Blue Star Reports Initial Five Drill Hole Results From Hood River Concessions in Nunavut

Highlights:

• Drilling confirms high-grades of surface samples with first intersections of;
o 31.1 grams/tonne gold (“g/t Au”) over 1.0m,
o 15.37 g/t Au over 5.0m, and
o 6.92 g/t Au over 3.0m
• Eleven core holes completed for a total 1,540 meters (“m”)
• Target mineralization intersected in all holes

Blue Star Gold Corp. [TSXV: BAU, Frankfurt: 5WP] is pleased to announce the first analytical and assay results for the 2019 drill program on the Company’s Hood River concessions.  The program that focused on the North Fold Nose (the “NFN”) gold zone concluded on September 29^th and consisted of eleven completed holes for approximately 1,540 meters (“m”) of core.  A prospecting and sampling program ran in parallel with the drilling resulted in 698 samples being sent for analyses.

Stephen Wilkinson, the Company’s CEO and President commented, “We have seen a very successful conclusion to our 2019 exploration work of diamond drilling with detailed surface mapping and sampling.  The Hood River concessions’ NFN gold zone and associated areas of gold mineralization have been confirmed to hold the potential of new and accretive gold resources.”

The 2019 Diamond Drill Program was started on September 4^th with the collaring of hole, HR-19-001.  The first hole was designed to test the far western limb of the Ulu fold and to assist the drillers in procedures for drilling the complex geology of the NFN gold zone.  Interestingly, this first hole intersected a 13m zone of anomalous gold between 107m and 120m, including 1.0m of 1.11 g/t Au between 113m and 114m within strongly silicified fine schist.  Holes, HR-19-002 to -010, were drilled on the east fold limb to test the potential NFN gold zone, north of the historical (1990 and 1991) drilling of BHP (please see the Company news release, NR 2019 – 08, dated September 5, 2019).   The final hole, HR-19-011, was completed on September 27^th some 280m south of the first ten holes.   Over the course of the last week and with the field work of the Program safely completed, the camp was prepared for winter and closed.  The last crew members were flown out by October 5^th.

Significant gold intersections were encountered in drill holes HR-19-002 to HR-19-005.  HR-19-002 intersected an average 15.37 g/t Au over 5.0m (including 1.0m of 25.40 g/t Au and 1.0m of 48.70 g/t Au), while HR-19-003 intersected 31.1 g/t Au over 1.0m.  HR-19-004 returned an average of 6.93 g/t Au over 3.0 metres.  All assaying was conducted by ALS Global, an independent analytical laboratory.  The drill intersections are displayed in Table One below.

Table One:            Summary of the results of the gold assays and the silver analyses for the mineralized sections of the NFN gold zone for drill holes HR – 19 – 002 to HR – 19 – 005.  Note additional assays are pending for samples taken in the footwall and the hanging wall of the reported zones. See Figure One for the locations of the drill holes within the NFN gold zone area.

Within the NFN gold zone the intersected lithologies are composed by poorly foliated dark-green mafic meta-volcanic units, gabbro sills, granitic dikes and micaceous meta-sedimentary schists.  Meta-sediments are moderate to well-foliated, fine- to medium-grained biotite schists and may be interbedded with basaltic meta-volcanics.  Grain sizes vary from a lithic wacke to siltstone and argillite equivalents.  Cordierite and garnet porphyroblasts produce a knotty texture suggesting a high metamorphic grade.  Drill holes HP-19-002, -003, -004 and -005 intersected the same meta-sedimentary unit in the nose and east limbs of a synclinal structure of NFN.

Alteration consists of veining and quartz flooding throughout the meta-volcanic succession.  It consists of hairline to 0.1m irregularly oriented veinlets of quartz, carbonate and calc-silicates.  Chlorite-biotite accompanies the veining selvages.  Crackle micro-brecciation occurs with strong silicification.

Polymetallic mineralization is generally located along a shear, which commonly does not exceed 0.8m on the hanging wall in strongly silicified, flooded by quartz, partially brecciaed basaltic meta-volcanic units.  This shear zone is developed on the boundary of two major lithologies: massive, very competent, poorly foliated dark green meta-volcanic at hanging wall versus well foliated, less competent, micaceous meta-sediments at footwall.  Pyrrhotite, pyrite, sphalerite, chalcopyrite, and less arsenopyrite occur ribbon-concentrated at quartz veining edges.

Blue Star will further report on the results of the drilling and surface sampling upon receipt of the assays and analyses in a timely manner.  The Company believes that these results will be arriving over the course of the next three to four weeks and may be announced in one or more releases.

In addition, the Company appreciates and wishes to thank the territorial and federal agencies that facilitated the permits to conduct our 2019 programs.  In particular, Blue Star is grateful for the guidance and collaborativeness of the Nunavut Water Board, the Kitikmeot Inuit Association and the Nunavut Tunngavik Inc.  Furthermore, it was through the outstanding efforts of our major contractors; Matrix Kitikmeot Inc., Northtech Drilling Ltd. and Summit Helicopters Ltd. working under the difficult conditions of approaching winter that Blue Star was able to achieve such a successful inaugural drill campaign.

QA/QC Program for the 2019 Exploration Work

The Company in addition to the QA/QC protocols of ALS Global maintains its own program of inserting Standard Reference material in the form of standards and blanks into the sampling stream, prior to being shipped to ALS’s preparation facility in Yellowknife.

Qualified Person

Warren Robb P.Geo. is a Qualified Person under National Instrument 43-101 (“NI 43-101”), and has reviewed and approved the geological information contained in this news release.

About Blue Star Gold Corp.

Blue Star is a Vancouver-based gold and silver exploration company focused on exploration and development within Nunavut, Canada.  The Company through its subsidiary, Inukshuk Exploration Inc., owns the highly prospective 8,015 ha Hood River gold property located contiguous to the Ulu mining lease.  Blue Star has recently exercised its option to acquire the Ulu, an advanced gold and silver project and awaits regulatory approvals for the transmittal of the lease and assignment of the permits and licenses. (Please see Blue Star’s news dated – July 29, 2019)

Blue Star has 129.6 million shares outstanding and is listed on the TSX Venture Exchange with the symbol: BAU and on the Frankfurt Exchange with the symbol: 5WP.  For information on the Company and its projects, please visit our website: www.bluestargold.ca.

For further information, please contact:

Stephen Wilkinson, President and 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 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/our success in integrating the Ulu Gold Property 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.

Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made.  Except as required by applicable securities laws, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.