Blue Star Intersects 2.6 g/t Au Over 17.3 Metres Including 23.5 g/t Au Over 1 Metre in Nutaaq Area

Vancouver, October 16, 2024 - Blue Star Gold Corp. (TSXV: BAU) (OTCQB: BAUFF) (FSE: 5WP0) ("Blue Star" or the "Company") provides an update from its 2024 exploration program on the Ulu Gold Project in the Kitikmeot region of Nunavut (Figure 1).

Highlights

• Results from drill holes testing both the Nutaaq veins and the inaugural test of the Zebra prospect include:

  • Nutaaq veins return 17.3 metres of 2.60 grams per tonne gold ("g/t Au") including 1.0 metre of 23.5 g/t Au, and 6.6 metres of 2.63 g/t

  • Prospecting samples from the Nutaaq trend return 23.0, 8.96, 6.03, and 2.49 g/t Au

  • Prospecting samples from the Zebra prospect return grades of 28.1, 14.6, and 5.01 g/t Au

  • Inaugural drilling of the Zebra prospect returned encouraging results of 3.6 metres of 1.73 g/t Au including 2.9 metres grading 2.01 g/t

Grant Ewing, CEO of Blue Star stated, "Additional shallow intercepts in the Nutaaq trend support the potential for generating an expanded resource base in the Ulu Gold Deposit area. The positive surface work outcomes in both the Nutaaq and Zebra target areas will lead to the generation of strong drill targets for future programs. The single hole drilled in the Zebra area is important in that it confirmed an anticlinal structure at the prospect; this feature significantly enhances the discovery potential as the area is now believed to represent a geological analog to the fold hosting the large Flood Zone resource."

Discussion of Results

Gnu Zone & Nutaaq Trend

The Gnu Zone resource occurs within a ~200 metre section of the ~1,200 metre long Nutaaq trend located less than 1 km from the Flood Zone deposit. The Nutaaq trend is characterized by N-S to NE-SW trending tension veins that are hosted within a thick, locally magnetic gabbro sill. The trend is comprised of seven veins to date including Miksuk, Miksuk HW, Miqqut, Iqutaaq, Qipjaaq and Nutaaq 1 & 2. These structures are known to host both Flood Zone-style mineralisation and polymetallic sulphide veins with high gold values (Figure 2).

In 2024, five holes totalling 906 metres were drilled in the Nutaaq trend. Drill holes were evaluating the results of induced polarisation surveys and the inferred relationship of those results with known mineralisation. In addition, prospecting in the area confirmed high grade gold in surface samples. This news release reports on drill holes testing the Igutaaq, Miksuk, Qipjaaq, and Miksuk HW veins.

DD24-SNU-001 and 002 were drilled into the central portion of the Nutaaq trend to test the Iqutaaq vein. These two holes were drilled from the same drill pad and intersected the expected host gabbro. DD24-SNU-001 intersected a high strain zone 138 metres downhole, preceding the Iqutaaq vein intersection at 156 metres. A large fault zone offset the vein from 157.3 to 169.5 metres, after which the vein persisted until 182 metres downhole, giving a total vein length of 13.8 metres. The white quartz vein contained ~1% sulphides (pyrrhotite, pyrite and sphalerite), with cross cutting sulphide veins up to 30 cm in width. The entire structure (156.8 to 174.1 metres downhole) returned grades of 2.60 g/t Au over 17.3 metres and include 6.6 metres of 2.63 g/t Au, and 1 metre of 23.5 g/t Au. DD24-SNU-002 was drilled ~40 metres down dip of DD24-SNU-001 to a depth of 324 metres in an attempt to extend the mineralized Igutaaq vein to depth. The vein remained elusive and was not intersected in this drill hole. Two significant intervals of faulting were encountered from 105.7 to 110.2 metres and from 311.4 to 311.6 metres; these faults are being modeled to determine any relationship to offset mineralisation.

DD24-IGU-001 and 002 were designed to test two mineralized structures within the Nutaaq trend, the Qipjaaq and the Igutaaq veins. The two holes, drilled from the same drill pad, intersected medium grained gabbro throughout. In DD24-IGU-001 a 4.2-metre-wide zone of smoky quartz veining was intersected from 60.9 through 65.1 metres. It is interpreted to be the Igutaaq vein, and returned grades of 0.72 g/t Au over 4.2 metres, including 1.48 g/t over 1.0 metre. DD24-IGU-002 was drilled to test ~40 metres below the intersection in DD24-IGU-001. A 3.2 metre zone of smoky quartz veining interpreted to be the Iqutaaq structure was intersected from 41.4 to 44.6 metres downhole, however no significant values were reported from this zone.

