Heliostar Buys Utah Gold Mine, Trims Mexico Asset Portfolio

Heliostar Metals is acquiring the Goldstrike gold project in Utah from Liberty Gold for up to US$72.5 million while divesting four early-stage exploration properties in Sonora and Oaxaca to Zacatecas Silver for US$1.2 million, a dual transaction that repositions the company's asset mix without exiting Mexico. The move reflects a broader pattern among junior miners of concentrating capital in advanced-stage assets and established jurisdictions while monetizing early-stage exploration ground through partnerships with dedicated junior explorers. Heliostar retains its core Mexican development portfolio, including the Ana Paula project in Guerrero and Cerro del Gallo in Guanajuato, signaling continued institutional confidence in Mexico's mining sector despite regulatory uncertainty.

Heliostar Metals has entered into a binding agreement to acquire a 100% interest in the Goldstrike gold project in Utah from Liberty Gold for up to US$72.5 million, while separately divesting a portfolio of four early-stage exploration properties in Mexico to Zacatecas Silver, a dual transaction that reflects the company's strategy to diversify into US assets while concentrating its Mexican operations around more advanced development projects.

The Goldstrike project, located in the Bull Valley Mountains of Washington County approximately 50km northwest of St. George in southwestern Utah, holds an indicated mineral resource of 975,000oz of gold grading 0.46 g/t and an inferred resource of 90,000oz at 0.31 g/t. The 5,173ha property is accessible year-round and sits within a historically productive mining region. Open-pit mining and heap-leach processing on site produced approximately 209,000oz of gold and 198,000oz of silver between 1988 and 1996.

"Goldstrike represents an excellent opportunity to acquire an approximately 1Moz gold deposit on attractive terms and provides diversification for Heliostar into another premier mining jurisdiction in North America," said Charles Funk, CEO, Heliostar Metals. "The deposit is a Carlin-style gold system, with a significant mineralized footprint that has potential to expand, with 96% of drill testing less than 200m deep."

Under the terms of the agreement, Heliostar will pay Liberty Gold US$10 million in cash plus 1,593,213 Heliostar shares, valued at US$2.5 million, on closing, expected in April 2026. Additional milestone payments include US$10 million at the 12-month anniversary of closing, US$10 million at 18 months, US$15 million upon achievement of infrastructure milestones or five years from closing, and US$25 million upon completion of a feasibility study, a formal construction decision, or the five-year anniversary, whichever comes first. The transaction is subject to TSX Venture Exchange approval.

The property also includes the Antimony Ridge prospect, located along trend to the east of the main deposit, where rock sampling over 450m of strike length has returned values including 5.7% antimony with 0.05g/t gold and 2.95% antimony with 1.23g/t gold. Historical records indicate small-scale antimony production from the site in the 1970s. Heliostar said it intends to advance prospecting work at Antimony Ridge, where three drill sites around the historic mine are permitted with drill-ready targets.

Funk added that Heliostar plans to evaluate strategic options for the project, including sequencing development within its existing pipeline and the potential use of special purpose vehicles to separate gold and critical mineral value streams.

Mexico Portfolio Streamlined, Not Abandoned

In a previous transaction, Heliostar agreed to sell a portfolio of four early-stage exploration properties in Sonora and Oaxaca to Zacatecas Silver for a total consideration of US$1.2 million, comprising US$450,000 in cash and US$750,000 in Zacatecas Silver common shares, paid over three years. The initial cash payment of US$150,000 was due by March 31, 2026. Upon exercising the option, Zacatecas Silver will grant Heliostar a 2% net smelter return royalty, half of which can be repurchased for US$2 million before commercial production begins.

The portfolio includes three properties in Sonora and one in Oaxaca. The Oso Negro property features at least four principal veins with average widths of three meters, with previous channel sampling returning grades of 5.15g/t gold and 953g/t silver over 1.2m. 

The Cumaro project sits along strike from Coeur Mining's El Picacho satellite mine, where previous channel sampling returned 10.3g/t gold and 158g/t silver over 5m and a drilling program is underway. 

The La Lola property covers nine concessions totaling over 1,183ha, anchored by a five-kilometer vein system up to 40m wide, in a district that includes First Majestic Silver's Santa Elena Mine, Coeur Mining's Las Chispas deposit and Silver Tiger Metals' El Tigre project. In Oaxaca, the 10,603ha Ejutla project sits near the San Jose mine, with historical channel sampling returning peak assays of 1.26g/t gold and 14g/t silver over 1.8m.

"Acquiring this exploration portfolio from Heliostar Metals establishes a strong strategic relationship with a respected and technically capable group, aligning them as an equity partner and reinforcing our long-term growth strategy," said Eric Vanderleeuw, CEO and Director, Zacatecas Silver. "Collectively, these properties give us a multi-asset platform capable of generating near-term catalysts while building sustainable long-term value."

The divestiture does not signal a retreat from Mexico. Heliostar retains a development portfolio in the country that includes its flagship Ana Paula project in Guerrero and the Cerro del Gallo project in Guanajuato, alongside the San Antonio project in Baja California Sur.