Aquila Discovery Expanded To 475 Meters With Multiple New Intercepts

VANCOUVER - Heliostar Metals Limited reported results from the six additional Reverse Circulation (RC) holes completed at the Aquila vein target, part of the large scale Unga district in Alaska. These results position Aquila as a third centre of mineralization at the Unga project. The target is connected by road to the SH-1 Resource and the former Apollo Mine, providing convenient access for further lower cost exploration and potential mining options.

Highlights: Intercepts over 475 meters (m) of length that is open to the northeast and at depth; geological evidence is that this shallow mineralization is only the top of the system; high grade intercepts within a broader halo of lower grade gold mineralization from surface; AQRC21-12: 1.77 g/t gold over 18.28 m from 4.57 meters (m), including 3.44 g/t gold over 7.62 m from 10.67m; and AQRC21-13: 0.55 g/t gold over 41.15 m from 1.52m, including 5.95 g/t gold over 1.52 m from 4.57m.

CEO, Charles Funk, said, "The 2021 program continues to deliver, showing the SH-1 Resource is just one of many high grade targets within the Unga district. These results build on those from earlier in September at Aquila and define a new zone with intercepts from surface that are wide open for expansion. Systematic exploration is proving very successful to unlock the Unga District and more assay results are pending from this year's program, including from the SH-1 Resource and Apollo targets. Planning has commenced for drilling at Centennial in November and December due to the ability to drill year-round on parts of the project."

The Aquila Target comprises outcropping epithermal quartz veins within the Shumigan vein corridor located 5 kilometers southwest of the SH-1 Resource (384,000 inferred ounces of gold at 13.8 g/t gold). It is one of the four highest priority targets on the Unga project amongst 38 areas of either mineralization, mineralized outcroppings, historical resources and/or anomalies.

In 2021, thirteen RC holes were completed at Aquila; all intersected the Amethyst Vein which now has a drill defined minimum strike length of 475 meters. Two separate zones along the vein contain higher-grade gold mineralization and both remain open for expansion with follow-up diamond drilling. New results from drill holes AQRC21-12 and 13 are step-out holes and were drilled 80 meters and 120 meters to the northeast of the discovery hole AQ20-01 (4.46 g/t gold over 3.6 m and 2.24 g/t gold over 17.37 m). In total, five holes define a zone of continuous mineralization that is at least 120 meters long and that remains undrilled and open to the northeast and at depth. Surface samples returned up to 30.8 g/t gold to the northeast that are yet to be drill tested. Heliostar performed all 2021 drilling at Aquila with RC and the deepest drill intercept to date is only 70 meters below surface. Mineralization is open at depth with the expectation that there is a significant window for mineralization down-dip.

The company interprets that the current drilling as being at only at the top of the mineralized system. The geological evidence of a high gold to silver ratio, high precious metals to base metal ratio, relative elevation of Aquila to SH-1 and Apollo and specific quartz textures observed within the veins indicates a shallow level within the system. At Apollo, mineralization was defined over 500 meters vertically and drilling at SH-1 has defined high grade gold over 250 meters vertically that remains open at depth. Heliostar's geologists infer that the Aquila target has excellent potential for further expansion.