Canstar Samples 289 g/t Au from the Skidder Target and Engages GoldSpot Discoveries for Golden Baie Exploration

Toronto, Ontario – November 11, 2021 – CANSTAR RESOURCES INC. (TSXV: ROX &

reported may not represent the true grade or style of mineralization across the property.)

Canstar is also pleased to announce that it has engaged GoldSpot Discoveries Corp. (TSXV: SPOT) (“GoldSpot“) to apply its proprietary machine learning technology and geoscience data management expertise to assist in advancing exploration targeting on the district scale Golden Baie property.

Highlights

• 289 g/t Au returned from quartz float (Figure 1) from the Skidder target, which is located 1.2 km north of the Kendell prospect and appears to have a similar style of gold mineralization (Figure 2). Nearby rock sampling has defined a 500 meter by 400 meter anomalous area with float samples up to 21.7 g/t Au and outcrop up to 30.3 g/t Au. The sample that returned 30.3 g/t Au is from outcrop approximately 370 meters NE of the Skidder boulder location.
• Quartz float samples 2 kilometers southwest, and on strike of Kendell, have returned 63.7 g/t Au and 3.7 g/t Au in silicified metasedimentary rocks with disseminated arsenopyrite. Assays are pending for additional rock samples from this new ‘SW Extension’ target area.
• Quartz float grading 10.2 g/t Au from Heart Hill has expanded the “area of interest” to a 1,000 meter by 300 meter footprint. Assays are pending for soils and rock samples.
• Discovery of a new bedrock occurrence of gold in an area the company has named Train Hill (Figure 1). Fifteen outrcrop samples were collected over a NE-striking area ~900 meters by 100 meters wide. Six of the fifteen samples returned >1.0 g/t Au. Results range from below detection to 1.5 g/t Au with an average of 0.7 g/t Au.

Matthieu Lapointe, VP Exploration, “Remarkable progress was achieved by Canstar at Golden Baie this field season. High-grade results from early-stage drilling and multiple grassroots discoveries that span 30 km are a testament to our high-performing exploration team and the underexplored nature and district-scale potential of the Golden Baie property. Our intent is to accelerate our systematic exploration strategy and continue to identify, prioritize, and advance targets. Canstar has inherited extensive drill, geochemical and geophysical datasets from the 25 years of sporadic exploration campaigns and government initiatives. We are excited to partner with GoldSpot to interrogate these data and leverage the successes they have gleaned from years of experience targeting orogenic gold systems in Newfoundland and beyond.”

Figure 1 - Golden Baie project partial claim block map showing key targets and prospects.

Discussion of Assay Results Skidder:

The visible gold-bearing float from Skidder (Figure 2) was discovered during 2021 prospecting of the 6-kilometer-long anomalous gold trend that strikes NE and extends from the historic Bower’s Tickle occurrence to the 90 West prospect(Figure 3). The Skidder float is 40 cm in the maximum dimension. Coarse visible gold is hosted in recrystallized grey quartz in close association with arsenopyrite (galena also present). Wall rock shale fragments hosted within the quartz suggests a similar host sequence as Kendell and match observed outcrop in the area, suggesting a local source.

Further sampling in the Skidder target area by the Company has defined a prospective area at least 500 meters by 400 meters. A total of 76 float samples and 32 outcrop samples were collected in this area (Table 1). Excluding the 289 g/t Au float, results for other float samples average 1.3 g/t Au and range from below detection to 21.7 g/t Au with 18 samples reporting >1.0 g/t Au and 5 samples reporting >5.0 g/t Au. Results for outcrop samples average 1.8 g/t Au and range from below detection to 30.3 g/t Au with 7 samples grading >2.0 g/t Au and 2 samples grading >10.0 g/t Au. Gold mineralization in outcrop (and float) is hosted in silicified shale with quartz veining and up to several percent arsenopyrite, pyrrhotite and trace chalcopyrite and galena.

Canstar has completed 15 holes totalling 1,748 meters of drilling in the Skidder area and 11 holes in 1,300 meters from the Blow Out area (Figure 3). Assay results are pending for these drill holes. The Company is planning to collect basal till samples this fall to aid in vectoring towards the bedrock source of gold mineralization. Heavy Mineral Concentrates (HMC) and gold grain analyses will be processed by Overburden Drilling Management (ODM), global leaders in heavy mineral geochemistry and indicator mineral exploration.

Figure 2 - Cut surfaces of boulder from the Skidder target, grading 289 g/t Au. Visible gold in red circles. Top: shows 2 coarse visible gold (vg) grains to the right of the image and galena to the left (hand lens for scale). Bottom Left: Coarse visible gold associated with arsenopyrite (apy). Note the dark grey-black inclusion of fine-grained sediment. Bottom right: photomicrograph of visible gold associated with arsenopyrite mineralization.

Figure 3 - Golden Baie project partial claim block map showing area of 2021 exploration focus and drilling.

