Blue Star Gold Corp. provided results from an additional eight drill holes from the 2021 exploration program at its Ulu Project located in the High Lake Greenstone Belt, Nunavut. Results from ten drill holes remain outstanding.

Discussion of results: Gnu Zone: 21BSG-008: Gnu Zone original polymetallic vein test. This drillhole tested the continuation of a modelled high-grade polymetallic quartz vein at a vertical depth of 90 metres, collared south along strike from BS2020-ULU-007 (52.7 g/t gold from 25.0 - 27.0 m), 92VD161 (18.8 g/t gold from 165.37 - 167.85 m), and 21BSG-006 (11.06 g/t gold from 48.04 - 50.22 m). The drillhole intersected gabbro for the length of the hole, with localized moderate to strong leucoxene alteration.

Although some intervals of anomalous arsenic were seen in assay data, no intervals of anomalous gold were reported. The polymetallic quartz vein was not intersected, but lithological and assay data has helped inform a new working interpretation of the location, azimuth and dip of the target which will be used for further drill evaluation. Axis Zone: 21BSG-009: Axis Zone acicular trend.

This drillhole tested two modelled basalt-hosted acicular arsenopyrite trends situated between the Flood Zone and the Central acicular arsenopyrite trends. A highly strained interval with quartz, 4% acicular arsenopyrite, 7% blebby chalcopyrite, 2% blocky chalcopyrite and 4% blocky pyrite was intersected from 83.00 - 86.00 metres and returned gold assay values of 2.51 g/t. These drill results helped inform a more robust reinterpretation of the Axis Zone acicular arsenopyrite trend, which has been remodelled as one, rather than two, planes subparallel to both the Flood Zone and the Central acicular arsenopyrite trends. This interpretation is supported by drill results from 21BSG-016.

21BSG-016: Axis Zone acicular trend. Similar to hole 21BSG-009, this drillhole tested two modelled acicular arsenopyrite Axis trends. It is collared 60 metres northwest of 21BSG-009 and intersects variably textured and altered basalt for the length of the hole.

From 88.05 - 89.49 metres, 2.26 g/t gold (including 4.30 g/t gold over 0.49 metres) was intersected in a basalt-hosted calc-silicate altered quartz vein with 7% subhedral arsenopyrite, 2% pyrrhotite and 1% pyrite. These drill results support the re-interpretation of the location, azimuth and dip of the Axis plane which was initiated by results from hole 21BSG-009. 21BSG-015: Axis Zone/Central acicular trend.

This hole tested the two modelled acicular arsenopyrite trends within the Axis zone and the western-most plane of the Central trends (the C trend). Basalt with two minor meter-scale intervals of sediment is intersected from the top to bottom of the hole. From 78.08 - 78.87 metres an interval hosting 15% acicular arsenopyrite, 3% blebby arsenopyrite, 3% blocky and stringers of pyrite, and 2% blocky and blebby pyrrhotite returned 3.80 g/t gold (including 6.80 g/t gold from 78.08 - 78.44 metres).

This interval correlates to the Central C trend, or the intersection of one or more Axis trends with the Central C trend. Central Zones: 21BSG-010: Central Zone acicular trend. This drillhole tested the Central Zone B and C acicular arsenopyrite trends and intersected variably textured and altered basalt throughout.

At 16.00 - 17.00 metres depth, the Central B plane is interpreted to be intersected as a brecciated structure which returned a modest, but relatively elevated, gold value of 0.42 g/t over 1 metre. The C plane is intersected from 91.00 - 94.00 metres as a brecciated and highly strained interval of fine-grained basalt, with strong silicification and bands of biotite and chlorite alteration, with 10% acicular arsenopyrite, 4% pyrrhotite, 3% chalcopyrite, and 3% pyrite. The interval grades 5.21 g/t gold over 3 metres.

This interval corresponds with a transition from high-Ti basalt outside of the anomalous gold zone to low/moderate-Ti basalt from 92.00 - 94.00 metres. From 156.00 - 157.00 metres, 1.94 g/t gold over 1 metre is intersected, corresponding with a new plane of interest. 21BSG-011: Central Zone acicular trend.

This drillhole tested the Central A, B, and C planes, and intersected variably textured basalt with minor sediment throughout. From 20.00 - 21.12 metres the Central A plane was intersected in basalt, grading 1.08 g/t gold over 1.12 metres, and correlating with a transition from moderate-Ti to low-Ti basalt. The Central B plane was not intersected or not mineralized.

At the predicted depth, basalt is strongly altered (variably bleached from 113 - 124 metres, with 5% chaotically oriented mm-scale quartz-carbonate-Fe oxide veinlets). The Central C plane is intersected between 192.74 - 198.40 metres. The gold grade is low, but relatively elevated (0.35 g/t over 1 metre from 192.21 - 193.21 metres; 0.69 g/t over 1.2 metres from 197.20 - 198.40 metres).

A sedimentary unit intersected just above the weakly anomalous basalt intersection has accommodated ductile (folded primary mica and chlorite) and brittle (two intervals of fault gouge at 10 cm and 21 cm wide) strain. 21BSG-012: Central Zone acicular trend. This hole tested all three Central planes.

It is collared in gabbro which extends for ~14 metres followed by a ~15 metre interval of sediment then basalt for the rest of the hole, with one ~30 metre interval of gabbro from 247.80 - 276.10 metres. None of the planes of interest are well expressed. Intervals of high strain and brecciation, sometimes with fault gouge, may be the expression of the Central planes in this drillhole.

Not corresponding to a known zone, relatively elevated gold at 0.27 g/t over 1.07 metre occurs from 15.00 - 16.07 metres at the margin of a fine-grained basalt and it's lower, faulted contact with sediment. The basalt-sediment contact is mineralized in other target areas. The predicted depth of the Central A plane coincides with a basalt and its lower contact with a gabbro at 247.80 metres; this contact is marked by a highly strained mineralized zone from 242.24 - 242.60 metres comprising 6% pyrrhotite and 4% pyrite.

The interval from 386.18 - 393.40 metres contains a 10 cm wide interval of brecciation within a high strain zone and up to 5% pyrrhotite-pyrite, and a 55 cm wide interval with moderate fault gouge and several fractures. No anomalous gold values were returned, but the interval is at the correct depth to correspond with the Central C plane. 21BSG-014: Central Zone acicular trend.

This drillhole targeted the three Central planes. Like hole 21BSG-012, it is collared in basalt, and intersects thin intervals of gabbro then sediment at the top of hole, then basalt for the remainder of the hole. Two intervals with anomalous gold correspond to the Central B and C planes.

From 345.12 - 346.12 metres, 1.18 g/t gold is intersected over 1 metre; from 358.58 - 362.62 metres, 2.72 g/t gold is intersected over 4.04 metres.