Blue Star Commences Drill Program

Rhea-AI Summary

Blue Star Gold has initiated its drilling program at the Ulu and Roma Projects in Nunavut, focusing on high-potential gold and critical mineral targets. Two diamond drills are now operational, targeting refined zones identified through recent geophysical and surface sampling results. Notable highlights include significant gold assays at the Ulu Gold Project's Mikigon target and the Roma Project's Auma and Roma Main prospects, with values reaching up to 40.9 g/t gold. The program will cover approximately 4,000 meters, focusing on discovery, resource expansion, and evaluation of key drill targets. Initial geophysical surveys and surface samples have returned promising results, supporting further drilling efforts.

Positive

• Commencement of drilling at Ulu and Roma Projects.
• Two diamond drills deployed targeting high-potential zones.
• Significant gold assays: Mikigon (up to 40.9 g/t), Auma (up to 31.7 g/t), Roma Main (up to 40.9 g/t).
• 4,000 meters of drilling planned for 2024-2025.
• Positive geophysical survey results aiding target refinement.

Negative

• None.

Vancouver, British Columbia--(Newsfile Corp. - July 10, 2024) - Blue Star Gold Corp. (TSXV: BAU) (OTCQB: BAUFF) (FSE: 5WP0) ("Blue Star" or the "Company") announces that it has commenced the drilling component of its active exploration program at the Ulu and Roma Projects in the Kitikmeot region of Nunavut (Figure 1).

Highlights:

• Two diamond drills have arrived on site and have been mobilized to the first drill targets
• Ulu Gold Project
  • Target refinement of priority gold drill targets:
    • Final inversions of the Mikigon induced polarization ("IP") data have been received for all pole-dipole lines indicating the coincident magnetics, geochemical and IP anomaly continues under glacial-fluvial cover to the north-northwest of the mapped and sampled target. Mikigon lies ~3.5 km NE of the high-grade Flood Zone deposit
    • Final IP inversion and model received for the Nutaaq Trend indicating known mineralization is associated with edges of chargeability anomalies supporting targeting to the SE and NW of the known Gnu deposit
• Roma Project
  • Field sampling results:
    • Auma Prospect: 31.7, 30.4 and 20.1 gram per tonne ("g/t") gold ("Au") from historical Zone 3. Zone 1 was extended to over 250 metres in length with samples returning 20.1 g/t Au and 6.22 g/t Au; numerous additional multi-gram samples were returned from unsampled alteration trends including a 7.7 g/t Au sample on a parallel trend to Zone 1
    • Roma Main: sampling of the inferred footwall vein structures to the historically drilled vein (BHP 91MD-01: 12.38 g/t Au over 2.31 metres) returned 40.9 g/t, 15.7 g/t, and 6.5 g/t Au
    • An arsenic-in-till anomaly from 2022 was reviewed discovering arsenopyrite veining over a 320-metre x 170-metre area proximal to a granitoid-metasediment contact with select samples returning assay values in the range of 1.00 to 3.89 g/t Au
    • HI01 drill target returned 17.75% Zinc ("Zn") from local grab samples of sub-cropping massive sulphide
    • Chill D target area returned grab samples grading 1.2% Copper ("Cu"), 1.2% Zn and 1.76 g/t Au; 4.07% Cu, 0.995% Zn, 2.04% Lead ("Pb") and 335 g/t silver ("Ag"); and 2.57% Cu and 41.5 g/t Ag
  • Target refinement progress:
    • At HI01 a near surface conductor over the known massive sulphide exposure and a sub-vertical north plunging strong conductor were identified by a fixed loop electromagnetic survey ("EM"). The target conductor measures ~320-metres x 100-metres. Depth to the top of the modeled plate is 180 metres. This modelled conductor is located down dip and down plunge of historical drilling and known massive sulphide intersections (Figure 2)

"We are having excellent successes from our surface exploration program with positive geophysical results, new showings discovery and further target refinement as we transition to the drill program. The early field work has helped us better refine targets from our growing drill-ready list for 2024 and 2025", commented Darren Lindsay, VP Exploration.

