ROX:CC - Canstar Announces Till Results with up to 502 Gold Grains and Additional Shallow High Grade Drill Results

(TheNewswire)

Toronto, Ontario – TheNewswire - May 4, 2022– CANSTAR RESOURCES INC. (TSXV:ROX ) & ( OTC:CSRNF) (“ Canstar” or the “Company ”) is pleased to announce assayresults from the final 26 drill holes completed in 2021 and theresults of the first systematic till sampling program on the GoldenBaie property in south-central Newfoundland.

Highlights include:

• Additional high grade gold drill intercepts 26 reconnaissance drill holes, totalling 3,125metres, were completed at the Hillside, Skidder, Poly, Mag and BlowOut targets in 2021.  Intercepts included 6.04 g/t gold over 2.12 mat Blow Out (GB-21-41) and 9.83 g/t gold over 0.53 m in hole atHillside (GB-21-23).  The noted intercept at Hillside was just belowsurface and contained visible gold hosted in quartz veining.

• Significant new gold exploration target identified Due to significant till cover in this drillarea, the Company collected 74 till samples over a 5 km x 1 km area inlate 2021. One sample contained 502 gold grains, of which 294 (59%)are pristine. Another sample returned 143 grains (51% pristine) and islocated approximately 580 metres south-west, and on strike, of the 502gold grain sample. These samples were collected ~5 km NE along strikefrom the Company’s Kendell prospect and this trend is a highpriority gold exploration target area in 2022. A 39 hole winter drillprogram was completed at Kendell in March with assayspending.

• Potential for gold mineralization on multiple paralleltrends striking NE-SW – Atill sample containing 87 total grains was collected 175 metres westof the Hillside target.  95% of the gold grains are pristine,suggesting the gold grains were not transported very far duringglaciation.

Canstar’s VP Exploration Matthieu Lapointe commented:“We are very excited by gold intercepts in the previously undrilledtargets and also the excellent results from the first ever systematicgold grain analyses completed on the Golden Baie property. A tillsample containing 502 gold grains is highly anomalous and with themajority of gold grains being pristine it is probable the bedrocksource is nearby. These results indicate that gold till samplingshould help us refine targets for drilling later this year. We alsoplan to do till sampling elsewhere on the property to advance knowntarget areas and generate new targets in areas with till cover.Exploration on the Golden Baie project is still in the early stagesand these results confirm the prospectivity of the area.  With theweather improving, our team is eager to get into the field with alarge and extensive exploration program planned this year.”

Discussion of Drill Results

2021 diamond drilling at the Hillside, Skidder, Poly,Mag and Blow Out areas (Figure 1) targeted surface anomalism definedprimarily by prospecting.  Limited trenching had been conducted priorto drilling, as till covers much of this area. Drilling also testedstratigraphy in areas of deep overburden cover that precluded theability to trench prior to drilling.

Highlights of selected drill hole assay resultsprovided in Table 1. These gold intercepts are all shallow and werepredominantly associated with arsenopyrite.  All assays from the 2021drilling program have now been received and reported. Assays from the2022 winter drill program on the Kendell prospect are pending and theCompany expects to announce those results within the next two months.

Table 1 - Highlight assay results from the reported drillholes

Notes :

1. All intersections are downhole length as there isinsufficient information to calculate true width.

2. Reported grades have not been capped.

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Figure 1 - 2021 diamond drilling highlights with tillsampling results.

Discussion of Till Results

The 2021 drill results from the Hillside, Skidder andBlow Out areas confirmed gold mineralization along this highlyprospective gold trend, and intercepted one instance of visible goldin quartz veins, the primary target of the Company’s orogenic goldexploration program.  Rock samples in this area, which includenumerous grab samples with more than 10 g/t Au and also a boulder fromthe Skidder area which returned 289 g/t Au with significant visiblegold in quartz vein (see November 11, 2021 newsrelease ), indicate the presence ofsuch gold mineralization in this area.  The first round of drillingdid intercept high grade gold mineralization, but did not locate thesource of grab samples with visible gold.  To vector in on thepotential bedrock source(s), Canstar completed a reconnaissance tillsampling program covering a 5 km x 1 km area extending from theKendell prospect to the 97 West prospect in late 2021.

