Nunavut is home to four active mines, three of which extract gold and are all operated by Agnico Eagle Mines Limited [1]. With the recent acquisition of Sabina Gold & Silver by B2Gold Corporation, investment opportunities in the territory for high grade gold resources not controlled by senior gold producers are limited. Blue Star Gold, trading as BAU on the TSX Venture Exchange and as BAUFF on the OTCQB, offers investors the opportunity to gain exposure to an existing high grade gold resource in Nunavut with the potential for further expansion of mineralization at depth and along strike.
Background – Acquiring the Properties
Prior to May 2014, Blue Star Gold (Blue Star), then named WPC Resources (WPC), controlled exploration properties within Nevada. However, on May 26, 2014, WPC announced the signing of a Letter of Intent to acquire Inukshuk Exploration which held the title and rights to explore the Hood River Property in Nunavut for minerals [2]. Situated over 500 km north-northeast of Yellowknife, NWT, the Hood River project has 22 known gold showings generated from former operators who previously completed drilling on the property and intersected gold including 9.16 g/t over 6.88 m [3].
In early June 2014, WPC signed an option agreement where WPC could acquire up to 80% of the Ulu gold property (adjacent to the Hood River project) [2]. The Ulu gold property is located adjacent to the Hood River gold project (Figure 1) and has existing infrastructure such as a gravel air strip, a 60-person camp, a tank farm, and a ramp to access the Flood Zone [4]. The Ulu gold property has a historical 2011 resource estimate encompassing the Flood Zone consisting of 301,200 ounces at 11.37 g/t of gold in the indicated category and 156,440 ounces at 10.61 g/t of gold in the inferred category [5].
Figure 1: Location of the Hood River and Ulu Projects [4].
In August 2014, WPC Resources commenced an initial exploration program on the Ulu gold property and Hood River gold project. This initial exploration program included surface sampling to assess targets in preparation for a future drilling program planned for 2015 where preliminary results were released on October 22, 2014 with additional results released on October 29, 2014 and December 4, 2014 [6], [7], [8].
In early January 2015, WPC Resources disclosed that they had signed a non-binding letter of intent to acquire 100% of the Ulu gold project and the past producing Lupin gold mine [5]. The Lupin gold mine had existing infrastructure including a mill and processing plant. The Ulu gold project is located is 130 km north-northeast of the Lupin gold mine. On April 14, 2015, WPC Resources announced an increase to the resource estimate for the Flood Zone at the Ulu gold property up to a total of 605,000 ounces at 7.53 g/t of gold in the measured and indicated categories and 226,000 ounces at 5.57 g/t of gold in the inferred category [9].
At the beginning of 2016, on January 7th, WPC Resources reported the retention of Tetra Tech Inc. to evaluate the mining and milling of resources within the known Ulu project mineral resources [10]. It was noted that this evaluation may lead to a Preliminary Economic Assessment (PEA) of the Ulu project. On November 1, 2016, WPC Resources announced the signing of a definitive agreement to acquire the Lupin gold mine (and its 2,300 tonnes per day processing plant and mill) and 100% of the Ulu gold property [11].
The agreements to acquire the Ulu project and the Lupin gold mine were amended several times between 2016 and 2018 [12], [13], [14], [15]. Ultimately, the proposed acquisition of the past producing Lupin gold mine was terminated on June 13, 2018 [16].
2019 – Nunavut Focused Exploration
On January 16, 2019, WPC Resources announced a company name change to Blue Star Gold Corp. (Blue Star) [17]. On March 21, 2019, Blue Star announced details surrounding planned exploration activities for 2019 and provided an update on social engagement with Nunavut stakeholders [18]. Blue Star noted that representatives from the company had met with several Nunavut stakeholders since late 2018 and that the company looked forward to continued collaboration and two-way communication to build strong relationships with the people and regulators in Nunavut. On July 18, 2019, Blue Star provided additional details on their planned exploration program at Hood River [19]. At Hood River, Blue Star planned to drill priority gold targets and to map and sample known high grade gold occurrences in preparation for future drilling programs. It was noted that Blue Star received a permit to visit the North Fold Nose (NFN) gold zone to evaluate the area with an archaeologist to assess the area for heritage resources (and mitigate impacts if necessary) and to prospect NFN by taking surface samples. The NFN Zone is part of the Hood River project which is on trend with the Ulu property’s Flood gold Zone and is related to the 5 km long Ulu Fold. It was also noted that Blue Star was issued a renewed and amended water license on July 15, 2019.
