Precious Metals

Further Confirmation of Discovery of New Vein Systems at Gnu Zone

 Blue Star Gold Corp. (TSXV: BAU) (FSE: 5WP0) ("Blue Star" or the "Company") is pleased to provide results from an additional five drill holes from the 2021 exploration program at its Ulu Project located in the High Lake Greenstone Belt, Nunavut.

Highlights from the recently completed drill program:

  • 21BSG006 returned 2.18 m of 11.06 g/t gold following up on drill hole BS2020ULU-007 which returned 2.00 m of 52.7 g/t gold from the Gnu zone (news release dated 28 October 2020).
  • 21BSG005 returned 1.54 m of 5.53 g/t gold from the original Gnu zone target now recognized as a region with several subzones.
  • Remaining samples from 21BSG007, a new polymetallic vein discovery in the Gnu zone region returned an additional intercept of 1.00 m of 8.3 g/t gold (within a 2.00 m interval of 4.8 g/t gold) from a shallower, parallel polymetallic quartz vein to the previously reported polymetallic vein intercept of 8.15 m of 20.8 g/t gold (see news release dated September 1, 2021).

CEO Grant Ewing stated, "Continued strong results from the Gnu zone area drilling, located only 750 metres from the Flood Zone deposit, and the new realization that multiple near-surface high grade gold zones may exist in this region is very encouraging. Our technical team will continue to evaluate the results of the program as they become available over the coming weeks and update the geology models which will lead to prioritization of untested target zones in preparation for the next drill program."


Blue Star initiated its exploration drill campaign on July 16th, 2021 and completed the program on the 20th of September after 25 drill holes totaling 5,012 meters. A key objective of the drill program was to identify economically significant mineralization with resource growth potential proximal to the Flood Zone. Eleven targets in six zones were evaluated. This work included a mix of drill testing previously untested targets, deeper testing on previously shallowly evaluated targets, following up on 2020 intercepts of interest and conducting geological evaluations to assist in defining structural geometries for further drill targeting. The results presented today are the initial drill evaluations of a revised geological and mineralization model for the historic Gnu zone. The discoveries to date show economic potential for two different styles of mineralization and demonstrate that multiple subzones exist within the Gnu zone. Assay results for the remaining 18 drillholes are pending.

"Drilling on the Ulu and Hood River projects has been successful on numerous fronts this year, including being safely executed and covid free. Analytical results are confirming our visual indications of good grades and positively setting the Company up for an exciting follow up program in 2022," commented Darren Lindsay, Vice President Exploration.

Discussion of results

21BSG-005: This drill hole evaluated the remodeled acicular arsenopyrite Gnu zone 75 m below an anomalous gold intercept in historical drill hole 92VD150 (6.9 g/t Au over 0.90 m). 21BSG-005 intersected gabbro with localized intervals of moderate to high strain rocks associated with leucoxene alteration. The mineralized zone occurs from 146.86 m to 148.40 m as a massive 1.54 m wide quartz vein with 7-10% acicular arsenopyrite, 5% blebby pyrrhotite and 1% fine pyrite, surrounded by an alteration halo of biotite-actinolite-silica, with possible very fine-grained visible gold. This intercept is at a vertical depth of 100 m below surface.

Plate 1: 21BSG-005 drill core section at 146.86 m to 148.40 m containing the 5.53 g/t gold interval; quartz veining hosting 7-10% acicular arsenopyrite with alteration halo of biotite-actinolite-silica.

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21BSG-006: This drill hole tested the continuation of the remodeled high-grade polymetallic vein at a vertical depth of 50 m, between previous intercepts in drillholes BS2020-ULU-007 (52.7 g/t gold from 25.0 m - 27.0 m) and 92VD161 (18.8 g/t gold from 165.37 m - 167.85 m). Quartz veins and strongly strained gabbro were intersected from 46.62 m to 50.68 m (strongest quartz veining from 48.04 m to 50.21 m), with 10% pyrite and 20% pyrrhotite, along with pervasive intense silicification, amphiboles, weak carbonatization and leucoxene.

