Heliostar Commences 5,000 Metre Resource Expansion Drill Program at Ana Paula High Grade Gold Project, Mexico and Issues Incentive Grant
Heliostar Metals (TSXV: HSTR) (OTCQX: HSTXF) has commenced a 5,000-metre diamond drill program at its Ana Paula Project in Mexico. The program aims to expand the resource ahead of a planned Feasibility Study in late 2025. The two-phase drilling will test extensions of the High Grade Panel and Parallel Panel targets. Phase one includes seven drill holes totaling 2,600 metres, while phase two consists of eight drill holes totaling 2,400 metres.
The company has also granted 4,675,000 stock options at an exercise price of $0.42 and 1,180,000 restricted share units to directors, officers, employees, and consultants. Additionally, Heliostar has entered into advisory agreements with TSCG Capital Group and 3L Capital Inc., which will receive warrants upon TSX-V approval.
Heliostar Metals (TSXV: HSTR) (OTCQX: HSTXF) ha iniziato un programma di perforazione diamantata di 5.000 metri presso il suo progetto Ana Paula in Messico. Il programma mira a espandere le risorse in preparazione di uno studio di fattibilità pianificato per la fine del 2025. La perforazione in due fasi testerà le estensioni dei target High Grade Panel e Parallel Panel. La fase uno include sette fori di perforazione per un totale di 2.600 metri, mentre la fase due consiste in otto fori di perforazione per un totale di 2.400 metri.
L'azienda ha anche concesso 4.675.000 opzioni su azioni a un prezzo di esercizio di $0,42 e 1.180.000 unità di azioni vincolate a direttori, funzionari, dipendenti e consulenti. Inoltre, Heliostar ha stipulato accordi di consulenza con TSCG Capital Group e 3L Capital Inc., che riceveranno warrant all'approvazione del TSX-V.
Heliostar Metals (TSXV: HSTR) (OTCQX: HSTXF) ha iniciado un programa de perforación de diamante de 5,000 metros en su Proyecto Ana Paula en México. El programa tiene como objetivo expandir el recurso antes de un estudio de viabilidad planeado para finales de 2025. La perforación se realizará en dos fases y probará las extensiones de los objetivos High Grade Panel y Parallel Panel. La fase uno incluye siete agujeros de perforación que totalizan 2,600 metros, mientras que la fase dos consiste en ocho agujeros de perforación que totalizan 2,400 metros.
La empresa también ha otorgado 4,675,000 opciones sobre acciones a un precio de ejercicio de $0.42 y 1,180,000 unidades de acciones restringidas a directores, funcionarios, empleados y consultores. Además, Heliostar ha firmado acuerdos de asesoría con TSCG Capital Group y 3L Capital Inc., que recibirán warrants tras la aprobación de TSX-V.
Heliostar Metals (TSXV: HSTR) (OTCQX: HSTXF)가 멕시코의 Ana Paula 프로젝트에서 5,000미터 다이아몬드 드릴 프로그램을 시작했습니다. 이 프로그램의 목표는 자원을 확장하는 것으로 2025년 말에 예정된 타당성 연구를 앞두고 있습니다. 두 단계의 드릴링은 고등급 패널 및 평행 패널 목표의 연장 부위를 시험할 예정입니다. 1단계는 총 2,600미터에 해당하는 7개의 드릴 홀을 포함하고 있으며, 2단계는 총 2,400미터에 해당하는 8개의 드릴 홀로 구성되어 있습니다.
회사는 또한 4,675,000개의 주식 옵션을 실행 가격 $0.42로 부여하고, 1,180,000개의 제한된 주식 유닛을 이사, 임원, 직원 및 컨설턴트에게 제공했습니다. 또한 Heliostar는 TSX-V 승인 후 워런트를 받을 TSCG Capital Group 및 3L Capital Inc.와 자문 계약을 체결했습니다.
Heliostar Metals (TSXV: HSTR) (OTCQX: HSTXF) a commencé un programme de forage diamanté de 5 000 mètres dans son projet Ana Paula au Mexique. Le programme vise à étendre les ressources avant une étude de faisabilité prévue pour fin 2025. Le forage en deux phases testera les extensions des cibles High Grade Panel et Parallel Panel. La première phase comprend sept forages totalisant 2 600 mètres, tandis que la seconde phase consiste en huit forages totalisant 2 400 mètres.
L'entreprise a également accordé 4 675 000 options d'actions à un prix d'exercice de 0,42 $ et 1 180 000 unités d'actions restreintes à des directeurs, des dirigeants, des employés et des consultants. En outre, Heliostar a conclu des accords de conseil avec TSCG Capital Group et 3L Capital Inc., qui recevront des bons de souscription dès l'approbation du TSX-V.
Heliostar Metals (TSXV: HSTR) (OTCQX: HSTXF) hat ein 5.000 Meter umfassendes Diamantbohrprogramm begonnen für sein Projekt Ana Paula in Mexiko. Das Programm zielt darauf ab, die Ressourcenerweiterung im Hinblick auf eine geplante Machbarkeitsstudie Ende 2025 voranzutreiben. Die zweiphasige Bohrung wird die Erweiterungen der High Grade Panel und Parallel Panel Ziele testen. Phase eins umfasst sieben Bohrungen mit insgesamt 2.600 Metern, während Phase zwei aus acht Bohrungen mit insgesamt 2.400 Metern besteht.
