Vancouver, British Columbia – September 7, 2022: Blue Star Gold Corp. (TSXV: BAU) (FSE: 5WP0) (OTCQB: BAUFF) (“Blue Star” or the “Company”) announces that it has completed its 2022 exploration program across the Company’s highly prospective Ulu, Hood River, and Roma projects located in the Kitikmeot Region of Nunavut.

Highlights:

  • DD22-MSK-005 returned 8.18 g/t gold over 4.2 m, including 13.53 g/t over 2.19 m starting at 94.08 m downhole; additional assays pending.
  • DD22-MSK-001 returned 8.50 g/t gold over 2.4 m, including 20.10 g/t over 0.60 m starting at 124.24 m downhole.
  • A total of 3,690 metres of NQ diamond drilling was completed across four key target areas during the program, including the Flood Zone, the Axis Zone, the Gnu Zone and the Central-C Zone.
  • Approximately 50% of the samples from the program are pending assay results.
  • Previously reported results from the 2022 exploration program include (see news releases dated July 20 and August 17, 2022):
  • 15.00 g/t gold over 17.65 m, including a 6.00 m interval of 25.74 g/t gold fromDD22-FLO-002. This represents the highest value (grams gold x width metres) of all intercepts drilled by the Company.
  • 6.52 g/t gold over 17.4 m, including 9.96 g/t over 6.3 m in DD22-FLO-001.

Grant Ewing, Blue Star’s CEO stated: “Blue Star conducted another successful exploration campaign at its highly prospective Nunavut projects. The initial results of the program from DD22-FLO-002 returned the highest value (grams gold x width metres) of all intercepts drilled by Blue Star to date. Several other prospective target areas throughout the Company’s landholdings were assessed during the program, with significant results also returned from the Gnu Zone area drilling. An important component of the program was the successful progression of many of the prospective target zones closer to drill ready status.”

Exploration Program Progress Summary

The Company completed 3,690 metres of drilling during the program, 3,055-line km of airborne geophysics, and a regional till sampling program on the Roma Project. In addition, detailed review and prospecting/mapping of 58 of the targets within the >100 compiled pipeline showings were conducted.

Discussion of results

DRILLING

DD22-MSK-001 intersected 8.50 g/t gold over 2.4 m and 2.45 g/t over 1.0 m. The hole was drilled in gabbro with local metre scale strain and alteration zones spaced every 30-50 m; intense quartz veining is recorded in intervals from 109.33 to 114.31 m, and from 124.24 to 126.57 m. A strongly mineralized interval with 12% pyrrhotite, 5% pyrite, 0.5% blocky arsenopyrite, multiple flakes of visible gold (“VG”) and chalcopyrite in trace amounts occurs from 124.05 to 126.57 m within quartz veins and strongly sheared gabbro. Multiple VG flakes occur from 126.12 to 126.35 m.

DD22-MSK-002 returned no significant intercepts. The hole was drilled in gabbro; the targeted polymetallic vein was not intercepted. Blocky pyrrhotite (3%) and blocky chalcopyrite (1%) occur on the margins of a quartz vein from 44.19 to 44.29 m. The vein displays strong calc-silicate alteration.

DD22-MSK-003 intersected 1.04 g/t gold over 1.5 m, and 1.90 g/t gold over 1.71 m. The hole was drilled in gabbro and two faults were noted in the drill hole: one fault (30 cm) with gouge and fragmented clasts of gabbro and quartz was intersected at approximately 37 m, the second larger fault zone from 112.27 to 113.11 m consists of multiple gouges (<10 cm each), with angular clasts and fractured core filled with calcite between the intervals. The targeted polymetallic vein (93.71 to 94.91 m) contains 7% pyrrhotite, 7% sphalerite, 5% blocky and acicular arsenopyrite, 1% pyrite and sphalerite with traces of chalcopyrite within strongly sheared gabbro.

