Ulu Gold Project

Projects

Ulu Gold Project

The Company's properties are located ~525 km NNE of Yellowknife, NT in the Kitikmeot region of western Nunavut. Blue Star’s flagship asset, the Ulu Gold Project, is comprised of the Ulu Mining Lease and the contiguous Hood River Property, together encompassing ~12,000 hectares. The Ulu Mining Lease hosts the advanced stage Flood Zone gold deposit, where a significant high-grade gold resource has been outlined. Permanent infrastructure at the site includes a camp, a network of roads, an airstrip, and an underground decline into the Flood Zone gold deposit. Numerous high potential exploration target areas occur throughout the Company’s extensive landholdings, providing Blue Star with excellent resource growth potential.

Ulu Mining Lease

The Ulu property consists of a renewable 21-year mining lease and covers an area of approximately 947 ha. The lease hosts an advanced gold project (Flood Zone) that between 1989 and 2012 saw significant exploration and development by BHP Minerals and Echo Bay Mines, among others.

The past work includes approximately 1.7 km of underground development and approximately 405 diamond drill holes that produced 88,330m of core on the Flood Zone. The Flood Zone contains the bulk of the Ulu gold resource and is open on-strike and at depth. Overall resources of 2.535 million tonnes grading 7.02 g/t Au for 572,000 gold ounces (Measured & Indicated category) and 1.283 million tonnes grading 7.34 g/t Au for 303,000 gold ounces (Inferred category) have been estimated for the Ulu Gold Project (refer to “Technical Report on the Ulu Gold Project, Nunavut, Canada” dated February 2023). The deepest intersection of potentially mineable width at the Flood Zone is 14.9 g/t Au over 7.7 m in BHP’s drill hole 90VD-75 at 610 m below surface. Metallurgical testing on the Flood Zone gold mineralization has shown that gold is recoverable in amounts greater than 90% by gravity, flotation and cyanidation.

_{Figure: Map of the Ulu and Hood River Projects displaying numerous targets and gold showings}

The Ulu Mining Lease, 947 ha, was initially staked by BHP Minerals as a mineral claim in 1988 under the Canada Mining Regulations and subsequently converted under the same regulations to a renewable 21-year Crown mining lease in 1996. The mining lease, now registered to Blue Star Gold Corp. was renewed as of November 18, 2017 with an expiry date of November 18, 2038.

950 ha contiguous with Hood River Property

Permitted mining lease with both identified gold resources and numerous high-quality drill targets

Permanent infrastructure includes airstrip and camp

Ulu Gold Project mineral resource estimate:

M&I 572,000 oz. Au (2.53MT @ 7.02 g/t Au)
Inf. 303,000 oz. Au (1.28MT @ 7.34 g/t Au)

Excellent resource expansion potential

_{Figure: A significant high-grade gold resource exists at the Flood Zone deposit, and numerous high-grade gold occurrences and priority targets occur throughout the Ulu and Hood River Projects}

The main deposit, called the Flood Zone, is a northwest-trending, shear hosted anastomosing vein/alteration system that occurs proximal to a basalt-metagreywacke contact at the core of the Ulu Fold. The deposit is steeply dipping to the southwest and has been traced for over 400 metres on surface. The current Flood Zone resource occurs between the surface and a vertical depth of 525 metres. The deepest significant Flood Zone drill intersection assayed 14.9 g/t gold over 7.7 metres at a depth of 610 metres below surface.

In addition to the high-grade Flood Zone gold deposit, the Ulu mining lease hosts several additional prospective target zones, many of which 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 2023 Exploration Program

Blue Star’s 2023 program included a multi-prong exploration effort across the Company's Ulu Gold Project in Nunavut, including ground-based geophysical surveys, ground-truthing pipeline targets, mapping, lithogeochemical sampling, and prospecting. The program was focused to identify and advance targets throughout Blue Star's highly prospective landholdings to be drill ready for a 2024 discovery program.

