Golden Sky Defines a 600 m x 475 m gold-in-soil anomaly with values up to 552 ppb Au at the Sure Bet North zone, Hotspot Property, Yukon Territory

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VANCOUVER, British Columbia, Jan. 10, 2023 (GLOBE NEWSWIRE) — Golden Sky Minerals Corp. (AUEN.V) (the “Company” or “Golden Sky”) is pleased to announce that a 600 m x 475 m zone of elevated gold-in-soil values, up to 552 ppb Au, has been defined at the Sure Bet North zone, located within its 100% owned Hotspot Property (“the Property”) in the Yukon Territory (Figure 1 & 2). This zone is overlain and flanked by a multi-element bismuth (Bi), antimony (Sb), arsenic (As), ± selenium (Se) and ± molybdenum (Mo) geochemical anomaly, which further extends the mineralized system to approximately 1000 m x 600 m (Figure 3). This geochemical soil anomaly trends northeast and appears to transition from a mid-level low-sulphidation system (Au, As, Sb), exposed in the creek valley, to an upper-level low-sulphidation gold system upslope (As, Sb) (Figure 4). Erosion may have exposed the extent of the geochemical signature of this low sulphidation system which may host gold-bearing mineralization below the upper-slope zone marked by anomalous As and Sb values (Figure 4 & 5).

The West Valley zone (Figure 2) was also further defined by soil sampling in 2022 (Figure 3 & 4). Permafrost, which is more developed in this zone, can mask element distribution representing the underlying bedrock geochemical signature. Despite sampling difficulties, a ~600 m x 300 m arsenic-in-soil anomaly was defined, with sporadic elevated gold and antimony values. With similar geological, geophysical and geochemical characteristics to the Sure Bet zone, the West Valley zone is considered highly prospective for further exploration.

Mr. John Newell, President & CEO of Golden Sky Minerals stated: “We are extremely pleased with the success of the 2022 exploration program. The multi-element soil geochemistry has been critical in defining the size and scalability of this project and has provided more context for geological interpretation, which will be crucial in future drill planning. The property now has three main target zones with excellent potential for additional discoveries in a region (Tintina Gold Belt) known for world-class deposits.”

Figure 1: Hotspot property location in the Yukon Territory. The property is located within the Tintina Gold Belt, which hosts numerous multi-million-ounce gold deposits in the Yukon and Alaska. The Tintina Gold Belt includes the deposits shown here.

Figure 2: A larger and more defined gold system has now been delineated at the Sure Bet North zone. The West Valley zone has also been expanded.

Figure 3: Multi-element geochemistry has defined a ~1000 m x 600 m anomalous zone within the Sure Bet North zone. A strong correlation between Au, As, Sb is commonly associated with epithermal gold systems, including low-sulphidation and Reduced Intrusion-related Gold Systems (RIRGS).

Figure 4: A geochemical horizon is interpreted to separate the geochemical signature commonly associated with the upper and mid-levels of a low sulphidation system. For simplicity, the geochemical horizon line is interpreted to be horizontal (refer to Figure 5 for cross-sectional view of a low-sulphidation gold system model).

Figure 5: Cross-sectional model of various geochemical signatures observed in a low-sulphidation gold system. Modified after Buchanan (1981).

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 Luckystrike, all in Yukon, Canada. In addition, the recent purchase and expansion of the Rayfield Copper-Gold Project in southern British Columbia, the Eagle Mountain Gold Project in the Cassiar Gold District in northern British Columbia, and the Argo Copper and Gold Project in the Quesnel Trough, 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 Yukon 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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