Blue Star's Target Series: High Potential Critical Mineral Opportunities

Rhea-AI Summary

Blue Star Gold Corp. has announced significant critical mineral discoveries at its Roma Project in Nunavut's West Kitikmeot Region. The company made its first massive sulphide discovery (Ataani) in the High Lake Greenstone Belt in over 20 years, with indications of a 1,500-meter VMS horizon. The company's strategic land acquisitions near the High Lake VMS deposits have revealed high-grade copper samples up to 9.99% Cu. The Ataani discovery returned promising results including 0.42% Cu, 1.43% Zn, 9.19 g/t Ag, and 0.13 g/t Au over 17.1 meters. The project's location near the proposed Grays Bay Road and Port infrastructure enhances its development potential. Blue Star is pursuing a dual strategy focusing on high-grade gold resources near its Ulu Gold Project while exploring critical minerals potential across its landholdings.

Positive

• First massive sulphide discovery (Ataani) in High Lake Greenstone Belt in over 20 years
• Strategic location near proposed Grays Bay Road and Port infrastructure for future development
• High-grade copper samples up to 9.99% Cu in newly acquired ground
• VMS horizon extends over 1,500 metres with only 500 metres drill tested, indicating significant exploration potential
• Proximity to High Lake VMS deposits (14 Mt resource grading 2.5% Cu, 3.8% Zn, 1.3 g/t Au and 84 g/t Ag)

Negative

• Limited drilling completed to date with only 500 meters of 1,500-meter trend explored
• Historical drilling at Ataani returned sub-ore grades
• Project is still in early exploration stage with no defined resource

Vancouver, British Columbia--(Newsfile Corp. - June 3, 2025) - Blue Star Gold Corp. (TSXV: BAU) (OTCQB: BAUFF) (FSE: 5WP0) ("Blue Star" or the "Company"), a leading explorer in Canada's North, highlights its prospective critical mineral targets, located on the Roma Project, West Kitikmeot Region, Nunavut.

Critical Mineral Highlights

• Breakthrough in 2024 Critical Minerals Exploration: Blue Star makes first massive sulphide discovery in the High Lake Greenstone Belt (Ataani) in over 20 years

• Expanding Discovery Potential: Indications the Ataani VMS horizon extends over 1,500 metres, with only 500 metres drill tested to date

• Strategic Land Acquisitions: Newly acquired ground covers high-grade copper samples up to 9.99% Cu with indications of intense hydrothermal alteration, located less than 3 km from the High Lake VMS deposits

• Prime Location for Growth: Assets located near the proposed Grays Bay Road and Port, ensuring easy access and future scalability

"Blue Star is focused on expanding the high-grade gold resource near its Ulu Gold Project, with a secondary focus on assessing the high potential for critical minerals throughout its extensive landholdings," said Grant Ewing, CEO of Blue Star. "Our expanded strategy offers shareholders exposure to both precious and base metals in a very prospective mineral exploration frontier. Many of our targets are located near the proposed Grays Bay Road and the gold-rich High Lake VMS deposits, adding to their potential. VMS deposits often occur in clusters, and we believe the High Lake Belt holds the potential to become a new mining district, akin to the Bathurst or Flin Flon camps, known for their large number of significant high-grade deposits."

Discussion of Blue Star's Critical Minerals Projects

Blue Star's inaugural critical minerals exploration program was conducted during the summer of 2024 and led to the discovery of the Ataani massive sulphide lens. Located on Blue Star's Roma Project, the Ataani prospect lies within the mineral-rich High Lake Greenstone Belt (HLGB), an area traversed by the proposed Gray's Bay Road. The Ataani discovery is the first in over 20 years in the HLGB and is situated less than 13 km from the gold-rich High Lake Volcanogenic Massive Sulphide (VMS) deposit, which consists of three separate mineralized zones, combined for a resource of 14 Mt grading 2.5% Cu, 3.8% Zn, 1.3 g/t Au and 84 g/t Ag (MMG Mineral Resource and Ore Reserves Statement 2013).

VMS deposits contain multi-element mineralization typically rich in copper, zinc, gold and silver. These deposits occur globally and often form in clusters or camps. Several large VMS camps are known in Canada, including the Flin Flon, Bathurst and Noranda camps. The high-grade deposits within these camps often number 10 or more and typically range from 100,000 to over 20 million tonnes but can be much larger (i.e. Brunswick, 12 deposits totaling ~229 million tonnes. Deseta, N 2020).

