspect underground workings and determine development timelines and costs. Over the coming months, the Company expects to build a plan for future production that will be used to guide the underground drill targeting and assist in prioritizing target areas based on their near-term production potential, as well as define areas of significant resource growth.
Manitoba Mineral Development Fund
The Company is also pleased to report that it has been approved for a $285,636 grant from the Manitoba Mineral Development Fund ("MMDF") to support the 2025 drill program at the True North project in Manitoba, Canada .
Proceeds from this grant will go directly to fund the 2025 drill program that commenced in October 2024 , with a projected total of 30,000 meters of drilling within the mine lease area planned. This program continues to advance several new surface targets identified by 1911 Gold, based on the improved geological model developed in conjunction with the extensive work undertaken in 2024 to complete the mineral resource update (see news release dated November 20, 2024 ).
Deferred Share Units
The Company will also issue 125,000 deferred share units ("DSUs") to four directors under the LTIP in respect of Q1-2025 director fees. Each DSU entitles the holder to receive one share of the Company, or in certain circumstances a cash payment equal to the value of one share of the Company, at the time the holder ceases to be a director of the Company.
About 1911 Gold Corporation
1911 Gold is a junior explorer that holds a highly prospective, consolidated land package totaling more than 61,647 hectares within and adjacent to the Archean Rice Lake Greenstone belt in Manitoba , and also owns the True North mine and mill complex at Bissett, Manitoba . 1911 Gold believes its land package is a prime exploration opportunity, with the potential to develop a mining district centred on the True North complex. The Company also owns the Apex project near Snow Lake, Manitoba and the Denton-Keefer project near Timmins, Ontario , and intends to focus on organic growth and accretive acquisition opportunities in North America .
1911 Gold's True North complex and exploration land package are located within the traditional territory of the Hollow Water First Nation, signatory to Treaty No. 5 (1875-76). 1911 Gold looks forward to maintaining open, co-operative and respectful communication with the Hollow Water First Nation, and all local stakeholders, in order to build mutually beneficial working relationships.
ON BEHALF OF THE BOARD OF DIRECTORS
Shaun Heinrichs
President and CEO
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
All forward-looking statements reflect the Company's beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. All of the Company's forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions listed below. Although the Company believes that these assumptions are reasonable, this list is not exhaustive of factors that may affect any of the forward-looking statements.
Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. All statements that address expectations or projections about the future, including, but not limited to, statements with respect to the terms of the Offering, the use of proceeds of the Offering, the timing and ability of the Company to close the Offering, the timing and ability of the Company to receive necessary regulatory approvals, the tax treatment of the securities issued under the Offering, the timing for the Qualifying Expenditures to be renounced in favour of the subscribers, and the plans, operations and prospects of the Company, are forward-looking statements. Although 1911 Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
All forward-looking statements contained in this news release are given as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.
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.
SOURCE 1911 Gold Corporation
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HIGHLIGHTS:
Heliostar Metals Ltd. (TSXV: HSTR) (OTCQX: HSTXF) (FSE: RGG1) ("Heliostar" or the "Company") is pleased to announce additional results from a 12,500-metre drilling program at the La Colorada Mine in Sonora, Mexico. La Colorada restarted production in early January 2025, and the current drill program is intended to expand the mineral reserves ahead of an updated technical report and expansion decision planned for mid-2025.
Heliostar CEO, Charles Funk, commented, "Heliostar closed the first quarter of 2025 with a US$27M (C$38M) cash balance, over half of which was generated from operating profits. This places the Company in a strong position to achieve our planned production and resource growth goals. Today's results reflect these growth plans and further cement our confidence in the future of La Colorada. They are expected to positively impact the economics of the mine when we update the La Colorada technical report in mid-2025. Our goal is for the study to support a decision to expand production to 50,000 to 100,000 ounces of gold per year. Additionally, the high-grades intersected demonstrate a potential underground future for the mine. We intend to target these deeper zones in more detail after we complete the technical report."
Drill Results Summary
Mineralization at La Colorada's Creston Pit is predominantly hosted in three veins: the North, Intermediate and South Veins (Figure 1). These veins trend northeast-southwest to east-west, dip northward and are surrounded by halos of smaller mineralized vein zones. The Creston Pit has historically mined oxide gold and silver from all three of these veins. A current Probable Mineral Reserve of 312,000 ounces of gold grading 0.76 grams per tonne (g/t) gold and 5,074,000 ounces of silver at 10.1 g/t silver is defined at the Creston Pit1.
