Blue Jay Gold updates drilling at Mt Skukum and Skukum Creek

VANCOUVER, British Columbia, Aug. 05, 2026 (GLOBE NEWSWIRE) -- Blue Jay Gold Corp. (TSXV: JAY) (FSE: JAY) (“ Blue Jay ” or the “ Company ”), is pleased to provide an update on its ongoing Phase 1 drilling program at the Steller Gold Project (“ Steller ” or the “ Property ”) in southern Yukon, where the Company's two drill rigs are advancing the program, one rig testing the Mt. Skukum Epithermal Corridor, the location of the Property's only past-producing mine, and the other testing extension targets at the Skukum Creek Au-Ag deposit, with both rigs continuing to advance toward additional targets at each site.

"There's a lot of ground on this property, and with drilling now underway on both Mt. Skukum epithermal targets and the Skukum Creek Structural Corridor, the program is advancing as planned testing structural extensions to current resources," said Geordie Mark, CEO of Blue Jay Gold. "Chasing high-grade mineralization targets, and revitalizing exploration here with a modern mindset, is what excites me most about this stage of the program. Real-time spectral and optical logging through LithologIQ means our geologists can see more of what the rock has to tell at a pace that easily eclipses anything previously possible in the industry. We are excited by the ramp up of drilling and completion of almost half of the LithoLogIQ 2026 program. We look forward to updating the market as assay results start to come back."

Skukum Creek

Drilling is now underway at Skukum Creek, the deposit that sits at the core of Blue Jay’s resource base at the Steller Gold Project 1 . Skukum Creek has a long history but has never been brought into production. First staked in 1922, it was explored by a succession of operators, including more than 44,000 metres of drilling and hosts over four kilometres of underground drifting that was last completed in 2008. Unlike the neighbouring Mt. Skukum mine, which produced gold in the 1980s, Skukum Creek never quite matured into production, despite that scale of historical work.

Fragmented and episodic phases of exploration at Skukum Creek have consistently identified high-grade gold and silver mineralization within steeply dipping structurally controlled veins. In each drill campaign, results extended known mineralized zones, and the deposit remains open along strike and at depth.

Our 2026 Framework program is designed to better understand the structural characteristics of mineralization zones and to follow up on defined structural extensions to deposits and proximal targets. Drilling at Mt Skukum and Skukum Creek will be supported by the Company's contracted LithologIQ system, which enables real-time spectral core logging. We are now building a site data library from historical data on these systems, allowing the geology team to evaluate hydrothermal mineralization and structural detail as core is retrieved, ahead of laboratory assay results.

Mt. Skukum

The Mt. Skukum epithermal corridor was first identified in 1980, when Agip Canada Ltd. completed a regional stream sediment sampling survey that returned a strong gold anomaly at the head of Butte Creek. Between 1982 and 1997, a succession of operators completed more than 56,000 metres of drilling on the corridor. Mt. Skukum is the site of former gold production for the Steller project. Between February 1986 and August 1988, Mount Skukum Gold Mining Corporation processed 233,400 tonnes of mineralized material through an on-site 270 tonne-per-day process plant, recovering approximately 77,790 troy ounces of gold. 1

Following the end of mining, ownership of the Mt. Skukum claims and process plant changed hands several times before ultimately it was consolidated into the current footprint in 2000. Limited follow-up sampling was completed through the 1990s and 2000s, and the deposit has remained dormant since 1988.

Corrective Disclosure Regarding June 30, 2026 News Release

The Company is issuing the following correction to its news release dated June 30, 2026. Under the heading "Winning Media LLC," the release incorrectly stated that Winning Media LLC and its principals do not currently own any securities of "Surge." This reference was made in error. The correct statement should have read that Winning Media LLC, and its principals do not currently own any securities of Blue Jay Gold Corp. All other information contained in the June 30, 2026, news release remains accurate and unchanged.