DD22-MSK-004 returned no significant intercepts. The hole was drilled in gabbro and intersected a fault zone from 111.80 to 118.73 m and a quartz vein containing 1% blocky pyrite and pyrrhotite from 133.60 to 133.97 m. Below the highest strain portion of the fault zone, a few mm and cm scale quartz veins contain up to 3% blocky pyrite. Calc-silicate alteration bands occur at the same orientation as the mineralized veins, possibly representing the margins of the targeted polymetallic vein.

DD22-MSK-005 intersected 8.18 g/t gold over 4.2 m, including 13.53 g/t over 2.19 m. The hole was drilled in gabbro and intersected numerous centimeter scale fault gouge zones. The mineralized zone from 94.08 to 98.33 m is comprised of cm and mm scale quartz veins and gabbro. The veins are discordant at a high angle to the fabric of the gabbro, the larger of which occur from 95.18 to 95.46 m, 97.72 to 96.66 m, and 96.88 to 97.37 m. The veins contain up to 6% blocky pyrrhotite, 1% blocky pyrite and 1% blocky chalcopyrite within wallrock fragments, and 2-3% blocky and acicular arsenopyrite. Additional assay samples are pending.

The Gnu Zone target area evaluated during this program is comprised of up to four known shear hosted quartz-polymetallic veins at high angle to a gabbro-sediment contact that hosts calc-silicate-acicular arsenopyrite alteration. All drilling this season was completed with oriented core to assist geological modeling. Late faults complicate the area however it is believed that the faults can be resolved with the current initial wide spaced drilling program.

Figure 1: Table of drill collar locations for holes reported in this release.
Figure 2: Table of results to date.
Figure 3: Plan map of drill hole locations from 2022 drill program.
Figure 4: Plan map of Gnu Zone drill holes.
Figure 5: Inclined schematic longitudinal of the Miksuk Vein in the Gnu Zone.

Blue Star Gold’s Projects

The Company’s Ulu-Hood River properties are located approximately 525 km NNE of Yellowknife, NT in the Kitikmeot region of western Nunavut. The hamlet of Kugluktuk is approximately 210 km to the NW. The Roma project lies approximately 30 km north of the Ulu-Hood River properties. The total area of Blue Star’s projects encompasses  267 km2 of the highly prospective and underexplored High Lake Greenstone Belt.

The Ulu lease and the contiguous Hood River property together encompass greater than 12,000 hectares (120  km2) of highly prospective exploration ground. The recent acquisition of the prospective and underexplored Roma property that lies approximately 30 km north increased the Company’s landholdings by more than 14,000 hectares (140  km2) in the High Lake Greenstone Belt.

The Ulu mining lease hosts the advanced stage Flood Zone gold deposit, where a significant high-grade gold resource has been outlined. Several additional gold prospects (including, but not limited to, Zebra, Contact, Central, Axis, and Gnu) are spatially related to the axis of the 5 km long Ulu Fold, which extends from the Ulu lease onto the northern part of the Hood River property and culminates at the North Fold Nose Zone. The recent expansion of the Hood River concession added several new target zones south of the Flood Zone gold deposit. The eastern side of the Hood River property is contiguous to the Ulu lease, and hosts over twenty known gold showings. The Hood River prospects have the same deformation history (including tight folding) as well as similar mineralization styles (acicular arsenopyrite and polymetallic quartz veins) and stratigraphic sequences as the Flood Zone. One of the most prospective target areas on the eastern Hood River property is the 4 km long Crown-Pro trend which has seen only limited drilling.

