Vancouver, British Columbia--(Newsfile Corp. - April 25, 2024) - Blue Star Gold Corp. (TSXV: BAU) (OTCQB: BAUFF) (FSE: 5WP0) ("Blue Star" or the "Company") announces the mobilization date for the 2024 exploration program at its Ulu Gold Project and Roma Project in the Kitikmeot region of Nunavut (Figure 1).
Highlights
- Mobilization of discovery drill program at Ulu and Roma Projects in May 2024
- Gold focus, with a component of the program dedicated to discovery of critical mineral deposits
- High-priority targets to be drilled based on potential for discovery, scale, and proximity to existing resources
- Evaluation of higher-grade, larger targets within and near the Flood deposit
- Initial drill test of the 2023 Mikigon surface discovery, a new style of mineralization at Ulu
- Testing mineralized structures and targets in the trend that hosts the satellite Gnu deposit
- Several other high-potential targets will be evaluated (both gold and critical minerals)
- Geophysical and lithogeochemical surveys, and continued mapping and prospecting to refine and prioritize the substantial pipeline of targets
"Following a successful 2023 exploration program that advanced our robust pipeline of resource growth targets and led to the discovery of new prospects, we are excited to launch our 2024 exploration campaign in May," said Grant Ewing, CEO of Blue Star Gold. "The emphasis will be on increasing the resource base at or near existing deposits and given the large number of mineral showings on our properties which support the high discovery potential of the region, we will also focus on new discoveries. With gold trading near all-time highs, this is an opportune time to track the progress of Blue Star as we continue to unlock the potential of our highly prospective projects."
Exploration Program Plans
Blue Star plans to initiate its 2024 exploration program in May using mapping and prospecting along with geological and geophysical surveys to refine and prioritize targets from our abundant pipeline of prospects.
Two drills will be deployed in July, with a minimum of 4,000 metres planned. Numerous targets will be drill tested during the program including:
- Select infill and expansion drilling of known resources
- Evaluation of mineralised structures within the Nutaaq Zone corridor (host to Gnu deposit)
- Discovery-focused drilling on key high potential targets (Figures 2(a) and 2(b))
Ulu Gold Project
Mikigon: Exciting new field discovery in 2023; discovery drill test planned early in the program
- Antiformal folded metasediments host to a +500 metre long and up to 4-metre-wide silicified structure with disseminated pyrite and pyrrhotite halo around quartz-arsenopyrite vein
- Grab samples grading up to 47.1 g/t gold
- Under quaternary sediments to the north; work plan includes detailed geological mapping and prospecting on strike and on inferred parallel features; induced polarisation (IP) survey to determine potential signature and expand target
Flood Deposit: Re-interpretation of resource shells has led to compelling resource growth targets
- Drilling to test potential flat vein interpretations of hanging wall intercepts that are not in the current resource shells, and to evaluate a gap for continuity in high-grade resource shells
Nutaaq Trend: Drilling to expand satellite resource at Gnu deposit
- Gnu deposit resource occurs on the east Ulu Fold limb, less than 1 km from the Flood deposit. The IP survey will be expanded to refine targets on the southern extension of the Gnu deposit. Drilling will follow up on these targets, and will also assess prospective areas to the north to confirm high-grade continuity of structures not yet in the current mineral resource
Central Zone: 3D IP survey to refine target followed by drilling
- Structural interpretation is coincident with a long-mineralized interval in hole DD22-CEN-C-002 (40 metres of 0.73 g/t gold including 5.42 metres of 1.35 g/t gold). The Flood deposit-style mineralization in this intercept is thought to dip parallel to the main deposit and is open at depth
Zebra: Large target area measuring 500 metres x 500 metres comprised of tightly folded gabbro, basalt and metasediments with alteration focussed in the fold hinge along high competency contacts
- Previous intercepts in the area include 1.2 metres of 20.69 g/t gold, 2.5 metres of 8.31 g/t gold and 3.6 metres of 3.64 g/t gold, all of which were focused on the limb parallel features and not the prospective fold hinge areas
Roma Project
Roma HI01: Historical drilling (two holes) intercepted VMS alteration but did not test the best surface sampled area nor the north plunge vector
- Drone magnetics to assist mapping and prospecting, and ground electromagnetics (EM) to define a conductor. Drilling will assess the best conductor and the massive sphalerite zone sampled at surface
Roma North Zone: A prospecting/alteration sampling campaign along with ground-based EM survey will define a target located ~1500 metres north of and in the same stratigraphy as the High Lake VMS Deposit North Zone
- A notable carbonate marker horizon is providing additional guidance. Drilling will be based on the geophysical survey results
Roma Marble Fold: Southern extension of the same High Lake Deposit stratigraphy as the North Zone
- Mapping, prospecting, and alteration sampling along a historical airborne EM conductor is planned. The carbonate marker horizon will provide guidance. Ground-based EM will be used to outline the conductor, with drilling to follow
Figure 1: Blue Star Location & Grays Bay Road & Port Project
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/2421/206711_b674e952a44408de_003full.jpg
Figure 2 (a): Ulu Drill Targets Figure 2 (b): Roma Drill Targets
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/2421/206711_b674e952a44408de_004full.jpg
Major Companies Continue to Take Interest in Nunavut's Abundant Mineral Wealth
Major companies continue to show strong interest in Nunavut's abundant mineral wealth, as evidenced by the recent acquisition of Sabina Gold & Silver Corp. by B2Gold Corp. in a ~$1.2 billion transaction. Blue Star remains one of the last active junior exploration companies in the district. Both the Hope Bay (Agnico Eagle Mines Limited) and Back River (B2Gold Corp.) Belts are located close (~200 km) to the Company's dominant landholdings on the High Lake Belt. Agnico and B2Gold's projects in the region have been subject to much more exploration activity and Blue Star has identified a key correlation between metres drilled and ounces discovered in these very prospective Greenstone Belts.
Gray's Bay Road and Port Project (GBRPP)
West Kitikmeot Resources is the new proponent for the GBRPP. The project envisions a deepwater port built on the Coronation Gulf, and a road connecting Nunavut to the Northwest Territories. Approximately $22 million in federal funding is on hand to advance the GBRPP Phase 1 to shovel-ready status.
The proposed all-season road will 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.
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 270 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 deepwater port at Grays Bay is 40 to 100 km to the north of the properties, and the proposed route corridor for the all-weather Grays Bay Road passes near 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
Raffi Elmajian, Corporate Communications Manager
Telephone: +1 778-379-1433
Email: relmajian@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.
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