IRW-News: Heliostar Metals Ltd .: First Heliostar drill hole near Aquila yields 5.56 g / t Au over 5.75 m within thick, near-surface sections at the Unga project (Alaska)

IRW-PRESS: Heliostar Metals Ltd .: First Heliostar drill hole at Aquila yields 5.56 g / t Au over 5.75 m within thick, near-surface sections at the Unga project (Alaska)

Vancouver (Kanada), 23. Februar 2021. Heliostar Metals Limited (TSX-V: HSTR,
OTCQX: HSTXF, FRA: RGG) (Heliostar or the Company) is pleased to announce full results from hole AQ20-01 on the Aquila target on the Unga Project, Alaska.

The company reported partial results from this hole in its news release dated November 23, 2020. These full results add a second zone of mineralization which significantly expands the mineralized interval at Aquila. The mineralization is open in both directions at depth and along strike.

Highlights of the drilling

AQ20-01-

– 4.46 g / t Au over 3.6 m from a depth of 37.55 m and

2.24 g / t Au over 17.37 m from a depth of 46.63 m, inclusive

o 5.56 g / t Au over 5.75 m from a depth of 50.25 m

Note: All numbers are rounded and the thicknesses correspond to the drilling lengths. True width is estimated to be 35-90% of the drill length.

Sam Anderson, VP of Exploration for Heliostar, said: The Aquila target is a new zone and the discovery of such a thick, shallow segment of gold mineralization in the first hole opens a whole new and exciting area of ​​exploration at Unga. Aquila, which is located six kilometers southwest of the SH-1 resource, runs along the same vein and has exposed gold mineralization for 850 meters, is one of the significant potential exploration targets identified and drilled in 2020. Due to the temperate climate on the project, the company will resume drilling in late March and a back-out drilling from this discovery hole will be a priority for the 2021 program.

Destination Aquila

The Aquila target is a series of exposed epithermal quartz veins extending along the Shumigan vein section. Heliostar has targeted the area as historical work has identified multiple areas of exposed mineralization while limited drilling at large distances has inconsistent with surface results.

In the early 1980s, a program conducted by UNC Teton Exploration Drilling Inc. discovered the area and defined multiple veins in a 1,000 by 500 meter area within an interpreted zone of structural dilatation. Trenching along the primary vein zone returned a best result of 11.48 grams of gold and 53.47 grams of silver per ton over 3.66 meters (the Qualified Person was unable to independently verify and verify the historical assay results presented above Heliostar wells are used to determine the grades and thicknesses of the ore targets at Aquila).

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Historic drilling has been completed at nine locations across the Aquila target area, with poor core recovery hampering the program. No significant further exploration has been conducted since the early 1980s until the Heliostar drill program in 2020.

Heliostar began drilling approximately at the location of a historic well that had poor core recovery in the targeted vein zone, with hole AQ20-01 and subsequent holes AQ20-02 through -05 testing the vein both along strike and at depth to have. These holes have significantly improved core recovery on the primary Amethyst vein and defined a second vein orientation, the Ankle Creek Vein, which is an extremely favorable development and offers significant room for expansion along strike and at depth.

The veins at Aquila consist of quartz, calcite and amethyst and often contain brecciated rock fragments from veins and masonry. Quartz often has cockscomb and coloform epithermal structures and the veins have experienced multiple impulses of brecciation and vein formation. Mineralization is associated with small amounts of finely disseminated sphalerite and galena in the vein and occasional pyrite along the vein margins.

https://www.irw-press.at/prcom/images/messages/2021/56876/HelioStar_2021-02-23_DEPRcom.001.png

Fig. 1: Plan map of Aquila with veins, gold in rock chip samples and drill hole locations

Drill hole from to section gold silver note

here

(m) (m) (m) (g/t) (g/t)

AQ20-01 36.00 67.55 31.6 1.80 3.3 contains

Dilution

of

between

Veins

including 37.55 41.15 3.6 4.46 6.8

eßl.

and 46.63 64.00 17.37 2.24 3.2

incl

ießl.

including 50.25 56.00 5.75 5.56 6.6

eßl.