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Plate 2: 21BSG-006 from 46.62 to 50.68 m; intense pervasive silicification with 10% pyrite and 20% pyrrhotite, with a major quartz vein interval from 48.04 to 50.22 m containing a 2.18 m of 11.1 g/t gold interval; upper is wet core, lower is dry core.

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21BSG-007: The majority of results from this drill hole were previously reported (news release 01 September 2021). Herein, an interval of 8.30 g/t gold over 1 m is reported from 101.50 to 102.50 m (within 2.00 m interval of 4.8 g/t gold), from a quartz vein hosted in gabbro with moderate strain and leucoxene alteration in the immediate hanging wall of the feature. This result is in addition to the previously reported 20.8 g/t gold over 8.15 m from 162.10 m in this newly discovered vein system. Surface mapping has extended the inferred trace of this vein an additional 180 m to the southwest.

Drillholes 21BSG-003 and 21BSG-004 were used to evaluate the sediment core to the Ulu fold proximal to the Flood Zone. These drill holes were used to further define the dip and plunge of the fold to help determine the volume of mafic rock present which can potentially host mineralization zones.

21BSG-003: This drill hole targeted the eastern limb of the core of the Ulu anticline. The hole was expected to intercept basalt followed by sediment until the end of hole, according to models of the Ulu anticline which show that the core of the fold is occupied by sediment. However, the drillhole progressed through a 57 m wide unit of basalt, in to a 30 m wide unit of sediment, then a thicker unit of basalt for 110 m, followed by a thin, brecciated 5 m wide sediment interval. This unexpected result opens up the possibility that a larger volume of basalt, the most favourable host rock to mineralization, may be present southeast along trend of the Flood Zone. In addition, elevated gold values associated with acicular arsenopyrite and silicification from this drill hole indicate there is potential for mineralized zones along or proximal to the eastern basalt-sediment contact.

21BSG-004: This drillhole is collared proximal to the fold hinge of the sediment unit in the core of the Ulu anticline and designed to determine the dip and plunge of the fold at this location. The drillhole also tested a portion of the Axis zone, which is subparallel to the Flood Zone, located further east and closer to the Ulu fold axial plane. The hole intersected numerous high-strain zones with weak-moderate alteration, indicating there is potential for the Axis Zone to develop along trend to the northwest. Following the completion of 21BSG-004, several additional drillholes (21BSG-009, 21BSG-015 and 21BSG-016) were used to evaluate the Axis Zone further (assay results pending).

Table 1. Drill hole results (uncut) using core lengths compositing values above 1 g/t Au with acceptable internal waste of up to 2 m. True widths estimated to be 30% - 95% of intervals.

HoleID Target From_m To_m Length_m Au g/t note
21BSG-003 sediment contact 191.00 193.00 2.00 1.3 altered basalt core of fold
21BSG-004 sediment contact         n.s.i.
21BSG-005 Gnu Zone 138.20 138.80 0.60 2.9 previously unknown zone
21BSG-005 Gnu Zone 146.86 148.40 1.54 5.5 acicular target
21BSG-006 Gnu Zone 48.04 50.22 2.18 11.1 polymetallic vein
includes Gnu Zone 48.04 49.15 1.11 18.1 polymetallic vein
21BSG-007 Gnu Zone 101.50 103.50 2.00 4.8 previously unreported
includes Gnu Zone 101.50 102.50 1.00 8.3 previously unreported


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Figure 1: Map of the Ulu and Hood River Area.

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Figure 2: Plan Map of 2021 Drilling.

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2021 Exploration Program

The Exploration campaign has evaluated several high priority targets in the area of the known high-grade Flood Zone Gold Deposit on the Ulu Project, and on high potential targets along the Ulu fold hinge. Numerous priority targets exist along the 5 km long Ulu Anticline which extends from the Flood Zone Deposit onto the contiguous Hood River Project up to the North Fold Nose Zone. Objectives of this year's program include better understanding the controls of higher-grade zones within the hosting structures, evaluating additional structures on and adjacent to the Ulu fold hinge, and expanding and infilling previously known but undertested mineralized zones.

Assay results from the program will be reported as they are received. The slow turnaround of assays results from the lab is an issue facing the entire sector due to covid related disruptions and the high level of mineral exploration in Canada.

