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Golden Sky Minerals Provides Update for Airborne Geophysical Survey from its Eagle Mountain Project in the Cassiar Gold District, British Columbia

VANCOUVER, British Columbia, May 11, 2022 (GLOBE NEWSWIRE) — Golden Sky Minerals Corp. (AUEN.V) (the “Company” or “Golden Sky”) is pleased to…

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VANCOUVER, British Columbia, May 11, 2022 (GLOBE NEWSWIRE) — Golden Sky Minerals Corp. (AUEN.V) (the “Company” or “Golden Sky”) is pleased to announce results and early interpretations from a 39 km2 airborne geophysical survey over its 100%-owned Eagle Mountain Project, located in the Cassiar Gold District of northern British Columbia, Canada. Precision GeoSurveys Inc. was contracted to conduct a high-resolution helicopter-borne magnetic, VLF-EM and radiometric survey over a ~3,900-hectare block within the 10,000-hectare Eagle Mountain project. These surveys were used to assist the early geological interpretation of the project for efficient follow-up ground-based exploration planned for summer, 2022. The geophysical data proved effective at corroborating and extending many of the stratigraphic contacts and geological structures delineated by historic geological mapping in the 1980s. This further supports the interpretation that the project overlies a structurally complex corridor with several potential gold targets.

The Eagle Mountain project is located in a prolific past-producing gold district in close proximity to the village of Dease Lake, British Columbia (117 road-kilometers) and to the paved BC Highway 37. This district includes Cassiar Gold Corp’s neighboring Cassiar Project covering the Taurus Deposit, with an inferred resource of about 37.9 M tonnes grading 1.14 g/t gold (Au) for 1.4 Moz gold (see website, Cassiar Gold Corp) (Figure 1). With a similar geological setting to the Cassiar Project and other orogenic gold camps, such as the Cariboo and Bralorne camps, Golden Sky believes there is strong potential for the discovery of new gold targets on the Project (see Figure 2).

John Newell, President and CEO of Golden Sky Minerals Corp., states, “The management of Golden Sky Minerals believes we continue to be in a long-term uptrend in both precious metals and base metals. Readied with this belief, the company’s strategy has been to stake highly prospective ground where historical work was never followed up with modern exploration techniques. Given the tremendous recent exploration success of both Cassiar Gold at their Taurus deposit, and Coeur Mining at their Silvertip Mine, it is clear that we are looking at a region that can host significant mineral deposits. We look forward to advancing our Eagle Mountain project this summer by following up on this airborne geophysical survey.

Highlights from Data Compilation

  • Geological structures are interpreted to be trending northwest, northeast, and east-west. These orientations are very similar in character to those observed on the Cassiar Gold Project.
  • There is a strong association between historic grab samples and the interpreted structures, with grab and float samples assaying up to 3,450 ppb gold (3.45 g/t Au) (Figure 3).
  • Historic mapping of iron carbonate alteration also appears to be closely associated with interpreted structures (Figure 4). During the 1983 fieldwork, these zones were observed to be commonly accompanied by weak to moderate silicification and minor amounts of sericite, clay, mariposite, pyrite and/or arsenopyrite.
  • Manganese oxide occurrences were identified within several iron-carbonate zones. Work in the 1980s associated these with the most prospective mineralized zones, and determined that manganese is commonly associated with auriferous quartz veining in the Cassiar district.
  • In 1983, drusy quartz veins, colloform iron carbonate-quartz banding and vuggy breccias were also noted at several mineralized locations, indicating these quartz veins may have resulted from several phases of hydrothermal fluid injection along long-lived structural conduits, including stratigraphic contacts, faults and shears.
  • Historic drilling on the Project was limited to the Eagle zone, which in 1986 was the focus of a shallow BQ-core size drill program of 376.2 m in 6 holes (Figure 5). Mineralization was demonstrated to be predominantly associated with stacked, moderately-dipping shears and/or fractures commencing <10 m downhole from surface. These structures were interpreted to be dipping to the north and/or to the northeast. Only 65.95 m of core from this drill program was sent for analysis, accounting for <18% of the total 376.2 m program. As such, intermittent sampling was done along the entire extent for the three reported holes (86-CUX-E-1, 86-CUX-E-2, 86-CUX-E-3). Hole 86-CUX-E-1 (1986) intersected low-grade mineralization commencing at ~15 m depth. This includes an intercept assaying 0.5 g/t Au and 35.87 g/t silver (Ag) over 2.4 m, in turn including a higher-grade zone assaying 2.27 g/t Au and 462 g/t Ag over 0.15 m. Though limited in scope, the drilling successfully demonstrated that precious metal mineralization is associated with linear shear zones.

2022 Exploration Program

Golden Sky will be conducting a two-phase exploration program following up on targets identified in the 2021 geophysical data, combined with historical work from the 1980s. Phase One will include prospecting, geological mapping, and rock and soil geochemical sampling. Phase Two will include ground-based geophysical surveys (magnetics and/or induced polarization (IP) surveys) to further define any geochemical or structural zones identified in Phase One.

“We are very excited to get boots on the ground for the first time at the Eagle Mountain Project,” stated Cameron Dorsey, VP Exploration of Golden Sky. “The quality of exploration work done in the 1980s has laid the groundwork for us to effectively vector into some very compelling gold targets within just one year of staking this project. With similar geological, geochemical, and geophysical characteristics that are commonly associated with other orogenic gold systems in British Columbia, there is high potential for us to discover additional gold targets.”

Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e30f72a6-715c-47ec-bbcf-eb9813b02eec

Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7d2e1c68-17cd-473d-b20e-ed5727660994

Figure 3 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3d880fc0-1278-4a94-baf0-0479da5df517

Figure 4 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5b979d8b-f4fd-4f4d-b688-dfb8eb18d557

Figure 5 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/07f0e3b1-6aed-41f9-b7f6-3a48e8d058c3

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

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 [email protected] or [email protected].

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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