CEO.CA Chairman's Briefing

Montreal, Quebec--(Newsfile Corp. - October 25, 2022) - Vanstar Mining Resources Inc. (TSXV: VSR) (OTCQX: VMNGF) (FSE: 1V8) ("Vanstar", or the "Company") is pleased to announce final results from its drill program at the Bousquet-Odyno project. The drill program totaled 32 holes for 9,127 metres and the results announced today include data from 19 drill holes which continue to intersect wide stringer zones in the 5 identified mineralized zones on the property.

Highlights reported today include:

Zone A
BO-22-73: 31.5 m @ 1.36 g/t Au, including 13.5 m @ 2.44 g/t Au
BO-22-94: 13.5 m @ 1.12 g/t Au

Main Zone
BO-22-69: 10.5 @ 2.31 g/t Au, and 6.40 m @ 3.41 g/t Au
BO-22-68: 6.00 m @ 3.00 g/t Au, and 9.00 m @ 1.22 g/t Au
BO-22-70: 16.00 m @ 1.20 g/t Au

Zone C
BO-22-85: 15.00 m @ 1.27 g/t Au

Drilling in 2022, as reported today and on May 30, June 20, and August 31, 2022, identified wide intersects of mineralized quartz stringer zones near surface in most zones as well as high grade zones that are open to depth. The Main Zone and Zones A and C are of particular interest given their wide near surface intercepts.

• A total of 15 holes were drilled in the Main Zone. All holes have identified broad high-grade gold at depth and have defined continuity of multiple stringer zones. Hole BO-22-69 intersected 10.5 m @ 2.31 g/t Au and Hole BO-22-88 intersected 7.5 m @ 1.99 g/t Au. Visible specks of gold were observed in a few holes. The Main Zone has been traced over a strike length of 400 m down to an approximate depth of 300 m and remains open at depth.

• In Zone A, Hole BO-22-63 demonstrated the high-grade potential at depth with an intercept of 21.5 m @ 5.23 g/t Au, including 10.5 m @ 10.14 g/t Au. Hole BO-22-73 assayed the widest mineralized intercept on the property to date (31.5 m @ 1.36 g/t) and is in proximity to previously announced holes BO-22-81, with results of 27 m @ 1.36, BO-22-76, 9.00 m @ 3.96 g/t, and BO-22-94 with an intercept of 13.5 m @ 1.12 g/t Au. As of this drill program Zone A has been drilled for a strike length of 300 m, down to 250 m and remains open at depth.

• In Zone C, Hole BO-22-85 assayed 15.0 m @ 1.27 g/t Au which is the best intercept to date on this zone. More drilling will be needed to understand the attitude of this zone.

• Zone D includes previously announced holes BO-22-78 and 80 had drill results of 9.5 m grading 1.37 g/t Au and 10.5 m grading 2.00 g/t Au, respectively, in proximity of historical hole 80-3, which intersected 6.0 m grading 3.38 g/t Au. The preliminary interpretation of Zone D is that we could be in a mineralized cross-structure which opens up new targets on the project. More drilling is needed to confirm this interpretation.

All zones justify further drilling with targets at depth and to verify the presence of mineralized cross-structures. Zones A and D are associated with conglomerate units that extend to the western boundary of the property with only a few drill holes on this sedimentary sequence and offer additional targets area to the west. See Figure 1 for a plan map indicating the location of released holes and Table 1 for a list of results from the 2022 drill program.

J.C. St-Amour, President and CEO, said "Our drilling program allowed us to identify multiple stacked near surface mineralized gold zones and brings the combined strike length of the system to 800 m. Every hole drilled in this program encountered gold mineralization and has yielded additional targets for future drilling. The presence of wide mineralized stringer zones near surface offer promising opportunities for future development and there remains significant potential for high grade gold discoveries at depth, as has been demonstrated by other mines along the Cadillac Break."

The Bousquet-Odyno project is located approximately 6 km from IAMGOLD Corporation's ("IAMGOLD") Westwood mine and processing facilities. The following video demonstrates the proximity of the Bousquet Odyno project to regional infrastructure and the Westwood mill.

Figure 1: Plan map of the Bousquet-Odyno Project indicating drill hole location.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8185/141814_5574da7974f769e1_002full.jpg

Table 1: Results from the 2022 Bousquet-Odyno Drill Program including previously released holes

*True widths are estimated at 65 to 95% of the core interval.

Table 2: Drill Hole information 2022 Bousquet-Odyno Drill

Qualified Person

Mr. Gilles Laverdière, P.Geo, consultant geologist and qualified person under NI 43-101 has read and approved this press release.

About Bousquet-Odyno

Bousquet-Odyno is comprised of 37 contiguous mining claims covering approximately 1,492 ha and is located directly south of highway 117 between the towns of Rouyn-Noranda and Malartic in the Province of Quebec. The Property lies within the Abitibi greenstone gold belt, along the Cadillac break, a prolific gold bearing regional structure that has produced 100 million ounces of gold since 1900. Vanstar can earn a 75% interest in the project from IAMGOLD by spending $4 million over four years. IAMGOLD will have the right to back-in to 50% of the project.

About Vanstar

Vanstar Mining Resources Inc. is a gold exploration company with properties located in Northern Québec at different stages of development. The Company owns a 25% interest in the Nelligan project (3.2 million inferred ounces Au, NI 43-101 October 2019) and a 1% NSR. The Nelligan Project won the "Discovery of the Year" award at the 2019 Quebec Mineral Exploration Association Xplor Gala. Vanstar is also earning 75% into the Bousquet-Odyno project located along the Cadillac Break and owns 100% of the Felix property in the Chicobi Group (Abitibi mining camp, 65 km East of Amex Perron property), the Amanda property, a 7,306 ha property located on the Auclair formation with historical gold showings up to 12.1 g/t Au over 3 meters, and the Frida and Eva properties located in the James Bay area.

Source:

JC St-Amour.
President and CEO
+1 (647) 296-9871
jc@vanstarmining.com
www.vanstarmining.com

The TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the TSX Venture Exchange Policies) do not accept any responsibility for the truth or accuracy of its content.

FORWARD-LOOKING STATEMENTS:

This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward -looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/141814