Blue Star Gold Starts Drilling with a Second Rig on Its Nunavut Properties at the Flood Zone
Vancouver, July 22, 2020 - Blue Star Gold Corp. (TSXV: BAU) (FSE: 5WP) (the "Company") announces that it has commenced drilling with the second drill rig as part of its 7,000m drill program on its Hood River and Ulu properties, located in the Kitikmeot Region of Nunavut.
Drill Rig number one has completed 5 holes for 833.5 metres of drilling as of yesterday morning at the North Fold Nose Zone while Drill Rig number two has now begun drilling at the Flood Zone on the company's adjacent Ulu Mining lease. Drill Rig number two will be targeting identification of additional gold mineralization in the Flood Zone and thereafter in the Gnu Zone.
The Flood Zone's most recent resource estimate was authored by P. Cowley P.Geo. R.(Bob).Singh P.Geo and G. Giroux P.Eng. and was titled "Technical Report on the Ulu Gold Property Nunavut Canada dated July 10, 2015. Using a gold cut-off grade of 4 grams per tonne ("g/t"), the overall resources at the Flood Zone were reported as 2.50 million ("M") tonnes grading 7.53 g/t Au for 605,000 gold ounces in the Measured and Indicated Categories and 1.26M tonnes at a grade of 5.57 g/t Au for 226,000 Au ounces in the Inferred Category. The Ulu gold resource is open on-strike and at depth.
The summer drill program will be testing several other gold targets that occur along Blue Star's recently identified Robb Trend that hosts seven or more significant gold occurrences on its 5 km long strike. Included in this trend is the Gnu Zone which has an estimated inferred Resource of 370,000 tonnes grading at 5.57 g/t gold for 66,000 oz. The Gnu Inferred Resource was taken from the "Technical Report on the Ulu Gold Property Nunavut Canada dated July 10, 2015", authored by P. Cowley P.Geo. R. (Bob). Singh, P.Geo and G. Giroux P.Eng..
Peter Kuhn, Interim CEO comments: "We are very pleased to have started drilling with the second rig. We look forward to expanding the existing resources as well as identifying additional gold zones in the newly targeted areas in both the Robb Trend and the Eastern Hood River Zone."
About Blue Star Gold Corp.
Blue Star is a Vancouver-based gold and silver company focused on exploration and development within Nunavut, Canada. The Company, through its subsidiary, Inukshuk Exploration Inc. ("Inukshuk"), owns the highly prospective 8,015 ha Hood River gold concessions located contiguous with the Ulu mining lease. Inukshuk acquired its interest in the Hood River property through a renewable, 20-year Mineral Exploration Agreement ("MEA") with Nunavut Tunngavik Incorporated ("NTI"), which owns the minerals and administers exclusive rights through the HOODRIVER-001 MEA, signed by Inukshuk and NTI on June 01, 2013. Blue Star has recently acquired the Ulu Gold Property, an advanced gold and silver project, and has completed the transmittal of the mining lease and assignment of the related permits and licenses. Together with the Hood River concessions, Blue Star controls nearly 10,000 ha of prospective mineral claims within which the Company has identified more than 40 gold occurrences.
Blue Star has 143,245,846 common shares outstanding and is listed on the TSX Venture Exchange under the symbol: BAU and on the Frankfurt Exchange under the symbol: 5WP. For information on the Company and its projects, please visit our website: www.bluestargold.ca.
For further information, please contact:
Peter Kuhn, Interim CEO
Qualified Person: Warren Robb, P.Geo. a Qualified Person under National Instrument 43-101 ("NI 43-101"), has reviewed and approved the geological information contained in this news release.
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.
Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the Private Placement, the use of proceeds, the cancellation and refund of the Debentures and notification thereof, the automatic expiration of the Warrants, and the payment of finder's fees. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "may be", "intends" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including: the receipt of all necessary regulatory approvals, capital expenditures and other costs, and financing and additional capital requirements. Although management of the Company have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/60248