Das Unternehmen hat außerdem 4.675.000 Aktienoptionen zu einem Ausübungspreis von 0,42 USD und 1.180.000 beschränkte Aktieneinheiten an Direktoren, Führungskräfte, Mitarbeiter und Berater gewährt. Darüber hinaus hat Heliostar Beratung Verträge mit TSCG Capital Group und 3L Capital Inc. abgeschlossen, die nach Genehmigung durch die TSX-V Warrants erhalten werden.
- Commencement of 5,000-metre diamond drill program at Ana Paula Project
- Potential to expand gold resource and add high-grade ounces
- Planned Feasibility Study for late 2025
- Two-phase drilling program targeting high-grade extensions
- Results from the drill program not expected until October 2024
- Issuance of stock options and RSUs may lead to potential dilution
Vancouver, British Columbia--(Newsfile Corp. - September 17, 2024) - Heliostar Metals Ltd. (TSXV: HSTR) (OTCQX: HSTXF) (FSE: RGG1) ("Heliostar" or the "Company") is pleased to announce that it commenced a 5,000 metre diamond drill program at its Ana Paula Project in Mexico ("Ana Paula"). The two stage drill program will test the east, west and down dip extensions of the High Grade Panel and the Parallel Panel targets. Phase one will consist of seven drill holes totalling 2,600 metres and phase two consists of eight drill holes totalling 2,400 metres.
Heliostar CEO, Charles Funk, commented, "We are confident that Ana Paula can continue to grow beyond our 2023 resource update. The Company aims to expand the resource this year and next, ahead of a Feasibility Study that the Company is planning to complete in late 2025. Drilling will include some large step outs. They follow a newly identified geochemical corridor that may point to the source of gold mineralization at the deposit. Heliostar has entered a period of significant catalysts including closing the Argonaut acquisition, reporting gold production, laying out production guidance, publishing a PFS for La Colorada, and reporting drill results from multiple properties."
Figure 1: A cross section with the resource model from 2023 Mineral Resource Estimate highlighting the High Grade Panel (clipped to greater than 2g/t resource blocks). Planned holes from current program shown in black where they cut the section.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7729/223568_88a928c4b4aedbbb_003full.jpg
Figure 2: A cross section highlighting the Parallel Panel Target (clipped to greater than 2g/t resource blocks). Planned holes from current program shown in black where they cut the section.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7729/223568_88a928c4b4aedbbb_004full.jpg
Drill Program
The Phase 1 drill program, currently underway, will focus on extending the High Grade Panel and Parallel Panel to the west. It will also test the downdip extension of the High Grade Panel while infilling the Parallel Panel target. The program will consist of seven drill holes totaling 2,600 metres. Two drill holes will step out approximately 70 metres to the west along a corridor of elevated potassium:calcium (K:Ca) geochemistry that extends west and down-plunge from the High Grade Panel.
These two holes have the potential to significantly add high-grade ounces to the resource. The remaining five drill holes will test the down-dip extension of the High Grade Panel while also defining the Parallel Panel target. These holes will also convert inferred ounces to indicated and increase the measured ounces in the High Grade Panel.
Phase 2 drilling consists of eight drill holes totaling 2,400 metres. This program targets the eastern and western extents of the High Grade Panel, the Parallel Panel target and the downdip extension of the High Grade Panel. Three holes along the edges of the High Grade Panel have the potential to add high-grade ounces to the panel by extending to the east and west. The five holes targeting the Parallel Panel, High Grade Panel and the down dip extension will better define the resources. The data will assist in converting inferred ounces to indicated and indicated to measured. The program also has a strong potential to add new gold ounces to both panels.
The Company completed two drill holes of the program to date and expects to report results from October 2024.
Incentive Plan Rewards
The Company announces that, pursuant to the Company's Omnibus Equity Incentive Compensation Plan, it has granted 4,675,000 stock options ("Options") at an exercise price of
Advisory Agreements
The Company also announces that it has entered into an advisory agreement with TSCG Capital Group ("TSCG"), pursuant to which the Company engaged TSCG to provide financial advisory services to the Company. On completion of the Offering, and upon receipt of approval of the TSX-V, the Company will issue to TSCG warrants to acquire 696,000 Shares at a price of
The Company announces that it has entered into an advisory agreement with 3L Capital Inc. ("3L"), pursuant to which the Company engaged 3L to provide financial advisory services to the Company. Upon receipt of approval of the TSX-V, the Company will issue to 3L warrants to acquire 113,000 shares at a price of
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.
About Heliostar Metals Ltd.
Heliostar aims to grow to become a mid-tier gold producer. The Company is focused on developing the
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, the intended use of proceeds of the Working Capital Facility and the Transaction Closing Facility, closing of the Acquisition, exploration and development of the Company's projects and potential cash flow and production from the Company's projects.
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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FAQ
What is the size of Heliostar's new drill program at Ana Paula?
What are the main targets of Heliostar's drill program at Ana Paula?
When does Heliostar plan to complete a Feasibility Study for Ana Paula?
How many stock options and RSUs did Heliostar grant in September 2024?