A total of 74 till samples were processed by Overburden Drilling Management Ltd (“ODM”), based inNepean, Ontario. Gold grains were counted andanalyzed by ODM. Contained gold grains ranged from 0 to 502 grainswith 34 samples containing more than 20 gold grains, of which eleven contained more than 50 grains (Figure 2). Thepercentage of pristine grains range from 0-97% with an average of 45%.

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Figure 2 – 2021 diamond drilling and till samplinghighlights.

The Company is very pleased with these results, both interms of the number of gold grains contained in the till samples andalso the high percentage of pristine gold grains in many of thesamples.  This area slopes to the northwest and has undergoneglaciation, so having fewer altered gold grains signals that they havenot been transported over large distances (Figure 3).  Thecombination of multiple high grade grab samples and these till sampleresults indicate the presence of one or more significant goldmineralization systems that strike NE-SW or possibly a foldedsystem.

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Figure 3 – Scanning electron microscope images (black& white) from ODM of gold grains from the 502 grain sampledepicting pristine, slightly modified, and reshaped grains (note:50µm = 0.05mm)

The ice direction of the till survey area isinterpreted to be from north to south (~190°) and the bedrock sourceof the gold in-till is likely in the up-ice direction, to the north ofthe sample locations. As follow-up to the results the Company plans toprospect and trench areas up-ice of the highly anomalous till resultswith the objective of defining new drill targets to test later in2022.

The geology of the Kendell – 97 West area iscomprised of strongly deformed, fine grained marine siliciclastics ofthe Ordovician-aged Isle Galet and Riches Island Formations (Figure4). Interpretation of regional mapping, airborne geophysics andrecently acquired LIDAR data suggests that lithological contacts ofblack shale and graphitic schists are the loci for development ofregional-scale faults and shear zones. These structures are primarilyparallel to the regional stratigraphy that strikes NE-SW. In addition to the NE-trending structures thecompany has identified several ENE-WSW structures that “link” andcrosscut the prominent NE-trending structural features. Theintersection of structures and juxtaposition of shales with morecompetent lithologies, such as sandstone/greywacke, is an importantcontrol on gold mineralization at New Found Gold’s Queensway projectto the north-northeast along the same regional fault zone, and will besubject of further investigations at the Golden Baie property in2022.

Hillside

Drilling at Hillside consisted of seven holes targetinga mapped zone of arsenopyrite mineralization hosted in chloriticmetasediments on the slope above the drill pads. The first drill holeGB-21-23 intersected a 25 cm thick quartz vein with coarsearsenopyrite and visible gold which assayed 9.83 g/t Au over 0.51 m.Another sample in drillhole GB-21-29, 11 metres to the south-west,assayed 4.50 g/t Au over 1.10 m.

Skidder

The Skidder target is located approximately 1.2 kilometres north-northeast of the Company’s Kendell prospect and appears to have a similar style of gold mineralization. Rock sampling in the target area has defined a500-metre by 400-metre gold anomaly with outcrop samples containing upto 30.30 g/t Au. Multiple anomalous float rock samples were also found in this area, generally assaying between 1 g/t and10 g/t Au, but twofloat rocks were found with visible gold; these assayed 21.7 g/t Auand 289.4 g/t Au (see November 11, 2021 newsrelease ).

Drillhole GB-21-30 aimed to test stratigraphy in anarea of deep overburden. The drillhole encountered coarse euhedralarsenopyrite mineralization in the first 15metres, with the best sample assaying 0.99 g/t Au over 0.66 m. Drill holes GB-21-31 and GB-21-32 encountered tracearsenopyrite mineralization with only weakly anomalous gold. Additional exploration work and analysis is required in this areadue to the significant till cover and the Company believes additionaltill sampling will be an important tool for locating the source of thevery high grade gold samples collected in this area.

Poly

The three holes drilled at Poly targeted the source of two boulders with polymetallic base metal mineralization uncovered by prospecting in 2020. Drilling wascompleted from a single drill pad and did not encounter anysignificant gold mineralization. Lithologies consisted of green chloritic metasediments and a three to six metre layer of sheared graphitic silicified shale. A zone of quartz veining with arsenopyrite mineralization was seen in all three holes.

Mag

The target for the two drill holes at Mag was amagnetic high detected in Canstar’s ground magnetic surveyconducted in thewinter of 2021. Drill holes GB-21-36 andGB-21-37 encountered minor arsenopyrite mineralization which assayed weakly anomalous gold. Lithologies consisted ofgreen and grey greywackes and sheared black graphitic shale.

