Heliostar Metals Ltd. introduced new growth targets at the Ana Paula project in Mexico ("Ana Paula" or the "Ana Paula Project"). The recent drill program has improved the understanding on the controls on mineralization at Ana Paula. The Company has generated these targets through a combination of new data and review of historic information.

The Company's understanding of Ana Paula has built on the work of previous operators. This process led to an evolution in the understanding of controls on gold mineralization. Most of the high-grade gold is hosted in a diatreme breccia rock unit.

This was the focus of exploration in the project's recent history. The Company recognized that the breccia makes a great host rock and that it predates the mineralization however structural controls play a far greater role in focusing gold mineralization. Broad east-west faulting controls the earlier diatreme breccia emplacement and created excellent gold pathways at Ana Paula.

The results from the recent drill program at the High Grade Panel reinforce this observation. Because the historic target was the breccia rather than the east-west fault structure, very few holes in the current PFS resource are drilled in the best orientation to find these structures. As the recent drill program advanced, five Heliostar holes have probed the footwall of the High Grade Panel.

Completion of these drill hole on a more effective drill orientation began to define a new Parallel Panel to the north of the existing High Grade Panel. The Parallel Panel target currently has dimensions of 200 metres long by 150 metres wide and remains open in all directions . The width is not well defined as most historic holes intersected the Parallel Panel at a high angle.

However, it appears to vary from 2 to over 15 metres wide. Those holes returned long, high-grade intervals including. APM-17-15: 54.6 m grading 7.19 g/t gold, APM-15-01: 97.6 m grading 4.64 g/t gold, AP-11-72: 20.9 m grading 7.79 g/t gold and AP-12-115: 9.5 m grading 5.06 g/t gold and 13.2m grading 5.39 g/t gold.

Heliostar drilling in 2023 intersected the zone at a more representative orientation and has returned the following intercepts. AP-23-299: 38.0m grading 6.95 g/t gold including 6.0m grading 23.3 g/t gold, AP-23-304: 4.0m grading 10.7 g/t gold and 5.5m grading 4.13 g/t gold, AP-23-296: 2.0m grading 13.6 g/t gold and AP-23-303: 5.5m grading 4.15 g/t gold. The Company believes a systematic infill drill program of holes drilled in a north-south plane has a high probability of adding gold ounces to a resource that could be mined using underground methods.

The Parallel Panel will be the first target tested in the growth drill program commencing in September. The Ana Paula resource is open at depth. The Expansion Zone sits beneath the High Grade Panel.

The previous owner recognized the potential of this zone and commenced a decline to better access the zone for drilling. Drill results include. AP-11-70: 13.5m grading 29.1 g/t gold, AP-13-215: 40.0m grading 6.3 g/t gold, AP-12-86: 20.5m grading 6.0 g/t gold and AP-12-90: 11.0m grading 4.0g/t gold.

Access to the Expansion Zone is best from underground or utilizing directional drilling. The shallow targets discussed previously will take priority ahead of the Expansion Zone for this reason alone. The gold mineralization in the High Grade Panel at the core of Ana Paula has distinctive pathfinder elements associated with it, including bismuth.

Two deep drill holes, 300 metres west of the High Grade Panel, intersected pathfinder anomalies as strong as those within the High Grade Panel. These holes also have narrow gold intercepts. However, there has not been any follow-up drilling to chase potential gold mineralization similar to the High Grade Panel at the West Breccia.

Surface rock chips above the West Breccia target define multiple areas of gold anomalism with up to 2.77 g/t gold. Geophysics shows a similar chargeability anomaly as the area of the High Grade Panel. As a shallow target, the West Breccia will be tested in the next phase of exploration drilling.

San Luis is a hybrid epithermal vein/skarn gold target with high gold grades sampled across a large area of alteration. The target is located 5.5 kilometres east of Ana Paula. It begins at the property boundary with Torex Gold and extends for over 2.5 kilometres of strike on the Company's lands.

The target is a zone of intense silicification with gold and pathfinder elements that have epithermal quartz veins in the silicified structures. Surface samples include. 3.0 m grading 11.35 g/t gold (Undrilled), 1.15 m grading 8.83 g/t gold (Undrilled) and 0.5 m grading 16.7 g/t gold (Undrilled).

Two phases of drilling were completed historically, with best results of 3.05 metres at 3.32 g/t gold and 15.3 metres grading 1.18 g/t gold. These holes tested potential skarn contacts between the limestone unit and the granodiorite intrusions. The silicified structures, which Heliostar geologists believe have the highest potential, remain almost entirely untested.

San Luis is one of several regional targets that will be the focus of a new drill permit. Heliostar will target them in 2024 once the permit has been received. Stewart Harris, P.Geo., a Qualified Person, as such term is defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), has reviewed the scientific and technical information that forms the basis for this news release and has approved the disclosure herein.