Blue Star Gold Corp. provided an update on the 2023 exploration plans at its projects located in the High Lake Greenstone Belt, Kitikmeot Region of Nunavut. The Company has numerous high potential resource expansion and new discovery target areas to assess based on the strong results of prior exploration programs. Excellent potential exists to expand the updated mineral resource estimate for the Ulu Gold Project.

The recent modelling at the Flood Zone deposit has identified potential for a second style of mineralisation (polymetallic veins) that could become a significant contributor to the overall resources outlined. At the Gnu (Nutaaq) Zone, located ~750 metres northeast of the Flood Zone deposit, an undrilled mineralisation trend can be traced for several hundred metres southeast of the resource area, providing strong expansion potential. The newly defined NFN Zone, located ~5 kilometres north of the Flood Zone deposit, has significant down dip and down plunge potential for resource growth.

In addition to the considerable potential at the three main resource centres, numerous new target areas with no resources yet defined provide opportunity for additional discoveries. Recently updated Mineral Resource Estimate for the Ulu Gold Project shows a significant high-grade gold resource: Measured and Indicated Resource of 2.535 Mt @ 7.02 g/t gold for 572,000 ounces of gold and Inferred Resource of 1.283 Mt @ 7.34 g/t gold for 303,000 ounces of gold. Strong 2022 exploration program results to follow up: 15.00 g/t gold over 17.65 m, including 27.68 g/t gold over 5.0 m intercepted at the Flood Zone, represents Company's best intercept to date; Gnu (Nutaaq) Zone drilling returned strong drill intercepts of 8.18 g/t gold over 4.2 m, including 13.53 g/t gold over 2.19 m, with similar mineralisation mapped 600 metres to the southeast, substantially expanding the prospectivity of the eastern limb of the Ulu Fold; Unconstrained high-grade NFN intercepts, including 10.10 g/t gold over 2.05 m provide excellent potential for follow up drilling to expand the mineral resource (21BSG-017, see news release dated Feb.

15, 2022); Mapping and prospecting programs advanced several priority targets that have potential for new discovery, including ~700-metre-long Bouncer prospect, the Zebra-Dagg target and the +500-metre-long Gravy trend; and Targets at Roma Main - follow up on historical intercept of 12.38 g/t gold over 2.31 m (MD- 01); and 1.36% Zn & 5.83 g/t Ag over 4 m intersected in a historical drill hole. Blue Star's technical team has greatly improved its understanding of the geologic setting of the Ulu Gold Project over the last 2 years. Renewed geology, alteration and mineralisation models have been created resulting in the definition of revised resource shells and an updated mineral resource estimation.Two key mineralisation styles are now recognized in all three main resource areas including the Flood Zone, Gnu (Nutaaq) Zone and the NFN Zone.

The next steps to increase the resources include further review of the legacy data to build confidence in the continuity of zones that were not included in the current MRE, and additional drill programs to expand the potential of these known resources which are open in multiple directions. Figure 1 illustrates potential target areas along the Ulu Fold Hinge. Future drill programs will also assess priority targets generated from our extensive target pipeline, such as the Bouncer and Zebra-Dagg Trends, both of which provide excellent potential for new discovery.

In addition, review of what are considered scout drill ready targets resulting from the till sampling work using the Portable PPB Pty Ltd. DetectOreTM system for rapid evaluation of gold using pXRF technology are planned. Targeted mapping and prospecting programs to expand and build the geological knowledge on both the Ulu Gold Project and Roma Project will be included in future programs. In addition, the evaluation of known historical sampling and drilling that tested primarily base metal targets offers an exciting new target group to assess that have not previously been considered. Ground based geophysical surveys seeking deep extensions to the Flood Zone gold deposit are also being contemplated for future programs. Future targeting of the Flood Zone will involve a mixture of up-grading material within the indicated and inferred categories, and expansion drilling for additional resources.

In some cases, this could be adding select drill holes to build confidence in the continuity of existing hanging wall and footwall drill intercepts that are not yet included in the inferred mineralisation tabulation. Historical drilling has intersected mineralization at substantial vertical depths (i.e. 91VD105A: 11.54 g/t Au over 1.0 m from 1000.75 m downhole), providing evidence of the excellent potential to build further resource at depth. Blue Star is evaluating methodologies to define potential deeper targets down-plunge of the known mineralisation to reduce the risk associated with deep drilling from surface.

Within the Flood Zone footprint there are known drill intercepts of polymetallic mineralisation. Initial target reviews of these intercepts indicate they may be subparallel and related to the Gnu (Nutaaq) Zone style of mineralisation. In one case a blind target below the western sediment-basalt contact (91VD123: 22.0 g/t Au over 1.0 m, 91VD116: 38.0 g/t Au over 0.4 m and 8.0 g/t over 2.0 m and 91VD108: 11.2 g/t Au over 11.2 m) define a high potential polymetallic vein over an area of 125 m by 125 m.