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.

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

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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

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.

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