CSRNF - Canstar Announces Additional Shallow High-Grade Gold Drill Results from the Golden Baie Project Newfoundland

(TheNewswire)

Toronto, Ontario - TheNewswire - November 4, 2021 - CANSTAR RESOURCES INC.(TSXV:ROX ) ( OTC:CSRNF) (“ Canstar” or the “Company ”) is pleased to announce new assayresults from six diamond drill holes from the 2021 drill program onthe Golden Baie project in south Newfoundland.  Drill holes reportedare from the recently discovered Kendell prospect, located near thecentre of the 62,175 hectare Golden Baie claim block. Assay resultsfor an additional 22 drill holes, collared further to the NW andtesting the down-dip extension at the Kendell prospect, arepending.

Highlights from the new drill hole assays are providedin Table 1 with more detailed assay results by interval provided inTable 2.

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.

Rob Bruggeman, President & CEO of Canstar,commented: “ The early drillresults from the Kendell prospect are very encouraging.  We aregetting high grade gold intercepts in most of these drill holes. These types of orogenic gold deposits tend to be structurallycomplex and the continuity of mineralization from hole to hole isexcellent because it allows us to follow the mineralized system.  Theshallow dip of the gold mineralization is also a positive as it willenable us to use shorter, less expensive drill holes in future drillprograms to follow the gold mineralization to depth and along strike. As has been seen at other orogenic gold deposits, goldmineralization can extend significantly at depth and widths and gradescan improve if the right conditions existed during the mineralizingevents. We see great potential for additional gold discovery at theKendell prospect and surrounding area.”

Discussion of Assay Results

Gold mineralization has now been delineated over adown-dip length of approximately 50 meters and a strike length of 20meters (Figure 1) based on assays from 14 drill holes reported todate.  Mineralized intercepts reported to date ranged from 3 metersto 11 meters and are spatially associated to metasedimentary rockswithin the interpreted hanging wall of a fault zone that is defined bya 4-10 meter thick strongly sheared unit of dark grey to blackgraphitic shale (Figure 2).

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Figure 1 - Plan view of Kendell Target showing collarsof 2021 drill holes for which results have been reported (14 of 36holes drilled)

Assay results for an additional 22 drill holes,collared further to the NW and testing the down-dip extension at theKendell prospect, are pending. These include 6 holes drilled alongstrike to the NE which tested down-dip of trench channel samples thatreturned 6.20 g/t Au over 5.0 meters and 10.02 g/t Au over 3.0 meters(announced Nov. 30, 2020 ) .

Gold mineralization, including fine to coarse grainedvisible gold, is associated with deformed and recrystallized quartzveins enveloped by biotite-chlorite alteration and up to severalpercent disseminated sulphide mineralization within metasedimentaryrocks. The associated sulphides consist of arsenopyrite and pyrrhotitewith lesser amounts of stibnite, chalcopyrite and pyrite.

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Figure 2 – Kendell Section B-B’Showing Newly Reported Drill Holes (looking north).

Assay results from LR-09-02 are froma historical drilling program (Mountain Lake Resources 2009). Assay results are pending forholes GB-21-50, GB-21-51, GB-21-52, GB-21-20, GB-21-21 andGB-21-22 . Hole GB-21-10 was abandoned at a depth of14 meter downhole and was restarted as hole GB-21-13.

Ongoing Exploration Activities

While Canstar continues to receive and assess drillhole assay results from the summer drill program, the Company has beenoperating an expanded grassroots field program consisting ofprospecting, trenching/channel sampling, LiDAR survey and soilsampling. The Company expects to start receiving assay results fromthis program soon and will be providing a comprehensive update onthese new activities once results are received.  The goal is toprioritize and expand the number of targets for the next drillprogram, expected to commence this winter.  To date, the Company hasbeen focussing primarily on the area of 8 km strike length in thevicinity of the Kendell prospect, which represents a small portion ofthe projected ~95 km strike length of the gold mineralized corridorcomprising the core of the Golden Baie property.

Table 2 - Selected drill holesample assays

Table 3 - Collar Data forReported Drill Holes

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. Samplepreparation method was changed for this and subsequent batches.Previously, samples were crushed to 10 mesh (2000 ?m) and theentirety of the sample then pulverized to 150 mesh (89 ?m). Now, theentire sample is crushed to 150 mesh and then a 250g split ispulverized to 150 mesh. Splits of the pulverized samples are analyzedfor gold using fire assay (30g) with AA finish and an ICP-34, fouracid digestion followed by ICP-OES analysis for 34 additionalelements. Metallic screening is being used for samples with visiblegold and all samples with initial fire assays over 1 g/t Au. 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.

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.

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 theeffect that the Company or management expects a stated condition orresult to occur. Forward looking statements may be identified by suchterms as “believes”, “anticipates”, “expects”,“estimates”, “may”, “could”, “would”, “will”, or“plan”. Since forward-looking statements are based on assumptionsand address future events and conditions, by their very nature theyinvolve inherent risks and uncertainties. Although these statementsare based on information currently available to the Company, theCompany provides no assurance that actual results will meetmanagement’s expectations. Risks, uncertainties and other factorsinvolved with forward-looking information could cause actual events,results, performance, prospects and opportunities to differ materiallyfrom those 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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