Vanstar Mining Resources 2021 Review and Outlook for 2022 - Drilling Resumes at Nelligan

Vanstar Mining Resources Inc. (TSXV: VSR) (OTCQX: VMNGF) (FSE: 1V8) ("Vanstar", or the "Company") is pleased to provide a review of 2021 and upcoming plans for 2022. 2021 began with new leadership in the appointment of JC St-Amour as President and CEO, on January 11, 2021. His experience and knowledge helped to strengthen our relationship with project partner IAMGOLD. 2021 was an exciting year of exploration that saw infill and expansion drilling at Nelligan that has significant implications for adding gold ounces.

In 2021, the Company was added to the OTCQX market to help increase the US investor shareholder base. An awareness campaign was launched that included several interviews, investor events throughout Quebec, and an increased social media presence. In addition, the Company also participated in four virtual and in person mining conferences throughout the year, which attracted the interest of a global investment audience.

Nelligan

On the exploration front, Vanstar's flagship Nelligan project continued to show very promising results from a 9,500-metre summer drill program. The 2021 drill campaign clearly demonstrated the resource is open and is expanding to the west, while the infill drill program continues to demonstrate continuity of mineralization improving the confidence of the existing resource at Nelligan. Drilling to the west was near surface and is providing a significant opportunity to further increase the mineralized envelope of Nelligan and add significant ounces to the gold resource (click for Press Release). Highlight holes (see Figure 1) released in December 2021 include:

Renard Zone - Infill: 86.7 m at 1.34 g/t Au (from 126.0 m in drill hole NE-21-170)
Renard Zone - West Extension: 40.5 m at 1.28 g/t Au (from 51.0 m in drill hole NE-21-178)

Bousquet-Odyno

In November 2021, Vanstar made a new addition to its project portfolio by signing an LOI with IAMGOLD to acquire 75% interest in the Bousquet-Odyno property (formerly referred to as Calder-Bousquet). 20,000 m of drilling has been completed on the property by IAMGOLD (click for Press Release). Highlights from the historical* drill program include:

27.9 g/t Au over 6.5 m (from 140.0 to 146.5 m depth in drill hole BO-16-56)
29.3 g/t Au over 3.3 m (from 389.0 to 392.3 m depth in drill hole BO-12-32)

* Note: the drilling results referenced above are historical and have not been independently verified and validated by the Company and should not be relied on.

Felix

Vanstar began exploration of its Felix property by completing a high-resolution magnetic survey on the entire property, an induced polarization survey focusing on the western portion of property, as well as drilling campaigns. Assay results from the drilling campaign initiated in the fall are pending (click for Press Release).

Eva & Frida

Additional claims were acquired on the Eva project due to positive results from a completed high resolution airborne magnetic survey which showed folded iron formations which are a good host for gold mineralization in this type of geological setting (click for Press Release). A prospecting and sampling campaign was conducted on the property in September with results pending.

Figure 1 - Nelligan - Drill hole plan map and highlighted 2021 assay results.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/8185/110349_ec0d0d2e44b54977_002full.jpg

2022 Outlook

Exploration

Additional drill holes results from the Nelligan 2021 drill campaign targeting the Western extension are expected in Q1 2022.
IAMGOLD to resume drilling at the Nelligan Project this week, with a minimum 5,000-metre winter drilling program focusing on expansion drilling and infill drilling. IAMGOLD intends to complete an updated resource estimate incorporating the combined additional drilling from 2020 to 2022.
Bousquet-Odyno property acquisition expected to close in the coming weeks with an 4,000-metre drill campaign expected to commence as soon as possible.
Felix drill results are pending and will be reviewed to determine next exploration steps.
Frida and Eva exploration strategy will be determined based on the pending results of its prospecting and sampling program.

This press release was read and approved by Mr. Gilles Laverdière, consulting geologist and qualified person under the NI 43-101 Canadian standard.

About Vanstar

Vanstar Mining Resources Inc. is a gold exploration company with properties located in Northern Québec at different stages of development. The Company owns a 25% interest in the Nelligan project (3.2 million inferred ounces Au, NI 43-101 October 2019) and 1% NSR. The Nelligan Project won the "Discovery of the Year" award at the 2019 Quebec Mineral Exploration Association Xplor Gala. Vanstar also owns 100% of the Felix property under development in the Chicobi Group (Abitibi mining camp, 65km East of Amex Perron property) and 100% of Amanda, a 7,306ha property located on the Auclair formation with historic gold showings up to 12.1 g/t Au over 3 meters.

