AUTUMN 2019
Disclaimer Except for the statements of historical fact contained herein, certain information presented constitutes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including but not limited to, those with respect to potential expansion of mineralization, future plans for resource estimation and exploration and potential mining method involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Blue Star Gold Corp. (“Blue Star Gold” or the “Company”) to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks related to remote operations, the actual results of current exploration activities, conclusions of economic evaluations, uncertainty in the estimation of ore reserves and mineral resources, changes in project parameters as plans are refined, future prices of metals, economic and political stability in Canada and the United States, environmental risks and hazards, increased infrastructure and/or operating costs, labour and employment matters, and government regulation as well as those factors discussed in the section entitled "Risk Factors" in Blue Star Gold's Management’s Discussion and Analyses of its annual financial statements, filed on www.sedar.com. Although Blue Star Gold has attempted to identify important factors that could cause actual results to differ materially, 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. Blue Star Gold disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking statements. 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 presentation. 2
Blue Star Gold – Company Overview COMPANY STATISTICS Trading Symbol (TSX-V) BAU Common Shares Outstanding 129.6 million Options 2.2 million Warrants (incl. Broker Warrants) 0 Share Price (Sept. 26, 2019) $0.06 52-Week Range $0.02 - $0.07 Average Daily Volume 54,000 Market Capitalization $7.78 million BOARD OF DIRECTORS Robert Metcalfe Chairman Judy Baker Director Dr. Georg Pollert Director Klaus Schmid Director Kenneth Yurichuk Director MANAGEMENT Stephen Wilkinson President & CEO Peter Kuhn General Manager Zara Kanji CFO Mike Stewart Secretary Warren Robb, P.Geo. Exploration Manager Cindy Chu Controller 3
Blue Star Gold – Executive Summary • Blue Star Gold (“Blue Star Gold” or the “Company”) is an exploration stage company focused on high-grade gold projects in Nunavut Territory in northern Canada • The Company owns the highly prospective Hood River Property • The Company is in the process of exercising it option to acquire the high-grade Ulu Gold Project • Blue Star Gold has estimated the Ulu Gold Project hosts high-grade resources of over 830,000 gold (“Au”) ounces (605,000 oz – Measured and Indicated) with excellent potential for resource growth in multiple targets 4
Blue Star Gold – Property Location • Hood and Ulu are located approximately 530 kilometres (“km”) north -northeast of Yellowknife. The properties are approximately 45 km north of the Arctic Circle. • Principal gold zones hosted within greenstones that are within the Archean-aged High Lake Volcanic Belt (HLVB) in the northern part of the Slave Structural Province. • In addition, Hood and Ulu are located directly on Phase 1 of the proposed Grays Bay Road Project. 5
Blue Star Gold – Properties Hood River Property (“Hood”) • 100% ownership acquired in 2014 • 8,015 hectare (“ha”) exploration concession in the High Lake greenstone belt • 22+ identified gold targets for future resource growth Ulu Gold Project (“Ulu”) • Exercised option to acquire 100% interest from Mandalay Resources Corp. • 947 ha contiguous to Hood • Permitted mining lease with both identified gold resource and drill targets • Measured & Indicated Gold Resources of 605,000 Au ounces contained in 2.5 million tonnes grading 7.5 grams per tonne (“g/t”) with a further 226,000 Inferred Gold Ounces 6
