Interview with Charles Funk, CEO, Heliostar Metals (TSXV:HSTR)

Our previous interview: https://youtu.be/qxDRMLFxue8

Recording date: 18th September 2023

HelioStar Metals CEO Charles Funk provided an update on the company's Anapola gold project in Mexico in an interview at the recent Denver Gold Forum conference. Funk highlighted the project's potential to host 1.5-2 million ounces of high-grade gold resources.

Funk noted that HelioStar acquired the Anapola project in early 2022 and believes it can become the next major gold mine in Mexico. Recent drilling has intersected exceptionally high grades, with 100-130 meter intercepts averaging 5-8 g/t gold and including 50 meter intercepts up to 10-15 g/t gold. Mineralization has been traced over 280 meters of strike length and remains open.

The deposit benefits from over $75 million in previous exploration spending. Existing infrastructure includes roads, power, a processing plant, and a permitted open pit and underground decline. The underground potential has become the focus, given the exceptional grades encountered.

Over the next few months, HelioStar is expecting metallurgy results and a resource update focused on the high-grade underground zones. The resource could outline 1.5-2 million ounces grading over 5 g/t gold. Early mining would target diluted head grades around 8 g/t gold.

Given the growth potential, HelioStar now plans to complete a PFS in 2023 before moving to a full FS in late 2023 or 2024. This will allow more drilling to expand resources before finalizing development plans. The timeline to potential production has been pushed back by 3-6 months but remains on a fast track.

On the permitting side, the existing open pit permits provide a head start. Funk sees a 12-month timeframe to obtain underground mining permits. Community engagement and social license activities are also well advanced.

The Anapola project's combination of high grades, strong economics, existing infrastructure and permits gives HelioStar confidence it will become Mexico's next major gold mine. The upcoming catalysts of metallurgy, resource update and economic studies will further demonstrate the potential value as the project is advanced toward a production decision.
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