Heliostar Metals Launches Drilling Campaign at Ana Paula

Canada-based junior company Heliostar Metals commenced a 5km diamond drill program at its Ana Paula project in Guerrero, aiming to expand the project’s resource base.  

According to Heliostar Metals, the program will be conducted in two stages and focus on expanding the high-grade panel and parallel panel targets. The first phase will include seven drill holes totaling 2,600m, and the second phase will involve eight drill holes totaling 2,400m.

Charles Funk, CEO, Heliostar Metals, says the company aims to expand its resource base in 2024 and 2025. Funk also noted that the drilling will target newly identified areas that could lead to further gold mineralization, with the company planning to complete a feasibility study by late 2025. “Drilling will include some large step-outs. They follow a newly identified geochemical corridor that may point to the source of gold mineralization at the deposit. Heliostar has entered a period of significant catalysts including closing the Argonaut acquisition, reporting gold production, laying out production guidance, publishing a pre-feasibility study (PFS) for La Colorada, and reporting drill results from multiple properties,” says Funk.

The phase 1 drill program focuses on extending the high-grade panel and parallel panel targets to the West and testing the downdip extension of the high-grade panel. The phase includes seven drill holes, two of which will step out 70m to the west along a potassium-calcium geochemical corridor. These step-out holes are designed to potentially add high-grade oz to the resource. The remaining five holes will focus on the downdip extension and further definition of the parallel panel target, aiming to convert inferred ounces to indicated and measured resources.

Heliostar Metals adds that phase 2 will include eight drill holes targeting the eastern and western edges of the high-grade panel, as well as the parallel panel and downdip extension. This phase is intended to further define the resources and convert inferred ounces to indicated and measured resources. It is also expected to add new gold oz to both panels. Heliostar Metals reported it has completed two drill holes and expects to report results in October 2024.