On July 29, 2019, Blue Star exercised their option to acquire a 100% interest in the Ulu gold project amending the previous agreement from January 8, 2018 [20]. Blue Star also announced a commitment to the Kitikmeot Inuit Association (KitIA) to treat hydrocarbon contaminated soils at several sites on the Ulu gold project. On August 21, 2019, Blue Star announced the receipt of final permits issued by the KitIA which were required to build an exploration camp and to start drilling at Hood River [21]. On September 5, 2019, Blue Star announced that the camp construction was complete, and that drilling had started where 2,000 m of drilling would be completed at the NFN Zone and that surface mapping and sampling had commenced focusing on on-strike gold zones at Hood River [22]. On October 9, 2019, Blue Star reported initial drilling assays from their 2019 drilling program at the NFN Zone at Hood River and included intercepts of 31.1 g/t Au over 1 m and 15.37 g/t Au over 5 m [23]. On October 28, 2019, Blue Star released additional drilling results from their 2019 drilling program and noted that target mineralization was intersected in all holes where gold mineralization of surface showings expanded along strike and at depth [24]. On November 25, 2019, Blue Star published the remaining outstanding drill assays and samples from the prospecting and mapping program highlighted by high grade gold drill intercepts within the NFN Zone of 48.7 g/t Au over 1 m, 31.1 g/t Au over 1 m, and 32.5 g/t over 1 m [25]. Blue Star also provided results from their sampling program proximal to the NFN gold Zone where a 2.1 km long gold zone was identified from the NFN south for 2.1 km referred to as the Robb trend. It was noted that the Robb trend could be mapped further by 2.9 km in the Ulu property to the Gnu and Flood gold zones culminating in a 5 km long gold mineralized trend (see Figure 2). The results of the 2019 prospecting program identified a new gold zone 350 m south of the NFN Zone called the INT gold zone.
Figure 2: Gold mineralized zones on the Ulu and Hood River Projects Comprising the Robb Trend from the November 25, 2019 press release [25].
2020
At the beginning of 2020, Blue Star announced that the acquisition of the Ulu gold property had been completed as per the February 10, 2020 press release [26]. On May 19, 2020, Blue Star announced the receipt of a 10-year water licence for exploration and reclamation at the Ulu property [27]. This licence allows for both surface and underground exploration, the creation of a new 60-person camp and “…progressive reclamation of legacy infrastructure and contamination” [27]. On May 25, 2020, Blue Star announced the results of metallurgical testing from NFN gold mineralization with over 93% recovery [28]. On June 30, 2020, Blue Star announced their 2020 exploration and reclamation plans set to start in early July [29]. On the exploration front, Blue Star intended to complete 7,000 m of drilling, including 4,500 m at the Gnu, Flood, and NFN Zones to expand these gold mineralized areas within the Robb trend. In addition, Blue Star planned to drill test new gold targets in the Crown, North, and South Penthouse Zones on the Hood River property (see Figure 3) and the Apex and Contact Zones in the Robb trend. On the reclamation front, Blue Star planned to characterize and segregate legacy mine waste, demolition waste, and contaminated soil for either on-site treatment and disposal or for off-site disposal.
Figure 3: Map of gold zones on the Ulu and Hood River properties, as per the June 30, 2020 press release [29].
In mid-July, Blue Star started drilling at the NFN Zone [30]. On July 22, 2020, Blue Star reported that the second drill rig had commenced drilling at the Flood Zone [31]. In late September, the first drilling results from the 2020 program were released, highlighted by an intercept of 13.42 g/t Au over 7 m at the Ulu property (Flood Zone) and 13.87 g/t Au over 3 m at the Hood River property (NFN Zone) [32]. Blue Star also announced plans to update the Flood and Gnu Zone (and potential inclusion of the NFN Zone) resource estimates following evaluation of the summer/fall 2020 drilling data. In late October, additional drilling results from their 2020 drilling program were released, highlighted by an intercept of 12.5 g/t Au over 7 m (Flood Zone) and 52.7 g/t Au over 2 m (Gnu Zone) [33].
