04:18:00 EDT Tue 26 Sep 2023
Enter Symbol
or Name

Heliostar Metals Ltd
Symbol HSTR
Shares Issued 147,773,612
Close 2023-05-18 C$ 0.50
Recent Sedar Documents

Heliostar appoints Anderson as VP, projects

2023-05-18 07:44 ET - News Release

Mr. Charles Funk reports


Heliostar Metals Ltd. has appointed Samuel Anderson as vice-president of projects.

Heliostar chief executive officer Charles Funk commented: "Mr. Anderson has significant development experience with Newmont Mining. He took multiple projects through the same steps we are undertaking at Ana Paula. Sam will lead the rescoping of Ana Paula over the next six months. He will lead delivery of the required drilling programs, resource model updates, and engineering and metallurgical studies that we believe will unlock significant value from an underground mine at Ana Paula."

VP, projects, Mr. Anderson commented: "Ana Paula is an exciting project because of the multiple pathways that exist to improve the economics of mining the deposit. We see potential for benefits to come from resource growth, mining methodology and metallurgy. I look forward to leading the key studies that will underpin a future mine at Ana Paula. Ultimately, I look forward to seeing Ana Paula as a profitable, producing gold mine."

Mr. Anderson has 23 years of experience in development, construction and production environments including a 17-year career with Newmont Corp. At Newmont he held positions of successively greater responsibility including ore control and geologic modelling geologist at the Twin Creeks mine in Nevada and mine geology superintendent at the Merian mine in Suriname.

As superintendent of the Merian mine, Mr. Anderson built strong interdepartmental relationships to execute a wide variety of projects during the development and studies, construction, and steady state operation phases of the mine. Merian was completed under budget and ahead of schedule with gold reconciliation performing well. During his time the reserves at the mine increased from one million ounces to greater than six million ounces of gold.

Mr. Anderson holds a master of science degree in finance from the University of Arizona and a master of science degree in geology from the University of Idaho.

Exploration update

Drilling at Ana Paula is progressing well with five holes completed to date. The first three holes have targeted infill areas where the company believes it has the potential to increase the total ounces and potentially the local grade compared with the existing resource.

Holes four and five are growth targets above the high-grade panel. The drill rig will next move to test the up-dip growth target.

Drilling is ahead of schedule and first results are expected before the end of May.

Investor relations

The company is pleased to announce that it has retained the services of Swiss Resource Capital AG (SRC) to undertake European-focused investor relations activities on behalf of the company. SRC is an independent arm's-length entity based in Switzerland that will introduce the company to its European investor network by recording, translating, broadcasting and disseminating on its digital platforms news, articles, interviews and webinars. Under the terms of the agreement, the company will compensate SRC 3,500 euros per month for a 12-month term.

Statement of qualified person

Stewart Harris, PGeo, 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. Historical information contained in this news release cannot be relied upon as Mr. Harris has not prepared nor verified such information.

About Heliostar Metals Ltd.

Heliostar is a junior mining company with a portfolio of advanced high-grade gold projects in Mexico and Alaska.

The company is focused on developing the 100-per-cent-owned Ana Paula project in Guerrero, Mexico. In addition, Heliostar is working with the Mexican government to permit the San Antonio gold project in Baja Sur, Mexico. The company continues efforts to expand the resource at the Unga gold project in Alaska, United States of America.

The Ana Paula project deposit contains proven and probable mineral reserves of 1,081,000 ounces of gold at 2.38 grams per tonne gold and 2,547,000 ounces of silver at 5.61 g/t silver. Ana Paula hosts measured and indicated resources of 1,468,800 ounces of gold at 2.16 g/t gold and 3.6 million ounces of silver at 5.3 g/t silver. The asset is permitted for open-pit mining and contains significant existing infrastructure including a portal and a 412-metre-long decline.

San Antonio is a high-grade oxide gold deposit containing measured and indicated mineral resources of 1,735,000 ounces of gold at 0.83 g/t gold. A preliminary economic assessment for Argonaut Gold was completed in 2012.

Unga is an advanced vein district containing the SH-1 gold deposit within a large, prospective vein field. SH-1 contains inferred minerals resources of 384,000 ounces of gold at 13.8 g/t gold.

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