Blue Star Gold Exploration Update

8 August 2023

Newly Identified Mikigon Prospect - Up to 47.1 g/t Gold Sampled at Surface

Vancouver, British Columbia - August 8, 2023: Blue Star Gold Corp. (TSXV: BAU) (OTCQB: BAUFF) (FSE: 5WP0) ("Blue Star" or the "Company") announces initial results from its 2023 exploration program. The program includes a multi-prong exploration effort across the Company's Ulu Gold Project including ground-based geophysical surveys, ground-truthing pipeline targets, mapping and lithogeochemical sampling, and prospecting. The program has been focused to identify and advance targets throughout Blue Star's highly prospective landholdings to be drill ready for a 2024 discovery 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;
  • Bamako showing (now the Auma Prospect) staked as part of the Roma Project, historical work indicates a 1.5 km long AEM conductor associated with a magnetic anomaly coincident with quartz-pyrrhotite veining; multi-ounce gold grab samples returned with a historical drill intercept of 15.3 g/t gold over 2.6 metres in a ‘gopher’ drill hole.

Blue Star's CEO, Grant Ewing, commented, "The discovery of the Mikigon prospect highlights the strong potential for significant new mineralised zones at the Company’s projects. This new prospect along with several other high potential targets will be ready for drill testing in future programs. The focus continues to be on evaluating and prioritizing the large pipeline of targets for gold potential, but it is also evident that Blue Star’s vast landholdings have excellent potential for the discovery of critical mineral deposits, including copper, zinc and cobalt."

Blue Star's VP Exploration, Darren Lindsay, commented, "Having the support to undertake a significant mapping program has allowed the exploration team to better understand the geological framework and mineralisation settings leading to field-based new target identification this season. This work will assist in the prioritisation of our pipeline targets and eventually to additional discoveries at the end of a drill bit."

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