Table 1: Table of sections from the Aquila zone. True width is estimated to be 35-90% of the drill lengths.

https://www.irw-press.at/prcom/images/messages/2021/56876/HelioStar_2021-02-23_DEPRcom.002.png

Figure 2: Cross-section through AQ20-01 and AQ20-05, viewing direction west.

ProspektionBohrlocRechtswHochwertHöhenlaNeigungs-AzimutGesamtt

s area has (°) depth

angle (m)

(°)

Aquila AQ20-01394772 6117084 209 120 -45 78,6

AQ20-02394772 6117084 209 075 -45 117.7

AQ20-03394772 6117084 209 165 -45 60.4

AQ20-04394770 6117098 211 165 -45 118.0

AQ20-05394768 6117098 214 140 -53 133.8

Table 2: Details of the drill holes at Aquila1. NAD83, Zone 4 coordinate system.

https://www.irw-press.at/prcom/images/messages/2021/56876/HelioStar_2021-02-23_DEPRcom.003.png

Figure 3: Map of the Unga project with priority objectives highlighted

About Heliostar Metals Ltd.

Heliostar is a well-funded junior exploration and development company with a portfolio of high grade gold projects in Alaska and Mexico. The company’s flagship project is the 100% controlled Unga Gold Project in the Unga and Popof Islands of Alaska. The project is host to an epithermal intermediate sulphidation gold deposit located on the district-scale 240 km2 concession area spanning both islands. Other targets on the property include porphyry, epithermal veins with high and intermediate sulphidation. Priority targets on Unga Island include: SH-1 and Aquila, both on the Shumagin Trend, the former Apollo-Sitka Mine, which was Alaska’s first underground gold mine, and the Zachary Bay gold-copper porphyry prospect. Gold mineralization in the Centennial Zone is located on neighboring Popof Island, just four kilometers from the infrastructure and services at Sand Point.

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In Mexico, the company owns all interests in three early stage epithermal projects in Sonora that are highly prospective for gold and silver. Cumaro is part of the El Picacho district, while the Oso Negro and La Lola projects are also prospective for epithermal gold-silver mineralization.

Quality assurance / quality control

The drill core samples were sent to the ALS Limited facility in Fairbanks, Alaska for sample preparation and to the ALS laboratory in North Vancouver for analysis. ALS facilities in Fairbanks and North Vancouver are ISO / IEC 17025 certified. Silver and base metals were analyzed using a four acid digestion followed by ICP, and gold was analyzed in a 30 gram weight by fire assay and subsequent atomic absorption spectroscopy (AA). Gold contents above the detection limit were analyzed in a 30 gram sample weight using a fire test and a subsequent gravitation method.

Control samples, which included certified reference samples, duplicates, and blanks, were systematically added to the sample stream and analyzed as part of the company’s quality assurance / quality control protocol.

Qualified expert

The publication of technical or scientific information in this news release has been reviewed and approved by Stewart Harris, P.Geo., Exploration manager for the company. Mr. Harris is a qualified person as defined by National Instrument 43-101.

For more information, please contact:

Charles Funk

Chief Executive Officer

Heliostar Metals Limited

Email: charles.funk@heliostarmetals.com

Rob Grey

Investor Relations Manager

Heliostar Metals Limited

Email: rob.grey@heliostarmetals.com

The TSX Venture Exchange and its regulatory bodies (referred to as the Regulation Services Provider in the Articles of Association of the TSX Venture Exchange) accept no responsibility for the adequacy or accuracy of this release.

Forward-looking information. This release contains certain statements that may be termed forward-looking statements. Forward-looking statements are statements that are not statements of historical fact and are generally, but not always, characterized by the words expects, plans, believes, intends, estimates, forecasts, potential and similar expressions or statements that identify events or conditions would, could or should occur. Forward-looking statements in this press release include Heliostar’s plans to continue aggressive exploration at Unga in 2021; his goal to define a resource of more than one million ounces; his plan to continue infill drilling to expand to depth where the system is still open; and his belief that the SH-1 prospect has significant potential for expansion. Although Heliostar is of the opinion that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are no guarantee of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include market prices, exploitation and exploration success, weather, continued availability of capital and financing, and general economic, market or business conditions . Investors are cautioned that such statements are no guarantee of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the company’s management at the time the statements are made. Except as required by applicable securities laws, the company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates, or opinions or other factors change.

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