The Roma project lies in the northern section of the High Lake Greenstone Belt. The project covers high grade gold showings discovered by previous explorers, notably BHP Minerals from 1988 to 1994. Multiple significant gold showings are present within a 6.5 km x 2.4 km area on the historic Roma claim block. The original showing is a 0.30 to 3.0 m wide quartz vein exposed in outcrop and boulders for 2.0 km. In 1991, BHP drilled 10 shallow holes totalling 465 metres to test 1.72 km of strike of the vein. All drill holes intersected quartz veins from 15 m to 37 m vertically below surface. Visible gold was noted in three of the drillholes and the best results were 12.38 g/t Au over 2.31 m (including 64.0 g/t Au over 0.37 m) from DDH MD-01, and 8.69 g/t Au over 1.87 m from MD-03. No drilling was conducted downdip of the high-grade intersection in DDH MD-01 and no step out drilling to the north from this intercept was conducted. No follow up drilling is known to have been completed on this property since BHP’s initial drill program in the 1990’s. The Company has not verified the historical results from the Roma property and has presented information obtained from two assessment reports submitted by BHP Minerals Canada Ltd.; McMaster, G., (1995). Roma 3,4,5 and 6 Claims 1995 Geological and Geochemical Report, and Anonby, L. and Jopson, W., (1992). Geological, Geochemical, Geophysical and Drilling Report on the Roma 1 and 2 Claims.

The site of the future deep-water port at Gray’s Bay is 40 – 100 km to the north of the properties, and the proposed route corridor for the all-weather Gray’s Bay road passes in close proximity to the Roma, Ulu, and Hood River projects.

Technical Disclosure

Drill holes reported had core samples cut by core saw with one half of the core retained and the other half sent for analysis. Samples were prepared by ALS Yellowknife-Geochemistry and analyzed at ALS Global, North Vancouver. Gold analysis was by fire assay using ALS code Au-AA26 and multielement analysis by code ME-MS61. Control samples include a crush duplicate every twenty samples; certified reference material was inserted once every ten samples. Reported assay intervals are uncapped, use a minimum 1 g/t gold assay cut off with the inclusion of up to 2 m of material below cut-off. True widths for all but the Flood Zone are not known due to lack of drilling and may range from 50% to 95% of drilled lengths.

Qualified Person

Darren Lindsay, P. Geo. and Vice President Exploration for Blue Star, is a Qualified Person under National Instrument 43-101 (“NI 43-101”) and has reviewed and approved the technical information contained in this news release.

About Blue Star Gold Corp.

Blue Star is a gold company focused on exploration and development within Nunavut, Canada.  Blue Stars landholdings total approximately 270 square kilometres of highly prospective and underexplored mineral properties in the High Lake Greenstone Belt, Nunavut.  The Company owns the Ulu Gold Property mining lease, an advanced gold project, the highly prospective Hood River Property that is contiguous to the Ulu lease, and the Roma Project.  A significant high-grade gold resource exists at the Flood Zone deposit (Ulu lease), and numerous high-grade gold occurrences and priority targets occur throughout the Ulu, Hood River and Roma Projects.

Blue Star is listed on the TSX Venture Exchange under the symbol: BAU, the U.S. OTCQB Venture Market under the symbol: BAUFF, and on the Frankfurt Exchange under the symbol: 5WP0.  For information on the Company and its projects, please visit our website: www.bluestargold.ca.

For further information, please contact:

Grant Ewing, P. Geo., CEO

Telephone: +1 778-379-1433

Email: info@bluestargold.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the Policies of the TSX-Venture Exchange) accepts responsibility for the adequacy or accuracy of this Release.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION

This press release contains “forward-looking statements” within the meaning of applicable securities laws. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding prospective income and revenues, anticipated levels of capital expenditures for fiscal year, expectations of the effect on our financial condition of claims, litigation, environmental costs, contingent liabilities and governmental and regulatory investigations and proceedings, and estimates of mineral resources and reserves on our properties.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: economic and financial conditions, including volatility in interest and exchange rates, commodity and equity prices and the value of financial assets, strategic actions, including acquisitions and dispositions and our success in integrating acquired businesses into our operations, developments and changes in laws and regulations, including increased regulation of the mining industry through legislative action and revised rules and standards applied by the regulatory bodies in Nunavut, changes in the price of fuel and other key materials and disruptions in supply chains for these materials, closures or slowdowns and changes in labour costs and labour difficulties, including stoppages affecting either our operations or our suppliers’ abilities to deliver goods and services to us, as well as natural events such as severe weather, fires, floods and earthquakes or man-made or other disruptions of our equipment, and inaccuracies in estimates of mineral resources and/or reserves on our mineral properties.