A technical review of expansion potential identified two opportunities for reserve growth. The near-surface extensions of known veins with little or no drill data and exploring the under-sampled mineralization beneath the pit. Both opportunities were defined using historical drilling, blast hole data, mining shapes, and the geological model.
Figure 1: Plan view of the Creston Pit showing historic drilling, blast hole samples and Heliostar drill holes.
Selected intercepts are labelled.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7729/247879_ef50e500f496a835_003full.jpg
Figure 2: Cross-section view looking west at the western end of the Creston Pit. The section shows historic drilling and new Heliostar drill hole results below the planned pit boundary.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7729/247879_ef50e500f496a835_004full.jpg
Blast hole data clearly shows the potential for a continuation of veins at shallow depths. They contain elevated gold grades that continue to the edge of the pit walls, where they remain open for expansion (Figure 1). At depth, drill spacing is wider than the area above. Additional drilling allows for improved estimation of grade and continuity.
The Company has completed seventy-two holes totalling 11,075 metres in the program to date. This release reports results for twenty-three new holes. The majority of the new drill holes targeted extensions of the North, Intermediate, and South Veins in areas where drilling is widely spaced yet within the current resource. They aim to add ounces to the overall El Creston resources and reserves.
Assay results show narrow to wide, low- to high-grade oxide gold intercepts. Targeted vein zones consistently return intercepts above the 0.16 g/t gold-equivalent cutoff grade of reserves within the Creston pit. The results may increase the tonnes and grade of mineralization in an updated pit shell. If so, that would add to the total reserves in an updated technical report.
Further, the success of the drill program to date has required modification of the remaining drill program plans. Numerous step-out drill holes have been added to follow-up on intercepts reported here. Results remain pending for these follow-up drill holes and are expected to be received in April and May.
Next Steps
Results from the current drill program are being incorporated into a resource model. They will support a reserve update to be published with a technical report in mid-2025.
This drill program is important because if it increases the volume of rock containing gold mineralization, it could improve the overall mine economics. Any zones of waste material with new gold intercepts from this program have the potential to reduce the overall strip ratio of the Creston pit expansion.
That, in turn, could reduce the up-front capital requirements for the restart and improve the economics of the Technical Report. This study will be the basis of a decision for the expansion of production at La Colorada.
The Company anticipates additional drilling results from the current program will be released in Q2, 2025.
La Colorada Mineral Reserves Statement
| Classification | Zone | AuEq Cut-off (g/t) | Tonnes (kt) | Gold Grade (g/t Au) | Silver Grade (g/t Ag) | Contained Gold (koz) | Contained Silver (koz) |
| Probable | El Crestón | 0.160 | 12,841 | 0.76 | 10.1 | 312 | 4,181 |
| Veta Madre | 0.175 | 1,905 | 0.70 | 3.1 | 43 | 189 | |
| La Chatarrera | 0.164 | 3,413 | 0.20 | 6.4 | 22 | 704 | |
