Canstar Resources Inc. announced that it has the fulfilled all of the requirements of an option agreement dated September 25, 2020, and that it has exercised the option to acquire 100% ownership of 47 licences totaling 2,446 claims, covering 61,150 hectares (612 km2) in south-central Newfoundland (the "Golden Baie Project" or the "Project"). The Golden Baie Project remains subject to a 2.0% net smelter return royalty. Highlights of the Golden Baie Project Mineral Claims Acquired: Multiple gold anomalies hosted in soils, tills, and rock samples that span a strike length of about 100 km along a major tectonic boundary.

Underexplored ­ Only ~25,400 metres ("m") of shallow drilling to date (historic and recent). Orogenic gold belts with similar geology, such as the Victoria Goldfields and Mother Lode District, span hundreds of kilometres and host clusters of multi-million ounce gold deposits. The Kendell prospect, the first high grade orogenic gold discovery on the Golden Baie project, has seen 7,953 m of drilling to date with results up to 20.6 grams per tonne ("g/t") gold over 3.5 m including, 58.2 g/t gold over 1.1 m (hole GB-22-94 ­ see news release dated July 5, 2022), and 9.6 g/t gold over 7.8 m (hole GB-21-01).

Gold mineralization has been defined near-surface over a length of approximately 200 m and remains open along strike and downdip. In the `Little River Trend' area, located close to a paved highway, till samples have returned up to 1,049 grains of gold and a 0.5 m channel sample from a boulder graded 197 g/t gold, both of which were up-ice from the Kendell prospect. Such samples indicate the likely presence of additional mineralized zones that are obscured by glacial till cover and yet to be found.

At the south end of the Golden Baie Project, the Facheux Bay target is an exciting new gold discovery made by the Company in 2022. This is a top exploration target consisting of an ~8 km structural trend (based on recent high resolution magnetics and LiDAR) with multiple 1 g/t outcrop grab samples, including samples grading 13 g/t and 18 g/t gold.