2021
In early 2021, Blue Star reported the final drilling assays from their 2020 exploration program at the Ulu and Hood River properties highlighted by an intercept of 14.95 g/t Au over 13.8 m at the Flood Zone [34]. It was also noted that planning for the 2021 exploration program was underway where the focus would be on expanding resources at the Flood and Gnu Zones and that the testing of other targets proximal to these two known deposits at Ulu would be completed. The secondary focus for the 2021 program would be to complete regional targeting and testing on the Hood River property. On February 18, 2021, Blue Star acquired the Roma Project which along with the Ulu and Hood River properties are situated within the High Lake Greenstone Belt [35]. With the addition of the Roma project, Blue Star controlled a 44 km long land package along the High Lake Greenstone Belt (see
Figure 4 and Figure 5). Situated between the Roma and Ulu/Hood River projects there are other companies, including Agnico Eagle, which hold a prospecting permit in the area.
Figure 4: Location of the Roma Project with respect to the Ulu/Hood River Projects and the High Lake Greenstone Belt in Nunavut, as per the February 18, 2021 press release [35].
Figure 5: Gold Showings on the Roma Project, as per the February 18, 2021 press release [35].
On May 26, 2021, Blue Star announced detailed plans for their 2021 exploration program at the Ulu and Hood River properties [36]. Plans included a 5,000 m drill program to test high priority areas including targets within 1 km of the Flood Zone, including the Axis, Central Corridor, and East Limb (see Figure 6) and to test targets along the 5km long Ulu Fold. Blue Star also planned to explore prospective areas on the eastern side of the Hood River project and the Roma project to prepare for future drill testing.
Figure 6: Location of Flood Zone high priority drilling targets, as per the May 26, 2021 press release [36].
On June 23, 2021, Blue Star announced the commencement of a high-resolution geophysical survey over high potential target areas on the Ulu and Hood River projects where results would assist with drill targeting for the 2021 program [37]. In mid-July, drilling commenced with an initial focus on targets proximal to the Flood Zone [38]. Blue Star noted that the key objectives for the 2021 drilling program were to better understand controls of higher-grade mineralization within gold bearing zones, to evaluate additional structures on/adjacent to the Ulu Fold hinge, and to expand and infill drill poorly interpreted, but previously known, gold mineralized areas [38]. In this press release, Blue Star noted that the geophysical survey was complete, and that the data was being finalized. In early September, initial assay results were released as highlighted by an intercept of 20.8 g/t Au over 8.15 m within a new mineralized vein system in the Gnu Zone (which also hosts polymetallic mineralization including zinc), 750 m northeast of the Flood Zone deposit [39]. Assay results for the remainder of the hole bearing this intercept were pending as of the date of this press release. Additional drilling results were released in a press released dated September 22, 2021 which included a highlight of 19.1 g/t Au over 4.91 m from the Flood Zone which resulted in the expansion of gold mineralization of this Zone [40]. Blue Star provided an exploration update in the press release from October 20, 2021 where it was noted that Flood Zone mineralization had been confirmed down to 300 m at depth and that the 2021 remediation work relocated over 5,100 cubic metres of historical solid waste to a landfill [41]. On October 28, 2021, additional assay results were announced which confirmed more gold mineralization at the new vein system discovered at the Gnu Zone, including a highlight of 11.1 g/t Au over 2.18 m [42].
2022
In early January 2022, Blue Star acquired a mineral exploration agreement for the Roma project and the staking of additional claims, further consolidating the Roma project, resulting in company control of over 50 km of the High Lake Greenstone Belt (see Figure 7) [43].
Figure 7: New claims staked and added to the Roma Project as per the January 12, 2022 press release [43].
