High-Grade Gold Assay Results From “Star Of The East”

Star Minerals Limited (ASX: SMS, “the Company” or “Star Minerals”) is pleased to advise that it has received the assay results from its reconnaissance gold drilling campaign at the “Star of the East” project.

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HIGHLIGHTS

• Gold mineralisation confirmed at “Star of The East” through assay results from Phase-1 drilling, designed to test historical data
• Phase-1 drilling assays include:
  • 14m @ 8.3 g/t Au in hole SRC003 from 15m downhole
    including 8m @ 14.2 g/t Au from 18m downhole
  • 6m @ 4.95 g/t Au in hole SRC007 from 9m downhole
  • 4m @ 2.44 g/t Au in hole SRC006 from 16m downhole
• Phase-1 drilling confirms Star Minerals’ interpretation of geology and confirms broad shallow gold intercepts at similar widths to prior explorers
• High-grade results prove potential of this historical project which is under option
• Further drilling program planned once further data collection, analysis and review

Star Minerals’ CEO, Greg Almond comments:

“We are very satisfied to have completed this first program and received these fantastic gold results. The assays confirm our initial assessment of “Star of the East”, and further supports our decision to sign the option agreement to gain access to this gold deposit.

The assays and geological logging provide further information that confirms some of our theories around the historic mining and mineralisation at Star of the East and provides encouragement for our future works to identify more gold mineralisation at this historic project.

We are very pleased that this drilling shows gold mineralisation very close to surface, only 9m down-hole in some cases, which provides plenty of encouragement to the Company as we continue working on this project.”

The drilling program consisted of 7 holes which were completed for a total of 283m. Sample results are shown in Table 1 below. Results of significance include:

• 14m@ 8.3 g/t Au from 15m depth on hole SRC003, including:
  • 8m @ 14.2 g/t Au from 18m depth, and including:
  • 1m @ 80.9 g/t Au
• 6m @ 4.95 g/t Au from 9m depth on hole SRC007, including 1m @ 12.2 g/t Au
• 6m @ 1.94 g/t Au from 7m depth on hole SRC005
• 4m @ 2.44 g/t Au from 16m depth on hole SRC006

Once again leveraging from its commercial relationships, Star Minerals was able to quickly execute the planned drilling program during September 2022 ¹ and submit its samples, with the results returned in November 2022.

These holes were planned to test the interpretation of the geology based on the historical mining and exploration data that the Company could find and serve as a way to validate the historical information.

Star of the East is an historic high-grade gold mine in the Murchison region of Western Australia, first mined in 1897 after discovery by prospectors. The tenement E51/1561 contains evidence of this historic work, with an old shaft and other remnants of previous activity. Records indicate that the mine produced around 27,700oz gold, working along a main lode down to around 50m depth . ²

Star Minerals has access to the Star of the East Project due to an access agreement signed as a result of an option agreement signed with the holders of the tenement.

The success of the drilling shows that the historical data is robust enough to use as a tool in further planning.

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