Mr. J.C. St-Amour reports

VANSTAR REPORTS RESULTS FROM 2023 DRILLING PROGRAM ON THE NELLIGAN PROJECT

Vanstar Mining Resources Inc. has released 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 released today are from 11 holes completed in the resource area of the Nelligan deposit as well as two exploration holes completed to test targets in the southern portion of the Nelligan property (see attached table). Drilling results reported herein relate to 5,553 metres for a total of 9,934 metres drilled in 2023 (see news release dated July 5, 2023, for results from the first 3,381 metres).

Today's highlights include:

• Hole NE-22-206:
  • 2.08 grams per tonne gold over 15.5 m from 292.0 m depth;
  • 1.21 g/t Au over 35.3 m from 323.7 m depth;
  • 3.08 g/t Au over 8.0 m from 413.5 m depth;
• Hole NE-22-208:
  • 2.41 g/t Au over 13.5 m from 396.0 m depth;
  • 1.46 g/t Au over 13.5 m from 460.5 m depth;
• Hole NE-22-211:
  • 2.15 g/t Au over 13.8 m from 148.50 m depth;
  • 2.55 g/t Au over 34.4 m from 289.10 m depth;
  • 1.92 g/t Au over 28.5 m from 396.00 m depth;
  • 2.88 g/t Au over 13.5 m from 447.00 m depth;
  • 1.31 g/t Au over 31.5 m from 472.50 m depth;
  • 2.97 g/t Au over 13.5 m from 549.00 m depth.

J.C. St-Amour, president and chief executive officer, said: "The results of the summer drilling program continue to demonstrate the growth potential of the Nelligan deposit. The deposit remains open in all directions, especially at depth and in the eastern downplunge of the mineralized zones, where we have seen some holes return better-than-average grade and widths. The infill program results support the current block model and there is ample room for additional expansion and growth. The exploration holes completed south of the resource area have identified the presence of altered rocks outside the known resources, which remain to be further explored for their gold potential. The Iamgold exploration team is currently defining other targets in the extensions of the Nelligan deposit and on undrilled areas of the project."

The Nelligan gold project (on a 100-per-cent basis) hosts indicated mineral resources of two million ounces grading 0.84 g/t Au and inferred mineral resources containing 3.6 million ounces of gold grading 0.87 g/t Au (refer to Vanstar's news release dated Feb. 23, 2023).

Nelligan next steps

The summer exploration program, including geological mapping and sampling and a mobile metal ion (MMI) soil sampling survey, has provided encouraging results that are being compiled and will be integrated for exploration targeting for future exploration programs. Drilling will resume early this winter, with a portion of the program on the resource area and the rest on identified priority exploration targets. Iamgold is currently defining the exploration plan for 2024 and the company will provide an update in the coming weeks.

Qualified person

Gilles Laverdiere, PGeo, consultant geologist and 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 (two million ounces grading 0.84 g/t Au and inferred mineral resources containing 3.6 million ounces of gold grading 0.87 g/t Au; NI 43-101; February, 2023) and a 1-per-cent NSR (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. The company owns 100 per cent of the Felix property in the Chicobi group (Abitibi mining camp, 65 kilometres east of Amex Perron property), the Amanda property (7,306 hectares) located on the Auclair formation with historical gold showings up to 12.1 g/t Au over three m, and the Frida and Eva properties, located in the James Bay area.

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