Blue Star Gold Corp. announced the first drill results from its 2022 exploration program on the Ulu, Hood River and Roma projects located in the Kitikmeot Region of Nunavut. Assays from the initial Flood Zone drill hole are reported herein.

The Company is also providing an update on additional exploration activities on its multi-prong exploration effort across its highly prospective Ulu, Hood River, and Roma projects. The drilling at the Flood Zone is designed to provide additional data in areas where geological and resource modeling have data gaps and drilling at the Gnu Zone area is designed to expand the known extents of mineralised structures. DD22-FLO-002 intersected 15.00 g/t gold over 17.65 m, and 5.30 g/t gold over 5.70 m, in a sparsely drilled area of the Flood Zone at approximately 100 m vertical depth.

Both intercepts are within a structurally disrupted zone between a high Fe-Ti basalt unit and lower Fe-Ti basalt unit immediately adjacent to the sediment fold hinge. Drill hole DD22-FLO-001 tested the width of the Flood Zone in a near surface area where previous drilling ended prematurely. Core lengths of 6.64 m and 2.30 m with acicular arsenopyrite mineralisation were encountered in DD22-FLO-001; assays are pending.

Assays are pending for all holes drilled in the Gnu Zone area including: DD22-MIQ-001, an eastward step-out along and down dip of the known acicular arsenopyrite zone (it intersected a blind polymetallic vein however it did not intersect the target zone); DD22-MIQ-002, a westward step-out along the known acicular arsenopyrite trend which intersected 2.25 m of 6% acicular arsenopyrite; and DD22-MIQ- 003/003A. Other Gnu Zone drill holes completed to date include DD22-QIP-001 and DD22-QIP-002 that are evaluating the new polymetallic vein discovery (20.8 g/t Au over 8.15 m) made by Blue Star in 2021. All of these holes are being sampled or have samples at the laboratory and these assays will be released once results are received.

The geophysical component of the 2022 program is now complete with 1,690 line km at 50 - 100m line spacing flown over the entire Roma landholdings, and 1,365 line kms at 50m line spacing flown over the entire Ulu lease and Hood River concession that was not previously conducted in the 2021 survey. Final deliverables are pending which will further guide their mapping and prospecting programs over the landholdings. An orientation survey over the known areas of mineralization in the Ulu lease including the Flood Zone and the Gnu Zone have been completed with samples processed by the detectORETM system for rapid low level gold analysis by portable XRF.

Anomalous zones were detected in the areas expected including down-ice of the Flood Zone deposit. Subsequently the regional sampling program on the Roma project has been initiated. The Company's properties are located approximately 525 km NNE of Yellowknife, NT in the Kitikmeot region of western Nunavut.

The hamlet of Kugluktuk is approximately 210 km to the NW. The Roma property lies approximately 30 km north of the Ulu-Hood River property. The total area of Blue Star's projects encompasses 267 km2 of the highly prospective and underexplored High Lake Greenstone Belt.

The Ulu mining lease hosts the advanced stage Flood Zone gold deposit, where a significant high-grade gold resource has been outlined. Several additional gold prospects (including, but not limited to, Zebra, Contact, Central, Axis, and Gnu) are spatially related to the axis of the 5 km long Ulu Fold, which extends from the Ulu lease onto the northern part of the Hood River property and culminates at the North Fold Nose Zone. The recent expansion of the Hood River concession added several new target zones south of the Flood Zone gold deposit.

The eastern side of the Hood River property is contiguous to the Ulu lease, and hosts over twenty known gold showings. The Hood River prospects have the same deformation history (including tight folding) as well as similar mineralization styles (acicular arsenopyrite and polymetallic quartz veins) and stratigraphic sequences as the Flood Zone. One of the most prospective target areas on the eastern Hood River property is the 4 km long Crown-Pro trend which has seen only limited drilling.

The Roma project lies in the northern section of the High Lake Greenstone Belt. The project covers high grade gold showings discovered by previous explorers, notably BHP Minerals from 1988 to 1994. Multiple significant gold showings are present within a 6.5 km x 2.4 km area on the historic Roma claim block.

The original showing is a 0.30 to 3.0 m wide quartz vein exposed in outcrop and boulders for 2.0 km. In 1991, BHP drilled 10 shallow holes totalling 465 metres to test 1.72 km of strike of the vein. All drill holes intersected quartz veins from 15 m to 37 m vertically below surface.

Visible gold was noted in three of the drillholes and the best results were 12.38 g/t Au over 2.31 m (including 64.0 g/t Au over 0.37 m) from DDH MD-01, and 8.69 g/t Au over 1.87 m from MD-03. No drilling was conducted downdip of the high-grade intersection in DDH MD-01 and no step out drilling to the north from this intercept was conducted.