Vancouver, British Columbia – November 23, 2022: Blue Star Gold Corp. (TSXV: BAU) (OTCQB: BAUFF)(FSE: 5WP0) (“Blue Star” or the “Company”) provides an update on the final results from the 2022 exploration campaign. Drilling focused on both potential new resource areas and on select areas of the Flood Zone deposit to improve geological and resource modeling as part of a multi-prong exploration program across the Company’s highly prospective Ulu, Hood River, and Roma projects located in the Kitikmeot Region of Nunavut.

Exploration program results:

  • Previously reported drilling highlights (see news releases dated July 20, and Aug. 17, 2022):
    • 15 grams per tonne (g/t) gold (Au) over 17.65 metres, including a 6.00 m interval of 25.74 g/t gold from DD22-FLO-002 — representing the highest value (grams gold times width metres) of all intercepts drilled by the company;
    • 6.52 g/t gold over 17.4 m, including 9.96 g/t Au over 6.3 m in DD22-FLO-001.
  • Current highlight drill results:
    • DD22-FLO-006: 4.41 g/t gold over 10.42 m, expands a shallow Flood zone hanging wall zone;
    • DD22-FLO-007: 3.52 g/t gold over 4.62 m from 6.66 m depth, confirms potential for mineralization in oblique orientations to the Flood zone;
    • DD22-FLO-003 and 004: confirms the presence of the Flood zone structure in the sediment core area approximately 200 m to the southeast of the deposit.
  • Flood zone core resampling program highlights:
    • Sampling of previously unsampled core around an historical Flood zone intercept in drill hole 04UL-02 expanded the interval to 3.18 g/t gold over 31.10 m (includes the original interval of 6.91 g/t gold over 7.45 m);
    • Additional samples collected from a sampling gap between two higher-grade intervals resulted in a 6.56 m interval of 19.07 g/t gold.

Exploration Program Summary

The exploration program consisted of 25 drill holes totalling 3,700 m in the Gnu (Nutaaq) zone, Central-C, Axis, sediment core and select targets in the Flood zone. The objective was to test target areas, in particular the expanding Gnu (Nutaaq) zone, and the Central-C and Axis zones, located within a few hundred metres of the Flood zone gold deposit. All drilling was completed with oriented core to assist in geological modelling. An additional sampling program of historical core from nine drill holes was undertaken to better determine mineralization boundaries due to unsampled shoulders on some mineralized zones. In addition, a 3,055-line-kilometre airborne geophysics program and a regional till sampling program on the Roma project was conducted. Detailed review and prospecting/mapping of 58 of the targets within the more than 100 compiled pipeline showings were also completed.

Discussion of New Drill Results Reported

DD22-AXS-001: drilled to test for mineralization subparallel to the Flood zone, while simultaneously undercutting a 2021 intercept in hole 21BSG-009 and targeting an area above a 1990 intercept in hole 90VD46. The hole was drilled through various types of basalt rock for the entire length of the hole. A zone of alternating bands of chlorite/diopside-biotite occurs in weakly strained, fine-grained basalt from 88.59 m to 90.84 m, with approximately 7 per cent pyrrhotite, 5 per cent acicular/blebby/disseminated arsenopyrite and 4 per cent pyrite. This interval returned one m of 2.81 g/t gold. Another significant mineralization zone occurs within silicified, pillow basalt from 111.33 m to 115.36 m, with approximately 8 per cent pyrrhotite, 5 per cent acicular arsenopyrite and 3 per cent pyrite. This interval returned 4.03 m of 1.79 g/t gold and confirms 90 m of vertical continuity between the 2021 and 1990 drill holes mentioned above.

DD22-FLO-003: drilled as part of a fence approximately 200 metres southeast of the main Flood zone testing for structure and the presence of basalt units in a folded structure (sediment core). The hole collared in sediments intruded by quartz-feldspar porphyry (QFP) dikes and ended in a section of conformable mafic volcanic units. A fault zone with angular fragments was intersected at 101.84 m, and a section of variably altered and mineralized mafic units was encountered between 108.95 m to 111.76 m and 125 m to 133.75 m, the latter returning a broad low-grade gold signature of 8.75 m of 0.37 g/t gold.

DD22-FLO-004: the second hole in the sediment core fence encountered variably strained sections of greywacke intruded by QFP dikes, a 0.5 m quartz vein and minor volumes of basalt before the hole ended in a two mica granitoid. Numerous clay-rich brittle faults were logged. A significant alteration zone with veining and mineralization (sphalerite more than pyrite more than galena) occurs at the sediment-granitoid contact. The best intercept in the contact zone was 6.59 g/t gold over one m.

DD22-FLO-005: drilled to test a hanging wall zone to the main Flood deposit and better define the basalt sediment contact on the west side of the Ulu fold. The hole encountered basalt, a transitional contact zone and then greywacke. A two m zone of strain and alteration was encountered in the transitional basalt immediately above the sediment contact, with disseminated pyrite more than pyrrhotite and trace arsenopyrite. Low gold grades were returned indicating continuity of the zone.

