Heliostar has drilled 1,995 metres of its planned first-phase 2,600 metres, with a second program set to follow early next year. Success here will factor into an updated feasibility study due by the end of 2025.
The company has C$9.5 million in cash, boosted by recent financings to support its drilling and development plans.
It says it will continue drilling to find the new zone’s limits and to see if it connects to the broader Parallel Panel.
Heliostar reworked the Ana Paula project from an open-pit to an underground mine in 2023 to improve economics, targeting the HGP. With over $100 million invested in infrastructure, including a 53-man camp, surface rights, a portal, and a 412-metre decline, the first phase of production aims for 50,000 oz. gold yearly, doubling to 100,000 oz. in a subsequent development.
The 2023 feasibility study reported an after-tax net present value (5% discount) of $233 million and…
