Canstar Resources Inc. announced key gold exploration targets for the upcoming 2023 field season on the district-scale Golden Baie project in south-central Newfoundland. Regional exploration work done to date on the Golden Baie claims has identified extensive surface gold anomalies that span 100 kilometres ("km") along the same major fault corridor as the Queensway project to the northeast. The size and distribution of gold anomalies on the Golden Baie project are impressive and suggest significant potential for gold discoveries, based on other orogenic gold projects like Bendigo-Fosterville in Australia and Mother Lode in California.

2022 exploration work by Canstar confirmed additional mineralization at the Kendell prospect, with highlight drill intercepts that included 20.6 g/t gold over 3.5 m, including 58.2 g/t gold over 1.1 m, and 3.2 g/t Au over 22 m, including 18.1 g/t over 1.0 m. In addition to these high grade drill results, regional exploration work completed in 2022 highlighted the potential for brand new discoveries in areas with little or no historical gold exploration work. Examples of new discoveries include the Facheux Bay and Wood Cutter targets, which are now high priority areas for additional exploration work. Key targets for the first phase of the 2023 exploration program are as follows: Wolf Pond Prospect ­ 2022 drilling confirmed shallow gold mineralization within a 3 km long soil anomaly that is situated approximately 300 m south of historical drilling that outlined gold mineralization over a strike length of 450 m. These results suggest the potential for shallow disseminated gold mineralization over a large area, conveniently located near a paved highway.

Additional prospecting and trenching are planned in order to define priority drill targets. Facheux Bay Target ­ Regional exploration work in 2022 discovered gold mineralization of up to 18.4 g/t gold in outcrop grab samples1 along a 600 m regional trend with a potential strike length of 10 km. Mapping and prospecting of this prospective trend is planned for this summer and is expected to be straightforward and cost-effective due to the absence of overburden.

Wood Cutter Target - Located adjacent to the Baie d'Espoir highway, 2022 prospecting identified gold mineralization over an area with a strike length of 350 m and assays up to 19.7 g/t gold on a trend that is parallel to Wolf Pond, which is 1.1 km to the northeast. Historic drilling at Wolf Pond in the 1980s delineated a mineralized zone (the "Wolf Pond Gold Zone") averaging 2 to 3 m thick with grades of 3 to 5 g/t gold within a broader envelope 5 to 8 m thick averaging 1 to 2 g/t gold. The Wolf Pond Gold Zone was delineated by previous operators over a strike length of 450 m and to a depth of 165 m and is open both along strike and at depth.

Approximately 300 m southeast of the Wolf Pond Gold Zone is a 3 km by 50 m gold-in-soil anomaly, with values ranging from 30 to 752 ppb gold, which had never been drill tested by previous operators. In 2022, Canstar drilled four holes totaling 679 m into the soil anomaly, testing approximately 150 m of strike length. All four holes intersected gold mineralization with the best results from the two most north-easterly holes WP-22-04 (1.9 g/t Au over 6.7 m) and WP-22-02 (0.8 g/t Au over 11.5 m including 1.2 g/t Au over 5.0 m).

Mineralization is associated with arsenopyrite-stibnite-bearing quartz veins hosted in felsic-intermediate volcaniclastics intercalated with sediments. Prospecting and reconnaissance mapping by Canstar in the Facheux Bay area in 2022 led to a newly discovered zone of quartz veining with associated arsenopyrite hosted in fine grained sedimentary rocks, similar to those that host the Kendell prospect gold mineralization. Outcrop sampling of this zone delineated a gold trend with grades exceeding 1.0 g/t that strikes northeast-southwest for over 600 m and has samples grading up to 18.4 g/t gold.

LiDAR interpretation of the Facheux Bay area suggests that the anomalous gold mineralization is correlated with a regional fault that extends another 3.5 km to the southwest and 4.5 km to the northeast. Additional mapping, prospecting, and channel sampling are planned along this trend in order to define priority drill targets. This area is only accessible by boat and by air, but field work is expected to be efficient due to the lack of overburden in this area.

The Wood Cutter target was identified in 2022. It is located adjacent to the Baie d'Espoir highway, approximately 1.1 km south of the Wolf Pond prospect along what may be a parallel trend with gold mineralization. Quartz vein float samples collected in 2022 over an area with a strike length of 350 m returned gold assays of 19.7 g/t, 11.8 g/t, 4.4 g/t, and 4.2 g/t. Samples collected in this area also contain elevated antimony, in the form of stibnite, with assays up to 2.2% Sb.

Additional sampling and trenching are planned at the Wood Cutter target in order to generate drill targets.