Blue Star Gold – Geology • The Hood and Ulu properties cover folded mafic volcanic and sedimentary rocks and a leucogranite plug (the “Peanut Intrusion”). • The 5 km-long Ulu fold runs through the Ulu mining lease north into the Hood Property and terminates on North Fold Nose gold zone. • North Fold Nose is our primary drill target where BHP intersected 25.5 g/t Au over 1.54 m. • Gold zones are high-grade and commonly bonanza-grade. • Very little drilling outside the resource area of the Ulu’s Flood & Gnu gold deposits. 7
Blue Star Gold – Hood Property • Contiguous with Ulu mining lease on SCALE 0 2,500 5,000 north and east boundaries Metres • 100% ownership acquired through purchase of Inukshuk Exploration Inc. • Excellent potential for gold deposits in a well-known but under-explored belt - ULU Mining Lease only 33 drill holes recorded Alone Zone East Limb Zone • 22 gold-bearing showings have been identified on the Hood property Ulu Airstrip • Regional exploration programs facilitated by proximity to the existing Ulu infrastructure • Working agreement with the Nunavut LEGEND Tunngavik Incorporated for relationship Significant Under-Explored Au-Bearing Area Hood River Property through to production NTI Held Property (Excluded from Hood River) Ulu Mining Lease Ulu Gravel Airstrip (Length 1450m) UPDATED: October 17, 2016. 8
Blue Star Gold – Hood Property Priority Gold Targets o North Fold Nose – the most northerly gold zone on the Ulu fold and being drilled in the 2019 exploration program • Very high grade surface occurrence with grab samples up to 176 g/t Au • BHP drill hole 90VD-81 returned 6.03 m grading 7.31 g/t Au, including 25.63 g/t Au over 1.54 m at a vertical depth of 60 m • Hole 91VD-111 was drilled underneath 90VD-81 and intersected 9.16 g/t Au over 6.88 m, including 54.94 g/t Au over 0.95 m at a vertical depth of 95 m below surface o Crown Zones – located on the east side of the Peanut Intrusion • Comprised of 5 separate mineralized areas, veins are up to 6 m wide & have been mapped for approximately 800 m along strike • Limited drilling returned results of 24.35 g/t Au over 1.0 m and 13.47g/t Au over 2.0 m o Penthouse North and South Zones – located 3 km northeast of Crown Zones • One sample reported from this area returned 130.1 g/t Au. • North and South areas are separated by a distance of 3 km through a topographically subdued valley with no outcrop. 9
Blue Star Gold – Ulu Project • Advanced exploration property - 947 ha contiguous to Hood • Comprises renewable Mining Lease ML 3563, expires November 18, 2038 • Measured & Indicated and Inferred gold resources • Permanent infrastructure includes airstrip, core storage, 1.6 km decline and development and camp site. • Several drill-ready targets identified 10
Blue Star Gold – Ulu Resource • Blue Star Gold’s current Ulu mineral resource was estimated by independent consultants using a 4 g/t gold cut-off value • Flood zone open at depth and to the north • Gnu zone only partially drill defined • As reported in the amended technical report, titled " Technical Report on the Ulu Gold Property, Nunavut, Canada “, dated July 10, 2015 and filed on SEDAR Classification Tonnage Gold Gold Grade Contained Tonnes g/t Oz Flood Zone Measured 1,000,000 8.48 272,000 Indicated 1,500,000 6.90 333,000 Measured & Indicated 2,500,000 7.53 605,000 Inferred 891,000 5.57 160,000 Gnu Zone Inferred 370,000 5.57 66,000 Total - Flood and Gnu Zones Measured & Indicated 2,500,000 7.53 605,000 Inferred 1,261,000 5.57 226,000 11
Blue Star Gold – Ulu Option Terms Blue Star Gold has exercised its option to acquire 100% ownership of Ulu from Mandalay Resources and upon the approval of Nunavut regulators for the transfer of the lease and water license, will: • Pay to Mandalay the final payment of$450,000 upon transmittal the Ulu mining lease to Blue Star Gold • Post remediation security required by the Kitikmeot Inuit Association (“ KIA ”) and the Nunavut Water Board (“ NWB ”) • Blue Star to assume future reclamation and monitoring obligations associated with Ulu in a manner satisfactory to the KIA and the NWB • Mandalay to transfer its $1.7 million remediation account to Blue Star upon the release of these funds by CIRNAC 12
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