Grant Ewing, CEO of Blue Star stated, "The initial phase of our exploration campaign successfully refined numerous targets that will be drill tested over the coming weeks. Our focus is gold exploration, but high potential critical mineral targets will also be assessed as part of our discovery drill program over our highly prospective landholdings."

Exploration Program Progress and Next Steps

The 2024 exploration program is now transitioning from surface work to drilling. One drill will initially be allocated to testing the Mikigon target with the second drill allocated to evaluating high priority critical mineral targets. Numerous targets will be drill tested during the ~4,000 metre program, including:

• Discovery focused drilling on key high potential targets (i.e. Mikigon, HI01, Central)
• Evaluation of targets within the Nutaaq Zone corridor (host to Gnu deposit) to expand resources
• Select infill and expansion drilling of known resources (Flood Zone deposit area)

A total of 31 line-kilometres ("kms") of IP surveying was completed by Aurora Geosciences Ltd. of Yellowknife, 40 line-kms of Loupe Time-Domain EM ("TDEM") surveying was completed by Apex Geoscience Consultants Ltd. of Edmonton, and six fixed-loops with 55 line-kms of fixed-loop EM surveying were completed by Initial Exploration Services of Yellowknife. Final data for the Mikigon IP survey and preliminary data from the Nutaaq IP survey have been received and are being used to finalise drill targets. Final processing of the HI01 fixed-loop EM grid has been received with the drill targets now finalised. Preliminary results from the Loupe TDEM surveys have been received and are being reviewed in parallel with the other geophysical survey datasets.

Field samples returned a range of gold, silver, zinc and copper values from detection limit to the highlighted values (Table 1). To date, results have been received for 94 prospecting samples inclusive of QA/QC samples.

Discussion of Results to Date

HI01 (Roma): Sampling of outcropping massive sulphide hosting a 0.6-metre-wide section of massive sphalerite is up dip and south of a Maxwell modelled plate target resulting from the fixed-loop EM survey. Two historical drill holes are located south of the refined drill target. The northerly plunging 320-metre x 100-metre strong conductor is a high potential drill target in an area known for precious metals enriched massive sulphide occurrences. The High Lake VMS deposit hosting 14 Mt grading 2.5% Cu, 3.8% Zn, 0.4% Pb, 84 g/t Ag and 1.3 g/t Au is located twelve kilometres south-southeast (MMG Mineral Resources and Ore Reserves Statement 30 June 2023).

Mikigon (Ulu): The 2023 discovery of high-grade gold mineralisation in outcrop traced approximately 500-metres on surface and then inferred to be at least 700-metres long with interpretation of the magnetics survey was increased earlier this year to at least 1500-metres long using IP surveying. The coincident magnetics, low resistivity and strong chargeability anomaly is a high priority drill target with the northern half of the anomaly located below glacio-lacustrine cover. Additionally, an IP line extension to the west shows a similar anomaly associated with a moderate magnetic signature that is interpreted to be a slightly deeper target.

Nutaaq Trend (Ulu): A preliminary inversion and model of the 3DIP survey covers the entire length of the 1,600-metre long Nutaaq Trend. Three areas of strong chargeability occur in the model with the defined Gnu Zone resource located at the edges of two of the chargeability zones, the other edges remain untested and are located in the vicinity of the proposed drill targets. Also, the third chargeability anomaly has not been previously tested and occurs down dip from the surface exposure of the Alone vein, a 250-metre-long structure locally hosting polymetallic vein mineralisation. The new geophysical model will be utilized to further refine drill targets to evaluate this highly prospective corridor.

Chill-Juno (Roma): Additional samples are pending. This is a new discovery and will require additional field work including detailed mapping and geophysics to bring it to drill readiness.

Roma Main (Roma): This is a historical showing with ten short gopher holes, nine of which intersected gold mineralisation with a standout intercept in the northern most hole of 12.38 g/t Au over 2.31 metres (BHP 91MD-01). The main section of known mineralisation is 500 metres long within a 2,000-metre trend. This season surface exposures of parallel veins in the footwall of the known mineralisation were prospected with good success; three samples returned 40.9 g/t Au, 15.7 g/t Au, and 6.5 g/t Au in vein structures hosting up to 90% massive arsenopyrite traceable for tens of metres. Next steps in this area will include detailed mapping and prospecting to include more footwall area and then final drill planning for 2025.