Following the Ataani discovery, Blue Star strategically expanded its Roma land package to include prospective ground immediately adjacent to the High Lake deposit mineral leases. This new acquisition covers several prospective VMS targets within the High Lake deposit stratigraphy, located less than 3 km from the existing deposits. Two high-priority areas, namely the Cairo and Stu prospects, have been the focus of past work campaigns. Historical work reports high-grade copper grabs at surface, including up to 9.99% Cu at the Cairo prospect, and 5.18% Cu at the Stu prospect. Indications of significant hydrothermal alteration are noted at both and include visual evidence in the form of 'dalamatianite', which is a distinct spotted alteration closely associated with the known High Lake deposit sulphide lenses. In addition, geochemical indications including significant sodium depletion in rock samples occurs.

Figure 1: Highlights of the Ataani Area on Blue Star's Roma Project.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2421/254284_14b6909914eccbe5_001full.jpg

Historical Work

The rich mineral potential of the High Lake Greenstone Belt has been recognized since 1955, when prospecting of a large surface gossan led to the discovery of the High Lake deposit's A, B, and D zones. Mineral exploration in Canada's north has occurred intermittently since the 1950s, with significant investment during the 1970s, 1990s, and early 2000s. A key discovery within the High Lake deposit occurred in 2003 when a strong electromagnetic (EM) anomaly approximately 1,800 metres west of the known zones (Figure 1) was drill tested. Subsequent drilling delineated the new West Zone, which added approximately 9.1 million tonnes to the existing resource (Northern Miner, January 23, 2006). Extensive work around the West Zone was conducted from 2003 through 2013, including detailed mapping, prospecting, geophysical surveys, and lithogeochemical studies (Assessment Report 030105). Work completed in 2008 covered both the Cairo and Stu prospects.

Historical exploration of the Ataani area (formerly known as the HI showing) has been limited. A two-year program, conducted by Noranda from May 1975 to June 1976, targeted a prominent surface gossan bounded to the south by a lake, and to the north by a flat-lying diabase sill. The program included ground geophysical surveys, which revealed a moderate EM conductor trending and plunging north beneath the diabase. A weak conductor was also identified beneath the lake, approximately 1,100 metres south of the gossan. The program concluded with two short drill holes, which intersected stringer to massive sulphide mineralization with sub-ore grades. Following these results, Noranda relinquished the claims (Assessment Report 080558).

In 2004, Pure Gold Minerals Inc. contracted Fugro Airborne Surveys to fly a 'Resolve' survey (a shallow-seeing EM survey) over the Ataani area (Assessment Report 084667). This survey confirmed the EM response of the surface gossan and identified a subtle EM anomaly along strike approximately 500 metres south of the gossan. This anomaly coincides with a weak magnetic response. Historical data suggests that the conductive horizon hosting the Ataani mineralization extends approximately 1,500 metres along strike, with less than 500 metres of this length drill tested to date.

Blue Star's Recent Work

Blue Star's recent critical mineral exploration efforts, although limited have proven highly promising. Compilation work began in late 2023, followed by the first field investigations in 2024. The inaugural program included Fixed Loop Time Domain Electromagnetic (TDEM) surveys, which identified a strong conductor on the Ataani claims. A drill program tested this conductor with five holes, the best of which returned 0.42% Cu, 1.43% Zn, 9.19 g/t Ag, and 0.13 g/t Au over 17.1 metres, or 0.973% copper equivalent from a zone of stringer to massive sulphides as previously reported (Newsfile Corp. - September 5, 2024).

Building on the success of the 2024 program, Blue Star completed a strategic acquisition of land surrounding the High Lake mineral leases in October 2024. Data compilation on Blue Star's newly acquired ground has identified surface copper grades ranging from 2.56% to 9.99% Cu (Assessment Report 030105). These high copper grades occur in areas with significant alteration including abundant dalamatianite and intense sodium depletion, strong indicators of hydrothermal alteration and proximity to a potential new discovery. Limited drilling (fewer than 20 holes) has been conducted on this ground, with most of the drilling focused on the Sand Lake prospect located approximately 15 km north of the High Lake deposits. Geological compilations suggest that Blue Star's new ground covers extensions of both the AB, D, and West Zone stratigraphy, with areas potentially overlooked by previous operators.