| Total | 18,159 | 0.65 | 8.69 | 377 | 5,074 |
1. La Colorada Operations, Sonora, Mexico, NI 43-101 Technical Report (the "Report") is dated January 11, 2024, has an effective date of December 4, 2024.
Drilling Results Table
| HoleID | From (metres) | To (metres) | Interval (metres) | Au (g/t) | Ag (g/t) | % True Width | Comment |
| 24-LCDD-262 | 36.35 | 40.4 | 4.05 | 0.53 | 8.6 | 94 | South Vein |
| 24-LCDD-263 | Abandoned | ||||||
| 24-LCDD-264 | 165.05 | 178.4 | 13.35 | 0.34 | 43 | 74 | North Vein |
| 24-LCDD-265 | 8.35 | 11.1 | 2.75 | 0.34 | 6.2 | 28 | South Vein |
| and | 15.7 | 20.55 | 4.85 | 0.24 | 5.2 | 28 | South Vein |
| and | 76.9 | 92.3 | 15.4 | 0.19 | 2.8 | 44 | South Vein |
| 24-LCDD-266 | 22.3 | 28.95 | 6.65 | 0.50 | 2.5 | 82 | South Vein |
| 24-LCDD-267 | No significant intervals | ||||||
| 24-LCDD-268 | 15.85 | 28.1 | 12.25 | 0.40 | 4.8 | 15 | South Vein |
| and | 77.9 | 90.0 | 12.1 | 0.19 | 6.8 | 61 | South Vein |
| 24-LCDD-269 | 163.75 | 181.65 | 17.9 | 1.69 | 8.8 | 84 | North Vein |
| including | 167.7 | 172.3 | 4.6 | 5.78 | 16 | 84 | North Vein |
| 24-LCDD-270 | 24.55 | 33.4 | 8.85 | 1.89 | 82 | 89 | South Vein |
| including | 29.0 | 33.4 | 4.4 | 3.52 | 155 | 90 | South Vein |
| 24-LCDD-271 | 4.0 | 11.95 | 7.95 | 0.38 | 12 | 84 | Intermediate Vein |
| and | 50.0 | 58.85 | 8.85 | 25.0 | 768 | 71 | South Vein |
| 50.0 | 58.85 | 8.85 | 10.4 | 768 | 71 | Top-cut to 20 g/t gold | |
| and | 64.2 | 68.0 | 3.8 | 4.32 | 178 | 70 | South Vein |
| 24-LCDD-272 | 2.05 | 35.6 | 33.55 | 1.04 | 22 | 68 | Intermediate Vein |
| including | 6.0 | 8.85 | 2.85 | 6.10 | 135 | 68 | Intermediate Vein |
| and | 70.2 | 80.85 | 10.65 | 0.22 | 5.4 | 81 | South Vein |
| and | 90.8 | 94.3 | 3.5 | 5.41 | 88 | 79 | South Vein |
| 90.8 | 94.3 | 3.5 | 4.31 | 88 | 79 | Top-cut to 20 g/t gold | |
| including | 90.8 | 91.35 | 0.55 | 27.0 | 433 | 79 | South Vein |
| 90.8 | 91.35 | 0.55 | 20.0 | 433 | 79 | Top-cut to 20 g/t gold | |
| and | 103.65 | 104.4 | 0.75 | 10.3 | 255 | 79 | South Vein |
| and | 107.55 | 112.05 | 4.5 | 0.84 | 23 | 79 | South Vein |
| 24-LCDD-273 | 7.85 | 10.2 | 2.35 | 0.45 | 10 | 79 | Intermediate Vein |
| and | 48.0 | 69.75 | 21.75 | 2.37 | 62 | 87 | South Vein |
| 48.0 | 69.75 | 21.75 | 1.97 | 62 | 87 | Top-cut to 20 g/t gold | |
| including | 59.25 | 67.8 | 8.55 | 5.52 | 121 | 87 | South Vein |
| 59.25 | 67.8 | 8.55 | 4.50 | 121 | 87 | Top-cut to 20 g/t gold | |
| 24-LCDD-274 | 103.8 | 126.15 | 22.35 | 0.21 | 6.5 | 67 | North Vein |
| and | 137.4 | 147.6 | 10.2 | 0.39 | 6.4 | 67 | North Vein |
| 25-LCDD-275 | 20.4 | 23.35 | 2.95 | 2.07 | 166 | 75 | Intermediate Vein |
| and | 29.25 | 33.75 | 4.5 | 0.40 | 9.0 | 89 | Intermediate Vein |
| and | 88.85 | 101.85 | 13.0 | 0.57 | 8.8 | 42 | Intermediate Vein |
| and | 120.55 | 128.1 | 7.55 | 0.72 | 13 | 100 | South Vein |
| 25-LCDD-276 | 104.7 | 135.95 | 31.25 | 0.53 | 4.2 | 49 | North Vein |
| and | 155.15 | 170.25 | 15.1 | 0.45 | 2.4 | 49 | North Vein |
| 25-LCDD-277 | No significant intervals | ||||||
| 25-LCDD-278 | 6.25 | 9.0 | 2.75 | 1.06 | 63 | 100 | South Vein |
| and | 14.1 | 33.0 | 18.9 | 0.61 | 31 | 100 | South Vein |
| 25-LCDD-279 | 0.0 | 5.6 | 5.6 | 0.72 | 30 | 100 | Intermediate Vein |
| and | 62.0 | 83.85 | 21.85 | 0.63 | 9.6 | 99 | South Vein |
| 25-LCDD-280 | 130.05 | 135.6 | 5.55 | 0.26 | 57 | 88 | North Vein |
| and | 141.85 | 145.9 | 4.05 | 0.27 | 54 | 88 | North Vein |
| 25-LCDD-281 | Abandoned | ||||||
| 25-LCDD-282 | 11.15 | 16.5 | 5.35 | 0.67 | 39 | 33 | Intermediate Vein |