Auma Prospect (Roma): A known historical area with abundant high-grade grab samples (54.4 g/t Au BHP 1991, 101.0 g/t Au Allyn Resources 2005, and 183.79 g/t Au OZ Minerals 2008) has three known zones: Zone 1, Zone 2 and Zone 3. Five gopher holes were drilled by BHP in 1995 in Zone 1 and Zone 2. Zone 1 was field located last season and returned a sample of 47.1 g/t Au associated with the historic drill hole which returned 15.3 g/t Au over 2.6 metres (BHP hole 95BHD-02). This season the Zone 3 area was field located and returned samples of 31.7 g/t, 30.4 g/t and 2.93 g/t Au. A new area located 175 metres southeast of the Zone 1 area returned samples ranging from 1.66 g/t to 20.1 g/t Au and is inferred to be the extension of Zone 1 totaling over 250 metres of strike length. Additional samples in the area returned detection limit to 7.71 g/t Au. All sampled zones showed alteration that included disseminated to massive pyrrhotite and quartz veining in the host mafic volcanic and mafic intrusive rock units. Next steps include detailed mapping, prospecting, a property wide magnetics survey and potentially an EM survey to identify continuity in the alteration corridors.

Figure 1: Blue Star Projects and Significant Target Location Map.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2421/215987_01006249a477f952_003full.jpg

Figure 2: HI01 Target: Oblique View of Maxwell Plate Target and Proposed Drill Holes.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2421/215987_01006249a477f952_004full.jpg

Prospecting samples are grab samples which are selective by definition and have been collected from outcrop, subcrop and felsenmeer. Samples are 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 prospecting consists of regular insertion of certified reference materials (CRMs) resulting in a 20% insertion rate.

