CSRNF - Canstar Announces Additional Drill Results from the Golden Baie Project Newfoundland

(TheNewswire)

Near-surface intercepts of 8.9 g/t Auover 4.0 m and 9.7 g/t Au over 3.8 m

Toronto, Ontario - TheNewswire – October 20, 2021 – CANSTAR RESOURCESINC. (TSXV:ROX ) & ( OTC:CSRNF) (“ Canstar” or the “Company ”) is pleased to announce assay results from sixdiamond drill holes completed as part of the recently completed 5,734meter 2021 drill program on the Golden Baie project in southNewfoundland.  Drill holes reported are from the recently discoveredKendell prospect, located near the centre of the 62,175 hectare GoldenBaie claim block.

Highlights from the new drill hole assays are providedin Table 1 with more detailed assay results by interval provided inTable 2.  These results confirm the continuation of shallow goldmineralization, including visible gold, associated with quartz veinsand disseminated sulphide mineralization within metasedimentary rocks. Mineralization extends northwest from recent trenches with apparentzone thicknesses ranging from 4 to 8 meters (Figure 1).  Goldmineralization has been delineated over a down-dip length ofapproximately 50 meters based on the drill assays reported to date(Figure 2).  Assay results for an additional 28 drill holes at theKendell prospect are pending.

Table 1 - Highlight Assay Resultsfrom Reported Drill Holes

All intersections are downholelength as there is insufficient information to calculate true width.Reported grades have not been capped.

Matt Lapointe, Vice President, Exploration, stated:“ The latest drill resultsfrom the Kendell target suggest good continuity of mineralizationbetween drill holes . Gold mineralization is openalong strike in both directions as well as down-dip. We look forwardto seeing more assay results from Kendell and refining ourunderstanding on the controls of mineralization as we continue to planfollow-up drilling ”

Discussion of Assay Results

Holes GB-21-03, GB-21-04, and GB-21-05 were drilledfrom the same pad towards the southeast (Figure 1), approximately 33meters northwest from the drill pad used for holes GB-21-01 andGB-21-02 (announced August 19,2021 ). Hole GB-21-03 was angled at 45degrees and intersected 8.92 g/t Au over 4.0 meters at a downholedepth of 14.0 meters.

Holes GB-21-06 and GB-21-08 were drilled from the samepad, approximately 7 meters south of the first drill pad, and orientedto the east.  As indicated in Table 2, these drill holes intersected1.0 to 1.5 meters of mineralization grading approximately 0.8 g/tAu.

Hole GB-21-09 was drilled between holes GB-21-01 andGB-21-03 and was angled at 45 degrees towards the east.  The holeintersected three separate mineralized intervals, ranging in thickness from 2.8 to 3.9 meters, from adownhole depth of 7.85 meters down to 23.6 meters (Table 2).  Thebest interval assayed 3.94 g/t gold over 4.93 meters, including 15.83g/t gold over 0.91 meters.

The Kendell prospect is hosted in strongly deformedmarine siliciclastics of the Ordovician-aged Isle Galet Formation.Gold mineralization is associated with a network of tightly foldedquartz veining with fine grained disseminations of pyrrhotite andacicular arsenopyrite and frequently includes fine free gold (see anexample of folded quartz vein with native gold in Figure 1 in the newsrelease dated July 6,2021 ). The gold-bearing zone rangesin thickness from 4-8 meters with the strongest mineralization focusedin a 4 meter thick interval that strikes NE-SW and dips gently to theNW. Gold mineralization appears to be concentrated in a structuralhanging wall that is defined by a 4-5 meter thick graphitic blackshale unit that is interpreted to be subparallel to the orientation ofthe mineralized zone (Figure 2).

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Figure 1 - Plan view of Kendell Target showing collarsof 2021 drill holes for which results have been reported (8 of 36holes drilled)

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Figure 2 – Kendell Section A-A’Showing Reported Drill Holes (looking northeast). Assay results are pending for holesGB-21-53, GB-21-54 and GB-21-55.

Acknowledgements

Canstar wishes to acknowledge the financial support ofthe 2021 exploration program through the Junior Exploration AssistanceProgram from the Department of Natural Resources, Government ofNewfoundland and Labrador.

