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Vancouver, British Columbia--(Newsfile Corp. - January 20, 2025) - Blue Star Gold Corp. (TSXV: BAU) (OTCQB: BAUFF) (FSE: 5WP0) ("Blue Star" or the "Company"), a leading explorer in Canada's North, is excited to announce the identification of a significant new target at its Auma Property, located in the West Kitikmeot Region of Nunavut. This target is particularly compelling due to its strategic location, being only 15 kilometres west of the proposed Gray's Bay Road, which could significantly enhance future access and infrastructure development for the property (Figure 1).

Auma Highlights

• +400 metres long, high-grade gold grabs along strike, significant potential for future resource discovery
• Visible gold in surface samples, with vein-hosted, pyrrhotite rich mineralization in mafic volcanic rocks
• Several untested airborne magnetic & conductive trends, presenting additional exploration targets
• Drill-Ready targets identified
• Limited amount of drilling to date, with only six short drill holes (totaling <350 metres) property wide, demonstrating the untapped potential, highlight drill intercept - 2.6 metres of 15.3 g/t gold

"The newly expanded Auma target is a very encouraging addition to our large exploration pipeline," said Grant Ewing, CEO of Blue Star, "The high-grade gold grab samples at surface, along with visible gold, and numerous untested geophysical anomalies, suggest that we may be on the verge of something significant. Furthermore, the proximity to the proposed Grays Bay Road improves the accessibility of the project and positions it well for potential future development. We are looking forward to advancing this target as part of our regional exploration programs throughout our highly prospective landholdings."

Table 1: Blue Star's 2023-24 samples grading over 1 g/t Au.

Discussion of the Auma Prospect

Blue Star's Auma claims cover 614 hectares of prospective ground. Known gold showings on the property are hosted in a mafic volcanic package that includes massive to pillowed flows with local interflow sediments and intrusive gabbro. The known gold mineralization is associated with quartz veining, varying amounts of pyrrhotite, a magnetic sulphide, and local observations of visible gold.

Historical Work

The Auma area, historically referred to as the Bamako Showing, had it's first work documented by BHP in 1992 (AR083134) which consisted initially of reconnaissance traverses followed by grid establishment for mapping, soil geochemistry, magnetics and Max-Min surveying (AR083193). Two anomalous gold zones were defined. Six short 'gopher rig' holes drilled by BHP in 1995 tested both zones with 328 metres of BQ coring. The best results from 'Zone 1' in the 1995 campaign returned 15.3 grams per tonne gold ("g/t Au") over 2.6 metres; and from 'Zone 2', 2.4 g/t Au over 4.0 metres (AR083564) (Figure 2). No other drilling has occurred on the property.

Subsequent work in 2004, confirmed Zones 1 and 2 and added a third anomalous trend, Zone 3, with bonanza grade historical surface grab samples grading over 100 g/t Au (AR084947). A review of a 2004 airborne DIGHEM survey (AR030115 & AR084757) suggests the gold and sulphide mineralization is coincident with both magnetic anomalies and airborne EM conductors. Several prospective trends in the airborne survey data have not yet been investigated.

Blue Star's Recent Work

Blue Star's field work in 2023 & 2024 confirmed the high grades with visible gold noted in historical samples, and gold values up to 47.6 g/t Au in 2023 and 31.7 g/t Au in 2024 (Table 1). The 2024 prospecting program, designed to infill between historical samples and re-establish and extend known zones, confirmed anomalous gold values over a +400-metre strike length. The 1995 BHP drilling campaign tested less than 70 metres of this trend along strike. An area where Blue Star's samples returned 31.7 g/t Au and 30.4 g/t Au remains untested. A total of 26 samples have been collected by Blue Star to date returning gold values up to 47.6 g/t gold with 65% returning > 1.0 g/t Au.

Next Steps

A ground magnetics survey and a Loupe EM survey would provide for a better understanding of the structural setting, stratigraphy and alteration trends. The geophysical and geochemical data, as well as further prospecting and lithogeochemistry work will assist in refining drill targets to test the high-grade gold zones.

Blue Star's primary focus continues to be on expanding the mineral inventory near our high-grade Flood Zone deposit at our Ulu Project, where numerous resource growth target areas occur within a ~5-kilometre radius of the deposit. Our secondary focus is assessing the prospective targets that occur throughout our extensive landholdings, with Auma demonstrating the high quality of the regional targets in our pipeline.

Figure 1: Location Map of the Auma Prospect and Blue Star's Projects and Landholdings.

Figure 2: Auma Target Area Showing Gold Zones, Surface Grabs, Mineralisation Trends and Historical Drilling. Background Image is a 2004 DIGHEM Total Magnetics Survey.

Historical sampling is documented in the references 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. Blue Star samples are grab samples, which are selective by definition, and were delivered under chain of custody to ALS Geochemistry in Yellowknife, NT for sample preparation and then forwarded to ALS Canada Inc. in North Vancouver, BC for final analysis. Samples were 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 were 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 one in 20 sample insertion rate.

References:

• Anonby, L., 1992. Geological and Geochemical Report on the Bamako 1-3 Claims. BHP Minerals Canada Ltd. Assessment Report 083134.
• Zaremba, C. and M. St. Pierre, 1993. Geological, Geochemical and Geophysical Report on the Bamako 5-9 Claims. BHP Minerals Canada Ltd. Assessment Report 083193.
• Zaremba, C. and C. Takenaka, 1995. Geological, Geochemical and Geophysical Report on the Bamako 6 and 9 Claims, BHP Minerals Canada Ltd. Assessment Report 083564.
• Smith, P.A., 2004. Dighem Survey for Strongbow Exploration Inc High Lake Properties, Nunavut. Strongbow Exploration Inc. Assessment Report 030115.
• Muntener, C., Campbell, R. and K. Armstrong, 2004. BK and Canoe Claims (Canoe Lake Project) High Lake Area, Nunavut Report on Exploration Activities. Strongbow Exploration Inc. Assessment Report 084757.
• Bryan, D. 2005. Report on Exploration Activities, Prospecting and Geophysical Surveys on BK and Canoe Claims. Strongbow Exploration Inc and Allyn Resource Inc. Assessment Report 084947.

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 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: .

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.