On January 19, 2022, additional drilling results from the 2021 drilling program were released where mineralized intercepts of the Central and Axis Zones were reported [44]. The results highlighted gold mineralization in a structure parallel to the Flood Zone deposit. Blue Star also reported that a new geochemical targeting tool was identified to potentially correlate geochemical sampling with faulted contacts and gold mineralization, an important approach for drill targeting in future exploration programs. It was noted that further work was “required to conclusively add this targeting tool to [Blue Star’s] exploration toolbox” [44]. Final results from the 2021 exploration program and plans for the 2022 exploration campaign were released on February 15, 2022 [45]. Results from historical hole sampling included an intercept of 3.36 g/t Au over 26.35 m from the Flood Zone. Grab sampling results from the Roma Project identified high grade occurrences of gold on the property. The preliminary exploration program for 2022 was to focus on adding ounces at the Gnu, Central, Axis, and NFN zones while also drill testing high priority targets such as the Zebra and Contact Zones (see Figure 8). In addition, Blue Star planned to reassess historical drill cores and continue with the evaluation of other gold prospects using several exploration approaches.
Figure 8: Location of gold resources and prospects on the Ulu and Hood River projects as per the February 15, 2022 press release [45].
On June 7, 2022, Blue Star announced the launch of their annual exploration program and provided further details of plans for the summer campaign [46]. The Ulu, Hood River, and Roma projects would be explored with a specific focus on infill and expansion drilling. Targeting review on earlier stage prospects would also occur. Several geophysical programs were planned at the Roma project and over areas of the Ulu and Hood River projects which were omitted in the 2021 survey. Additional geophysical surveys were to be completed over the polymetallic vein system at the Gnu Zone discovered from 2021 drilling. Blue Star indicated that 3,000 m of drilling including infill, follow-up, and initial exploration was planned and a regional sampling program would focus on creating new targets at the Roma Project and to define historical prospects at the Ulu and Hood River properties.
On June 22, 2022, it was announced that the drill program had started focusing on the Flood Zone [47]. Initial drilling results were released on July 20, 2022 with a highlight of 15 g/t Au over 17.65 m including 25.74 g/t Au over 6 m from the Flood Zone [48]. It was noted by the CEO of Blue Star, Grant Ewing, that the drillhole with this intercept “…[is] expected to allow [for] the conversion of existing inferred ounces to an indicated category and expand the Flood Zone resource” [48]. Additional assay results were released on August 17, 2022 including an intercept of 6.52 g/t Au over 17.4 m at the Flood Zone [49]. Preliminary results from regional sampling on the Roma project were also reported where eight anomalies were identified and were the focus of follow-up sampling and prospecting in the ongoing exploration program. Drilling results from the Gnu Zone were released on September 7, 2022 with a highlight of 8.18 g/t Au over 4.2 m and Blue Star announced the completion of their 2022 exploration program [50]. On October 25, 2022, additional exploration results were released with sampling and prospecting identifying several prospective areas regionally proximal to the Flood deposit (Zebra-Dagg corridor, the gravy showing, and the Bouncer structure, see Figure 9) [51].
Figure 9: Ulu and Hood River prospects and showings from the 2022 exploration program as per the October 25, 2022 press release [51].
On November 9, 2022, Blue Star reported high grade gold grab sample results from several regional targets at the Hood River, Ulu, and Roma projects including the Bouncer trend, situated “…less that 2 kilometres from the Flood Zone gold deposit” [52]. Final results from the 2022 exploration campaign were released on November 23, 2022 highlighted by a drill intercept from the Flood Zone of 4.41 g/t Au over 10.42 m [53].
2023
On February 7, 2023, Blue Star announced preliminary metallurgical results from Gnu Zone mineralization where considering conventional gold extraction methodology, recovery percentages of 92% to 94% were achieved [54]. It was also noted that mineralization from the Gnu Zone could be processed with mineralization from the Flood and NFN Zones. These metallurgical results were used to update the mineral resource estimate at the Ulu project as per the February 22, 2023 press release [55]. Blue Star announced an updated mineral resource estimate with a measured and indicated resource of 572,000 ounces of gold at an average grade of 7.02 g/t and an inferred resource of 303,000 ounces at 7.34 g/t of gold (see Table 1 for additional details). It was noted that gold mineralization from all zones included in the resource were open for expansion. CEO of Blue Star, Grant Ewing, also noted that… “there is the potential for the resource to have an open pit component… which was not previously contemplated” [55]. Figure 10 shows additional gold targets situated between the Flood and Gnu Zones and the NFN Zone.
Table 1: Ulu Gold project estimate as per the February 22, 2023 press release [55].
Figure 10: Gold mineralized zones and prospects along the Ulu Fold hinge as per the February 22, 2023 press release [55].
