Mr. J.C. St-Amour of Vanstar reports

VANSTAR REPORTS WINTER DRILLING RESULTS FROM NELLIGAN - GOLD MINERALIZATION EXPANDED ALONG STRIKE TO THE EAST

Vanstar Mining Resources Inc. has released the first assay results from the 2023 diamond drill program on the Nelligan joint venture project (Iamgold Corp.: 75 per cent; Vanstar: 25 per cent) completed by its partner, Iamgold. Results announced today are from five holes completed in the eastern extension of Nelligan deposit as well as two exploration holes completed to test targets in the southeastern portion of the Nelligan property (see attached table). Drilling results reported herein relate to 3,381 metres of the planned 10,000-metre program for 2023.

Highlights include:

Hole NE-22-202:

• 3.76 grams per tonne gold over 9.0 metres from 42.0 metres depth, including 29.10 grams per tonne gold over 0.5 metre;
• 6.97 grams per tonne gold over 5.2 metres from 100.5 metres depth, including 31.9 grams per tonne gold over 0.7 metre;
• 1.63 grams per tonne gold over 11.7 metres from 202.6 metres depth.

Hole NE-22-204:

• 2.49 grams per tonne gold over 11.3 metres from 43.7 metres depth;
• 10.53 grams per tonne gold over 4.5 metres from 120.0 metres depth, including 28.6 grams per tonne gold over 1.5 metres.

J.C. St-Amour, president and chief executive officer, said: "The drilling program to date demonstrates that gold mineralization has been extended along strike to the east of the Nelligan deposit. The 10,000-metre drilling program for 2023 is designed to expand the Nelligan resource and results to date are in line with that goal. The deposit remains open in all directions, especially at depth, where we have seen some holes return better-than-average grade and widths, suggesting there is ample room for additional expansion and growth."

The Nelligan gold project (on a 100-per-cent basis) hosts indicated mineral resources of two million ounces grading 0.84 gram per tonne gold and inferred mineral resources containing 3.6 million ounces of gold grading 0.87 gram per tonne gold (refer to Vanstar's news release dated Feb. 23, 2023).

Nelligan next steps

The summer exploration program will resume once fire bans in the province of Quebec have been lifted. A minimum of 5,000 metres are planned to focus on infill and extension drilling in the central and western parts of the Nelligan deposit. Although the exploration holes completed in the southeastern portion of the project area failed to return significant gold values, they did intersect encouraging alteration indicative of potential gold-bearing hydrothermal systems for which further exploration may vector toward gold mineralization. Approximately 1,500 metres of exploration drilling are planned to continue to evaluate other targets located elsewhere on the property. In addition, an MMI (mobile metal ion) soil survey is also planned for this summer to support future exploration targeting.

Qualified person

Gilles Laverdiere, PGeo, consultant geologist and a qualified person under National Instrument 43-101, has reviewed and approved this press release.

About Vanstar Mining Resources Inc.

Vanstar is a gold exploration company with properties located in Northern Quebec at different stages of development. The company owns a 25-per-cent interest in the Nelligan project (3.2 million inferred ounces gold; NI 43-101; October, 2019) and 1-per-cent net smelter return royalty. The Nelligan project won the Discovery of the Year award at the 2019 Quebec Mineral Exploration Association Xplor Gala. Vanstar is also earning 75 per cent into the Bousquet-Odyno project, located along the Cadillac break, and owns 100 per cent of the Felix property in the Chicobi group (Abitibi mining camp, 65 kilometres east of Amex's Perron property); the Amanda property, a 7,306-hectare property located on the Auclair formation with historic gold showings up to 12.1 grams per tonne gold over three metres; and the Frida and Eva properties located in the James Bay area.

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