Business
Heliostar Completes Acquisition of Ana Paula
Vancouver, British Columbia--(Newsfile Corp. - March 28, 2023) - Heliostar Metals Limited (TSXV: ...
About this update from Heliostar Metals Ltd
[{"type":"text","content":"Heliostar Completes Acquisition of Ana PaulaVancouver, British Columbia--(Newsfile Corp. - March 28, 2023) - Heliostar Metals Limited (TSXV: HSTR) (OTC Pink: HSTXF) (FSE: RGG1) (\"Heliostar\" or the \"Company\") is pleased to announce that the Company has closed its transaction with Argonaut Gold Inc. (\"Argonaut\") in which it has acquired, indirectly, the Ana Paula Gold Project (the \"Ana Paula Gold Project\"). Heliostar now holds a 100% interest in the Ana Paula Gold deposit in Mexico (the \"Transaction\").Heliostar CEO, Charles Funk commented, \"Heliostar is now the owner of the Ana Paula Gold deposit, a 1.4-million-ounce resource (M&I) with a PFS and permits for open pit mining. The transaction has added advanced gold ounces to our company for significantly less than the cost to drill, define and permit them. In the coming months, the Company's re-scope has the potential to deliver wide, high grade drill results, that in conjunction with mining and metallurgical studies can significantly increase the NPV of a mine at Ana Paula. We look forward to delivering on these re-rating steps in 2023.\"Ana Paula Gold Project1Ana Paula is permitted for an open pit mine with measured and indicated (M&I) mineral resources of 1.46 Moz gold at 2.17 g/t gold and 3.27 Moz silver at 4.8 g/t silver.Proven and probable mineral reserves of 1,021,000 ounces of gold at 2.36 g/t gold and 2,254,000 ounces of silver at 5.22 g/t silver.High grade gold project with potential to be an open pit or underground mine.Estimated US$75,000,000 of historic exploration and development expenses.Existing mine infrastructure including a 412 metre long decline in place.142,000 metres of drilling in 333 holes.For additional information on the Transaction and the Ana Paula Gold Project, please see the Company's news releases dated December 5, 2022, January 17, 2023, March 3, 2023, and March 17, 2023 filed under the Company's profile on SEDAR.Acquisition SummaryOn December 5, 2022, Heliostar entered into a share purchase agreement, as amended (the \"Purchase Agreement\") with Argonaut for the sale of all of the issued and outstanding shares of Aurea Mining Inc. (\"Aurea Mining\"), a wholly-owned subsidiary of Argonaut, which through Aurea Mining's wholly-owned subsidiary Minera Aurea S.A. de C.V. (\"Minera Aurea\"), holds a 100% indirect interest in and to Ana ...