DD24-MSK-001 targeted three modelled mineralization planes in the Nutaaq trend; the polymetallic Miksuk and Miksuk HW veins, and the Miqqut vein known to host Flood Zone style mineralization. This hole drilled through coarse grain gabbro to a depth of 99 metres. An interval of diopside-albite-kspar alteration, followed by a smoky quartz vein with stringer pyrrhotite at the upper contact, and fine grained acicular arsenopyrite at the lower contact was intersected at 78.3 metres downhole. This interval, interpreted to be the Miqqut zone, returned grades of 2.89 g/t Au over 1.3 metres, including 5.81 g/t over 0.6 metres.

Next steps include revising the geological model and extending and creating mineralization shells to determine impacts to the current Gnu Zone resource model.

Zebra Prospect:

The Zebra prospect is located 1,500 metres northwest of the Flood Zone and 150 metres north of the Gnu Zone and covers a tight fold nose within the gabbro/sediment/basalt package of the ULU anticline. The Zebra area shares geological similarities to the Gnu Zone in that known mineralization is contained within gabbroic rocks and is spatially associated with the contact of the sedimentary rock. Additionally, the north end of the Zebra prospect is an analogue of geometry that hosts the Flood Zone deposit, a tight fold with basalts over sedimentary units. Both fine grained arsenopyrite and polymetallic mineralization contain elevated gold values in the Zebra area (Figure 3).

Grab samples from 2024 confirmed high grade mineralization at surface with two samples of massive arsenopyrite associated with quartz veins returning grades of 28.1 g/t and 5.01 g/t. One additional sample of silicified sediments that contained up to 20% acicular arsenopyrite as fine-grained masses returned a grade of 14.6 g/t Au.

Drilling at Zebra tested the hinge of the fold at the gabbro-sedimentary rock contact where abundant quartz veins are found at surface, including 2024 high grade samples of 28.1 and 5.01 g/t Au, and where an induced polarisation chargeability high occurs at depth. The hole was drilled to a length of 261 metres.

DD24-ZEB-001 drilled through gabbro to a depth of 216.6 metres, where a bedded greywacke was encountered through the end of hole. Numerous weakly mineralized quartz veins (po > py), up to 4.65 metres wide occur within both lithologies. Anomalous gold noted throughout the hole is very encouraging. The best intercepts include 1.73 g/t Au over 3.6 metres (44.5-48.1 metres), and 0.61 g/t Au over 5.7 metres (226.0-231.7 metres), including 5.18 g/t Au over 0.5 metres. See Tables 1 and 2 below for full results.

Exploration Program Progress and Next Steps

Final assay results have been received and are being reviewed and interpreted. Deposit modeling is underway utilizing the compiled field data to determine impacts to the resource base, pipeline target prioritisation, and pre-planning for 2025. Incremental work this season is expected to lead to future discoveries to grow the resource base of both gold and base metals across the Ulu Project and Roma Project in the Kitikmeot Region of Nunavut.

Figure 1: Blue Star Projects - Both Nutaaq and Zebra areas occur within the Ulu Mining Lease.

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Figure 2: Long Section of the Iqutaaq Vein - Nutaaq Area.

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Figure 3: Plan View of Zebra Prospect Geology with Prospecting Samples and Drill Holes.

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Table 1: Results of Surface Rock Samples.

Samples are grab samples which are selective in nature and not necessarily representative of the target as a whole.

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Table 2: Drill hole results.

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Interval lengths are reported as true widths of the structures. Uncapped assays are illustrated and can include intervals of up to three metres of insignificant grade.

Drill samples are one half from sawn NQ sized drill core delivered under chain of custody to ALS Geochemistry in Yellowknife, NT for sample preparation which are then forwarded to ALS Canada Inc. in North Vancouver, BC for final analysis. Samples are prepared using code PREP-31 (crushing and pulverising) and analysed using codes Au-AA26 (50-gram fire assay with atomic absorption finish) and ME-MS61 (48 element four acid digestion with ICP-MS finish). Over limits for non-gold elements are ore grade four acid digestion with ICP-AES finish. The QAQC program for drilling consists of regular insertion of certified reference materials (CRMs) resulting in a 20% insertion rate.

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.

About Blue Star Gold Corp.

Blue Star is a mineral exploration and development company focused in Nunavut, Canada. Blue Star's landholdings total 270 square kilometres of highly prospective and underexplored mineral properties in the High Lake Greenstone Belt. The Company owns the Ulu Gold Project, comprised of the Ulu Mining Lease and Hood River Property, and the Roma Project. A significant high-grade gold resource exists at the Flood Zone deposit (Ulu Mining Lease), and numerous high-potential exploration targets (gold and critical minerals) occur throughout the Company's extensive landholdings, providing Blue Star with excellent resource growth potential. The site of the future deep-water port at Grays Bay is 40 - 100 km to the north of the properties, and the proposed route corridor for the all-weather Grays Bay Road passes close by the Roma and Ulu Gold Projects.

Blue Star is listed on the TSX Venture Exchange under the symbol: BAU, the U.S. OTCQB Venture Market under the symbol: BAUFF, and on the Frankfurt Exchange under the symbol: 5WP0. For information on the Company and its projects, please visit our website: www.bluestargold.ca.

For further information, please contact:

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