Program Highlights:

Several pipeline targets returned elevated gold values, including:

Central Breccia: 5.75 g/t and 4.91 g/t gold
Zebra-Dagg Trend: 13.6 g/t, 7.56 g/t, 5.42 g/t and 3.26 g/t gold
Interlake: 3.90 g/t gold, 9.84% and 5.77% zinc
South Zone-Twilight: 3.31 g/t gold
Ulu West Subzone B/C: 27.3 g/t, 7.98 g/t and 6.66 g/t gold

Discussion of Field Results

Mapping focussed on the 5 km long Ulu fold between the Flood Zone gold deposit and the NFN deposit, and the North and South Penthouse areas. Mapping was undertaken at scales of 1:5000 and 1:2500, and pXRF scanning of rock chips was used to determine areas for lithogeochemical sampling to better define and understand the stratigraphic package and differentiate between more prospective lithological units. These map areas host many of the key pipeline prospects. Prospectors focused on areas with limited to no previous sampling, and on confirming and expanding known pipeline targets.

The objective of the program was to revisit and evaluate all the historically defined showings in order to better prioritise their potential. Approximately 80% of the pipeline targets have now been revisited, including base metal targets.

A total of 319 samples were collected this season with assay results ranging from detection limit to 47.6 g/t gold. Samples returning > 1 g/t gold made up 22% of the sample population, > 3 g/t represented 11% of the sample population and samples returning > 5 g/t gold comprised 6% of the sample population. Highlights from the pipeline targets reviewed this season are below.

Ulu Fold Trend Targets

Apex/Bizen: 200-300 metre long acicular arsenopyrite bearing alteration zones in mafic volcanic rocks central to the Ulu Fold located 1500-1700 metres south of the NFN resource area. These trends returned 2.81 g/t, 2.72 g/t, 1.91 g/t, and 1.54 g/t gold.

M-Fold: a complexly folded and sheared mafic volcanic package located west of the Ulu Fold hinge and structurally separated from it by a significant shear zone; highlight result was 9.30 g/t gold.

Zebra: this drill target was further defined using detailed magnetics and mapping to better model the zones within and adjacent to a folded gabbro unit, within tightly folded sedimentary rocks, and at the mafic volcanic and sedimentary rock contact. Samples returned include 7.56 g/t and 3.11 g/t gold.

South Zone – Twilight: this area was mapped in detail in preparation for drill testing of the ~400-metre-long trend of alteration and acicular arsenopyrite mineralisation, interpreted to be a parallel structure to that hosting the Flood Zone gold deposit. Limited sampling this season returned up to 3.31 g/t gold.

New Showing: a new gold showing, called the Fault Showing occurs as part of the Mistake-Dagg-Fault trend immediately north and west of the Zebra showing, is located along the western Ulu Fold mafic volcanic contact with sedimentary units. This showing returned values of 13.6 g/t, 3.26 g/t and 1.4 g/t gold associated with acicular arsenopyrite.

Gnu/Nutaaq Trend Targets

JC Zone: this showing is hosted on the eastern limb of the Ulu Fold in the outer mafic volcanic unit. The main part of the zone was covered with a preliminary induced polarisation survey in order to refine potential drill targets within the Gnu/Nutaaq Trend. Results will be available after interpretations are completed.

Central Breccia: several showings in this area are interpreted to be hosted within the same lithological unit which hosts the Gnu/Nutaaq veins 700 metres to the southeast. Samples from sulphide bearing quartz veins returned 5.75 g/t, 5.42 g/t, 4.91 g/t and 2.56 g/t gold.

Ulu West Targets

Interlake: this showing was confirmed to include a combination of two styles of mineralisation; quartz vein hosted gold, and float boulders of massive sulphide material. The former style of mineralisation returned 3.90 g/t and 2.70 g/t gold while the later returned 0.68 g/t gold, 107 g/t silver, 0.2% cobalt, 2.03% lead and 9.84% zinc. The massive sulphide mineralisation is located on the same mafic volcanic/sedimentary rock contact as the Rhonda showing approximately 2200 metres to the south. More detailed mapping and prospecting of this contact and geophysical surveys will refine the target for future drill testing.

Hunter: this showing was expanded with a grab sample returning 7.30 g/t gold. The showing is hosted in the outer mafic volcanic unit of the Ulu Fold proximal to an inferred break between Ulu West and the Ulu Fold. More detailed work is required to better understand the controls of the mineralisation.

Ulu West-Subzone B/C: several metre to multi-metre scale northerly trending strain zones measuring tens to hundreds of metres in length locally host quartz veins with gossanous haloes in this area. Grab sample highlights from a number of these zones include 27.3 g/t gold from black quartz, 7.98 g/t from black-grey quartz with silvery coloured pyrite, and 6.66 g/t gold from a black quartz vein in foliated biotite rich sediments. These zones are characterised by high bismuth values. This area will receive more detailed mapping and geophysical surveys to determine mineralisation controls in order to bring it to drill ready.

