Heliostar Drills 83.2m Grading 17.35 g/t Gold from 76.0m and Expands Program to 20,000m
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On November 24, 2025, Heliostar Metals announced additional high-grade drill results from its flagship Ana Paula project in Mexico. The headline intercept was from hole AP-25-333, which hit 83.2 metres grading 17.3 g/t gold. Other significant intercepts included 70.65 metres of 9.38 g/t gold and 65.15 metres of 5.39 g/t gold.
These results are part of an ongoing drill program designed to convert Inferred mineral resources to higher confidence categories (Indicated and Measured) to support a Feasibility Study.
Due to the consistent success of the program, the company is expanding the total planned drilling by 33%, from 15,000 metres to 20,000 metres. To date, 12,615 metres have been completed, with assays pending from twelve holes.
The news is materially positive. The drill results, particularly the headline intercept of 83.2m @ 17.3 g/t Au, are exceptional and serve to significantly de-risk the Ana Paula project. These results strongly confirm the high-grade, wide, and continuous nature of the mineralization described in the November 6, 2025 Preliminary Economic Assessment (PEA).
- Confirmation of Thesis: This news provides powerful confirmation of the economic potential outlined in the recent PEA, which projected an after-tax NPV5 of US$426 million and an AISC of US$1,011/oz. Such strong infill results increase the probability that the upcoming Feasibility Study will meet or exceed the PEA's projections.
- Resource Confidence: The primary goal of the drill program is to upgrade Inferred resources. Intercepts of this quality and width are exactly what is needed to move ounces into the higher-confidence Measured and Indicated categories, which can then be converted to reserves in a Feasibility Study.
- Management Confidence: The decision to expand the drill program from 15,000m to 20,000m is a clear signal of management's confidence. This is not a company drilling to find something; this is a company drilling to define and expand a known high-quality orebody. They are spending more money because they are seeing excellent returns on their drilling investment.
- Progression: Reviewing the news flow, Heliostar has systematically delivered on its promises for Ana Paula. The company announced a 15,000m program on March 31, reported strong initial results on August 27 and October 6, delivered a robust PEA on November 6, and now follows up with arguably the best results of the program. This consistent execution builds significant credibility.
While these results are excellent, they are in line with the high expectations set by previous drilling and the PEA. The news confirms the existing high-quality nature of the asset rather than representing a new discovery. The stock price has already appreciated significantly over the past year in anticipation of such results, moving from $0.62 to $2.06. This news validates that run-up and supports the current valuation.
Heliostar Metals is a Canadian gold company that transformed in late 2024 from an explorer into a junior producer through the acquisition of a portfolio of assets in Mexico. The company's strategy is to use the cash flow from its two operating mines, La Colorada and San Agustin, to fund the development of its flagship project, Ana Paula.
- Flagship Project - Ana Paula: Located in Guerrero, Mexico, Ana Paula is a high-grade, bulk-tonnage underground gold project. A November 2025 PEA highlighted its potential to be a low-cost, high-margin mine, projecting average annual production of 101,000 ounces at an AISC of US$1,011/oz over a nine-year mine life. The initial CAPEX is estimated at US$300 million. The project is currently the subject of a 20,000-metre drill program to support a Feasibility Study.
- Producing Assets:
- La Colorada: An open-pit, heap-leach mine in Sonora, Mexico. An October 2025 technical report showed a base case after-tax NPV5 of US$66.2 million.
- San Agustin: An open-pit, heap-leach mine in Durango, Mexico. The company is restarting mining operations with the goal of generating near-term cash flow.