Mr. Grant Ewing reports

BLUE STAR'S TARGET SERIES: AXIS PROSPECT IP CHARGEABILITY ANOMALY, UNTESTED ORIENTATION, DRILL-READY

Blue Star Gold Corp. has discussed the advancement of the Axis prospect, a priority mineralized trend located fewer than 300 metres from the high-grade Flood deposit on its Ulu property, located in the west Kitikmeot region of Nunavut.

Axis target highlights:

• Historical high-grade target within the axial plane of the Ulu anti-cline -- surface grades of up to 35.22 grams per tonne gold;
• 2023 induced polarization chargeability anomaly outlines an untested target orientation and depth; the alteration model supports the IP trend;
• Revised structural interpretation aligns with the IP survey data;
• Surface mapping identifies acicular arsenopyrite and gold mineralization, along with biotite alteration and brecciation;
• Potential intersection of the Central and Axis targets, creating a significant target zone.

"The Axis IP target is a very compelling prospect," said Grant Ewing, chief executive officer of Blue Star. "Located just 300 metres from the high-grade Flood deposit, this area has long been considered a high-priority target. Our updated geological understanding of the host stratigraphy, the 2023 IP survey data and the new alteration model have increased our confidence that the target area could potentially host a significant discovery."

Discussion of the Axis prospect

The Axis target is located fewer than 300 metres from the high-grade Flood zone deposit and the associated underground development. It is part of the ACE trend (Axis, Central and East zones) as detailed in the Central Target series news release dated Feb. 19, 2025. Surface mineralization at the Axis target consists of scattered acicular arsenopyrite and gold occurrences, extending over a 200-plus-metre strike length along the axial trace of the Ulu anti-cline, which is oriented north/northwest-south/southeast. Surface samples have returned grades up to 35.22 g/t Au and 21.1 g/t Au along the trend. Alteration mapped along the Axis trend includes silicification, actinolite, biotite, pyrrhotite and brecciation of the volcanic host rock. A principal component analysis identified an arsenic-bismuth-tungsten weighted sum alteration model, which also correlates with the Axis trend. These mineralization and alteration styles are identical to those observed in the Flood zone deposit.

A 2023 IP survey identified an untested area along the Axis trend at depth, with the inverted IP chargeability data detecting the Flood zone mineralization at the western edge of the signature. A second untested anomaly is situated to the east, is moderately dipping and occurs approximately 170 metres below the surface. To date, drilling has not directly evaluated this anomaly, as previous drill holes along the Axis trend have either assessed ground too shallow or were drilled in an orientation that did not test this chargeability feature, with drilling conducted approximately parallel to the trend. Geological support for this IP anomaly includes Blue Star's recent interpretation of the Ulu anti-cline's orientation, which is understood to be slightly overturned, with both limbs dipping to the west and a northerly axial plunge.

Historical work

The Axis trend 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 (IP, magnetics and very low frequency/electromagnetics) evaluated the Ulu ground. Mapping and prospecting northeast of the Flood zone deposit identified mineralization along the Axis, Central and East zones. The Axis target became a high-priority target due to its proximity to the Flood zone and its structural location occurring along the inferred trace of the axial plane of the Ulu anti-cline. In addition, the mineralized and gossanous trend occurred coincident with surface IP chargeability anomalies and a distinct break in topography suggesting a major structural feature. The Axis zone saw limited drilling from 1989 through 1996 testing near-surface mineralization to a depth of fewer than 80 metres, with the best intercept of 9.49 g/t Au over 0.81 metre (90VD-46). Four holes in 1996 tested surface veining along the Axis zone to a depth of 200 metres below surface but were drilled to the southwest, essentially parallel to the 2023 IP chargeability target.

Blue Star's recent work

Blue Star's drilling in 2021 and 2022 tested shallow targets along the Axis trend. Five holes were drilled approximately 100 metres apart along the inferred hinge trace, but all holes were drilled too shallow to intercept the developing Axis target. The best intercepts were in the three- to four-metre range grading 1.8 to 2.5 g/t Au in the shallow structures.

In addition to drilling, continuing studies have significantly advanced Blue Star's 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 and 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 with notably lower zirconium.

Geophysical work in 2023 included a pole-dipole IP survey completed over the central portion of the Flood zone and Axis trend. Data were collected using 50-metre dipole spacing, along 100-metre-spaced lines, and inverted using Geosoft's Voxi 3-D IP code. The modelled 3-D IP data show a chargeability anomaly associated with the Flood zone mineralization and a second chargeability trend that does not surface and has yet to be drill tested. This chargeability anomaly occurs within both the A1 and A2 high-iron tholeiitic basalts, the same stratigraphy that hosts Flood zone mineralization.

An internal study, spearheaded by ALS-Goldspot in 2023 conducted a principal component analysis to identify key elements relating to gold mineralization. This alteration study identified a pattern of elevated As, Bi and W coincident with high gold values within the Flood zone deposit. The efficacy of an alteration model, created by using a weighted-sum calculation of these three elements is currently being evaluated by investigating other altered targets on Blue Star's ground. The Axis trend is an area highlighted by this alteration model.

In 2024, the IP survey was expanded over the entire Ulu Fold area. A 3-D inversion of these data is currently being processed using Geosoft's Voxi 3D IP software.

Next steps

The Axis IP target is drill-ready and will be considered for testing in the next drill campaign. One approximately 300-metre hole is designed to pierce the 2023 IP chargeability anomaly and test the As-Bi-W weighted-sum alteration model along the north/northwest trend. An additional 1,000 metres of drilling would be contingent on results from the initial drill hole. Blue Star will continue to investigate the 2024 IP data once the 3-D inversion is complete to enhance targeting along the trend.

Historical sampling is documented and appears to follow industry standards as accepted at the time of the work. No review of the historical sampling was completed by the Blue Star qualified person. The Axis target may or may not reflect the mineralization style observed in the Flood zone deposit. Geophysical surveys are not definitive, and the exploration results to date are still at an early stage of interpretation, with no guarantee of a mineral discovery.

Blue Star samples are grab samples, which are selective by definition, and were delivered under chain of custody to ALS Geochemistry in Yellowknife, NWT, for sample preparation and then forwarded to ALS Canada Inc. in North Vancouver, B.C., for final analysis. Samples were prepared using code PREP-31 (crushing and pulverizing) and analyzed using codes Au-AA26 (50-gram fire assay with atomic absorption finish) and ME-MS61 (48-element four-acid digestion with ICP-MS finish). Overlimits for non-gold elements were ore-grade four-acid digestion with ICP-AES finish. The quality assurance/quality control program for prospecting consists of regular insertion of certified reference materials resulting in a one in 20 sample insertion rate.

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, 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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