Heliostar Drills 71.8 g/t Gold over 16.1 metres in the High Grade Panel at Ana Paula, Mexico

HIGHLIGHTS:

• Hole AP-24-317
  • 87.8 metres @ 16.0 grams per tonne (g/t) gold including
  • 16.1 metres @ 71.8 g/t gold
    
    
• Hole AP-24-315
  • 125.9 metres @ 4.02 g/t gold including
  • 23.6 metres @ 12.5 g/t gold
    
    
• Results continue to expand the High Grade Panel and locally increase grades

Vancouver, December 2, 2024 - 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.

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.

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Figure 1: A cross section through the deposit showing drill intercepts with today's results highlighted.

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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.

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Drilling Results and Coordinates Tables

Table 1: Significant Drill Intersections

Table 2: Drill Hole Details

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:

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.

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