Glenstar receives permit for phase 2 drilling in Nevada

Executive Summary

• Glenstar Minerals Inc. has received a drill permit from the Bureau of Land Management (BLM) for Phase 2 of its exploration program at the Green Monster project in Nevada.
• The Phase 2 program involves drilling nine holes across four locations, covering approximately 300 metres of strike length, with specific targets defined by recent hybrid-source audio-magnetotellurics (HSAMT) survey data.
• The company is awaiting the final HSAMT report from Hasbrouck Geophysics and Advantage Geophysics, expected in early December, which will finalize the precise collar locations for the drill holes to target sulphide facies mineralization.

Key Details

• Permit Status: BLM permit granted for Phase 2 drill program at Green Monster project, southwestern Nevada.
• Drill Program Scope:
  • Total holes: 9.
  • Total locations: 4.
  • Strike length: Approximately 300 metres.
• Drill Hole Distribution:
  • 2 holes: Collared in the area of primary drilling from Phase 1.
  • 3 holes: Focused on the "discovery zone" located 150 metres west of the Phase 1 site.
  • 4 holes (2 at each of 2 sites): Situated farther west along the believed mineralized east-west-trending belt.
• Geophysical Survey Data:
  • Conducted by Hasbrouck Geophysics Inc. and Advantage Geophysics Inc.
  • Data acquired at 50-metre intervals along 13 lines.
  • Analysis involves converting data into 2D/3D cross-sections, rectangular cubes, and horizontal depth slices.
  • Final report expected in early December; results will determine final drill hole locations.
• Project Background & Historical Sampling:
  • Property: 35 federal lode claims, ~700 acres, Clark County, Nevada (40 miles SW of Las Vegas).
  • Previous Work: Initial groundwork in 2022 (mapping, sampling, drone magnetic survey).
  • Channel Sampling Results (from raise off main shaft): 1.18 metres of 3.77% Cu, 3.06% Ni, 0.21% Co, and 6.83% Zn.
  • Oxide/Sulphide Boulder Sampling: Confirmed >10% Zn, >200 ppm Ag, plus Cu, U, and Pb.
  • NI 43-101 Technical Report dated June 20, 2023, referenced for sampling data.
• Strategic Objective: Target sulphide facies mineralization in the area of oxide mineralization intersected during the previous summer's drilling.

Notable Quotes

• Dave Ryan, CEO: "The completion of the geophysical fieldwork is an important milestone. Once we have the final report from Hasbrouck, we will use this data to target sulphide facies mineralization in the area of the oxide mineralization that was intersected last summer."