Blue Star Gold Corp. (TSXV: BAU) (FSE: 5WP0) (OTCQB: BAUFF) ('Blue Star' or the 'Company') is pleased to provide 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.
Highlights: Recently updated Mineral Resource Estimate for the Ulu Gold Project shows a significant high-grade gold resource: o 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.
Overview
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.
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. DetectOre 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.
Discussion of Potential of Main Resource Centres
Flood Zone
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.
Gnu (Nutaaq) Zone and Alone Vein
Blue Star's work has defined two distinct styles of mineralisation in the Gnu (Nutaaq) Zone, an acicular arsenopyrite style similar to that of the Flood Zone and a polymetallic vein style. These two styles of mineralisation have been modelled separately for the first time in the current mineral resource estimate. In addition to identifying a number of gold bearing veins in the area in 2021 and 2022, the Company believes there exists a corridor of these mineralised structures within the eastern gabbro limb of the Ulu Fold. This mineralisation trend extends from northwest of the current Gnu (Nutaaq) Zone to at least 600 metres to the southeast where a lone polymetallic gold bearing vein (Alone Vein) has been traced for approximately 250 metres on surface. Additional targeting is also planned to further the understanding of the presence of the acicular arsenopyrite mineralisation at the Gnu (Nutaaq) Zone which may provide an opportunity similar to what exists in the Flood Zone.
Blue Star Gold's Projects
The Company's properties are located approximately 525 km NNE of Yellowknife, NT in the Kitikmeot region of western Nunavut. Kugluktuk is approximately 210 km to the NW. The total area of Blue Star's projects covers over 45 kilometres of the High Lake Greenstone Belt.
The Ulu Gold Project, comprised of the Ulu Mining Lease and the contiguous Hood River Property, encompasses approximately 12,000 hectares. The Roma property, which lies approximately 30 kilometres north, encompasses over 14,000 hectares.
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 Mining 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 veins) and stratigraphic sequences as the Flood Zone. One of the most prospective target areas on the eastern Hood River property is the 4 kilometre 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-metre-wide quartz vein exposed in outcrop and boulders for two kilometres. In 1991, BHP drilled 10 shallow holes totalling 465 metres to test 1.72 kilometres of strike of the vein. All drill holes intersected quartz veins from 15 to 37 metres vertically below surface. Visible gold was noted in three of the drillholes and the best results were 12.38 g/t gold 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. No follow up drilling is known to have been completed on this property since BHP's initial drill program in the 1990's. The Company has not verified the historical results from the Roma property and has presented information obtained from two assessment reports submitted by BHP Minerals Canada Ltd.; McMaster, G., (1995). Roma 3,4,5 and 6 Claims 1995 Geological and Geochemical Report, and Anonby, L. and Jopson, W., (1992). Geological, Geochemical, Geophysical and Drilling Report on the Roma 1 and 2 Claims. A base metal report for the Roma Project is a drill log by D.Jewett, 1976; INAC Assessment report 080551.
The site of the future deep-water port at Gray's Bay is 40 - 100 km to the north of the properties, and the proposed route corridor for the all-weather Gray's Bay road passes in close proximity to the Roma and Ulu Gold Projects.
Technical Disclosure
Current drill holes reported had core samples cut by core saw with one half of the core retained and the other half sent for analysis. Samples were prepared by ALS Yellowknife-Geochemistry and analyzed at ALS Global, North Vancouver. Gold analysis was by fire assay using ALS code Au-AA26 and multielement analysis by code ME-MS61. Control samples include a crush duplicate every twenty samples; certified reference material was inserted once every ten samples. Reported assay intervals are uncapped, use a minimum 1 g/t gold assay cut off with the inclusion of up to 2 m of material below cut-off. True widths for all but the Flood Zone are not known due to lack of drilling and may range from 50% to 95% of drilled lengths.
DetectORE is a new rapid geochemical analysis technique developed by Portable PPB Pty Ltd to be used at exploration sites. Regional geochemical samples (1000m x 50m grid) consisting of till samples collected from frost boils were sieved to
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