Technical Disclosure

Full collar tables and assay tables will be made available on the website in due course. Core samples are being cut by core saw with one half of the core retained and the other half sent for analysis. Samples are being prepared by ALS Yellowknife-Geochemistry and being analyzed at ALS Global, North Vancouver. Gold analysis is by fire assay using ALS code Au-AA26 and multielement analysis by code ME-MS61. Control samples include a crush duplicate every 20 samples; certified reference material is being inserted once every ten samples. Reported assay intervals are uncapped, use a minimum 1 g/t gold assay cut off with the inclusion of up to 2 m of material below cut-off. True widths for all but the Flood Zone are not known due to lack of drilling and may range from 30% to 95% of drilled lengths.

Qualified Person
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 gold company focused on exploration and development within Nunavut, Canada. The Company owns the Ulu Gold Property lease, an advanced gold project, and the highly prospective Hood River Property that is contiguous to the Ulu mining lease. With the recent acquisition of the Roma Project, Blue Star now controls over 16,000 hectares of highly prospective and underexplored mineral properties in the High Lake Greenstone Belt, Nunavut. A significant high-grade gold resource exists at the Flood Zone deposit (Ulu lease), and numerous high-grade gold occurrences and priority targets occur throughout the Ulu, Hood River and Roma Projects.

Blue Star is listed on the TSX Venture Exchange under the symbol: BAU and on the Frankfurt Exchange under the symbol: 5WP0. For information on the Company and its projects, please visit our website:

For further information, please contact:
Grant Ewing, P. Geo., CEO
Telephone: +1 778-379-1433

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.


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 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, future 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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Blue Star Gold

Blue Star Gold


Nunavut, Canada's easternmost territory, was a marvel of natural resources and investment opportunities long before its split from the Northwest Territories in 1999. Since then, the territory has seen a mining and economic boom that many new, modern states rarely see. Mineral exploration investment has increased five-fold and Nunavut is now the northern leader in exploration investment.

On the global stage, Nunavut ranks within the best 30 jurisdictions worldwide based on the geologic attractiveness and government policies in support of exploration. The territory hosts a perfect storm of investor interest and several highly prospective precious minerals projects, including an operational diamond mine and permitting-stage gold projects.

Blue Star Gold (TSXV: BAU, FSE: 5WP0, OTCQB: BAUFF) is an exploration and development company focused on high-grade gold and silver projects in Nunavut. The company delivers a significant opportunity for value creation based on its highly prospective precious metal assets and resource growth potential. Blue Star's experienced and skilled team primes the company for success in mining endeavors and strong relationship formation with regulatory bodies and local communities.

Nunavut boasts a politically stable and mining-friendly jurisdiction. Over several decades, the territory has built significant investor relations in the natural resource sector and hosts some of the lowest capital, small business and corporate taxes in the country. These conditions strategically position Blue Star Gold for fast-tracked development and provide the excellent potential for resource expansion and future advanced drilling campaigns.

The company currently has two contiguous gold projects in operation, its flagship Ulu gold project and Hood River property. The Ulu gold project hosts an extensive high-grade gold resource that Blue Star intends on expanding in the future. New discoveries on this core asset also demonstrate high-quality mine transformation potential.

Ulu's main deposit called Flood Zone has approximately 605,000 ounces of gold measured and indicated at grades of 7.5 g/t gold over 2.5 million tonnes. Further inferred resources show an additional 226,000 ounces of gold at 5.57 g/t over 1.26 million tonnes.

The Hood River property is relatively unexplored but poses an exciting opportunity for precious metal discovery. Historic work from neighboring projects forecast promising gold yield, which has since been supported by high-grade surface samples on numerous showings on the property. Blue Star currently has over 20 gold drill targets identified for future resource growth.

When asked about immediate plans for the next 12 months, Blue Star Gold CEO Grant Ewing discussed advanced technological data collection and analysis. “We've had several generations of work, but no one has really put the data altogether. So that's the first step we've undertaken with this Ulu project." This foundational step would create an in-depth geological scaling model of the property compiled in a state-of-the-art GIS database.

