Mr. Grant Ewing reports

BLUE STAR'S TARGET SERIES: CENTRAL PROSPECT, +500 METRES OF STRIKE, EXTENSIVE DISCOVERY ZONE BELOW SHALLOW MINERALIZED INTERCEPT, DRILL-READY

Blue Star Gold Corp. has advanced the Central prospect, a mineralized trend located fewer than 300 metres from the high-grade Flood zone deposit at the Ulu gold project, in the West Kitikmeot region of Nunavut.

Central zone highlights:

• Three zones of gold plus acicular arsenopyrite mineralization extend over a 525-metre strike length, suggesting abundant potential for a significant discovery;
• Located approximately 200 metres from underground development and mine infrastructure, and between the Flood zone and Nutaaq (Gnu) zone mineral resource areas;
• Drill testing in 2022 intersected a 40-metre-wide zone of alteration grading 0.73 gram per tonne gold near surface;
• Advancements in understanding of the geological and structural setting indicate deeper drilling would target the mineralized Central structures within the prospective A1-basalt unit.

"The Central prospect is shaping up to be a highly promising area," said Grant Ewing, chief executive officer of Blue Star. "The encouraging results from our past drilling and recent advancements in our geological and structural understanding suggest we may be closing in on a significant new resource area. We are eager to see how this unfolds as we continue to explore its full potential."

Discussion of the Central prospect

The Central zone target is located fewer than 300 metres from the high-grade Flood zone deposit and underground development area. Surface mineralization occurs over a 525-metre strike length, and is characterized by gold and acicular-arsenopyrite-bearing quartz veins and calc-silicate alteration in mafic volcanic host rocks. The known Central zone mineralization occurs within silicified shear zones subparallel to the existing Flood zone deposit.

A 167-metre drill hole from 2022 (DD22-CEN-C-002) drilled into the Central-C structure intersecting a 40-metre-wide alteration zone, which returned an average grade of 0.73 gram per tonne gold, including 5.4 metres at 1.35 g/t Au, at a depth of 145 metres below surface. This type of low-grade alteration occurs as a multimetre halo around the high-grade Flood zone mineralization and could indicate proximity to a significant zone of mineralization at the Central target.

Historical work

The Central zone was first identified in the early 1990s by BHP during the initial investigation of the ULU claims. A field program consisting of mapping, soils and geophysics (induced polarization, magnetics, very low frequency/electromagnetics) evaluated the ULU ground. Mapping and prospecting northeast of the Flood zone deposit identified the Axis, Central and East zones, of which the Central zone contained three mineralized horizons (A, B and C veins) characterized by silicification with acicular arsenopyrite and gold, with surface assays commonly grading over 10 grams per tonne gold.

Interpretations from the comprehensive 1991 geophysical program suggested the Flood zone mineralization has an associated magnetic signature and IP chargeability high. Similar geophysical signatures occur in the southeastern portion of the Central target, proximal to the basalt-sediment contact. BHP evaluated the strongest surface mineralization with five shallow drill holes during the 1990 and 1991 campaign, the deepest of which tested the Central zone to a depth of approximately 130 metres below surface. The best intercepts from the 1990 and 1991 Central zone drilling returned 27.5 grams per tonne gold over 1.09 metres and 21.75 g/t Au over 0.96 metre. These narrow but high-grade intercepts are encouraging.

Blue Star's recent work

The drilling in 2021 continued to test the Central zone mineralization with four holes. These holes were designed to systematically test the A, B and C veins. The best results included 5.21 g/t Au over 3.0 metres from 21BSG-010, testing the Central-C vein. In 2022, three additional holes were drilled into the Central-C target and returned the most promising results to date: 40 metres grading 0.73 g/t Au in a biotite-actinolite alteration zone of silicified and brecciated basalt (see news release dated Oct. 25, 2022).

In addition to drilling, continuing studies have significantly advanced the understanding of the Ulu project. A recent study deciphering the Flood zone stratigraphy using lithogeochemistry has identified a highly prospective basalt unit referred to internally as the A1 basalt, a high-iron, high-titanium, high-zirconium tholeiite. This A1 basalt unit hosts much of the Flood zone mineralization, sits stratigraphically above clastic sedimentary rocks and is capped by the A2 basalt unit, a high-iron, high-titanium tholeiite.

Detailed structural work conducted by Blue Star, including surficial mapping and downhole data review, supports a reinterpretation of the Ulu fold structure. Once thought to be a north-plunging symmetrical anti-cline, newer data suggest the fold limbs are slightly overturned, with both west and east limbs dipping steeply southwest.

A detailed airborne magnetic survey was flown over Blue Star's entire land package in 2022 and 2023. A 3-D inversion of the magnetic data helped characterize the magnetic signature of the Flood zone mineralization and surrounding targets. Ground-based induced polarization surveys in 2023 and 2024 have also characterized portions of the Flood zone deposit.

Next steps

Blue Star's advancement of the Ulu gold project understanding has highlighted several target areas that warrant further work. In the Central zone, the interpreted dip of the geological units and veining suggests the mineralized structures will intersect the most prospective A1 basalt unit at depth, below the extent of existing drilling. The refined structural interpretation of the Ulu anti-cline opens up an area southeast of the Central target, a previously low-priority area due to the proximity of the interpreted sediment contact at depth. With limbs of the anti-cline now interpreted as subparallel and dipping steeply southwest, abundant room exists within the A1 basalt to host significant mineralization. The geophysical signature in this area has many of the characteristics of the Flood zone mineralization, namely a moderate magnetic signature, and a chargeability high as indicated by BHP's 1991 program. This area occurs over 250 metres of strike length and has not been drill tested. A 1,500-metre drill program would evaluate the Central-C target both downdip and along strike.

Historical sampling is documented in the references within this news release and follows industry standards as accepted at the time of the work. No review of the historical sampling was completed by the Blue Star qualified person. Blue Star samples are as described in the referenced news release and follow industry best practice quality assurance/quality control protocols.

Darren Lindsay, PGeo, and vice-president, exploration, for Blue Star, is a qualified person under National Instrument 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 on Nunavut, Canada. Blue Star's landholdings total 290 square kilometres of highly prospective and underexplored mineral properties in the High Lake greenstone belt. The company owns the Ulu gold project, composed of the Ulu mining lease and the 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 deepwater port at Grays Bay is 40 to 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, on the U.S. OTCQB Venture Market under the symbol BAUFF and on the Frankfurt Stock Exchange under the symbol 5WP0.

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