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Returning to Alaska's first underground gold mine - Heliostar Metals' Unga project

Kitco News

(Kitco News) - Due to his past work at Newcrest, Charles Funk had a clear goal for Heliostar Metals (TSX.V: HSTR).

Last month Funk spoke to Kitco Mining at Deutsche Goldmesse in Frankfurt. Funk is the CEO of Heliostar.

Heliostar is focused on its Unga project, a 250-square-km land package in the Aleutian Islands of Alaska. Heliostar said it is the first company to consolidate the district since 1886. Part of the package is a brown fields site with past mining activity. The company reported grade at its SH-1 resource at 3.8 g/t gold. Grades at the historic Apollo mining site were reported at 10.1 g/t gold.

Funk said the goal for Unga is to get to a 1-to-5-million-ounce gold deposit, a hurdle he learned from his days in corporate development at Newcrest.

"When we started Heliostar, we wanted the kind of projects that can deliver over tier one gold projects," said Funk. "Not many projects have that potential, so when you find one, like Unga, you work pretty hard to unlock it."

The project is in the Aleutian Island, but Funk said the project is accessible.

"The infrastructure is surprisingly good. You can fly down from Anchorage. It's about a 2 1/2 hour flight. There's an airstrip that you can land a 737 on, so it's surprisingly easy to get to," said Funk.

Kitco Mining's coverage of Deutsche Goldmesse was sponsored by Faraday Copper.

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