Much of Blue Star's success can be attributed to its very supportive shareholder base and strong management team. Combining expertise from geological, exploration and financial sectors, the management and technical team primes the company for significant growth.

With a core gold asset and another very high-quality exploration project, the company has a clean focus that prioritizes development and stakeholder interests.

Company Highlights

  • Blue star Gold is a Vancouver-based junior resource company focused on exploring and developing high-quality gold and silver projects in Nunavut, Canada.
  • The company is currently operating two gold exploration projects, its flagship Ulu gold project and its Hood River project.
  • The Ulu gold property hosts two primary deposits, the Flood Zone and Gnu Zone. The Flood Zone deposit contains over 600,000 ounces of gold indicated at grades around 7.5 g/t gold with additional inferred resources.
  • The Hood River project presents Blue Star with an exciting exploration opportunity of over 20 prospective gold targets on the property. The limited exploration history also offers an entry-level opportunity for investors.
  • The company is currently building the first fully compiled GIS database for its projects. This database allows Blue Star to analyze mineral reports for better geological modeling and resource expansion.
  • Blue Star Gold is well-positioned with a strong shareholder portfolio. Currently, management and insiders hold over a third of the company.
  • Blue Star Gold acquired Roma Mineral Exploration Agreement consolidating 40 Kilometres of the High Lake Greenstone Belt

Key Projects

Ulu Gold Project

The Ulu property covers an area of 947 hectares approximately 523 kilometers north of Yellowknife, Northwest Territories, and within the Kitikmeot Settlement Area of Nunavut. The project site is accessible via fixed-wing aircraft or seasonal ice road and benefits from local infrastructure, including telecommunications, administrative and housing structures.

The property's main deposit, the Flood Zone, is a northwest-trending, shear hosted anastomosing vein/alteration system. A 2020 exploration program reported gold assay results that measured 14.95 g/t gold over 13.8 meters (upper zone) and 9.65 g/t gold over 6.0 meters (lower zone). Additionally, the secondary Gnu Zone deposit has seen partial drilling exposure of its inferred 66,000 ounce gold resource and it is open for expansion with numerous proximal targets.

In 2020, Blue Star conducted a significant diamond drilling program at its Ulu and Hood River properties. The operation included 7,624 meters of drilling over 38 diamond drilling holes.

Future plans include an updated resource estimate, as well as exploration focused on expanding resources at the Flood and Gnu deposits. Past metallurgical tests indicate excellent gold recoveries, which poses exciting possible discoveries and economic prosperity in Blue Star Gold's future.

Hood River Project

The Hood River property spans an 8,015 hectare area in Nunavut, Canada, and has a 20 year renewable Mineral Exploration Agreement (MEA) issued by Nunavut Tunngavik in June 2013. The property covers the southern portion of the High Lake Greenstone Belt, known for rich gold resources and structural characteristics similar to the prolific Red Lake Belt in Ontario.

Exploration of the property identified 26 mineralized showings spread across five main zones: North Fold Nose, Crown, Penthouse South, Penthouse North and Blackridge. A 2019 drilling and prospecting program reported significant mineral samples graded between 3.9 g/t gold and 31 g/t gold, the highest of which was at North Fold Nose.

The project's underexplored history presents investors with an entry-level opportunity for this high-quality project. Blue Star Gold plans to conduct further prospecting and sampling to identify and prioritize prospective gold targets.

Management Team

Grant Ewing, P. Geo. - CEO

Grant Ewing is an accomplished mining executive with a strong technical foundation and solid business acumen. He is a professional geologist by background and has over 25 years of experience in the mineral industry and the last 10 years in senior executive roles.

Ewing's extensive knowledge base covers the entire mine development cycle, from early-stage exploration to production, in several different commodities. He has experience building value by managing the development of exploration assets from the discovery phase to economic evaluation. Strong corporate development and investor relations, merger and acquisitions and capital markets knowledge complement his mineral industry experience.

Ewing has experience with several successful mineral exploration and development companies at the executive level throughout his career, including Rockridge Resources, Kiska Metals/AuRico Metals and Acadian Mining, among others. Ewing is also a qualified person under National Instrument 43-101.