SOURCE :
JC St-Amour.
President and CEO
+1 (647) 296-9871
jc@vanstarmining.com
www.vanstarmining.com

The TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the TSX Venture Exchange Policies) do not accept any responsibility for the truth or accuracy of its content.

FORWARD-LOOKING STATEMENTS:

This news release contains 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. Investors 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. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).

Corporate Logo

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/110349

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Vanstar Mining Resources TSXV:VSR Gold Investing

VSR:CA

Vanstar Reports Remaining Assay Results from 2021 Drill Program at Nelligan - Confirms Mineralization up to 1.5 km to the West of Resource

Highlight Holes:
Hole NE-21-184 - 20.0 m of 2.02 g/t Au and 10.5 m of 1.11 g/t Au
Hole NE-21-182 - 30.6 m of 1.15 g/t Au
Hole NE-21-176 - 11.8 m of 4.44 g/t Au and 7 m of 2.21 g/t Au and 19.5 m of 1.44 g/t Au

Vanstar Mining Resources Inc. (TSXV: VSR) (OTCQX: VMNGF) (FSE: 1V8) ("Vanstar", or the "Company") is pleased to announce the remaining assay results from the 2021 diamond drill program consisting of 9,492 meters in 27 holes on the Nelligan joint venture project (IAMGOLD Corporation ("IAMGOLD"): 75%, Vanstar: 25%) completed by its partner IAMGOLD. The Company is reporting assays from the remaining 14 diamond drill holes totaling 5,232 meters completed in the western extension of the deposit. The 2020 drill program extended the mineralized zone by 700 m beyond the resource that was modelled in 2019. Current results from 2021 drilling, summarized in Table 1 and 2 below, indicate that the mineralization continues further to the west, although the zones appear to be thinning with locally improved grades. Hole NE-21-190, for example, located 1,100 m to the west of the current resource intercepted 9 m grading 3 gt Au and the most western hole (NE-21-188) intercepted 6 m grading 2.63 gt Au, 1.5 km from the 2019 pit shell.

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Vanstar Mining Enters into a Definitive Option Agreement with IAMGOLD on Bousquet-Odyno Property and Plans 4,000-Meter Drill Program

Vanstar Mining Resources Inc. (TSXV: VSR) (OTCQX: VMNGF) (FSE: 1V8) ("Vanstar", or the "Company") is pleased to announce that, further to its announcement on November 29, 2021, it has entered into a definitive option agreement (the "Agreement") with IAMGOLD Corporation ("IAMGOLD") for the Bousquet-Odyno gold project (the "Property"). Under the terms of the Agreement, IAMGOLD has granted Vanstar an option to earn up to a 75% interest in the Property, which is comprised of 37 contiguous mining claims covering approximately 1,492 ha and is located directly south of highway 117 between the towns of Rouyn-Noranda and Malartic in the Province of Quebec.

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Assay Results at Nelligan Gold Project Confirm Continuity and Extends Mineralization to the West

Vanstar Mining Resources Inc. (TSXV: VSR) (OTCQX: VMNGF) (FSE: 1V8) ("Vanstar", or the "Company") is pleased to announce initial assay results from IAMGOLD's 2021 exploration diamond drilling program at its Nelligan joint venture project (IAMGOLD: 75%, Vanstar: 25%), located 60 kilometres southwest of Chibougamau, Quebec, Canada and 15 kilometres from the Monster Lake Project, 100% owned by IAMGOLD. The Nelligan Gold project (on a 100% basis) hosts Inferred Mineral Resources containing 3.2 million ounces of gold grading 1.02 gt Au (refer to news releases dated October 22, 2019 and February 17, 2021).

