Blue Star Updates its Ulu Gold Project Mineral Resource Estimate

21 May 2026

Vancouver, British Columbia--(Newsfile Corp. - May 21, 2026) - Blue Star Gold Corp. (TSXV: BAU) (OTCQB: BAUFF) (FSE: 5WP0) ("Blue Star" or the "Company") announces an update to the Company's Mineral Resource Estimate ("MRE") for the Ulu Gold 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 located within 1,500 metres of the proposed Grays Bay Road Project (Figure 1).

Highlights

  • Measured and Indicated Mineral Resource of 2.204 million tonnes at an average grade of 7.87 grams per tonne ("g/t") gold ("Au") for 558,000 ounces of gold
  • Inferred Mineral Resource of 3.263 million tonnes at an average grade of 4.54 g/t Au for 476,000 ounces of gold
  • Existing metallurgical studies suggest that all zones within the MRE could potentially be co-processed, achieving gold recoveries exceeding 90%
  • Gold mineralization remains open to further expansion across all contributing zones
  • The numerous gold showings and underexplored zones across the Company's district-scale projects present strong potential for expanding its Mineral Resource base

Blue Star's CEO, Grant Ewing, commented, "This updated Mineral Resource Estimate highlights the strength and growth potential of the Ulu Gold Project amid strong gold prices and ongoing support for the proposed Grays Bay Road and Port Project. The higher-grade Measured and Indicated Mineral Resource, combined with an increase in Inferred ounces, further reinforces the Project's potential for continued Mineral Resource expansion. This potential is supported by numerous high-quality Exploration Targets across the Company's extensive land package."

Updated Ulu Mineral Resource Estimate

P&E Mining Consultants Inc. was contracted to update Blue Star's 2023 Mineral Resource Estimate for the Ulu Gold Project. The updated MRE is based on 574 diamond drill holes totalling 123,004 metres spanning over thirty years to the present along and adjacent to the Ulu Fold Hinge (Figure 2). Blue Star has completed 125 of these drill holes totaling 23,185 metres since 2019.

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