Table 1: Assay Results

Rock_Sample	Property	Prospect	Target	Sample_Source	Au_Best_ppm	As_Best_ppm	Cu_Best_ppm	Pb_Best_ppm	Zn_Best_ppm	Ag_ICP_ppm
C120751	Ulu			Outcrop	0.01	11.4	666	30	180	0.37
C120752	Ulu	Gabbro Brx		Outcrop	0.01	5.3	236	9.6	125	0.1
C120753	Ulu			Outcrop	0.11	4.5	507	7.2	38	0.43
C120754	Ulu			Outcrop	0.03	1.7	608	24.7	97	0.27
C120755	Hood River			Outcrop	0.25	5800	215	53.3	203	1.18
C120756	Off Property			Outcrop	0.88	10000	300	2210	156	6.15
C120757	Hood River			Outcrop	1.12	10000	288	70.1	99	1.25
C120758	Hood River			Outcrop	1.99	10000	58.2	383	647	2.12
C120759	Roma	Chill	Juno	Float	0.01	1.4	167.5	5.1	18	0.23
C120761	Roma	Roma Main		Outcrop	0.01	32.8	5.8	5.7	59	0.09
C120762	Roma	Roma Main		Outcrop	0.01	51	9.8	10.2	52	0.2
C120763	Hood River			Float	9.21	525	2640	6560	94600	98.7
H502001	Ulu			Subcrop	0.01	28.9	185	6	132	0.14
H502002	Roma			Talus	0.01	23.5	1.9	6.9	8	0.18
H502003	Roma			Subcrop	0.01	6.2	90.9	3.2	71	0.36
H502004	Roma			Float	0.01	13.2	2210	38.3	34	1.54
H502005	Roma			Subcrop	5.60	10000	16.9	8.1	28	0.87
H502006	Roma			Float	0.03	81.2	221	3.3	17	0.32
H502007	Roma			Subcrop	0.02	15.1	13.2	15.9	22	0.79
H502008	Roma			Subcrop	0.02	2.3	65.2	11.8	210	0.22
H502009	Roma			Float	0.01	2.5	55.6	41.8	102	0.24
H502011	Off Property		Off Property	Float	0.01	0.9	1420	6.1	127	1.01
H502012	Roma	Chill		Float	1.76	10	12100	86.8	11450	15
H502013	Roma			Talus	0.01	6.4	4000	829	355	2.73
H502014	Roma			Outcrop	6.50	10000	27.1	4.5	27	1.07
H502015	Roma			Outcrop	40.90	10000	27.6	5.9	18	6.08
H502016	Roma			Subcrop	15.70	158	4.5	17.2	20	2.42
H502017	Auma	Bamako Main	Zone 3	Float	31.70	31.2	720	2.8	20	2.03
H502018	Roma			Float	0.05	80.4	28.1	4.3	22	0.28
H502019	Auma	Bamako Main		Float	2.09	13.2	203	12.6	66	0.09
H502020	Auma			Outcrop	7.71	2.1	424	3.8	27	1.61
H502021	Auma			Outcrop	0.12	3.3	1160	1.4	92	0.6
H502022	Auma	Bamako Main		Float	0.10	6.6	788	2.6	39	0.32
H502023	Auma			Float	0.03	4.2	745	2	32	0.22
H502024	Auma			Felsenmeer	0.13	3.7	2230	1.4	90	0.9
H502025	Auma			Felsenmeer	0.58	4	162.5	3.6	39	0.18
H502026	Auma			Felsenmeer	0.38	2010	193.5	16.9	46	0.26
H502027	Auma			Outcrop	4.12	638	289	4.7	207	0.57
H502028	Auma			Felsenmeer	0.01	8.2	287	26.6	231	0.46
H502029	Auma			Felsenmeer	0.11	6.7	802	202	253	1.13
H502030	Roma	AS Till		Float	0.37	10000	87.7	33.3	978	2.91
H502031	Roma	AS Till		Outcrop	0.26	8270	120.5	11.5	1885	1.07
H502032	Roma	AS Till		Float	0.03	27.2	400	3	60	0.38
H502033	Roma	AS Till		Outcrop	0.01	47.7	278	13.8	136	0.67
H502051	Roma		HI01	Outcrop	0.08	68.7	1815	93.9	81	5.76
H502052	Roma		HI01	Float	0.18	25.2	3990	187.5	149	9.09
H502053	Roma		HI01	Subcrop	0.16	7.6	708	145	177500	8.29
H502054	Roma			Subcrop	0.01	48.2	12.3	21.1	329	0.44
H502055	Ulu			Subcrop	0.74	1	241	1.7	119	0.19
H502056	Ulu			Subcrop	0.02	0.3	1065	10.6	77	0.36
H502057	Hood River			Outcrop	0.03	1.6	331	18.8	591	0.5
H502058	Roma			Subcrop	0.01	43.2	18.8	54.5	88	0.59
H502059	Off Property		Off Property	Outcrop	0.03	8.4	13550	19.3	70	4.43
H502060	Roma			Outcrop	0.04	9.5	972	4.7	58	0.32
H502061	Roma			Felsenmeer	0.01	18.6	39.5	28.2	20	0.7
H502062	Off Property		Off Property	Float	0.11	7.1	2070	11	89	1.34
H502063	Roma	Chill		Subcrop	0.06	78.4	40700	20400	9950	335
H502064	Roma			Outcrop	0.01	99.2	4250	119.5	248	8.85
H502065	Roma			Outcrop	0.09	18.1	25700	76.7	424	41.5
H502066	Auma		Zone 3	Felsenmeer	30.40	7.4	6800	16	67	7.79
H502067	Auma		Zone 3	Subcrop	2.93	1.9	109.5	4.3	4	0.26
H502068	Auma			Subcrop	1.55	1.5	534	27.9	49	0.82
H502069	Auma		Zone 1 new	Felsenmeer	1.68	4.8	464	1.9	3	0.32
H502070	Roma		AS Till	Subcrop	1.53	10000	70.9	136	111	5.34
H502071	Roma		AS Till	Subcrop	1.79	10000	41.4	120.5	84	7.29
H502072	Roma		AS Till	Outcrop	2.24	10000	204	370	86	31
H502073	Roma		AS Till	Felsenmeer	3.89	10000	49.9	1980	9080	12.7
H502074	Roma		AS Till	Outcrop	3.27	10000	14	221	65	10.1
H502101	Hood River			Outcrop	0.06	96.1	131	13.8	121	0.21
H502102	Hood River			Outcrop	0.66	10000	149	22	134	0.72
H502103	Hood River			Outcrop	0.03	124	933	22.8	859	1.28
H502104	Hood River			Float	0.01	187	157.5	23.4	66	0.15
H502105	Hood River			Felsenmeer	0.01	17.6	701	4.7	106	0.41
H502106	Auma			Float	6.22	11.8	1090	16.6	61	1.15
H502107	Auma		Zone 1 new	Subcrop	4.64	5.5	1205	1.5	7	0.46
H502108	Auma		Zone 1 new	Subcrop	2.35	8.8	936	0.9	11	0.38
H502109	Auma		Zone 1 new	Subcrop	1.66	4.8	740	1.5	11	0.66
H502110	Auma		Zone 1 new	Subcrop	20.10	5.2	349	0.7	1	1.7
H502111	Off Property			Subcrop	0.01	241	41.7	5.5	27	0.1
H502112	Off Property			Subcrop	0.03	6.9	84.6	8.7	256	0.21
H502113	Roma			Outcrop	0.01	15.8	91.4	13.8	105	0.15
H502114	Roma			Outcrop	0.01	13.1	152	13.4	106	0.17
H502152	Off Property			Float	0.06	246	270	12.2	111	0.81
H502153	Off Property			Float	0.02	653	215	15.6	38	0.61
H502154	Roma			Subcrop	0.01	14.4	7.8	8.9	49	0.2
H502155	Roma			Float	0.01	23.3	40.5	6.2	56	0.09
H502201	Roma		AS Till	Outcrop	0.10	2980	627	54	1685	3.09
H502202	Roma		AS Till	Outcrop	1.24	10000	7	40.9	32	1.46
H502203	Roma		AS Till	Felsenmeer	0.12	3670	716	230	67	23.1
H502204	Roma		AS Till	Outcrop	0.25	7480	865	111	147	10.3
H502205	Roma		AS Till	Outcrop	1.00	10000	47.4	22	69	1.27​