The 2022 Exploration Program Highlights

3,700 Metre Drill Program (25 drill holes)
- Testing several targets on the Ulu property, improving the Flood Zone resource model
3,055-line-km Airborne Magnetometry Survey and Ground VLF-EM survey
Surface Mapping and Rock Sampling Program
- 1:2500 scale mapping of the Zebra showing, and work on historical showings on the Hood River Project
- Preliminary review of 58 targets within the more than 100 compiled pipeline showings conducted

The exploration program consisted of 25 drill holes totalling 3,700 metres 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 were conducted. Detailed review and prospecting/mapping of 58 of the targets within the more than 100 compiled pipeline showings were also completed.

Majority of resource development/evaluation work completed in much lower gold price environment

It would cost +$60 million CAD to replicate the extensive technical database & infrastructure at the Ulu site

Blue Star Drilling

• 2019 – 1,540 metres (11 surface holes HRP)

• 2020 – 7,624 metres (38 surface holes, Ulu & HRP’s)

• 2021 – 5,030 metres (26 drill holes at the Flood Zone, the NFN target, the Central Zone, and the Gnu area)

• 2022 – 3,700 metres (25 drill holes at the Gnu (Nutaaq) zone, Central-C, Axis, sediment core and select targets in the Flood Zone)

Existing Ulu Project Development

1.7kms of U/G development (ramp , raises)
Airstrip, road network, camp, shop

Blue Star Gold Surface Drilling Since 2019

Highlights

Measured and Indicated Resource of 2.535 million tonnes at an average grade of 7.02 grams per tonne ("g/t") gold ("Au") for 572,000 ounces of gold;

Inferred Mineral Resource of 1.283 million tonnes at an average grade of 7.34 g/t Au for 303,000 ounces of gold;

The updated geological model - using explicit vs the implicit techniques utilized in the previous estimation - has helped define all the reported zones;

Gold mineralisation remains open for further expansion in all contributing zones;

Previously reported metallurgical studies indicate all zones in the MRE can conceptually be co-mingled with +90% gold recovery; and

The multitude of gold showings and zones that have seen only limited detailed assessment provides the Company with excellent resource expansion potential throughout its district scale projects.

Ulu Gold Project Mineral Resource Estimate (“MRE”)*:

The independent and qualified person for the Mineral Resource Estimate, as defined by NI 43-101, is Chris MacInnis, P.Geo (#2059) from ALS-GoldSpot Ltd.

Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. There has been insufficient exploration to define inferred resources above as indicated or measured mineral resources however, it is reasonably expected that the majority of the inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. There is no guarantee that all or any part of a mineral resource can or will be converted into a mineral reserve. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

The mineral resources in this estimate were calculated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council (CIM 2014 and 2019).

The MRE is underpinned by data from 544 on site diamond drill holes totalling 112,880m of drilling

The MRE is reported at a cut off of 1.5 g/t Au for the conceptual open pit and 3.5 g/t Au for the conceptual underground extraction scenarios. The cut-off grades and potential mining scenarios were calculated using the following parameters; mining cost: $110.00/t UG and $4.13/t OP; G&A and site service costs: $44.20/t; processing cost: $36.3/t; recoveries 92%; gold price US$1750.00 per ounce; and minimum mining width of 2.0 metres in order to meet the requirement that the mineral resources show “reasonable prospects for eventual economic extraction.”

Original Au assays were composited to 1m with 4,231 composites generated in the mineralised domains including 3,934 composites generated for the Flood Zone, 81 composites for the NFN Zone and 154 composites for the Gnu (Nutaaq) Zone.

Grade interpolation was performed by ordinary kriging (OK) for the Flood Zone and inverse power of distance to the third power for all other zones. The informing data was composited to 1.0m for all zones except GNU, which used a 0.75m composite size.

High grade capping supported by statistical analysis was completed on composite data from each zone and was established at 41 g/t Au for the Flood Zone, 35 g/t for the Gnu(Nutaaq) Zone and 41 g/t Au for the NFN Zone.