Next Steps

Blue Star's advancement of the Roma critical minerals potential has highlighted several target areas that warrant further investigation.

On the Ataani claims, historical data suggests that the conductive horizon identified in Blue Star's 2024 TDEM program extends approximately 1,000 metres south (Figure 1). Extending a modern TDEM survey over this horizon, combined with modeling the results using Maxwell 3D software could significantly increase the chances of discovering additional sulphide lenses. To date only 500 metres of the potential 1,500 metre trend has been explored using modern techniques. The same stratigraphic horizon also remains unevaluated to the North and down dip of the Ataani discovery.

A mapping, prospecting, and geophysical program along strike from the High Lake West and A, B Zone is proposed to confirm high-grade copper samples and further characterize the mapped alteration patterns along these horizons. Given that VMS deposits typically form along major structures on ancient seafloors, they are often found within the same geological horizon. Well-documented alteration patterns in VMS systems can help predict proximity to ore centers. Focusing on these alteration zones along prospective horizons, followed up with TDEM surveys to identify conductors, will define the best targets for drill testing.

Figure 2: Location Map of Blue Star Gold's Land Package.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2421/254284_14b6909914eccbe5_002full.jpg

Disclaimer & QP Statement

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 QA/QC protocols. Although located near the known High Lake VMS deposit there is no guarantee similar mineralisation will be found on Blue Star's land holdings.

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.

Grays Bay Road and Port Project

West Kitikmeot Resources (WKR) is the proponent for the Grays Bay Road and Port Project. The project envisions a deepwater port built on the Coronation Gulf and a road connecting Nunavut to the Northwest Territories. The proposed all-season road would travel within and immediately adjacent to Blue Star's Projects, providing excellent accessibility. This future access will dramatically lower the cost of doing business in the region, connecting Northern products to markets around the world, and enabling supplies to reach the area at a lower cost, for a longer season, and with greater reliability.

References:

Assessment Report 080558. Covello, L. 1976. Geological and Geophysical Report on the Hi Claims Group. Noranda. September 1976.

Assessment Report 084667. Miller-Tait et al. 2004. Airborne Geophysical Survey Report on the North James River Property. Pure Gold Minerals Inc. March 2004.

Assessment Report 030105. Toole, T. et al. 2009. High Lake Geological, Geophysical, Geochemical and Drilling Report. OZ Minerals. January 2009.

Deseta, N. (2020, October 23). Bathurst Mining Camp: One of the World's Great Base Metal Districts. Geology for Investors. https://www.geologyforinvestors.com/bathurst-mining-camp-one-of-the-worlds-great-base-metal-districts.

Robertson, R. (2006, January 23). The Northern Miner. Wolfden Pushes Ahead at High Lake. https://www.northernminer.com/news/wolfden-pushes-ahead-at-high-lake/1000200494/.

MMG 2013 https://www.mmg.com/wp-content/uploads/2019/10/131213-2013-June-Mineral-Resources-Ore-Reserves-Statement-Technical-Appendix-3.pdf.

About Blue Star Gold Corp.

Blue Star is a mineral exploration and development company focused in 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, 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 km 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/254284

FAQ

What significant discovery did Blue Star Gold (BAUFF) make in 2024?

Blue Star Gold made the first massive sulphide discovery (Ataani) in the High Lake Greenstone Belt in over 20 years, with drill results showing 0.42% Cu, 1.43% Zn, 9.19 g/t Ag, and 0.13 g/t Au over 17.1 meters.

What are the copper grades in Blue Star Gold's newly acquired ground near High Lake?

The newly acquired ground shows high-grade copper samples ranging from 2.56% to 9.99% Cu, with significant alteration indicators suggesting proximity to potential new discoveries.

How does the Grays Bay Road and Port Project benefit Blue Star Gold's operations?

The proposed infrastructure would provide all-season road access and a deepwater port, significantly lowering operational costs and improving accessibility for Blue Star's projects in the region.

What is the size and grade of the nearby High Lake VMS deposit?

The High Lake VMS deposit contains a resource of 14 million tonnes grading 2.5% Cu, 3.8% Zn, 1.3 g/t Au and 84 g/t Ag.

What is the exploration potential of Blue Star Gold's Ataani discovery?

The Ataani discovery shows a conductive horizon extending approximately 1,500 metres along strike, with only 500 metres drill tested so far, indicating significant unexplored potential.