Vancouver, British Columbia--(Newsfile Corp. - 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."

Discussion of Field Results

Mapping has focussed on the 5 km long Ulu fold between the Flood Zone gold deposit and the NFN deposit, and the North and South Penthouse areas. Mapping is being undertaken at scales of 1:5000 and 1:2500, and pXRF scanning of rock chips is used to determine areas for lithogeochemical sampling to better define and understand the stratigraphic package and differentiate between more prospective lithological units. These map areas host many of the key pipeline prospects. Prospectors are focused on both areas with no previous sampling, and also on confirming and expanding pipeline targets.

The Mikigon Prospect was identified during mapping of the sediments surrounding the Ulu Fold in an area of no previously known sampling. This is the first known substantial sediment hosted mineralised zone in the Ulu Gold Project. It is located approximately 3.5 km NNE of the Flood Zone gold deposit and 1.8 km SE of the NFN deposit. A total of 33 samples, over a strike length of 550 metres from a mineralised trend 1 to 4 metres wide on surface, have been collected to date. The prospect is highlighted by samples returning 47.1 g/t, 29.6 g/t and 22.7 g/t gold and has a mean gold value of 3.75 g/t in a range of detection limit to 47.1 g/t gold.

The Rhonda Prospect was evaluated to confirm location of historical sampling and better define the north-south contact/structural trend. The core of the prospect is approximately 30 metres long within a 450-metre section of the structure defined by historical soil samples. The prospect is located approximately 1.3 km SW of the Flood Zone gold deposit and 900 metres from the camp road. A total of 15 grab samples were collected from outcrop, subcrop and frost heave returning a mean gold value of 1.97 g/t, a mean silver value of 29.2 g/t and a mean zinc value of 2.8% in a range of detection limit to 6.04 g/t gold, 69.9 g/t silver, and 12.4% zinc.

The historical Penthouse showing is hosted within a sedimentary rock package located below a basalt contact and is traceable for at least 400 metres. The discontinuous massive sulphide horizon ranges from 0.15 to 0.75 metres wide in the main zone with potential for multiple target horizons in the rock package. Similar alteration has been observed below the main level, and gold bearing quartz veins occur at an oblique angle. Results from five samples received to date are tabulated below with a grab sample from a massive sulphide zone in outcrop returning a highlight grade of 26.9 g/t gold, 184 g/t silver, 5.73% copper, and 7.12% zinc (see Plate 1).

The 164-hectare Auma Prospect was recently staked as part of the Roma Project. Historical work includes airborne electromagnetics (AEM), ground based magnetics and horizontal loop EM (HLEM), mapping, prospecting and six 'gopher' drill holes. Reported results of the work include a 1.5 km long AEM conductor, a 700 metre long coincident HLEM conductor and magnetic high; numerous anomalous grab samples of quartz-pyrrhotite veins and three distinct map units. Grab samples reported from previous exploration companies range to 54.4 g/t gold (BHP 1991), 101.0 g/t gold (Strongbow/Allyn Resources 2005) and 183.79 g/t gold (Oz Minerals 2008) (pers. comm. T.Toole, 2023). Drilling results reported by Zaremba and Takenaka in 1995 include drill hole 95HBD-02 which intercepted 2.60 metres of 15.3 g/t gold. Blue Star has not yet undertaken sufficient work to verify and validate the historical data.

See Figure 1 for a location map of the zones discussed above. Table 1 lists select sample results with full data available on the Company's website in the near future.

2023 Exploration Program Summary

Blue Star is continuing to build and assess its extensive target pipeline with a focus on expanding the current resource areas and prioritising several new targets. The technical team's improved understanding of the geological controls on mineralization following the last two successful field programs has led to advancing target areas to drill ready.

A geophysical program conducted by Aurora Geosciences Inc. of Yellowknife, NT entailed ground-based surveys designed to confirm and refine drill targets in the +1,200-metre-long Gnu Zone target area, and to visualize potential depth extensions to the Flood Zone. These will be reported once final interpretations are available.

Mapping, prospecting, and geophysical survey data processing is on-going and will be compiled and reported as results become available. Structural and stratigraphic studies will be compiled and reported once the data has been received and interpretation is completed.

Several improvements have been made at the Ulu exploration camp, including remediation work to clean up legacy waste, resulting in a significant increase in efficiencies of the operation.

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