Highlights:

Heliostar undertakes review of financing options to complete the existing decline and test mining of a bulk gold sample in advance of a Feasibility Study
Multiple scenarios show the potential to recover >20,000 ounces of gold from stopes averaging 7-10 g/t gold
Demonstrates a potential pathway to production from test mining within 12 months
The Company is assesing non-equity funding options for this program
Heliostar has initiated a Preliminary Economic Assessment ("PEA") planned for completion in H2, 2024
Continued resource growth drilling, PEA, and underground permit modifcation submission to be completed in 2024
Vancouver, British Columbia--(Newsfile Corp. - February 8, 2024) - Heliostar Metals Ltd. (TSXV: HSTR) (OTCQX: HSTXF) (FSE: RGG1) ("Heliostar" or the "Company") is pleased to provide an update on the potential to advance the underground decline and complete test mining to process a bulk sample from the Ana Paula deposit in Guerrero, Mexico.

Heliostar CEO, Charles Funk, commented, "Since acquiring Ana Paula 10 months ago, Heliostar's team has moved quickly to redefine Ana Paula as a high-grade underground gold project. We have successfully increased the resource, identified a >10 g/t gold zone for possible commencement of mining, identified additional resource growth areas, demonstrated significant improvement to gold recoveries, and bolstered the Company's management team. The Company intends to maintain the current high pace of progress in 2024 by studying the benefits of completing the existing underground decline to test mine a bulk sample. In our view, this will be a large step towards de-risking the underground plan for Ana Paula. In addition, it will provide greater confidence in the deposit's gold recoveries, lower the cost of infill drilling and provide a platform for deeper resource growth drilling. The gold contained in the bulk sample can potentially fund the decline development. Heliostar also intends to complete a PEA in the second half of 2024, submit the underground mining permit modifications and continue resource drilling to further grow the Ana Paula resource." see more on
https://www.newsfilecorp.com/release/197241/