Robert Metcalfe - Chairman & Director

Robert James Metcalfe is a lawyer and was a senior partner with the law firm Lang Michener LLP for 20 years. He is the former President and CEO of Armadale Properties and Counsels to all of the Armadale Group of Companies, with significant holdings across numerous industries including finance, construction of office buildings, airport ownership, management and refurbishing, land development and automotive dealerships as well as newspaper publishing, radio and television stations. Metcalfe has served as president, CEO, lead director, chairman and committee member on numerous publicly listed natural resource and industry company corporate boards in Canada, the USA, England, South America and Africa.

As director and shareholder, Metcalfe has been engaged in numerous acquisitions, divestitures, corporate reorganizations, financings and corporate improvements, and served on multiple special committees across many sectors. He is a member of the Institute of Corporate Directors and a member in good standing of the Law Society of Upper Canada.

Andrea Yuan - CFO

Andrea Yuan is a Chartered Professional Accountant in British Columbia and a Certified Public Accountant in New Hampshire. Yuan obtained her Bachelor of Economics from Shanghai University of Finance and Economics in 1994 and started her career as an internal auditor and then as team head of the internal audit department at the Bank of China's Shanghai Pudong branch in China from 1994 to 1999. After arriving in Canada in 1999, she worked in various senior accounting positions. From 2004 to 2011, she worked at Davidson and Company LLP, Chartered Accountants, where she advanced to an audit principal. In November 2011, Yuan started her own financial and management consulting company, Black Dragon Financial Consulting Services Inc. She acted as CFO for several public companies listed on the TSX Venture Exchange.

Darren Lindsay, P. Geo. - Vice President Exploration

Darren Lindsay is a registered professional geoscientist in BC, NU and NT with over 25 years of mineral exploration experience across four continents, focusing on orogenic gold systems. In addition to more than 15 years working in the Slave Structural Province with BHP Minerals, Inmet Mining, Miramar Hope Bay, Newmont and NxGold, Lindsey has also worked on orogenic gold deposits in Ontario, Guyana, Ghana and Western Australia. He was directly involved with and led teams for belt-scale exploration, resource expansions, and feasibility level studies of gold deposits in the Hope Bay Belt, Nunavut. Also, Lindsey was a key member of the team that defined prospective stratigraphy hosting the northern deposits of the Hope Bay belt that led to the targeting and substantial expansion of the mineral resources leading to the purchase of Miramar Hope Bay by Newmont.

Lindsey holds a B.Sc. honors degree in geology from the University of British Columbia and a B.Sc. honors degree in biochemistry from Carleton University.

Peter M. Kuhn - Technical Advisor

Peter M. Kuhn is a proactive mining executive recognized for vision and creative problem solving with extensive experience in international projects. He has held senior positions with Thyssen Mining Construction, BLM Mining Services in Sudbury, Bullion River Gold and his own private company. In 2014, he joined WPC Resources and was General Manager of Blue Star Gold Corp. until he was appointed a Technical Advisor. Kuhn holds a Master of Engineering degree from the Technical University of Clausthal, Germany.

Eugene Flood - Technical Advisor

Eugene Flood is a professional geologist with more than 35 years of experience in Canada and internationally. Flood discovered the Flood Zone on the Ulu property in June 1989 for BHP Minerals and found several additional mineralized zones on this property, including the Central Zone, West Limb, East Limb, South Zone, Gnu Zone, Zebra, Apex, and the Northern Fold Nose Zone. Flood has also been involved in all aspects of the Ulu project, including mapping, drilling and calculating the first resource on the Flood Zone and identified the Doris Lake area in North Hope Bay, Nunavut.

As the owner of Flood Consulting, he has provided GIS-based spatial prospectively analysis for such clients as Goldfields, B2 Gold and Goldcorp. Currently, he acts as technical advisor to Aurion Resources in the Central Lapland Greenstone Belt in Finland. In addition to 10 years working in the Slave Structural Province, Eugene has also worked on orogenic gold deposits in Ontario, Sweden, Finland, French Guyana and Brazil.

Flood graduated from Lakehead University with a B.Sc. degree in geology in 1985.

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