Blow Out

In the Blow Out area, Canstar’s 2021 resampling ofopen trenches from 2009 work by another exploration companyconfirmed and extended historic assays of 32 g/tAu with a repeat of the 32.0 g/t Au assay and a new 10.0 g/t Ausample. Canstar’s 2021 trenching uncoveredarsenopyrite mineralization in other locationsto the west and northwest of the trench and the 2021 drill program targeted this mineralization.

Drill holes GB-21-39 to GB-21- 41 drilled strongly sheared greywackes with quartz veins and coarse euhedralarsenopyrite. These assayed up to 6.07 g/t Au over 2.12 m. The other holes encounteredsimilar arsenopyrite mineralization, but did not assay over 0.4 g/tAu. All 11 holes at Blow Out encountered a panel of green chloritic meta-greywackes with a strong, locally mylonitic shear zone in the first few metres of holesGB-21-38 to GB-21-41. Brittle fault zones are logged in graphiticshales interbedded with grey greywacke and pyrrhotite rich blackshales, similar to the dominant rock types seen at theKendell prospect.

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Figure 4 – Generalized geology of Golden Baie andHermitage properties. The results reported in this release are locatedin the dark blue rectangle.

QA/QC:

Till samples comprised of ~10 kg of “C”-horizonmaterial were collected, placed in plastic bags and sealed with singleuse ties. Samples were shipped by transport truck in plastic totes toOverburden Drilling Management (ODM) of Nepean, Ontario forprocessing.

All 2021 drilling was of NQ-sized drill core. Coresamples were split with a diamond saw andhalf-core retained for further study after being detail logged andphotographed. Samples are collected by companypersonnel and shipped to Eastern Analytical of 403 Little Bay Road,Springdale, NL. Samples are analyzed for gold using fire assay (30g)with AA finish and an ICP-34, four acid digestion followed by ICP-OESanalysis for 34 additional elements. Metallic screening is being usedfor samples with visible gold and all samples with initial fire assaysover 1 g/t Au.

Beginning in 2022, samples aresent to SGS Labs, Lakefield, ON for preparation of assay pulps. Goldanalysis is completed in the SGS Labs, Burnaby, BC with a 30 g fireassay and AAS finish (code GE_FAA30V5). Samples returning >1 g/t Auare re-assayed with a gravimetric finish (code GO-FAG30V). Mineralizedzones with visible gold are also analyzed by a 500 g screen fire assaywith screening to 106 microns (code GO-FAS30M).

Canstar's QAQC program utilizes four commerciallyavailable reference standards, blanks and duplicate samples to ensuredata quality. In addition, duplicates of selected samples are beingsent to a second laboratory as check assays.

Qualified Person

Matthieu Lapointe, B.Sc., P.Geo, Vice PresidentExploration of Canstar, and a Qualified Person as defined by NationalInstrument 43-101 - Standards of Disclosure for Mineral Projects, isresponsible for the scientific and technical data presented herein andhas reviewed and approved this release.

About Canstar Resources Inc.

Canstar Resources has a very experienced technical teamand board who are focused on new mineral discoveries in Newfoundland,Canada.  Central Newfoundland has emerged as one of the most excitinggold exploration districts due to recent high-grade orogenic golddiscoveries along crustal scale fault corridors.  The Company’sflagship Golden Baie project, comprised of 774 km 2 of claims in south-centralNewfoundland, has multiple high-grade gold anomalies at surface along40 km of strike. The Company also holds the Buchans-Mary March projectand other mineral exploration properties in Newfoundland. CanstarResources is based in Toronto, Canada, and is listed on the TSXVenture Exchange under the symbol ROX and trades on the OTCPK underthe symbol CSRNF.

For further information, please contact:

Rob Bruggeman, President & CEO

Email: rob@canstarresources.com

Phone:        1-647-247-8715

Website: www.canstarresources.com

Table 2 - Selected drill hole sample assays

Table 3 - Collar Data for Reported Drill Holes

Forward-Looking Statements

Neither TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof 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 onlyapplies as of the date of this news release, and no assurance can begiven that such events will occur in the disclosed time frames or atall. The Company disclaims any intention or obligation to update orrevise any forward-looking information, whether as a result of newinformation, future events or otherwise, other than as required bylaw.

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