| 25-LCDD-283 | 60.5 | 66.2 | 5.7 | 1.51 | 20 | 90 | Intermediate Vein |
| and | 82.15 | 99.65 | 17.5 | 1.90 | 6.8 | 84 | Intermediate Vein |
| 82.15 | 99.65 | 17.5 | 1.53 | 6.8 | 84 | Top-cut to 23 g/t gold | |
| including | 89.05 | 91.95 | 2.9 | 10.5 | 15 | 84 | Intermediate Vein |
| 89.05 | 91.95 | 2.9 | 8.32 | 15 | 84 | Top-cut to 23 g/t gold | |
| and | 107.0 | 110.0 | 3.0 | 1.92 | 21 | 85 | Intermediate Vein |
| and | 127.0 | 132.5 | 5.5 | 11.1 | 23 | 88 | Intermediate Vein |
| 127.0 | 132.5 | 5.5 | 9.14 | 23 | 88 | Top-cut to 23 g/t gold | |
| and | 165.1 | 173.0 | 7.9 | 0.20 | 1.0 | 96 | South Vein |
| and | 179.95 | 191.85 | 11.9 | 0.23 | 2.2 | 96 | South Vein |
| 25-LCDD-284 | 52.0 | 61.0 | 9.0 | 1.87 | 3.2 | 84 | Intermediate Vein |
| including | 53.0 | 55.4 | 2.4 | 6.14 | 6.1 | 84 | Intermediate Vein |
| and | 69.2 | 74.6 | 5.4 | 0.52 | 3.2 | 84 | Intermediate Vein |
| and | 128.0 | 150.7 | 22.7 | 0.53 | 2.1 | 84 | South Vein |
| 25-LCDD-285 | 45.3 | 50.2 | 4.9 | 0.36 | 27 | 87 | Intermediate Vein |
| and | 79.45 | 100.75 | 21.3 | 0.28 | 9.8 | 84 | Intermediate Vein |
| and | 109.65 | 123.55 | 13.9 | 0.24 | 2.7 | 87 | Intermediate Vein |
| and | 130.15 | 140.1 | 9.95 | 0.38 | 5.0 | 99 | Intermediate Vein |
| and | 190.2 | 201.0 | 10.8 | 1.25 | 0.7 | 92 | South Vein |
| including | 199.05 | 201.0 | 1.95 | 5.94 | 1.1 | 94 | South Vein |
| 25-LCDD-286 | 38.05 | 43.8 | 5.75 | 4.72 | 10 | 92 | Intermediate Vein |
| including | 38.05 | 43.8 | 5.75 | 2.41 | 10 | 92 | Top-cut to 23 g/t gold |
| and | 67.5 | 95.45 | 27.95 | 0.35 | 7.7 | 95 | Intermediate Vein |
| and | 163.9 | 171.15 | 7.25 | 0.59 | 5.1 | 91 | South Vein |
| 25-LCDD-287 | 8.15 | 17.4 | 9.25 | 1.02 | 2.5 | 79 | Intermediate Vein |
| and | 28.05 | 39.7 | 11.65 | 0.63 | 6.3 | 74 | Intermediate Vein |
| and | 56.5 | 61.45 | 4.95 | 0.33 | 3.0 | 68 | Intermediate Vein |
| and | 116.0 | 146.75 | 30.75 | 0.18 | 1.4 | 86 | South Vein |
| 25-LCDD-288 | 13.4 | 17.0 | 3.6 | 0.46 | 15 | 91 | Intermediate Vein |
| and | 48.5 | 70.1 | 21.6 | 0.33 | 2.5 | 77 | Intermediate Vein |
| and | 120.75 | 125.5 | 4.75 | 0.58 | 1.0 | 99 | South Vein |
| and | 130.9 | 150.65 | 19.75 | 0.99 | 5.9 | 99 | South Vein |
| including | 132.0 | 133.1 | 1.1 | 10.1 | 50 | 99 | South Vein |
| 25-LCDD-289 | 10.5 | 23.05 | 12.55 | 0.55 | 17 | 95 | North Vein |
| and | 56.95 | 64.0 | 7.05 | 2.62 | 8.8 | 92 | Intermediate Vein |
| including | 56.95 | 58.9 | 1.95 | 8.76 | 14 | 92 | Intermediate Vein |
| and | 125.0 | 133.65 | 8.65 | 0.15 | 5.0 | 84 | Intermediate Vein |
| and | 169.3 | 179.4 | 10.1 | 0.82 | 4.1 | 82 | Intermediate Vein |
Table 2: Significant Drill Intersections
Drilling Coordinates Table
| Hole ID | Northing (NAD27 CONUS Zone 12N) | Easting (NAD27 CONUS Zone 12N) | Elevation (metres) | Azimuth (°) | Inclination (°) | Length (metres) |
| 24-LCDD-265 | 3185570 | 542775 | 389.8 | 000 | -47 | 113.4 |
| 24-LCDD-266 | 3185676 | 542725 | 274.8 | 180 | 10 | 96.05 |
| 24-LCDD-267 | 3185754 | 543056 | 438.3 | 187 | -40 | 69.5 |
| 24-LCDD-268 | 3185555 | 542750 | 392.4 | 000 | -45 | 102.85 |
| 24-LCDD-269 | 3185954 | 542540 | 331.2 | 179 | -60 | 298.3 |
| 24-LCDD-270 | 3185622 | 542401 | 206.7 | 202 | -32 | 75.35 |
| 24-LCDD-271 | 3185633 | 542396 | 207.2 | 220 | -31 | 124.45 |
| 24-LCDD-272 | 3185664 | 542415 | 206.5 | 217 | -36 | 147.7 |
| 24-LCDD-273 | 3185636 | 542403 | 205.9 | 200 | -54 | 114.05 |
| 24-LCDD-274 | 3185816 | 542788 | 248.7 | 000 | +2 | 159.3 |