All figures are rounded to reflect the relative accuracy of the estimates. Metal content is presented in troy ounces (tonnes x grade (g/t) / 31.10348).

The Author is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political or marketing issues or any other relevant issue not reported in the technical report that could materially affect the MRE.

The effective date of the MRE is 08 February 2023.

The Ulu Gold Project MRE is based on 544 diamond drill holes totalling 112,880 m spanning over thirty years to the present along and adjacent to the Ulu Fold Hinge. The MRE represents a significant adjustment in geological and mineralisation style understanding and confidence in the mineralisation modeling to a historic MRE published by a previous operator in 2015 by:

Modeling distinct high-grade zones with lower grade zones where they occur, and modeling two distinctive styles of mineralisation separately;
Addition of new assays from drilling campaigns in 2019 through 2022 totaling 88 drill holes for 15,391 m; and
Modeling portions of the mineral resources with a conceptual open pit mining scenario versus a solely underground extraction scenario.

* As reported in the amended technical report, titled “Technical Report on the Ulu Gold Property, Nunavut, Canada“, dated February 22, 2023 and filed on SEDAR.

In February 22, 2023, the Company reported that the independent and qualified person for the Mineral Resource Estimate, as defined by NI 43-101, is Chris MacInnis, P.Geo (#2059) from ALS-GoldSpot Ltd. had completed an independent Technical Report entitled, Technical Report on the Ulu Project, Kitikmeot Region, Nunavut, Canada.

Ulu Gold Project 43-101 Technical Report

Blue Star is the first company to create GIS databases for all the historic work on the Ulu and Hood River properties

including:

Scanning and digitizing > 25 historic geology maps
Digitizing 3,000+ surface mineralization points, 2,700 rock samples, and 2,300 outcrops as well as structural data
Creating 200+ lithology polygon digital geology maps
Integrating all surface data into 3D environment
Rigorous QAQC on historic drill data (477 ddhs) to create master databases for assays, survey data, alteration and drill composites
Creating 3D solids for alteration, lithologies, mineralization

Digital compilation into 3D has allowed for identification of likely controls on gold transport and localization at Ulu. These include:

Fluid focus along fold axis (1st order control) at lithologic contacts with high rheology contrast (basalt-sediment)
Capture of the fluid by planar quartz-feldspar porphyry dikes (2nd order)
Deposition of mineralization in NW trending fractures (3rd order capture) within competent mafic volcanic unit. High-iron tholeiitic basalt = same host for Doris Au Mine and HGZ at Red Lake (which also has acicular arsenopyrite)

Recognition of these structural controls allows for targeting of similar settings along the Ulu Fold and Hood River Property.

Amphibolite Grade Gold Mine

Examples

Eleonore
Quebec: Aspy > po > py. Tourmaline rich. 7+ M oz Au. Hedenbergite alteration. Ductile deformation.

Borden Lake
Ontario. 4.17 MT @ 6.38 g/t AuPo » Py. Ductile deformation.

Lupin
Nunavut. 3.4 M oz Au produced at 9.0 g/t. Aspy + loellingite + po with quartz + hedenbergite.

Hemlo
Ontario. 21 M Oz Au total. Golden Giant grade = 11.47 g Au.

Flood Zone

Grain boundaries + free gold. Calc-silicate alteration including actinolite and diopsidic hedenbergite.
Features consistent with amphibolite grade Au deposits include ductile deformation, arsenopyrite + lollingite + pyrrhotite ore mineral assemblage, calc-silicate alteration.

Great Bear Resources’ LP Fault Zone
Mineralization is in amphibolite grades, 15.45 g/t Au over 25.15 m (389 gram metres)

2020 Drill Program

Ulu Video Footage

Overview

_{Figure: Map of the Ulu and Hood River Projects displaying numerous targets and gold showings}

950 ha contiguous with Hood River Property

Permitted mining lease with both identified gold resources and numerous high-quality drill targets

Permanent infrastructure includes airstrip and camp

Ulu Gold Project mineral resource estimate:

M&I 572,000 oz. Au (2.53MT @ 7.02 g/t Au)
Inf. 303,000 oz. Au (1.28MT @ 7.34 g/t Au)

Excellent resource expansion potential

Geological Summary

_{Figure: A significant high-grade gold resource exists at the Flood Zone deposit, and numerous high-grade gold occurrences and priority targets occur throughout the Ulu and Hood River Projects}

