Golden Sky Minerals Expands the Rayfield Copper-Gold Property Through Staking and Option/Purchase Agreements, south-central British Columbia
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VANCOUVER, British Columbia, June 17, 2022 (GLOBE NEWSWIRE) — Golden Sky Minerals Corp. (AUEN.V) (the “Company” or “Golden Sky”) is pleased to announce that, through staking and property purchases, the Company has expanded the ~11,000-hectare Rayfield Copper-Gold Property in southern British Columbia, Canada, to ~24,992-hectares. With the optioning of the ~8,100-hectare Vidette-Mowich (VM) Property, the purchase of the ~20-hectare Them-Gold (TG) Property and the staking of an additional ~5,900-hectares, Golden Sky has further consolidated its position in the area. The Vidette-Mowich Property is located to the south and southeast of the 2021 Rayfield Property limits, which will be 100% owned by Golden Sky with no underlying royalties once the option agreement is complete. The Them-Gold Property is located adjacent to newly staked ground and is 100% owned by Golden Sky with no underlying royalties as the purchase agreement is already complete (see “Transaction Details”) (Figure 1). The Rayfield Project 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 2). 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.
Transaction Details
Golden Sky has entered into a property option agreement to acquire a 100% interest in the Vidette-Mowich Property, subject to the approval of the TSX-Venture Exchange and other customary conditions. The terms consist of:
(a) The Optionee paying an aggregate of $120,000 to the Optionor as follows:
a) $20,000 upon receipt of Exchange approval for the proposed transaction;
b) a further $25,000 on or before the 31st of December 2024;
c) a further $35,000 on or before the 31st of December 2025; and
d) a further $40,000 on or before the 31st of December 2026;
(b) The Optionee issuing an aggregate 240,000 Shares to the Optionor as follows:
a) 40,000 Shares within six weeks of the date of this Agreement;
b) a further 50,000 Shares on or before the 31st of December 2024;
c) a further 75,000 Shares on or before the 31st of December 2025; and
d) a further 75,000 Shares on or before the 31st of December 2026;
(c) The Optionee having expended a minimum of $575,000 of Exploration Expenditures on the Property as follows:
a) $65,000 on or before the first anniversary date of the date of this Agreement;
b) a further $90,000 on or before the 31st of December 2024;
c) a further $150,000 on or before the 31st of December 2025; and
d) a further $270,000 on or before the 31st of December 2026.
Golden Sky has completed a property purchase agreement to acquire a 100% interest in the Them Gold Property, subject to the approval of the TSX-Venture Exchange and other customary conditions. The terms consist of:
- A cash payment of C$500 upon signing of the agreement
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 properties 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
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.
Photos accompanying this announcement are available at
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