Further to the correction above, the Company is issuing the following additional corrective disclosure with respect to Market One Media Group Inc. (" Market One "). The June 30, 2026 news release stated that Market One "does not provide investor relations or market making services." This statement was incorrect and is hereby retracted, as Market One has been retained to engage in activities for or on behalf of the Company, and certain services under the Media Services Contract with Market One may constitute Investor Relations Activities as defined under TSX Venture Exchange Policy 1.1. The June 30, 2026 news release also did not disclose that the $112,000 fee (plus applicable goods and services tax, for an aggregate of $117,600) payable to Market One under the Media Services Contract is due and payable upfront. The Company confirms that neither Market One nor any of its affiliates has any interest, directly or indirectly, in the securities of the Company. All other information contained in the June 30, 2026 news release relating to Market One remains accurate and unchanged.

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1 2026 Technical Report. TECHNICAL REPORT AND UPDATED MINERAL RESOURCE ESTIMATE OF THE STELLER GOLD PROJECT, WHITEHORSE MINING DISTRICT, YUKON TERRITORY, CANADA. P&E Mining Consultants Inc. Effective Date: Oct. 31, 2025. Cut-off: 3.0 g/t AuEq. Au: US$2,850/oz. Ag: US$34.20/oz. AuEq ratio = Au:Ag 85.6:1

The Company is also issuing the following additional corrective disclosure with respect to 2686362 Ontario Corporation dba CanaCom Group (" CanaCom Group "). The June 30, 2026 news release did not disclose the timing of payments under the CanaCom Agreement or CanaCom Group's interest in the securities of the Company. Of the $100,000 fee (plus applicable taxes) payable to CanaCom Group, the fee is payable in four quarterly installments of $26,250 each over the 12-month term of the agreement, with the first installment due upon Canacom Group providing an invoice to Blue Jay Gold for the services rendered. The Company further confirms that CanaCom Group holds an interest in the securities of the Company. CanaCom Group acquired 100,000 common shares of the Company pursuant to a private placement that closed on April 8, 2026, and separately holds 20,100 common shares received in connection with the spinout of the Company from Riverside Resources Inc. All other information contained in the June 30, 2026 news release relating to CanaCom Group remains accurate and unchanged.

The Company is also issuing additional corrective disclosure with respect to Caesar Holdings BV dba Caesars Report ("Caesars Report"). The June 30, 2026 news release stated that the $14,000 EUR fee payable to Caesars Report is due prior to commencement of the campaign. This statement was incorrect and is hereby retracted. The Company confirms that the $14,000 EUR fee payable to Caesars Report is due upon Caesars Report providing an invoice to the Company for services rendered. All other information contained in the June 30, 2026 news release relating to Caesars Report remains accurate and unchanged.

Qualified Person

The scientific and technical content of this news release has been reviewed and approved by Freeman Smith, P.Geo., VP Exploration of Blue Jay Gold Corp., who is a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

About Blue Jay Gold Corp.

Blue Jay Gold Corp. is a Canadian gold exploration company focused on growing and discovering resources within established gold producing regions in Canada. The Company’s flagship asset is the 100%-owned Steller Gold Project in southern Yukon, an infrastructure-supported, past-producing mine with significant exploration upside and clear near-term catalysts. Blue Jay has also built a portfolio of projects in Ontario. With strategically located assets and a leadership team experienced in geology and capital markets, Blue Jay will advance disciplined, modern exploration programs focused on target definition, resource growth, and new discoveries in known gold-mineralized regions. For more information, please visit www.bluejaygoldcorp.com .

ON BEHALF OF BLUE JAY GOLD CORP.

signed “Geordie Mark” Geordie Mark, CEO

For additional information contact:

BLUE JAY GOLD CORP.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release contain forward-looking information. Forward-looking information involves risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking information. In addition, the forward-looking statements require management to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate, that the management's assumptions may not be correct and that actual results may differ materially from such forward-looking statements. These statements can be identified by the use of forward-looking terminology (e.g., "expect"," estimates", "intends", "anticipates", "believes", "plans"). Forward-looking statements contained in this press release may include, but are not limited to, the results of the hyperspectral core scanning and spectral analysis program, the timing and scope of the Company’s exploration program, increasing the Company’s current mineral resources, and future business plans of the Company. Such information involves known and unknown risks, including the receipt of regulatory approval, the results of future financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Blue Jay in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by applicable securities laws and regulation, Blue Jay disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Globe Newswire

August 5, 2026 - 1:45 PM PDT

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