Exploration Program

Program Highlights:

Several pipeline targets returned elevated gold values, including:

Central Breccia: 5.75 g/t and 4.91 g/t gold
Zebra-Dagg Trend: 13.6 g/t, 7.56 g/t, 5.42 g/t and 3.26 g/t gold
Interlake: 3.90 g/t gold, 9.84% and 5.77% zinc
South Zone-Twilight: 3.31 g/t gold
Ulu West Subzone B/C: 27.3 g/t, 7.98 g/t and 6.66 g/t gold

Discussion of Field Results

Ulu Fold Trend Targets

M-Fold: a complexly folded and sheared mafic volcanic package located west of the Ulu Fold hinge and structurally separated from it by a significant shear zone; highlight result was 9.30 g/t gold.

Gnu/Nutaaq Trend Targets

Ulu West Targets

The 2022 Exploration Program Highlights

3,700 Metre Drill Program (25 drill holes)
- Testing several targets on the Ulu property, improving the Flood Zone resource model
3,055-line-km Airborne Magnetometry Survey and Ground VLF-EM survey
Surface Mapping and Rock Sampling Program
- 1:2500 scale mapping of the Zebra showing, and work on historical showings on the Hood River Project
- Preliminary review of 58 targets within the more than 100 compiled pipeline showings conducted

Drilling Development History

Majority of resource development/evaluation work completed in much lower gold price environment

It would cost +$60 million CAD to replicate the extensive technical database & infrastructure at the Ulu site

Blue Star Drilling

Existing Ulu Project Development

1.7kms of U/G development (ramp , raises)
Airstrip, road network, camp, shop

Gold Resources

Highlights

Measured and Indicated Resource of 2.535 million tonnes at an average grade of 7.02 grams per tonne ("g/t") gold ("Au") for 572,000 ounces of gold;

Inferred Mineral Resource of 1.283 million tonnes at an average grade of 7.34 g/t Au for 303,000 ounces of gold;

The updated geological model - using explicit vs the implicit techniques utilized in the previous estimation - has helped define all the reported zones;

Gold mineralisation remains open for further expansion in all contributing zones;

Previously reported metallurgical studies indicate all zones in the MRE can conceptually be co-mingled with +90% gold recovery; and

The multitude of gold showings and zones that have seen only limited detailed assessment provides the Company with excellent resource expansion potential throughout its district scale projects.

Ulu Gold Project Mineral Resource Estimate (“MRE”)*:

The independent and qualified person for the Mineral Resource Estimate, as defined by NI 43-101, is Chris MacInnis, P.Geo (#2059) from ALS-GoldSpot Ltd.

The MRE is underpinned by data from 544 on site diamond drill holes totalling 112,880m of drilling

All figures are rounded to reflect the relative accuracy of the estimates. Metal content is presented in troy ounces (tonnes x grade (g/t) / 31.10348).

The effective date of the MRE is 08 February 2023.

Modeling distinct high-grade zones with lower grade zones where they occur, and modeling two distinctive styles of mineralisation separately;
Addition of new assays from drilling campaigns in 2019 through 2022 totaling 88 drill holes for 15,391 m; and
Modeling portions of the mineral resources with a conceptual open pit mining scenario versus a solely underground extraction scenario.

* As reported in the amended technical report, titled “Technical Report on the Ulu Gold Property, Nunavut, Canada“, dated February 22, 2023 and filed on SEDAR.

Technical Report

Ulu Gold Project 43-101 Technical Report

Flood & Gnu Resource 3D Model

Digital Capture of Historical Data

Blue Star is the first company to create GIS databases for all the historic work on the Ulu and Hood River properties

including:

Scanning and digitizing > 25 historic geology maps
Digitizing 3,000+ surface mineralization points, 2,700 rock samples, and 2,300 outcrops as well as structural data
Creating 200+ lithology polygon digital geology maps
Integrating all surface data into 3D environment
Rigorous QAQC on historic drill data (477 ddhs) to create master databases for assays, survey data, alteration and drill composites
Creating 3D solids for alteration, lithologies, mineralization

Key Controls on Mineralization Identified

Digital compilation into 3D has allowed for identification of likely controls on gold transport and localization at Ulu. These include:

Fluid focus along fold axis (1st order control) at lithologic contacts with high rheology contrast (basalt-sediment)
Capture of the fluid by planar quartz-feldspar porphyry dikes (2nd order)
Deposition of mineralization in NW trending fractures (3rd order capture) within competent mafic volcanic unit. High-iron tholeiitic basalt = same host for Doris Au Mine and HGZ at Red Lake (which also has acicular arsenopyrite)

Recognition of these structural controls allows for targeting of similar settings along the Ulu Fold and Hood River Property.

