Blue Star Gold Announces Ulu Gold Project Update to Mineral Resource Estimate

22 February 2023

Vancouver, British Columbia – February 22, 2023: Blue Star Gold Corp. (TSXV: BAU) (OTCQB: BAUFF) (FSE: 5WP0) (“Blue Star” or the “Company”) announces the Company’s Mineral Resource Estimate (“MRE”) for the legacy Ulu Project (the “Project”) in the High Lake Belt, west Kitikmeot Region, Nunavut, Canada. The MRE conceptualizes potential open pit and underground approaches to the mineral resource.

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.

Blue Star’s CEO, Grant Ewing, commented, “Blue Star’s work to further its understanding of the geological setting and mineralisation types has resulted in a substantial improvement in the continuity within the resource models, and a much stronger overall MRE. The majority of the Flood Zone resource lies in the higher confidence measured and indicated category. Additionally, there is potential for the resource to have an open pit component with relatively high grades which was not previously contemplated. Some shortcomings in the old model were reviewed and revised, further strengthening the MRE.” Mr. Ewing added, “The improved understanding of the district geology by Blue Star’s technical team continues to lead to high potential resource growth target areas, many of which lie in close proximity to the Flood Zone deposit. Future drilling campaigns will systematically assess these high potential zones, many of which have seen limited to no drilling historically.”

Results of the Mineral Estimation are as follows:

Table 1: Ulu Gold Project Mineral Resource Estimate

See full release for more details. 

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