| 25-LCDD-275 | 3185715 | 542439 | 215.5 | 180 | -56 | 167.0 |
| 25-LCDD-276 | 3185949 | 542700 | 315.6 | 180 | -83 | 225.35 |
| 25-LCDD-277 | 3185853 | 542315 | 353.9 | 180 | -56 | 258.6 |
| 25-LCDD-278 | 3185618 | 542414 | 209.0 | 180 | 0 | 55.15 |
| 25-LCDD-279 | 3185683 | 542515 | 198.1 | 180 | -20 | 105.0 |
| 25-LCDD-280 | 3185810 | 542265 | 360.0 | 178 | -50 | 325.7 |
| 25-LCDD-281 | 3185886 | 542389 | 346.7 | 178 | -47 | 149.35 |
| 25-LCDD-282 | 3185786 | 542515 | 220.3 | 180 | -85 | 124.6 |
| 25-LCDD-283 | 3185843 | 542685 | 237.6 | 169 | -57 | 246.35 |
| 25-LCDD-284 | 3185822 | 542751 | 244.4 | 179 | -62 | 191.4 |
| 25-LCDD-285 | 3185839 | 542715 | 240.5 | 173 | -61 | 240.25 |
| 25-LCDD-286 | 3185837 | 542701 | 239.5 | 180 | -48 | 205.05 |
| 25-LCDD-287 | 3185758 | 542735 | 251.1 | 215 | -60 | 150.15 |
| 25-LCDD-288 | 3185817 | 542726 | 242.4 | 180 | -58 | 180.5 |
| 25-LCDD-289 | 3185895 | 542775 | 305.9 | 193 | -60 | 292.25 |
Table 3: Drill Hole Details
Quality Assurance / Quality Control
Core was drilled with PQ, HQ, and NQ tools, and the drill core was sawn in half, with one half submitted for analysis and one half retained as a record. Core samples were shipped to ALS Limited in Hermosillo, Sonora, Mexico, for sample preparation and for analysis at the ALS laboratory in North Vancouver. The Hermosillo and North Vancouver ALS facilities are ISO/IEC 17025 certified. Gold was assayed by a 30-gram fire assay with an atomic absorption spectroscopy finish, and overlimits were analyzed by a 30-gram fire assay with a 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
Gregg Bush, P.Eng. and Stewart Harris, P.Geo., the Company's Qualified Persons, as such term is defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, have reviewed the scientific and technical information that forms the basis for this news release and has approved the disclosure herein. Mr. Bush is employed as Chief Operating Officer of the Company, and Mr. Harris is employed as Exploration Manager of the Company.
Technical Report Reference
1 La Colorada Operations, Sonora, Mexico, NI 43-101 Technical Report (the "Report") is dated January 11, 2024, has an effective date of December 4, 2024, and was prepared for Heliostar Metals Inc. by Mr. Todd Wakefield, RM SME, Mr. David Thomas, P.Geo., Mr. Jeffrey Choquette, P.E., Mr. Carl Defilippi, RM SME, and Ms. Dawn Garcia, CPG. The Report can be found under the Company's profile on SEDAR+ (www.sedarplus.ca) and on Heliostar's website (www.heliostarmetals.com).
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: 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 places the Company in a strong position to achieve our planned production and resource growth goals. Today's results reflect these growth plans and further cement our confidence in the future of La Colorada. They are expected to positively impact the economics of the mine when we update the La Colorada technical report in mid-2025. Our goal is for the study to support a decision to expand production to 50,000 to 100,000 ounces of gold per year. Additionally, the high grades intersected demonstrate a potential underground future for the mine. We intend to target these deeper zones in more detail after we complete the technical report. The Company anticipates additional drilling results from the current program will be released in Q2, 2025.
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.
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