Highlights include:

Table 1 Nelligan Project Drilling Results - 2021 Drilling program
Hole No.	UTM NAD83 Zone18	AZ	DIP	EOH	from	To	Interval	True Width ⁽¹⁾	Au ^{(2) (3)}	NOTE
	Easting	Northing	Elevation	(°)	(°)	(m)	(m)	(m)	(m)	(m)	(g/t)
NE-21-166	522996.24	5474057.94	381.76	330	-50	276.00	127.75	144.00	16.25	10.45	0.51	RENARD FOOTWALL ZONE
NE-21-167	522878.86	5474071.60	381.05	330	-45	222.00	60.00	64.50	4.50	3.90	0.97	RENARD ZONE
							120.00	126.00	6.00	4.24	0.78	RENARD FOOTWALL ZONE
NE-21-168	522790.80	5474032.70	375.74	330	-50	243.00	54.00	69.90	15.90	11.24	1.03	RENARD ZONE
							79.50	85.50	6.00	4.60	0.89
NE-21-169	522841.38	5473925.46	379.44	330	-49	330.00	62.20	118.50	56.30	43.13	0.88	RENARD ZONE
Including (3)							100.50	106.90	6.40	4.53	2.30
							135.00	144.00	9.00	6.36	0.96
							160.50	186.00	25.50	19.53	1.02
Including (3)							160.50	175.50	15.00	11.49	1.33
							204.00	220.50	16.50	12.64	0.78
							240.00	253.50	13.50	10.34	0.68	RENARD FOOTWALL ZONE
NE-21-170	522859.83	5473888.25	380.74	330	-50	402.00	47.02	62.08	15.06	11.54	1.93
Including (3)							51.00	52.50	1.50	1.15	10.20
							126.00	212.65	86.65	66.38	1.34	RENARD ZONE
Including (3)							148.50	160.50	12.00	9.19	2.65
Including (3)							204.00	206.30	2.30	1.76	6.22
							222.00	267.00	45.00	31.82	2.13 (1.85 capped at 30g/t)
Including (3)							234.00	246.00	12.00	8.49	6.27 (5.23 capped at 30g/t)
Including (3)							238.50	240.00	1.50	1.06	38.30
NE-21-171*	523007.00	5474050.26	381.45	330	-51	141.00	No significant results
NE-21-172	522845.36	5473812.82	379.84	330	-48	426.00	63.00	72.00	9.00	6.89	0.58	ZONE 36
							183.00	229.50	46.50	40.27	1.26	RENARD ZONE
Including (3)							200.35	213.00	12.65	11.46	3.05
Including (3)							211.25	212.38	1.13	1.02	13.25
							238.30	267.00	28.70	24.85	1.70
Including (3)							239.10	240.00	0.90	0.78	27.00
							301.50	343.50	42.00	36.37	1.06	RENARD FOOTWALL ZONE
Including (3)							316.50	318.00	1.50	1.30	7.09
NE-21-173	522803.50	5473795.67	380.27	330	-48	456.00	46.18	52.50	6.32	4.84	1.91	ZONE 36
Including (3)							47.52	49.54	2.02	1.55	4.20
							102.50	112.50	10.00	6.43	1.49
							118.50	126.00	7.50	4.82	1.27
							175.50	286.50	111.00	90.93	1.11	RENARD ZONE
							327.00	343.50	16.50	12.64	2.05	RENARD FOOTWALL ZONE
Including (3)							330.00	333.00	3.00	2.30	5.41
NE-21-174	522755.39	5473775.04	383.16	330	-45	471.00	75.00	97.50	22.50	18.43	0.59	ZONE 36
							157.50	166.50	9.00	6.36	0.66
							199.50	234.00	34.50	24.40	1.26	RENARD ZONE
							244.50	253.74	9.24	7.08	0.84
							264.00	274.50	10.50	8.04	1.41
							283.50	303.00	19.50	14.94	3.80
Including (3)							283.50	285.00	1.50	1.15	24.60	RENARD FOOTWALL ZONE
							343.45	351.00	7.55	5.34	5.69
Including (3)							348.00	349.50	1.50	1.06	21.00
NE-21-175	522682.04	5473806.27	381.33	330	-48	441.00	45.00	58.50	13.50	10.34	0.80	RENARD ZONE
							94.65	106.50	11.85	9.08	0.64
							150.00	161.10	11.10	8.50	7.16
Including (3)							153.15	156.98	3.83	2.93	18.99
							178.00	196.50	18.50	14.17	0.60
							211.50	250.50	39.00	29.88	1.86
Including (3)							248.00	249.00	1.00	0.77	25.10
							259.50	273.00	13.50	11.06	0.65	RENARD FOOTWALL ZONE
							279.00	292.25	13.25	10.15	2.77
Including (3)							288.00	289.50	1.50	1.06	18.45
							360.00	369.00	9.00	7.79	1.02
NE-21-177	521932.88	5473827.80	375.17	340	-45	276.00	48.00	60.00	12.00	11.82	2.08	RENARD WEST ZONE
Including (3)							49.50	51.00	1.50	1.48	6.67
							72.00	78.00	6.00	4.60	0.76
							103.50	142.50	39.00	29.88	0.69	RENARD WEST FW ZONE
							153.00	171.00	18.00	13.79	1.13
Including (3)							162.00	163.50	1.50	1.15	5.37
							243.00	246.00	3.00	2.30	6.88
Including (3)							243.00	244.50	1.50	1.15	12.65
NE-21-178	521985.60	5473836.37	375.42	340	-45	261.00	51.00	91.50	40.50	35.07	1.28	RENARD WEST ZONE
Including (3)							78.80	81.00	2.20	1.91	4.72
							103.00	127.50	24.50	18.77	0.76
Including (3)							103.00	111.00	8.00	6.13	1.27
							141.00	153.00	12.00	9.19	1.56	RENARD WEST FW ZONE
							195.00	202.50	7.50	5.75	0.53
							229.50	240.00	10.50	8.60	0.58
NE-21-180	522142.43	5473855.84	372.42	330	-50	315.00	36.00	51.00	15.00	10.61	7.81 (4.26 capped at 30g/t)	RENARD WEST ZONE
Including (3)							45.00	46.33	1.33	0.94	70.10
							94.50	102.00	7.50	5.30	1.17
							117.00	120.00	3.00	2.12	3.28	RENARD WEST FW ZONE
							132.00	147.00	15.00	10.61	1.21
							157.50	181.50	24.00	18.39	0.81
Including (3)							157.50	162.00	4.50	3.45	1.79
Including (3)							175.50	181.50	6.00	4.60	1.03

