BAU.V · 2024-10-16 12:00:00

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

Drill Results

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, British Columbia--(Newsfile Corp. - 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.