Alteration AU Grade Deposit Examples

Amphibolite Grade Gold Mine

Examples

Eleonore
Quebec: Aspy > po > py. Tourmaline rich. 7+ M oz Au. Hedenbergite alteration. Ductile deformation.

Borden Lake
Ontario. 4.17 MT @ 6.38 g/t AuPo » Py. Ductile deformation.

Lupin
Nunavut. 3.4 M oz Au produced at 9.0 g/t. Aspy + loellingite + po with quartz + hedenbergite.

Hemlo
Ontario. 21 M Oz Au total. Golden Giant grade = 11.47 g Au.

Flood Zone

Grain boundaries + free gold. Calc-silicate alteration including actinolite and diopsidic hedenbergite.
Features consistent with amphibolite grade Au deposits include ductile deformation, arsenopyrite + lollingite + pyrrhotite ore mineral assemblage, calc-silicate alteration.

Great Bear Resources’ LP Fault Zone
Mineralization is in amphibolite grades, 15.45 g/t Au over 25.15 m (389 gram metres)

Flood Core Zones

Media Gallery

2020 Drill Program

Ulu Video Footage

Hood River Property

A large number of high-grade gold showings occur throughout the property which provide for excellent resource expansion potential at multiple targets. The main exploration target for the property is shear-hosted gold mineralization similar to the Flood Zone on the adjacent Ulu lease. There is also strong potential to discover massive sulphide vein systems as evidenced by a new discovery in 2021 ~750 metres north east of the Flood Zone deposit.

The series of gold showings and prospects that occur on trend and north of the Flood Zone are considered to be related to the ~5 km long Ulu Fold which hosts the Flood Zone and extends to the NFN Zone on the Hood River Property. At least five gold prospects have been identified to date on this key structural feature.

11,200 ha exploration concession

Underexplored, high potential for new discovery

Numerous gold drill targets identified for future resource growth

Promise of property stems from the fact it shares the same deformation history (including tight folding) and the same volcano-sedimentary stratigraphic sequence as the Flood Zone (Ulu anticline)

One of the priority target areas is the Crown-Pro Trend, a ~4 km long prospective trace of a north trending fold axis, which links the Crown showing to the Pro Zone. Very limited drilling has occurred is this area, where gold grades up to 15 grams have been sampled

Ulu Gold Project 43-101 Technical Report

2023 Exploration Results

The 2023 Exploration Program

The 2023 exploration program at the Hood River Property continued to build and assess its extensive target pipeline with a focus on expanding the current resource areas and prioritising several new targets.

Highlights:

NEW discovery ”Mikigon Prospect” is a sediment hosted mineralised structure traced for 550 metres into overburden (open), highlighted by samples returning 47.1 grams per tonne (“g/t”) gold, 29.6 g/t gold, and 22.7 g/t gold
Pipeline target Penthouse confirmed to be a precious metals rich base metal prospect, traced on strike for 400 metres (open), highlighted by samples returning 26.9 g/t gold, 184 g/t silver, 5.73% copper, 7.12% zinc; and 1.54 g/t gold, 8.59 g/t silver, 0.345% copper with 6,850 g/t cobalt
Pipeline target Rhonda confirmed to be a precious metals rich base metal prospect, at a flexure in a mafic volcanic over sediment contact zone, highlighted by samples returning 6.04 g/t gold, 69.9 g/t silver, 0.587% copper, and 12.4% zinc
New showings identified north of the North Fold Nose (NFN) resource area returned 5.50 g/t and 3.03 g/t gold from quartz vein samples, and 8.78 g/t gold from sulphide pod in deformed sedimentary rocks; and
Blackridge Target: samples returning values of 3.51 g/t and 2.08 g/t gold

Discussion of Field Results

Hood River North Targets

Mikigon: this prospect was identified during mapping and prospecting of the sedimentary rocks surrounding the Ulu Fold in an area of no previously known sampling and is the first known substantial sediment hosted mineralised zone in the Ulu Gold Project. It is located approximately 3.5 km NNE of the Flood Zone gold deposit and 1.8 km SE of the NFN deposit. A total of 33 samples, over a strike length of 550 metres from a mineralised trend measuring 1 to 4 metres wide on surface, have been collected to date. The prospect is highlighted by samples returning 47.1 g/t, 29.6 g/t and 22.7 g/t gold and has a mean gold value of 3.75 g/t from all samples in a range of detection limit to 47.1 g/t gold.

