Blue Star Gold Corporate Update

29 February 2024

Vancouver, British Columbia – February 29, 2024: Blue Star Gold Corp. (TSXV: BAU) (OTCQB: BAUFF) (FSE: 5WP0) ("Blue Star" or the "Company") is preparing for an active exploration campaign at its Ulu and Roma Projects in Nunavut. The program will be mobilized during the second quarter of 2024. 

Company Highlights and Opportunities Ahead

  • Mineral exploration and development company with a commanding land position in an underexplored and highly prospective region of Nunavut (Figure 1)
  • Large high-grade gold resource in a target-rich environment provides numerous resource growth opportunities
  • Gold focus, also strong critical minerals potential throughout vast landholdings, where over 100 mineral showings/zones occur
  • Detailed planning is underway in advance of the 2024 exploration program launch in Q2, 2024

“Following a successful 2023 exploration program that advanced our robust pipeline of resource growth targets and led to the discovery of new prospects, we are excited about the potential of our 2024 exploration program,” said Grant Ewing, CEO of Blue Star Gold. “Detailed planning is underway, we are finalizing specific targets in advance of the field season, and we expect to mobilize during the second quarter. The focus will be on increasing the resource base at or near existing deposits and, given the large number of mineral showings on our properties which support the high discovery potential of the region, we will also focus on new discoveries. As Blue Star finalizes preparation for the 2024 exploration campaign, we are excited by the prospects and look forward to continuing to unlock the district-scale gold and critical minerals potential of the High Lake Belt.”

Comprehensive Exploration Program Conducted in 2023

  • Advanced numerous targets and previously unknown showings, adding to the robust pipeline of prospects and drill-ready targets at the Ulu Gold Project
  • Discovered the Mikigon prospect, a +500m auriferous structure, with multiple grab samples in excess of 10 g/t gold sampled at surface
  • Acquired the Auma prospect by low-cost staking, with recent multi-gram grab samples including 47.6 g/t gold (with visible gold)
  • Received the Nunavut Mining Symposium Corporate Award, acknowledging Blue Star’s outstanding work towards the economic and social development of a region in Nunavut
  • Updated the Ulu Project Mineral Resource Estimate showing a significant high-grade gold resource: Measured and Indicated of 2.535 Mt @ 7.02 g/t gold for 572,000 ounces of gold and Inferred of 1.283 Mt @ 7.34 g/t gold for 303,000 ounces of gold
  • Positive preliminary metallurgy results from satellite resource centers, indicating that the known deposits could be comingled, and achieve excellent gold recoveries with conventional methodology

Major Companies Continue to Take Interest in Nunavut’s Mineral Wealth

Major companies continue to show strong interest in Nunavut’s abundant mineral wealth, as B2Gold recently acquired Sabina in a ~$1.2B transaction, resulting in Blue Star being one of the last remaining active junior exploration companies in the district. Both the Hope Bay (Agnico Eagle Mines Limited) and Back River (B2Gold Corp.) Belts lie nearby (~200 km) to the Company’s dominant landholdings on the High Lake Belt. Agnico and B2Gold’s projects in the region have been subject to much more exploration activity at their projects and Blue Star has identified a key correlation between metres drilled and ounces discovered in these very prospective Greenstone Belts. 

Gray’s Bay Road and Port Project (GBRPP)

West Kitikmeot Gold Corp. has been assigned as the new proponent for the GBRPP. The project envisions a deepwater port built on the Coronation Gulf, and a road connecting Nunavut to the Northwest Territories. Approximately $22 million in federal funding is on hand to advance the GBRPP Phase 1 to shovel-ready status. 

The proposed all-season road would travel within and immediately adjacent to Blue Star’s Projects, providing excellent accessibility. This future access will dramatically lower the cost of doing business in the region, connecting Northern products to markets around the world, and enabling supplies to reach the area at a lower cost, for a longer season, and with greater reliability.

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