Blue Star Gold Announces Phase 2 Exploration Drilling Results at Nutaaq, Returning 8.0 Metres of 2.56 g/t Au Including 1.5 Metres of 7.41 g/t Au

Blue Star Gold Corp. (BAU) has released initial results from Phase 2 drilling at the Nutaaq (North) target on its Ulu property in Nunavut. The company reported five holes, designated 26UND001 through 26UND005, all of which intersected targeted structures with variable gold grades.

The best reported intercept came from hole 26UND003, which returned 8.0 m of 2.56 g/t Au from 74.0 m downhole, including 1.5 m of 7.41 g/t Au, within a 12 m core-length alteration corridor. The same hole also returned 1.2 m of 8.66 g/t Au from 49.8 m, including 0.6 m of 11.55 g/t Au.

Hole 26UND004 returned 3.4 m of 2.70 g/t Au from 36.3 m, along with a weaker interval of 6.3 m of 0.37 g/t Au from 154.8 m. Hole 26UND005 returned only narrow, low-grade intervals: 0.6 m of 1.26 g/t Au, 0.8 m of 1.21 g/t Au, and 1.3 m of 1.01 g/t Au.

Hole 26UND001 returned 2.4 m of 1.06 g/t Au, despite testing between historical and 2025 surface samples that reported 597 g/t Au and 134 g/t Au. Hole 26UND002 returned 1.5 m of 1.74 g/t Au within a 5.7 m quartz-veining zone.

Management stated that follow-up and infill drilling is warranted to vector into higher-grade zones. Intervals are reported as downhole lengths; true thicknesses are not stated.

Blue Star Gold Corp. (BAU) released results from early-stage, wide-spaced follow-up drilling at the North Nutaaq target of its Ulu Gold Project. The company clarified that these are not resource-definition drills nor a new discovery, and the release does not alter the existing project resource, which stands at 2.204 Mt at 7.87 g/t Au for 558 koz Measured and Indicated, plus 3.263 Mt at 4.54 g/t Au for 476 koz Inferred.

The results were negative for the near-term exploration thesis, as step-outs failed to reproduce the high-grade intercept from October 1, 2025. That anchor result returned 5.70 m of 7.31 g/t Au, including 1.80 m of 21.1 g/t Au. The current best result is 8.0 m of 2.56 g/t Au, including 1.5 m of 7.41 g/t Au.

Gram-metres fell from 41.7 to 20.5, and the high-grade core fell from 21.1 g/t over 1.8 m to 7.41 g/t over 1.5 m. This represents a clear anchor-delta miss. However, the target is not yet definitively falsified, as structural continuity is present even if grade continuity is not yet proven. This release covers only the first batch of Phase 2 holes.

Blue Star Gold Corp. is a pre-revenue explorer with an explicit going-concern warning and weak working capital, meaning poor drill results can make future equity raises more difficult.

Blue Star Gold Corp. (BAU) is a mineral exploration and development company focused on Nunavut, Canada, controlling over 420 square kilometres in the High Lake Greenstone Belt. Its principal assets include the Ulu Gold Project, which encompasses the Ulu Mining Lease and Hood River Property; the Roma Project, featuring gold and VMS/critical-mineral targets; and the Auma Project, an early-stage gold target.

An updated Mineral Resource Estimate for Ulu, effective May 15, 2026, reports Measured and Indicated resources of 2.204 Mt at 7.87 g/t Au for 558,000 ounces, and Inferred resources of 3.263 Mt at 4.54 g/t Au for 476,000 ounces. The total combined resource stands at approximately 1.034 million ounces of gold. Metallurgical studies suggest gold recoveries exceeding 90%. The Ulu project infrastructure includes an airstrip, camp, roads, and an underground decline. Additionally, the proposed Grays Bay Road and Port Project is viewed as a regional infrastructure catalyst.

According to the investor presentation, the company’s capital structure consists of about 179.7 million shares outstanding, roughly 201 million fully diluted, and an approximate C$37 million market capitalization at $0.21. The most recent financial statements as of May 31, 2026, show a going-concern warning, no revenue, negative operating cash flow, and exploration-stage losses.