ROX - Canstar Hits Multiple High-Grade Intersections in Kendell Drilling

(TheNewswire)

Intersects 3.2 g/t Gold over 22metres at Kendell Prospect and Reports Drilling Results from MultipleTargets

Toronto, Ontario – TheNewswire - March 13, 2023– CANSTAR RESOURCES INC. (TSXV:ROX ) & ( OTC:CSRNF) (“ Canstar” or the “Company ”) is pleased to announce assayresults from diamond drilling on its Golden Baie project insouth-central Newfoundland, which took place in the fall of 2022.Drilling tested six target areas, including Kendell, Hillside, 97West, Northbrush, Osprey, White Out and Wolf Pond (Figure 1) along a~15 kilometre (“km”) prospective trend. Intotal, 6,471 metres (“m”) were drilled in 51 holes.  Notabledrill intercepts are provided in Table 1 and full results and drillhole details are provided in Tables 2 and Table 3, respectively.  Allassays from the drill program have now been received.

Highlights:

• Kendell Prospect 3.2 g/t gold (“Au”) over 22.0m and 4.3 g/t Au over 14.0 m . Gold mineralization atthe Kendell prospect has been expanded to 195 m down-plunge to thenorthwest.

• New zone at Wolf Pond target 0.8 g/t Au over 11.5m and 1.9 g/t Au over 6.7 m in a newly discoveredshallow zone located 300 m southeast of historic drilling in thearea.

Table 1 - Fall 2022 drill assayhighlights

Notes :

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

2. Reported grades have not been capped.

Matthieu Lapointe, Vice PresidentExploration, stated: “ Ourdrill program in the fall of 2022 tested multiple targets that weregenerated using a combination of prospecting, geophysics, andgeochemistry. This approach advanced our understanding of the geologyand the effectiveness of various tools.  In the process, we continuedto expand the Kendell prospect.  We also validated the large soil anomaly at Wolf Pond andbelieve this area has significant potential for widespread, bulktonnage gold mineralization.  In addition to follow-up work in theseareas, the team is looking forward to continuing work on the newlydiscovered, high-grade Facheux Bay, Blow Out East and Wood Cuttertargets. Unlike most of the north-easterly portions of the Golden Baieproperty, Facheux Bay is sparsely covered with glacial till. Theincrease in bedrock exposure at Facheux Bay has allowed us toefficiently prospect and quickly identify and prioritizetargets.”

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Figure 1 – Golden Baie drilltargets and select exploration results (drill results reported in thisrelease are bolded).

Kendell Prospect

Drilling at Kendell focused on expanding the footprintof mineralization to the northwest, in the interpreted down-plungedirection.  Twenty holes were drilled for a total of 2,438 m (Figure2). D rilling successfullyextended gold mineralization down-plunge to the northwest andwest-northwest.  Hole GB-22-102 intersected 5.8 g/t Au over 4.0 m at a downhole depth of only 58.0 m (Figure 3). This intercept isapproximately 15 m down-plunge of hole GB-22-92, which intersected 6.1g/t gold over 3.6 m at a downhole depth of 52.5 m ( see July 5, 2022, newsrelease ). The total known down-plunge lengthof gold mineralization at the Kendell prospect is now estimated to be195 m.

To further define the geometry of the plungingmineralization, four drill holes were oriented east-west as opposed tothe typical northwest-southeast drill orientation.  The east-westorientation was designed to intersect the northwest plunging shoot ata more perpendicular drill angle. All four drill holes with thisorientation intersected significant gold mineralization includingGB-22-107 ( 4.3 g/t Au over14.0m ), GB-22-112 ( 7.0 g/t Au over 3.0 m ), GB-22-120 ( 6.6 g/tAu over 5.0 m ) and GB-22-121 ( 3.2 g/t Au over 22.0 m ) (Figure 3).

Holes GB-22-106, GB-22-110, GB-22-111, GB-22-115,GB-22-116 and GB-22-117 were drilled approximately 20 m southeast ofthe known mineralization. Gold mineralization was encountered in fourof these holes: GB-22-110 ( 1.7g/t Au over 3.0 m - with visible gold ),GB-22-111 ( 1.8 g/t Au over 6.0m ), GB-22-115 ( 0.3 g/t Au over 16.0 m ) and GB-22-116 ( 1.0g/t over 6.4 m ) (Figure 4). Gold mineralization in these holes suggests the plunging zoneis possibly changing direction and open to the west-northwest.

