(TheNewswire)
Vancouver, Canada - TheNewswire - November 5, 2020 - HeliostarMetals Limited (TSXV:HSTR ) US: (OTC: RGCTF ) ( FRA:RGG)( "Heliostar" or the "Company" )is pleased to announce new additions to its management team. SamuelAnderson has joined as Vice President of Exploration and StewartHarris has joined as Exploration Manager.
Heliostar CEO, Charles Funk, commented "The appointment of Samuel Andersonand Stewart Harris strongly bolsters Heliostar's management team. Sambrings a wealth of resource to production experience from his time atNewmont and he is leading the company's current exploration program atUnga. Stewart brings an ability to execute large exploration programsfrom 30 years of technical, safety and logistics management. Inaddition to these changes John Gray will be leaving Heliostar and thecompany would like to acknowledge and thank Mr. Gray for hiscontributions as company President."
Samuel Anderson has 19 years of experience inexploration, development and production geology including a 17 yearcareer with Newmont Gold Corp. where he held successive positions fromExploration Project Manager to Senior Development Geologist to MineGeology Superintendent to Senior Manager of Exploration BusinessDevelopment before taking leave to earn a Master of Science Degree inFinance at Eller College in Arizona.
As Superintendent of the Merian Mine in Suriname, Samled the Mine Geology Department where he hired and trained staff,defined operating and safety procedures and built stronginterdepartmental relationships through construction and start-upstages from an initial inventory of less than 1 million ounces throughreserve stage of more than 6 million ounces of gold. His otheraccomplishments include: being part of the Newmont team whichdiscovered the Saramacca deposit in Suriname, currently being mined byIamgold; acting as Exploration Project Manager in Haiti andcontributing to numerous other mines and project evaluationsthroughout the Caribbean, Latin America and North America. Inaddition to an MSc in Finance, Sam holds and MSc in Geology and a BScin Geology from the University of Idaho.
Stewart Harris has over 30 years of experience onprojects ranging from greenfields compilations through to discoveryand deposit delineation. He has explored for a variety of deposittypes focused primarily upon gold and copper systems largely withinthe North American Cordillera, including Mexico, but also in Centraland South America and the southwest Pacific Rim. His experienceinvolved the design, execution and due diligence of explorationprograms with an emphasis on executing programs on time, on budget andwith high safety, environmental stewardship and community relationsstandards.
Stewart will be the company's qualified person fortechnical disclosure.
Exploration Update
The 2020 Unga project drill program is progressing wellwith 2290 metres completed to date. Eight holes have been completedat SH-1, five at Aquila, three at Apollo and two at Sitka. EmpireRidge and Sitka have been added as new drilling targets and thecompany is planning to continue drilling into late November.
First assay results from the program are expected to bereceived in late November.
Figure 1: TheUnga project with 2020 primary drill targets identified.
Appointment of market Making Service
The Company would also like to announce that it hasretained Independent Trading Group, Inc. ("ITG") to providemarket-making services to the Company in compliance with the policiesand guidelines of the TSX Venture Exchange ("TSXV") andother applicable legislation. ITG will receive a monthly payment of$6,000 and will be responsible for maintaining an orderly market inthe Company's securities. The engagement may be terminated by eitherparty with written notice of 30 days. There are no performance factorscontained in the agreement between ITG and the Company and ITG willnot receive any shares or options from the Company as compensation forservices it will render.
About Heliostar Metals Ltd.
Heliostar is a well-financed junior exploration anddevelopment company with a portfolio of high-grade gold projects inAlaska and Mexico. The company's flagship asset is the 100%controlled Unga Gold Project on Unga and Popof Islands in Alaska. Theproject hosts an intermediate sulfidation epithermal gold deposit,located within the district-scale property that encompasses240km 2 across the two islands. Additional targets on the propertyinclude porphyry, high sulphidation and intermediate sulphidationepithermal veins. On Unga Island, priority targets include: the SH-1and Aquila, both on the Shumagin Trend, the former Apollo-Sitka mine,which was Alaska's first underground gold mine and the Zachary Bayporphyry gold-copper prospect. Gold mineralization at the CentennialZone is located on neighbouring Popof Island within four kilometres ofinfrastructure and services at Sand Point.
In Mexico, the company owns 100% of three early stageepithermal projects in Sonora that are highly prospective for gold andsilver. Cumaro forms part of the El Picacho district, while the OsoNegro and La Lola projects are also prospective for epithermalgold-silver mineralization.
Qualified Person
The Company's disclosure of technical or scientificinformation in this press release has been reviewed and approved byStewart Harris, P.Geo., Exploration Manager for the Company. Mr.Harris is a Qualified Person as defined under the terms of NationalInstrument 43-101.
For additional information pleasecontact:
Charles Funk
Chief Executive Officer
Heliostar Metals Limite d
Email: charles.funk@heliostarmetals.com
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.
Forward-Looking Information. Thisrelease includes certain statements that may be deemed"forward-looking statements". Forward-looking statementsare statements that are not historical facts and are generally, butnot always, identified by the words "expects","plans", "anticipates", "believes","intends", "estimates", "projects","potential" and similar expressions, or that events orconditions "would", "may", "could" or"should" occur. Forward-looking statements in this pressrelease include Heliostar's expectations that the transactionscontemplated in the Agreement will be approved by the TSX VentureExchange and completed and that it can obtain shareholder approval forits proposed post-closing share consolidation, name change and theelection of both the Heliostar nominees and the Heliodor nominees atits next general meeting of shareholders, that it can successfullyraise at least C$6 million and, if so, the number of Heliostar sharesthat would be issued in the offering, and, finally, that it cancommence exploration at its Unga project in late August and that itcan achieve its 2020 exploration plans. Although the Company believesthe expectations expressed in such forward-looking statements arebased on reasonable assumptions, such statements are not guaranteeingof future performance and actual results may differ materially fromthose in the forward-looking statements. Factors that could cause theactual results to differ materially from those in forward-lookingstatements include market prices, exploitation and explorationsuccesses, and continued availability of capital and financing, andgeneral economic, market or business conditions. Investors arecautioned that any such statements are not guarantees of futureperformance and actual results or developments may differ materiallyfrom those projected in the forward-looking statements.Forward-looking statements are based on the beliefs, estimates andopinions of the Company's management on the date the statements aremade. Except as required by applicable securities laws, the Companyundertakes no obligation to update these forward-looking statements inthe event that management's beliefs, estimates or opinions, or otherfactors, should change.
Copyright (c) 2020 TheNewswire - All rights reserved.