Train Hill:

The Train Hill discovery is located approximately 16 kilometers NE of the Kendell prospect and is a new gold in bedrock occurrence (Figure 1). There is no documentation of this occurrence in historic assessment work or the Newfoundland and Labrador Mineral Occurrence Data System (MODS). The new target area is particularly interesting as it sits off the main trend and highlights the potential for significant gold showings east of the Collins Brook Fault, a historically underexplored region of the property.

Initial rock sampling in 2021 included fifteen outrcrop samples collected over a NE-striking area approximately 900 meters by 100 meters. Six of the fifteen samples returned >1.0 g/t Au. Results range from below detection to 1.5 g/t Au with an average of 0.7 g/t Au (Table 1). Anomalous gold samples are characterized as siliceous metasedimentary rocks hosting centimeter-scale quartz veining with pyrite and arsenopyrite disseminations.

The Company is very encouraged by the extent of consistent gold values returned from the limited sampling. The exploration team anticipates that with additional sampling and exploration activity there is potential to discover higher grade zones. To advance the Train Hill discovery the Company is planning a soil grid/prospecting to be completed this fall followed by trenching, channel sampling and geological mapping scheduled for 2022.

Heart Hill:

Heart Hill is located approximately 29 kilometers northeast of the Kendell prospect (Figure 1). Prospecting from 2016-2017 by the original property vendors resulted in sampling of boulders grading 62.7 g/t Au and 43.9 g/t Au (2016-2017 historical results). These float samples were described as angular and comprised of quartz-vein material with disseminations of arsenopyrite and galena.

During 2021, a quartz-vein float sample taken roughly 600 meters north-northeast of the historic high-grade samples, returned 10.2 g/t Au and expanded the zone of anomalous quartz float material to an area of 1,000 meters by 300 meters. The anomalous footprint now contains 29 float samples. Excluding the >10.0 g/t Au samples, the 26 samples average 0.4 g/t Au and range from below detection to 2.6 g/t Au (Table 1).

To follow-up the Heart Hill target the Company intends on designing a basal till sampling with HMC analyses along with prospecting, geological mapping and channel sampling to be completed in 2022.

Kendell - SW Extension:

Nine float samples were collected in 2021 in an area two kilometers SW and along strike of the Kendell prospect (Table 1). 63.7 g/t Au was returned from a subangular float described as a siliceous metasedimentary rock containing arsenopyrite. Float sampling within a 50-meter radius of the high-grade sample has returned 3.7 g/t Au and 0.8 g/t Au from additional angular float samples containing quartz veining and arsenopyrite. There are samples pending assay results from this trend. The Company plans on advancing this target in 2022 with a combination of till sampling, prospecting, trenching and channel sampling.

At present, prospecting is ongoing in some of these areas and elsewhere on the property. Ninehundred seventy-six (976) grab samples have been submitted for which laboratory results are anticipated throughout November and December. This includes metallic screen re-assays of samples which assayed over 1.0 g/t Au.

Acknowledgements

Canstar wishes to acknowledge the financial support of the 2021 exploration program through the Junior Exploration Assistance Program from the Department of Natural Resources, Government of Newfoundland and Labrador.

QA/QC:

All rock samples were collected by company personnel and shipped to Eastern Analytical of 403 Little Bay Road, Springdale, NL, a commercial laboratory that is ISO/IEC 17025 accredited and completely independent of Canstar Resources Inc. Samples are analyzed for gold using fire assay (30g) with AA finish and an ICP-34, four acid digestion followed by ICP-OES analysis for 34 additional elements. Metallic screening is being used for samples with visible gold and all samples with initial fire assays over 1.0 g/t Au. In addition to Eastern Analytical's quality control program of standards, blanks and duplicates, Canstar's QAQC program utilizes four commercially available reference standards, blanks and duplicate samples to ensure data quality. In addition, duplicates of selected samples are being sent to a second laboratory as check assays.

Table 1 – Rock sample assays received from areas mentioned in this release to date in 2021

Easting Northing Sample ID Au (g/t) Area Type (NAD27) (NAD27)

Qualified Person

Bob Patey, B.Sc., P.Geo, Senior Geologist of Canstar, and a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, is responsible for the scientific and technical data presented herein and has reviewed and approved this release.

About Canstar Resources Inc.

Canstar is focused on the discovery and development of economic mineral deposits in Newfoundland and Labrador, Canada. Canstar has an option to acquire a 100% interest in the Golden Baie Project, a large claim package (62,175 hectares) with recently discovered, multiple outcropping gold occurrences on a major structural trend in south Newfoundland. The Company also holds the Buchans-Mary March project and other mineral exploration properties in Newfoundland. Canstar Resources is based in Toronto, Canada, and is listed on the TSX Venture Exchange under the symbol ROX and trades on the OTCPK under the symbol CSRNF.

For further information, please contact:

Rob Bruggeman, President & CEO Email: [email protected] Phone: 1-647-247-8715 Website: www.canstarresources.com

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