Holes GB-22-108 and GB-22-109 were drilledapproximately 20 m northeast of the known mineralization and HolesGB-22-113, GB-22-114 and GB-22-118, GB-22-119 were drilledapproximately 45 m southwest of the defined plunging mineralized zone. No significant gold mineralization wasintersected in these holes suggesting that the zone narrows in thisarea, but remains open at depth.

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Figure 2 – Drill hole collar mapKendell prospect (drill results reported in this release arebolded).

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Figure 3 – A-A’ Cross sectionlooking northeast from Kendell prospect (drill results reported inthis release are bolded).

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Figure 4 – B-B’ Cross sectionlooking northeast from Kendell prospect (drill results reported inthis release are bolded).

Wolf Pond Target

Historic drilling at Wolf Pond in the 1980s delineateda mineralized zone (the “Wolf Pond Gold Zone”) averaging 2 to 3 mthick with grades of 3 to 5 g/t gold within a broader envelope 5 to 8m thick averaging 1 to 2 g/t gold.  The Wolf Pond Gold Zone wasdelineated by previous operators over a strikelength of 450 m and to a depth of 165 m (Figure 5) and is open bothalong strike and at depth.

Approximately 300 m southeast of the Wolf Pond GoldZone is a 1,200 m by 50 m gold-in-soil anomaly, with values rangingfrom 30 to 752 ppb gold, which had never been drill tested. Canstardrilled four holes totaling 679 m into the soil anomaly, testingapproximately 150 m of strike length.  All four holes intersectedgold mineralization with the best results from the two mostnorth-easterly holes WP-22-04 ( 1.9 g/t Au over 6.7 m ) and WP-22-02( 0.8 g/t Au over 11.5 mincluding 1.2 g/t Au over 5.0 m ). Mineralizationis associated with arsenopyrite-stibnite-bearing quartz veins hostedin felsic-intermediate volcaniclastics intercalated withsediments.

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Figure 5 – Drill hole collar mapWolf Pond target (drill results reported in this release arebolded).

97 West Target

The 2022 fall drill campaign at 97 West targeted goldmineralization in trenches excavated during 2021 and tested thegraphitic shale horizons that also host the high-grade goldmineralization at the Kendell prospect, located approximately 3.5 kmto the southwest. Thirteen holes (1,787 m) were drilled (Figure 6) inthe 97 West area. Drill hole 97W-22-01 was drilled beneath a 2021channel sample of 13.1 g/t gold over 1.0 m (trench 97W-21-TR01) andreturned an intersection of 1.9 g/t Au over 2.0 m, starting at 13 mdownhole.  Drill holes 97W-22-07 and 97W-22-09 to 97W-22-13 werecollared 200 m to the northeast of the 2021 trenches in an areaidentified during 2022 trenching. All six holes encountered goldmineralization. The best results include hole 97W-22-11 which assayed5.2 g/t Au over 1.0 m starting at a down hole depth of 7.2 m and hole97W-22-09 with 4.7 g/t Au over 1.0 m starting at a down hole depth of8.0 m. Gold mineralization is related to quartz-carbonate veininghosted in grey shales with disseminated arsenopyrite-stibnite.

Reconnaissance Drilling

Canstar completed scout drilling on several early-stageexploration targets during the fall drill program. These included theNorthbrush, Osprey, White Out and Hillside targets (Figure 6).Thirteen drill holes totaling 1,567 m were completed in these targetareas, which have significant glacial till cover. Drilling targeted Induced Polarization (IP)chargeability and resistivity anomalies, soil anomalies and/oranomalous channel and outcrop samples hosted in favourable geology( see September 20, 2022, newsrelease ).

The best assay result of this drilling came fromNorthbrush hole NB-22-02 which intersected 0.2 g/t over 16.0 m from aquartz-carbonate vein zone.  The best drill intercept on the recentlyacquired Golden Eye license ( see August 15, 2022,release ) was from hole GE-22-06 at the WhiteOut target which intersected many broad zones of low grade goldmineralization including 0.2 g/t Au over 14.0 m, 0.3 g/t Au over 10.9m and 0.4 g/t Au over 6.0 m. Gold mineralization in both of theseholes is associated with arsenopyrite-stibnite-bearing quartz veinshosted in intermediate-felsic volcaniclastics that are variablyintercalated with shaley sediments.

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Figure 6 – Drill hole collar map97 West, Northbrush, White Out and Osprey targets (drill resultsreported in this release are bolded).

