Canstar Resources Inc. announced that it has received the results of a high resolution airborne magnetic-VLF survey conducted earlier this year on the Company's Facheux Bay target on the district-scale Golden Baie project in south-central Newfoundland. Golden Baie is located at the southern portion of the central Newfoundland orogenic gold belt. The airborne survey was completed by ALS GoldSpot Discoveries Ltd. using its proprietary helicopter- based Multi-Parameter Airborne Survey System (M-PASS), which consists of a triaxial magnetic gradient magnetic/VLF platform and 2048-channel radiometric sensor.

The M-PASS survey utilized 50 metre (m) line spacing, resulting in high resolution magnetic and VLF data capture. The M-PASS survey represents the first ever geophysical data collected in the Facheux Bay area and will aid in the geological interpretation and guide planned exploration work later this year. The M-PASS survey results confirm that the structure hosting high grade gold outcrop samples, collected in 2022 and discussed below, has approximately 8 kilometres (km) of potential strike length.

In addition to this 8 km trend, the survey highlights potential parallel structures, cross-structures and folded sequences that have not yet been systematically prospected. Detailed mapping and sampling work will be done in the summer of 2023 to define priority drill targets at Facheux Bay.