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Vanstar Signs LOI with IAMGOLD to Acquire the Calder Bousquet Property and Provides Update on Nelligan Project

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Hole No.	UTM NAD83 Zone18			AZ	DIP	EOH
	Easting	Northing	Elevation	(°)	(°)	(m)
NE-21-176	521903.6	5473713.5	377.7	345	-45	396.00
NE-21-179	522092.7	5473867.2	374.4	330	-45	282.00
NE-21-181	522053.3	5473711.9	373.7	340	-45	405.00
NE-21-182	521780.1	5473686.6	376.8	340	-45	420.00
NE-21-183A	521807.6	5473793.3	374.1	340	-45	87.00
NE-21-183B	521807.6	5473793.3	374.1	345	-50	294.00
NE-21-184	521754.5	5473776.8	374.1	345	-50	312.00
NE-21-185	521704.3	5473764.9	373.3	345	-50	315.00
NE-21-186	521550.0	5473701.1	369.3	342	-48	402.00
NE-21-187	521459.5	5473626.3	368.4	342	-48	492.00
NE-21-188	520649.0	5473658.2	378.3	342	-48	402.00
NE-21-189	520869.4	5473676.3	376.3	342	-48	402.00
NE-21-190	521088.6	5473688.9	371.8	342	-48	402.00
NE-21-191	521634	5473536	374	342	-48	621.00

Vanstar Mining Resources 2021 Review and Outlook for 2022 - Drilling Resumes at Nelligan

Cosmo Gold Shareholders Vote in Favour of Transaction

Investor Insight

Overview

Company Highlights

Key Projects

Laverton Hub

Highlights:

Menzies Hub

Highlights:

Sandstone Hub

Brightstar Processing Facility

Highlights:

Management Team

Alex Rovira - Managing Director

Richard Crookes - Non-executive Chairman

Andrew Rich - Executive Director

Ashley Fraser - Non-executive Director

Jonathan Downes - Non-executive Director

Dean Vallve – Chief Operating Officer

Results from Phase 2 drilling confirm McNabs East as a high-priority target for follow-up exploration, with diamond drilling to commence in November

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