2023 Field Program

Canstar’s technical team is currently preparing plansand prioritizing exploration targets for the 2023 field program. More details will be provided in a future release.  2022 drillresults warrant follow-up  exploration in the large Wolf Pond areaand at the high-grade Kendell prospect. Advanced exploration targetsinclude Wood Cutter, located approximately 1 km south of Wolf Pond,and Facheux Bay, which is west-southwest of the core licences atGolden Baie. In addition, new exploration targets will be generated. Given the large size of the Golden Baie project, many areas stillhave had little or no exploration work to date, despite confirmationof multiple styles of gold mineralization present throughout theextensive Golden Baie claim package.

Rob Bruggeman, President and CEO of Canstar, commented:“ Exploration results fromour flagship Golden Baie project continue to be very encouraging. In2022, we extended known mineralized zones and continued to generatenew targets as expected. Work to date has successfully identifiedmultiple styles of mineralization – high grade orogenic, which hasbeen our focus so far, and a more disseminated style with bulk tonnagepotential – both of which warrant further work. As we have notedbefore, exploration at Golden Baie is at an early stage relative toour neighbours to the north along the same exciting structural trend.With each successive program, we are enhancing our understanding of structural controls, sizeand orientation of the mineralized zones and the broader potential ofthis large, highly prospective land position. ”

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.

QA/QC:

All 2022 drilling was of NQ-sized drill core. Coresamples were split with a diamond saw and half-core retained forfurther study after being detail logged and photographed. 2022 drillcore samples were collected by company personnel and shipped toeither SGS Labs, Lakefield, ON or SGS MSPU in Grand Falls-Windsor, NLfor preparation of assay pulps. Gold analysis is completed in the SGSLabs, Burnaby, BC with a 30 g fire assay and AAS finish (codeGE_FAA30V5). Samples returning >1 g/t Au are re-assayed with agravimetric finish (code GO-FAG30V). Mineralized zones with visiblegold are also analyzed by a 500 g screen fire assay with screening to106 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.

Acknowledgements

Canstar wishes to acknowledge the financial support ofthe 2022 exploration program through the Junior Exploration AssistanceProgram from the Department of Natural Resources, Government ofNewfoundland and Labrador.

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 isfocused on gold exploration on 939 km 2 of mineralclaim licenses in south-central Newfoundland, including the GoldenBaie project which has multiple high-grade gold anomalies at surfacealong ~100 km of strike and near-surface drilling confirming thepresence of high-grade orogenic gold. The Company also holds theBuchans-Mary March project in central Newfoundland.

Canstar Resources is based in Toronto, Canada, and islisted on the TSX Venture Exchange under the symbol ROX and trades on theOTCPK 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”. Since forward-looking statements are basedon assumptions and address future events and conditions, by their verynature they involve inherent risks and uncertainties. Although thesestatements are based on information currently available to theCompany, the Company provides no assurance that actual results willmeet management’s expectations. Risks, uncertainties and otherfactors involved with forward-looking information could cause actualevents, results, performance, prospects and opportunities to differmaterially from those expressed or implied by such forward-lookinginformation. Forward looking information in this news releaseincludes, but is not limited to, the Company’s objectives, goals orfuture plans, statements, exploration results, potentialmineralization, the estimation of mineral resources, exploration andmine development plans, timing of the commencement of operations andestimates of market conditions. Factors that could cause actualresults to differ materially from such forward-looking informationinclude, but are not limited to failure to identify mineral resources,failure to convert estimated mineral resources to reserves, theinability to complete a feasibility study which recommends aproduction decision, the preliminary nature of metallurgical testresults, delays in obtaining or failures to obtain requiredgovernmental, environmental or other project approvals, politicalrisks, inability to fulfill the duty to accommodate First Nations andother indigenous peoples, uncertainties relating to the availabilityand costs of financing needed in the future, changes in equitymarkets, inflation, changes in exchange rates, fluctuations incommodity prices, delays in the development of projects, capital andoperating costs varying significantly from estimates and the otherrisks involved in the mineral exploration and development industry, aninability to predict and counteract the effects of COVID-19 on thebusiness of the Company, including but not limited to the effects ofCOVID-19 on the price of commodities, capital market conditions,restriction on labour and international travel and supply chains, andthose risks set out in the Company’s public documents filed onSEDAR. Although the Company believes that the assumptions and factorsused in preparing the forward-looking information in this news releaseare reasonable, undue reliance should not be placed on suchinformation, which only applies as of the date of this news release,and no assurance can be given that such events will occur in thedisclosed time frames or at all. The Company disclaims any intentionor obligation to update or revise any forward-looking information,whether as a result of new information, future events or otherwise,other than as required by law.

Table 2 - Fall 2022 drill hole results

Table 3 - Fall 2022 drill hole details

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