QA/QC:

All NQ drill core samples were collected by companypersonnel and shipped to Eastern Analytical of 403 Little Bay Road,Springdale, NL, a commercial laboratory that is ISO/IEC 17025accredited and completely independent of Canstar Resources Inc. Mostsamples were crushed to 10 mesh (2000 ?m) and the entirety of thesample then pulverized to 150 mesh (89 ?m). Splits of the pulverizedsamples are analyzed for gold using fire assay (30g) with AA finishand an ICP-34, four acid digestion followed by ICP-OES analysis for 34additional elements. Metallic screening is being used for samples withvisible gold and all samples with initial fire assays over 10 g/t. Inaddition to Eastern Analytical's quality control program of standards,blanks and duplicates, Canstar's QAQC program utilizes fourcommercially available reference standards, blanks and duplicatesamples to ensure data quality. In addition, duplicates of selectedsamples are being sent to a second laboratory as check assays.

Table 2 - Selected drill holesample assays

Table 3 - Collar Data forReported Drill Holes

Qualified Person

Bob Patey, B.Sc., P.Geo, Senior Geologist of Canstar,and a Qualified Person as defined by National Instrument 43-101 -Standards of Disclosure for Mineral Projects, is responsible for thescientific and technical data presented herein and has reviewed andapproved this release.

About Canstar Resources Inc.

Canstar is focused on the discovery and development ofeconomic mineral deposits in Newfoundland and Labrador, Canada.Canstar has an option to acquire a 100% interest in the Golden BaieProject, a large claim package (62,175 hectares) with recentlydiscovered, multiple outcropping gold occurrences on a majorstructural trend in south Newfoundland. The Company also holds theBuchans-Mary March project and other mineral exploration properties inNewfoundland. Canstar Resources is based in Toronto, Canada, and islisted on the TSX Venture Exchange under the symbol ROX and trades onthe OTCPK under the symbol CSRNF.

For further information, pleasecontact:

Rob Bruggeman, President & CEO

Email: rob@canstarresources.com

Phone:        1-647-247-8715

Website: www.canstarresources.com

Forward-Looking Statements

Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.

This News Release includes certain"forward-looking statements" which are not comprised ofhistorical facts. Forward looking statements include estimates andstatements that describe the Company’s future plans, objectives orgoals, including words to the effect that the Company or managementexpects a stated condition or result to occur. Forward lookingstatements may be identified by such terms as “believes”,“anticipates”, “expects”, “estimates”, “may”,“could”, “would”, “will”, or “plan”. Sinceforward-looking statements are based on assumptions and address futureevents and conditions, by their very nature they involve inherentrisks and uncertainties. Although these statements are based oninformation currently available to the Company, the Company providesno assurance that actual results will meet management’sexpectations. Risks, uncertainties and other factors involved withforward-looking information could cause actual events, results,performance, prospects and opportunities to differ materially fromthose expressed or implied by such forward-looking information.Forward looking information in this news release includes, but is notlimited to, the Company’s objectives, goals or future plans,statements, exploration results, potential mineralization, theestimation of mineral resources, exploration and mine developmentplans, timing of the commencement of operations and estimates ofmarket conditions. Factors that could cause actual results to differmaterially from such forward-looking information include, but are notlimited to failure to identify mineral resources, failure to convertestimated mineral resources to reserves, the inability to complete afeasibility study which recommends a production decision, thepreliminary nature of metallurgical test results, delays in obtainingor failures to obtain required governmental, environmental or otherproject approvals, political risks, inability to fulfill the duty toaccommodate First Nations and other indigenous peoples, uncertaintiesrelating to the availability and costs of financing needed in thefuture, changes in equity markets, inflation, changes in exchangerates, fluctuations in commodity prices, delays in the development ofprojects, capital and operating costs varying significantly fromestimates and the other risks involved in the mineral exploration anddevelopment industry, an inability to predict and counteract theeffects of COVID-19 on the business of the Company, including but notlimited to the effects of COVID-19 on the price of commodities,capital market conditions, restriction on labour and internationaltravel and supply chains, and those risks set out in the Company’spublic documents filed on SEDAR. Although the Company believes thatthe assumptions and factors used in preparing the forward-lookinginformation in this news release are reasonable, undue reliance shouldnot be placed on such information, which only applies as of the dateof this news release, and no assurance can be given that such eventswill occur in the disclosed time frames or at all. The Companydisclaims any intention or obligation to update or revise anyforward-looking information, whether as a result of new information,future events or otherwise, other than as required by law.

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