Blue Star Reports Exploration Results Including Significant Gold Intercepts in Step-Out Drilling at NFN Deposit

Blue Star Gold Corp. (BAU) has released the final assay results from its 2026 Phase 2 drilling program, which comprised seven holes across three distinct zones. The program focused on step-out drilling at the North Fold Nose (NFN) deposit, while also targeting the North Nutaaq and Roma Main areas.

At the NFN deposit, which is hosted on a sheared mafic-volcanic and metasedimentary contact, three holes were drilled. Hole 26HND001, positioned approximately 100 meters south as a step-out, returned 8.0 meters at 2.94 grams per tonne gold (g/t Au) from 183 meters downhole. Highlights from this interval include 4.0 meters at 5.56 g/t Au, with the discussion noting an inclusion of 1.8 meters at 10.91 g/t Au. Hole 26HND002, an undercut, returned 6.0 meters at 8.18 g/t Au from 110 meters, including 1.0 meter at 47.10 g/t Au. A further step-out of approximately 130 meters south, placing the hole roughly 230 meters south of the current resource, was drilled as 26HND003. This hole returned 1.6 meters at 2.62 g/t Au, including 0.5 meters at 8.09 g/t Au.

Drilling at North Nutaaq, where mineralization is hosted in gabbro-sill tension veins, included two holes. Hole 26UND006 returned 1.4 meters at 1.00 g/t Au from 14.6 meters, 2.2 meters at 9.95 g/t Au from 49.8 meters, and 2.3 meters at 1.67 g/t Au from 134.7 meters. Hole 26UND007, an undercut, returned 1.4 meters at 1.77 g/t Au, 7.0 meters at 3.01 g/t Au from 53.0 meters (including 1.7 meters at 10.92 g/t Au), plus 2.2 meters at 1.20 g/t Au and 4.1 meters at 3.00 g/t Au. Highlights for 26UND007 also cite 1.1 meters at 8.30 g/t Au, a figure not present in the discussion text.

Roma Main, the site of maiden drilling in quartz veins within granodiorite, yielded results from two holes totaling 419 meters. Hole 26RMD009 returned 2.7 meters at 0.88 g/t Au, including 1.0 meter at 1.43 g/t Au and 0.5 meter at 1.69 g/t Au. Hole 26RMD008 returned 0.4 meters at 3.89 g/t Au.

The NFN deposit is described as a small component of the current resource. The mineralized contact extends approximately 2.5 kilometers south and remains largely untested. All reported intervals represent downhole lengths, and true thicknesses have not been determined. No cutoff grade was stated.

Blue Star Gold Corp. (BAU) is a pre-revenue junior explorer and developer with a defined Mineral Resource Estimate only at the Ulu/Flood Zone, which holds 558 koz Measured and Indicated at 7.87 g/t and 476 koz Inferred at 4.54 g/t. The North Nutaaq Fault (NFN) represents a small component of that resource.

The company’s latest release highlights that the NFN mineralized contact now extends gold up to 230 m south of the current resource boundary. Additionally, the deeper undercut hole 26HND002 confirms a higher-grade zone at depth, providing resource-expansion optionality. The mineralized envelope measures approximately 230 m by 150 m down-dip with a true width of about 5 m, representing a volume on the order of a few hundred thousand tonnes. At current grades, this equates to tens of thousands of ounces before any continuity haircut.

Blue Star Gold shares have not yet reflected these developments. The stock peaked near C$0.32 in January 2026 and has since drifted to a range of C$0.15–C$0.19, closing at C$0.17 on October 23, 2026, near its 52-week low of C$0.13. The entire 2026 drill season failed to re-rate the shares, with the stock declining through the period. Results included Auma Bamako reporting 16.74 g/t over 1.9 m on August 26, North Nutaaq results on August 20, Auma Phase 2 results on September 21, and the current release on October 26. The market price currently assumes essentially nothing about the drilling activity.

Blue Star Gold Corp. (TSXV: BAU; OTCQB: BAUFF; FSE: 5WP0) controls more than 420 km² of mineral tenure in the High Lake Greenstone Belt in Nunavut, located 40 to 100 km south of the proposed Grays Bay deep-water port and all-weather road corridor. The company previously referred the Grays Bay Regional Port and Pipeline Project (GBRPP) to the Major Projects Office in March 2026 and moved toward Schedule 1 listing under the Building Canada Act in June 2026.

The company’s portfolio includes the Ulu Gold Project, which comprises the Ulu Mining Lease and Hood River Property. This asset hosts the high-grade Flood Zone deposit, featuring a 1.7 km underground decline extending to 150 m, along with camp and airstrip infrastructure. The Roma Project covers approximately 30,100 hectares and targets gold and VMS-critical metals, including the Ataani, Sand Lake, Cairo, Stu, West West, South, and Juno-Chill prospects. Additionally, the Auma Project spans approximately 12,000 hectares, having expanded from 614 hectares in February 2026, and includes the Bamako and Penny Lane targets.

According to an NI 43-101 technical report effective May 15, 2026, the Ulu project contains a measured and indicated resource of 2.204 million tonnes at 7.87 g/t Au for 558,000 ounces of gold, and an inferred resource of 3.263 million tonnes at 4.54 g/t Au for 476,000 ounces of gold. The company reports greater than 90% stated gold recoveries. There are no established reserves, preliminary economic assessments, net present value calculations, or mine plans.

As of the third quarter of 2026, covering the nine months ended August 31, 2026, Blue Star Gold Corp. reported cash of C$1.019 million and total current liabilities of C$2.756 million, resulting in a working capital deficiency of C$784,496. Total debt stood at C$2.065 million, including the C$2.73 million Pollert loan, which was extended to October 5, 2028, at an interest rate of 3%. The company recorded an accumulated deficit of C$62.97 million and a net loss of C$8.446 million, with exploration expenditures totaling C$8.01 million. The company had approximately 185.0 million shares outstanding, 189.7 million per the presentation, and 204.9 million fully diluted, with insiders holding approximately 66%.