 

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 kilometres 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:

Grant Ewing, P. Geo., CEO
Telephone: +1 778-379-1433
Email: info@bluestargold.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the Policies of the TSX-Venture Exchange) accepts responsibility for the adequacy or accuracy of this Release.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION

This press release contains "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding prospective income and revenues, anticipated levels of capital expenditures for the fiscal year, expectations of the effect on our financial condition of claims, litigation, environmental costs, contingent liabilities, and governmental and regulatory investigations and proceedings, and estimates of mineral resources and reserves on our properties.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: economic and financial conditions, including volatility in interest and exchange rates, commodity and equity prices and the value of financial assets, strategic actions, including acquisitions and dispositions and our success in integrating acquired businesses into our operations, developments and changes in laws and regulations, including increased regulation of the mining industry through legislative action and revised rules and standards applied by the regulatory bodies in Nunavut, changes in the price of fuel and other key materials and disruptions in supply chains for these materials, closures or slowdowns and changes in labour costs and labour difficulties, including stoppages affecting either our operations or our suppliers' abilities to deliver goods and services to us, as well as natural events such as severe weather, fires, floods and earthquakes or man-made or other disruptions of our equipment, and inaccuracies in estimates of mineral resources and/or reserves on our mineral properties.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/215987

FAQ

What is Blue Star Gold's latest drilling program update for BAUFF?

Blue Star Gold has begun drilling at its Ulu and Roma Projects in Nunavut, focusing on high-priority gold and critical mineral targets.

What are the key highlights of Blue Star Gold's drilling program?

Key highlights include substantial gold assay results from Mikigon, Auma, and Roma Main prospects, with values up to 40.9 g/t gold.

How many meters of drilling is planned in Blue Star Gold's 2024 program?

The 2024 drilling program plans to cover approximately 4,000 meters.

What recent geophysical survey results are supporting Blue Star Gold's drilling?

Recent geophysical surveys showed promising results, highlighting high-priority drill targets at the Ulu and Roma Projects.

Which projects are included in Blue Star Gold's current drilling efforts?

The Ulu Gold Project and the Roma Project in the Kitikmeot region of Nunavut are included in the current drilling efforts.