Blue Star Gold Corp. (TSX-V: BAU) (OTCQB: BAUFF) (FSE: 5WP0) provides an update on the critical mineral component of its 2024 exploration program on the Roma Project in the Kitikmeot region of Nunavut (Figure 1). This news release provides additional details from follow-up drilling on the Ataani discovery, with results from the second and third drill holes of a 1,365 metre program.

Highlights

• Second Ataani drill hole, DD24-HI01-002, returns 7.20 metres of 1.145% copper equivalent
  • Or 7.20 metres of 0.906% Cu, 0.027% Zn, 0.002% Pb, 0.125 g/t Au and 20.066 g/t Ag
  • Within 26.9 metres of 0.413% Cu, 0.035% Zn, 0.004% Pb, 0.104 g/t Au and 10.929 g/t Ag in stringer to massive sulphide zone (or 0.576% CuEq over 26.9 metres)
• DD24-HI01-003 intersected 1.7 metres of 0.880% CuEq

• Or 1.7 metres of 0.676% Cu, 0.223% Zn, 0.107 g/t Au and 8.127 g/t Ag

Grant Ewing, CEO of Blue Star, stated, “The wide section of stringer to massive sulphide mineralization intersected in the second Ataani hole downdip from the first hole is encouraging and suggests the potential for a large system in the area. These types of deposits tend to have multiple lenses and occur in clusters and only a small portion of the property has been assessed to date. Being proximal to the proposed Grays Bay Road (within ~6 km) and the High Lake VMS Deposit (~12 km) is another excellent attribute of the Ataani discovery.”

Discussion of Results

An initial program of Fixed Loop Electromagnetic surveying was completed in the northern portion of the HI01 claim (Figure 1) resulting in a 320 metre by 100 metre EM plate representing a zone of strong conductivity located 180 metres below surface (Figure 2). A drill program of five holes for 1,365 metres was undertaken with the first hole intersecting 17.1 metres of 0.973% copper equivalent from a zone of stringer to massive sulphides as previously released (Newsfile Corp. – September 5, 2024).

The second and third holes into the Ataani Target were drilled from the same drill set up as the first hole, testing down dip from the initial massive sulphide discovery. Both holes intersected stringer to massive sulphides.

DD24-HII-002 targeted ~45 metres below the 17.1 metre sulphide intercept in the first hole. This drillhole completed to a depth of 279 metres encountered the overlaying Proterozoic diabase sill, a late Archean granitoid unit, and a package of sericite-altered felsic tuffs hosting a thirty-seven (37.25) metre zone of stringer to massive sulphide mineralisation. A 26.9 metre stringer to massive sulphide section returned 0.576% CuEq or 0.413% Cu, 0.035% Zn, 0.104 g/t Au and 10.929 g/t Ag. Sulphides encountered were predominantly pyrite and pyrrhotite, with a 7.2 metre zone grading 1.145% CuEq, or 0.906% Cu, 0.027% Zn, 0.25 g/t Au and 20.066 g/t Ag which includes 4.45 metres of 1.028% Cu, 0.033% Zn, 0.149 g/t Au and 22.240 g/t Ag.

DD24-HII-003 was drilled ~50 metres down dip of the 37.25 metre mineralized zone intersected in DD24-HII-002 to a depth of 303 metres. This drill hole encountered the same package of rocks as the previous drill hole including a thick 83 metre zone of sericite altered felsic volcanics. Sulphides encountered were predominantly pyrite and pyrrhotite, with a 1.7 metre mineralized zone grading 0.880% CuEq, or 0.676% Cu, 0.223% Zn, 0.107 g/t Au and 8.127 g/t Ag.

Two additional drill holes, totalling 492 metres, tested the ground along strike 110 metres to the south and 110 metres to the north of the reported drill holes. Both holes intersected the mineralized zone. Assay results for the remaining holes are pending.

Exploration Program Progress and Next Steps

The field components of the program are complete, and camp demobilisation occurred on September 8^th. Additional assay results are being reviewed and interpreted as received for timely disclosure.

After receipt of all assay data from the current program, deposit modeling will be conducted with the compiled field data and results 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 our 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 and New Ataani Discovery.

 Figure 2: Vertical Section Looking North, Drill Traces with Geology of the Ataani Target.

Table 1: Drill Results for Ataani Target

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.

Metal Equivalents:

Copper Equivalent (CuEq) and Gold Equivalent (AuEq) mentioned above for drill intersections are calculated on a basis of US$ 3.75/lb for Cu, US$ 1,900/oz for Au, US$ 20/oz for Ag, US$ 1/lb for Zn, and US$ 0.95/lb for Pb with metallurgical recoveries assumed for all metals based on the values in the MMG 2023 Mineral Resource and Ore Reserves Statement. The assays have not been capped. CuEq = Cu + 0.279 * Zn + 0.231 * Pb + 0.623 * Au + 0.007 * Ag; calculations reviewed with Equivalent Grade Calculator (aaronmcm.com).

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.