Golden Sky Identifies Two Potential Copper Porphyry-Style Targets at the Gnome and Semlin Zones, Rayfield Property, British Columbia

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VANCOUVER, British Columbia, Dec. 06, 2022 (GLOBE NEWSWIRE) — Golden Sky Minerals Corp. (AUEN.V) (the “Company” or “Golden Sky”) is pleased to announce the results from Phase 2 of the 2022 soil geochemical sampling and prospecting program, conducted on its 35,000-hectare Rayfield Property (“the Property”) in southern British Columbia (Figures 1 and 2). The program included the collection of ~857 B-horizon soil samples within the Gnome and Semlin Target Zones (Figure 3). This program was designed to test these areas for copper-gold porphyry potential, as they had been identified as highly prospective zones by Golden Sky’s geological team.

• Two new geochemical soil anomalies have been identified at the Gnome and Semlin target zones. At Gnome, a multi-element copper (Cu) – gold (Au) – zinc (Zn) – arsenic (As) – cobalt (Co) – nickel (Ni) – molybdenum (Mo) – lithium (Li) – rubidium (Rb) soil anomaly extends approximately 1.8 km x 1.5 km and remains open to the southeast. The Semlin zone is outlined by a Cu-Zn-As-Co-Ni-Li-Rb multi-element soil anomaly that extends approximately 1.4 km x 0.9 km and remains open to the north-northeast (Figures 4 and 5). Elevated Li and Rb values indicate the potential for nearby alkalic intrusions. The presence of these pathfinder elements suggests the upper portions of a mineralized porphyry system may be exposed at surface.

John Newell, President and CEO of Golden Sky Minerals, states: In less than 2 years, Golden Sky’s geological team, led by VP of Exploration Cameron Dorsey, has amassed a 35,000-hectare package in the heart of copper-gold country in south-central British Columbia. With this exciting news, we can now confidently say that the Rayfield property contains at least 3 large porphyry-style drill targets (Rayfield, Gnome and Semlin zones) with excellent potential. This is the first time the Rayfield Project area has been systematically explored as a large consolidated land package, and, with the long-lived Gibraltar and Mt. Polly mines to the north and the giant Highland Valley and Afton deposits to the south, the potential for discovery is excellent. This land package rivals those of some of the most successful market- moving mineral exploration companies in British Columbia in the past 3 years, and our geological team has effectively used the time to collect the necessary data to accurately define several high-priority drill targets. We are currently awaiting a drilling permit to further explore this highly prospective property.

Overview of the Target Zones

• The Gnome target zone is hosted within Nicola Group rocks intruded by the Triassic-Jurassic Thuya Batholith. The Gnome target has historically been explored as a molybdenum prospect, with limited historic drilling, despite the encouraging alteration (phyllic and propylitic) and mineralization observed on surface. Mineralization is predominantly observed in chalcedonic quartz-carbonate (calcite) veins that are host to disseminated pyrite and chalcopyrite. One of these veins returned high Cu and Au values of up to 0.35% Cu, 8.9 g/t Ag, and 4.8 g/t Au. The target zone is also marked by several magnetic, gravity, and radiometric geophysical anomalies that are similar in characteristics to other alkalic copper-gold porphyry systems in the Quesnel terrane.
• The Semlin target zone represents a greenfields discovery made during Phase 1 of 2022, with outcrop exposed along a newly constructed road. Historical work is limited in the area due to extensive overburden. A few rock samples collected in 2022, were comprised of Nicola Group basalt with up to 10% pyrite and chalcopyrite occurring along fracture surfaces and also as disseminations within quartz-carbonate veins. One of these samples was of a 4 cm-wide sulphide-rich vein that assayed 55 ppb Au, 0.2% Cu and 135 ppb Mo. Additional mapping during Phase 2 confirmed the presence of an intrusion of syenitic to dioritic composition in contact with the basalt. This outcrop is present on the western edge of the multi-element geochemical soil anomaly and was reported to contain disseminated chalcopyrite and pyrite. This would support the interpretation that a buried mineralized porphyry system may be the source of the Semlin multi-element soil anomaly.
• Additional exploration targets were advanced during the summer of 2022, through a 486-soil sampling grid at the X target zone and rock and stream samples collected from the Mowich target zone. Lab assays are currently pending.

The Rayfield Property is located in the Quesnel Trough, British Columbia’s primary copper-producing belt, which hosts Teck Resources’ Highland Valley Mine, Imperial Metals’ Mount Polley Mine, Centerra Gold’s Mount Milligan Mine, and Kodiak Copper’s MPD Project (see Figure 1). The Rayfield copper-gold project is located approximately 20 kilometers east of the town of 70 Mile House, British Columbia, and is accessible year-round by well-maintained service and logging roads extending from BC Highway 97.