New Showings: new gold and base metal showings (North Showings) were identified north of the NFN resource area where complexly deformed sediments occur in close proximity to belt bounding intrusive bodies. Results from quartz veins in fold hinges and sulphide rich zones in fold hinges within schistose sedimentary rocks returned 3.03 g/t and 9.15 g/t gold. Tabular quartz veins in granodiorite–tonalite returned 1.92 g/t and 5.50 g/t gold. Additional mapping and prospecting are required to better understand these new showings, which will be added to the pipeline target list and appropriately prioritised.

Hood River East Target

Penthouse: this prospect is hosted within a sedimentary rock package located below a basalt contact and is traceable for at least 400 metres. The discontinuous massive sulphide horizon ranges from 0.15 to 0.75 metres wide in the main zone with potential for multiple target horizons in the rock package. Similar alteration has been observed below the main level, and gold bearing quartz veins occur at an oblique angle to the contact. Similar material in the folded equivalent of the same stratigraphy located 300 metres across a small valley was also sampled, returning 3.24 g/t gold, 58 g/t silver, 0.1% copper, 0.2% lead and 12.65% zinc. Highlight grades from 31 samples that were assayed include; 0.2 to 344 g/t silver, 19ppm to 5.73% copper, 5.1ppm to 3.86% lead, and 14.6ppm to 12.65% zinc.

Pump Lake: detailed mapping and an initial lithogeochemical survey was completed in this complexly folded stratigraphy that is similar to the Ulu Fold. Limited sampling returned 1.68 g/t gold. Preliminary lithogeochemical results indicate the potential presence of mafic volcanic units similar to those that occur in the core of the Ulu Fold.

Thunder Break: grab samples were collected as part of the initial mapping of this regional structure which separates the Central Domain from the Eastern Domain of the High Lake Belt. No significant results were returned from the limited campaign, but systematic prospecting is warranted along the +10-kilometre-long section of the structure within the Blue Star land package.

Hood River South Targets

The Rhonda Prospect was evaluated to confirm location of historical sampling and better define the north-south contact/structural trend. The core of the prospect is approximately 30 metres long within a 450-metre section of the structure defined by historical soil samples. The prospect is located approximately 1.3 km SW of the Flood Zone gold deposit and 900 metres from the camp road. A total of 15 grab samples were collected from outcrop, subcrop and frost heave returning a mean gold value of 1.97 g/t, a mean silver value of 29.2 g/t and a mean zinc value of 2.8% in a range of detection limit to 6.04 g/t gold, 69.9 g/t silver, and 12.4% zinc.

Blackridge: a parallel trend to the historic Blackridge showing was evaluated this season due to its similar geophysical signature and alteration patterns. Blocky arsenopyrite mineralisation was identified with samples returning values of 3.51 g/t and 2.08 g/t gold.

thumbnail Picture1

Figure: Ulu-Hood River Target Areas

thumbnail Picture1

Figure: Ulu-Hood Targets

2022 Exploration Program

Additional regional targeting/testing conducted at the North Penthouse, JC and Gravy target area returned impressive results:

Check sample of one channel returned 92.40 g/t gold in 2022 at North Penthouse
JC showing returned samples grading 15.20 g/t gold and 11.05 g/t gold
Gravy trend (~5,500 metres ESE of Flood Zone deposit): +950-metre-long arsenopyrite rich structural trend returned values that include 8.81 g/t gold and 3.84 g/t gold among numerous multi-gram samples

Generated new targets for future field program

+20 mineralized showings currently identified on the Hood River Property have been grouped into 5 main zones. A summary of some of the historic exploration results, by zone, is as follows:

North Fold Nose (“NFN”)

The NFN forms the northern extension of the Ulu Anticline, the hosting structure of the best-known part of the Ulu gold deposit, the Flood Zone
A significant section of this structure on the Hood River Property remains untested

