Canstar Resources Inc. provide an update on the ongoing exploration programs at its properties in southcentral Newfoundland. The diamond drilling program that commenced in mid-September is ongoing and expected to be completed at the end of this week. Assay results are pending from more than 50 drill holes in approximately 6,200 metres ("m") worth of drilling at the Kendell prospect and targets at Hillside-Skidder, 97 West, Golden Eye, Northbrush and Wolf Pond. The 2022 exploration program on the Golden Baie and Hermitage properties has been extensive and productive. The Company estimates that approximately $5.5 million will be spent on exploration activities this year. These expenditures have funded grass roots regional exploration, as well as drill target generation and diamond drilling. Fall 2022 Drill Program: As of December 12th, a total of 9,093 m of drilling in 92 diamond drill holes has been completed during the 2022 season. Assay results from the winter drill program on the Kendell prospect (2,907
m in 39 holes) were announced on July 5, 2022, and extended high grade gold mineralization for a total of 180 m downdip. A fall drill program commenced in September 2022 and expanded drill testing of the Kendell prospect as well as multiple other targets along an area which extends for
approximately 10 km along strike to the northeast and has multiple surface gold anomalies. Drilling is ongoing and expected to be completed at the end of this week. Since September, more than 50 holes totaling over 6,000 metres have been drilled at the Kendell prospect and target areas
at Hillside-Skidder, 97 West, Golden Eye, Northbrush and Wolf Pond. The Company expects to announce assay results early in the new year, once results have been received and interpreted. Many of the mineral claims on the vast 939 km2 land package held by Canstar have had little or no
prior gold exploration work. Extensive grass roots exploration work was completed throughout
2022, including helicopter-supported work on more remote mineral claims with no road access.
Approximately 2,300 grab samples, 600 m of channel samples, 2,200 soil samples, 38 stream
sediment samples and 410 till samples have been collected during the 2022 field season. Results
will be released once compiled and interpreted for each target area.