Project Overview for 2022

It has been a busy year for Golden Sky Minerals, with work conducted on all properties within its portfolio. Work conducted in 2022 includes:

• Luckystrike and Bullseye: The National Instrument 43-101 (NI 43-101) Technical Report for the Luckystrike property, first written in 2017, has now been updated inclusive of 2022. An inaugural NI 43-101 Technical Report was also written for the Bullseye property in 2022. This was done to list the Bullseye property as a “Property of Merit,” and to state potential material changes resulting from recent diamond and reverse-circulation (RC) drilling programs at the Luckystrike and Bullseye projects (see September 28, 2021 news release).
• Hotspot: A combined magnetic and radiometric airborne geophysical survey was flown in 2022, covering an 87.4 km² area. This was conducted by Precision GeoSurveys Inc. The goal of the survey was to improve the understanding of the geological setting of the area, which has extensive overburden cover. Approximately 700 soil samples were also collected as infills and extensions to the survey lines sampled in 2017 and 2018. These sample results will further aid in delineating geochemically anomalous zones previously identified within the northeast-trending ~1.6 km gold-in-soil anomaly that extends from the Sure Bet zone. This data will be critical for generating drill targets in 2023. Assays are currently pending.
• Eagle Mountain: Fieldwork conducted during 2022 included approximately 100 rock samples and 500 soil samples collected over three priority zones identified by Golden Sky’s geological team. These zones were identified from a compilation of historical work and a combined magnetic and radiometric airborne geophysical survey flown in 2021 (see May 11, 2022 news release). Assays are currently pending.
• Argo: Staked in 2022, this 7,300-hectare property is located in the Quesnel Trough. A property-wide combined magnetic and radiometric airborne geophysical survey was flown in 2021. This was followed by a field program that consisted of approximately 700 soil samples. Assays are currently pending.

Figure 1: The ~35,000-hectares Rayfield Cu-Au Property is located within the Quesnel Trough; British Columbia’s primary copper-producing belt.

Figure 2: The Rayfield, Gnome and Semlin zones are all defined by large multi-element soil geochemistry that is indicative of buried porphyry systems. Numerous other target zones also exist across the extensive 35,000-hectare Rayfield Property.

Figure 3: Copper assay values from the 2022 Phase 2 soil sampling program with overlapping multi-element geochemistry outlined in dashed red. Both porphyry systems remain open.

Figure 4: Elevated copper-in-soil assays are closely associated with multi-element geochemistry that is indicative of the upper portions of a porphyry system. This interpretation is supported by pyrite mineralization and phyllic/propylitic alteration observed in historic drill core.

Figure 5: Elevated copper-in soil assays also correlate with a multi-element geochemical anomaly. Phase 2 soil sampling has now outlined a geochemical anomaly with upper-level porphyry characteristics east-northeast of an outcrop discovery made during Phase 1, 2022. No historical drilling has ever been conducted in the area. Thick till may also be obscuring the continuity of the copper-in-soil anomaly along a northwest trend.

About Golden Sky Minerals Corp.

Golden Sky Minerals Corp. is a well-funded junior grassroots explorer engaged in the acquisition, assessment, exploration, and development of mineral properties located in highly prospective areas and mining-friendly districts. Golden Sky’s mandate is to develop its portfolio of projects to the mineral resource stage through systematic exploration.

The drill-ready projects include Hotspot, Bullseye, and Lucky Strike, all in Yukon, Canada. In addition, the recent purchases of the Rayfield Copper-Gold Project in southern British Columbia, and the staking of the Eagle Mountain Gold Project in the Cassiar Gold District in northern British Columbia, add to the company’s substantial early-stage Canadian project pipeline.

The company was incorporated in 2018 and is headquartered in Vancouver, British Columbia, Canada.

More information can be found at the Company’s website at www.goldenskyminerals.com

ON BEHALF OF THE BOARD

John Newell, President and Chief Executive Officer

Carl Schulze, P. Geo., Consulting Geologist with Aurora Geosciences Ltd, is a qualified person as defined by National Instrument 43-101 for Golden Sky’s British Columbia exploration projects, and has reviewed and approved the technical information in this release.

For new information from the Company’s programs, please visit Golden Sky’s website at www.GoldenSkyMinerals.com or contact John Newell by telephone (604) 568-8807 or by email at info@goldenskyminerals.com or john.newell@goldenskyminerals.com.

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.

Forward-Looking Statements

Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “anticipates”, “expects”, “understanding”, “has agreed to” or variations of such words and phrases or statements that certain actions, events or results “would”, “occur” or “be achieved”. Although Golden Sky has attempted to identify important factors and risks that could affect Golden Sky and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended, including, without limitation: inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting drill results and other exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with Golden Sky’s expectations; accidents, equipment breakdowns, title and permitting matters; labour disputes or other unanticipated difficulties with or interruptions in operations; fluctuating metal prices; unanticipated costs and expenses; uncertainties relating to the availability and costs of financing needed in the future, including to fund any exploration programs on its projects; that Golden Sky may not be able to confirm historical exploration results and other risks set forth in Golden Sky’s public filings at www.sedar.com. In making the forward-looking statements in this news release, Golden Sky has applied several material assumptions, including the assumption that general business and economic conditions will not change in a materially adverse manner. There can be no assurance that Forward-Looking Information 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 Information. Except as required by law, Golden Sky does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

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