Blue Star Gold Announces Filing of NI 43-101 Technical Report on the Ulu Gold Project

16 March 2023

Vancouver, British Columbia – March 16, 2023: Blue Star Gold Corp. (TSXV: BAU) (FSE: 5WP0) (OTCQB: BAUFF) (“Blue Star” or the “Company”) is pleased to announce that it has filed on SEDAR an independent Technical Report (the "Technical Report") prepared in accordance with National Instrument 43-101 for the Ulu Gold Project (the “Project”) in Nunavut, Canada.

The Technical Report titled "Mineral Resource Estimate Update for the Ulu Gold Project, Nunavut, Canada" is dated February 22, 2023 and supports the disclosure made by the Company in its February 22, 2023 press release announcing the updated mineral resource estimate at the Ulu Gold Project. There are no differences between the Technical Report and the information disclosed in the February 22, 2023 news release.

The Technical Report can be found under the Company's profile on SEDAR (www.sedar.com) and on the Corporation's website (www.bluestargold.ca). 

Highlights of the Updated Mineral Resource Estimate:

  • 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 mineral resource estimate 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.

Qualified Person

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. 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.

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