DD22-FLO-006: drilled to evaluate additional hanging wall zones closer to the main Flood zone deposit. Pillowed to massive basalt intruded by numerous QFP dikes was intersected. Moderate to strong calc-silicate alteration with increasing silicification occurs in the upper 75 m of the hole with short sections of acicular arsenopyrite present within the 61 m to 71 m interval. A one m quartz vein occurs at 106.4 m within a sheared basalt. Assays expanded the shallow hanging wall zone with results of 4.41 g/t gold over 10.42 m.

DD22-FLO-007: evaluated an inferred oblique structure the Flood zone. This hole cut only pillowed basalt; calc-silicate alteration of varying intensity was observed throughout the drill hole. Mineralization included acicular arsenopyrite observed from 7.84 m to 10.76 m. Assays indicated the potential for oblique mineralized structures to the fold zone with a result of 3.52 g/t gold over 4.62 m, including 7.31 g/t gold over 1.56 m.

DD22-FLO-008: drilled to evaluate a footwall zone that had previously been drilled from a poor direction. The hole intercepted pillow basalt and basalt flow core rock, with short intervals of argillite and chert. A fault zone with gouge and fractured core was intersected from 12.78 m to 13.55 m; a second fault occurs from 76.50 m to 76.53 m. A chert interval and the marginal basalt is mineralized with 1.5 per cent blocky arsenopyrite from 27.18 m to 31.16 m. A second mineralized interval from 48.97 m to 50.53 m is developed in strained basalt containing 7 per cent acicular/blocky/stringer arsenopyrite, 5 per cent pyrrhotite and 3 per cent pyrite stringers. This interval returned 2.54 g/t gold over 1.56 m.

Discussion of Additional Core Sampling Results Reported

Additional core sampling was conducted on nine holes, eight of which returned values of interest. One hole had never been sampled previously as it was used to collect physical properties during a program in 1997. The holes for additional sampling were selected from a list of holes that lacked shoulder sampling that were readily identifiable in the core storage yard. All holes reviewed targeted the Flood zone at levels from 25 m to 115 m below surface.

04UL-01: additional samples were collected up and down hole from the previously modelled 9.1 g/t gold interval to better determine the boundaries of the mineralized zone. The 1.6 m modelled zone was successfully expanded to 4.1 m of 4.81 g/t gold.

04UL-02: additional samples were collected up hole and down hole form the original 6.91 g/t gold over 7.45 m interval. Sampling returned moderate to strong grades resulting in an expanded interval of 3.18 g/t gold over 31.1 m which is inclusive of the original interval.

04UL-26: no significant adjustments were made with the limited additional sampling in this hole.

04UL-42: additional sampling doubled the length of the original interval and improved the grade, providing better mineralization continuity and mineralization boundaries.

96-UL-17: additional samples up hole and down hole expanded the boundaries of the mineralized zone, providing for better continuity interpretation, however, the grade of the interval did not improve.

97UL115-11: additional sampling of this underground drill hole filled in a sampling gap between two higher-grade intervals resulting in a new single interval of 6.96 m of 19.07 g/t gold, supporting the interpretation of a single mineralized lens through this area.

97UL25-09: an underground hole used for physical properties only, never previously sampled for assay, returned three mineralized intervals including 1.8 g/t gold over 22 m (includes 8.52 g/t gold over one m), allowing for interpretation of mineralization continuity where it was not previously modelled.

Figure 1: Plan map of 2022 drill holes.

Table 1: Table of drill results

Table 2: Table of additional sampling drill results

Table 3: Table of drill collar locations for holes reported in this release

Blue Star Gold’s Projects

The company’s properties are located approximately 525 kilometres north-northeast of Yellowknife, NWT, in the Kitikmeot region of western Nunavut. The hamlet of Kugluktuk is approximately 210 km to the northwest. The Roma property lies approximately 30 km north of the Ulu-Hood River property. The total area of Blue Star’s projects encompasses 267 square km 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 square km) 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 square km) 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 five 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 20 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 four 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 Canada Ltd. from 1988 to 1994. Multiple significant gold showings are present within a 6.5 km by 2.4 km area on the historic Roma claim block. The original showing is a 0.3 m to three m wide quartz vein exposed in outcrop and boulders for two 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 drill holes, and the best results were 12.38 g/t Au over 2.31 m (including 64 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 down-dip of the high-grade intersection in DDH MD-01 and no stepout 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 1990s. 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: G. McMaster (1995), Roma 3, 4, 5 and 6 claims 1995 geological and geochemical report; and L. Anonby and W. Jopson (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 km to 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 20 samples. Certified reference material was inserted once every 10 samples. Reported assay intervals are uncapped, use a minimum one g/t gold assay cut-off ,with the inclusion of up to two 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 per cent to 95 per cent of drilled lengths.

Qualified Person

Darren Lindsay, PGeo, vice-president of exploration for Blue Star, is a qualified person under National Instrument 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 Star’s 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

Raffi Elmajian, Corporate Communications Manager

Telephone: +1 778-379-1433 ext. 107

Email: relmajian@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.