On March 2, 2023, Blue Star contemplated their plans for the upcoming exploration programs within a press release [56]. It was noted that beyond following up on gold prospects between the Flood/Gnu Zones and the NFN Zone and resource expansion at these zones, Blue Star planned to investigate previously intersected polymetallic mineralization at the Flood and the Gnu Zones. Blue Star announced on May 15, 2023 that the company had been awarded the Nunavut Mining Symposium Corporate Award for displaying… “outstanding work towards the economic and social development of a community, region, or Nunavut in general over the past year” [57]. On July 20, 2023, Blue Star updated the market on the status of their ongoing exploration program providing details of their approach [58]. The 2023 focus for Blue Star was to find and map areas with rocks known to be associated with gold mineralization and to complete geophysical surveys, mapping, and prospecting on both the Ulu Gold Project and the Roma project. Blue Star released an update on the 2023 exploration program on August 8, 2023 announcing a new high grade gold prospect identified subsequent to several surface samples [59]. Blue Star reported discovering the Mikigon Prospect, a 550-metre-long structure trending into overburden highlighted by samples of 47.1 g/t, 29.6 g/t, and 22.7 g/t of gold. Blue Star also confirmed the existence of two combined precious metals and base metal targets (Penthouse and Rhonda) at Hood River and identified a magnetic anomaly coincident with gold grab samples and a historical gold intercept from drilling on the Roma Project (Bamako). Blue Star reported completing their 2023 exploration program and disclosed final sample results on September 20, 2023 [60]. Blue Star identified gold and base metals values across several of their pipeline targets at their Ulu, Hood River, and Roma projects. It was noted that about 80% of Blue Star’s pipeline targets (see Figure 11 for targets prospected) had been investigated by the company and that the results from the 2023 exploration campaign would assist Blue Star with developing drill-ready targets in anticipation for drilling during their 2024 exploration program.
Figure 11: Location of pipeline targets in relation to the defined resources (NFN, Flood, and Gnu) on the Ulu and Hood River projects, as per the September 20, 2023 press release [60].
Looking Forward
Blue Star has strong insider ownership and is held by funds and high net worth investors representing over 50% and around 25% of the outstanding shares respectively as of December 2023 [61]. Of note, Dr. Georg Pollert, a director of the company, is a controlling shareholder of Blue Star along with his wife (Gabriele Pollert). They collectively hold approximately 74.76% of the issued and outstanding shares on a partially diluted basis as of October 18, 2023 [62]. As of August 31, 2023, Blue Star had a working capital of $699,037 and have subsequently completed a flow-through private placement raising an aggregate of $3,802,000 in December 2023 [63]. Considering the current gold mineral resource estimate on the NFN, Flood, and Gnu Zones of 230,000 oz in the measured, 334,000 oz in the indicated, and 303,000 oz in the inferred categories (see Table 1 above), a rough valuation of this resource can be calculated. Using a price per ounce of gold of $30 USD per ounce for the measured and indicated categories and $20 USD per ounce of gold in the inferred category and a USD/CAD exchange rate of 1 to 1.34 (as of January 7, 2024), Blue Star’s Ulu project resource can be estimated to be worth approximately $30.8 million CAD [64]. As of January 7, 2024, Blue Star has a market capitalization of $29.5 million CAD.
Based on Blue Star’s most recent corporate presentation, their vision is to expand the resources at Ulu and Hood River to 2 million ounces of gold, complete a PEA followed by evaluating development pathways [61]. To reach this goal, Blue Star intends to update the resource and continue with permitting and ESG initiatives. Blue Star’s 2024 exploration program should be the first step to achieve this vision with expected drilling for resource expansion and discovery while continuing their environmental and social engagement activities. I look forward to seeing Blue Star Gold provide more details of their upcoming summer exploration program in Spring 2024 followed by initial assay results later this summer and fall.
Disclosure: I have a beneficial long position in the shares of one or more of the companies discussed in this article, either through stock ownership, options, or other derivatives. I wrote this article without external assistance and it expresses my personal opinions. I was not compensated for this article and I have no business relationship with any company whose stock is mentioned in this article. I am not a registered investment advisor; readers are encouraged to complete their own due diligence and to contact their own licensed investment advisor(s) before making any investment decisions.
References
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