Crown Zone (“CZ”)

The CZ is a composite of five individual areas
The larger, “Main Area” was trenched by BHP Billiton whose best-reported trench sample was 24.3 g/t gold over 0.7 metres
Sampling of this site returned 13.47 g/t gold over 2 metres
The Main Area is exposed for 800 metres with widths of up to 6 metres. It remains open to the north

Penthouse South Zone (“PSZ”)

Structurally equivalent to the geological setting of the Ulu gold deposit
At the Penthouse South Zone, a 2-metre-wide shear zone can be traced for over 200 metres. Grab samples from this shear zone grade up to 200 g/t gold
Several quartz veins up to 1 metre wide have been identified at PSZ. Grab samples on these veins have returned assays up to 62 g/t gold
Volcanogenic massive sulphide mineralization has also been identified in areas

Penthouse North Zone (“PNZ”)

At the PNZ, a 0.1 m – 0.5 m wide shear zone can be traced for over 250 metres. Sampling from this area returned up to 130 g/t gold
The Penthouse North and South Zones are located approximately 3 km apart and are separated by a topographically subdued valley with no outcrop

Blackridge Zone (“BRZ”):

A 750-metre-long mineralized vein/shear is exposed at this site
Only limited shallow drilling tested ~300 m of this structure on strike
The best core drill intersection returned 10 g/t gold over 1.07 metres
A 1.0 metre chip sample across this structure returned an assay of 21.58 g/t gold
It is believed there is significant potential to extend the structure to the north
Surface grab samples have returned assays up to 16.8 g/t gold

Overview

11,200 ha exploration concession

Underexplored, high potential for new discovery

Numerous gold drill targets identified for future resource growth

Promise of property stems from the fact it shares the same deformation history (including tight folding) and the same volcano-sedimentary stratigraphic sequence as the Flood Zone (Ulu anticline)

Technical Reports

Ulu Gold Project 43-101 Technical Report

2023 Exploration Results

Exploration Program

Highlights:

NEW discovery ”Mikigon Prospect” is a sediment hosted mineralised structure traced for 550 metres into overburden (open), highlighted by samples returning 47.1 grams per tonne (“g/t”) gold, 29.6 g/t gold, and 22.7 g/t gold
Pipeline target Penthouse confirmed to be a precious metals rich base metal prospect, traced on strike for 400 metres (open), highlighted by samples returning 26.9 g/t gold, 184 g/t silver, 5.73% copper, 7.12% zinc; and 1.54 g/t gold, 8.59 g/t silver, 0.345% copper with 6,850 g/t cobalt
Pipeline target Rhonda confirmed to be a precious metals rich base metal prospect, at a flexure in a mafic volcanic over sediment contact zone, highlighted by samples returning 6.04 g/t gold, 69.9 g/t silver, 0.587% copper, and 12.4% zinc
New showings identified north of the North Fold Nose (NFN) resource area returned 5.50 g/t and 3.03 g/t gold from quartz vein samples, and 8.78 g/t gold from sulphide pod in deformed sedimentary rocks; and
Blackridge Target: samples returning values of 3.51 g/t and 2.08 g/t gold

Discussion of Field Results

Hood River North Targets

Hood River East Target

Hood River South Targets

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Figure: Ulu-Hood River Target Areas

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Figure: Ulu-Hood Targets

2022 Exploration Program

Additional regional targeting/testing conducted at the North Penthouse, JC and Gravy target area returned impressive results:

Check sample of one channel returned 92.40 g/t gold in 2022 at North Penthouse
JC showing returned samples grading 15.20 g/t gold and 11.05 g/t gold
Gravy trend (~5,500 metres ESE of Flood Zone deposit): +950-metre-long arsenopyrite rich structural trend returned values that include 8.81 g/t gold and 3.84 g/t gold among numerous multi-gram samples

Generated new targets for future field program

Geological Summary

Exploration Focus

+20 mineralized showings currently identified on the Hood River Property have been grouped into 5 main zones. A summary of some of the historic exploration results, by zone, is as follows:

North Fold Nose (“NFN”)

Crown Zone (“CZ”)

Penthouse South Zone (“PSZ”)

Penthouse North Zone (“PNZ”)

Blackridge Zone (“BRZ”):

Video Footage

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