CEO.CA Chairman's Briefing

VANCOUVER, British Columbia, Sept. 27, 2022 (GLOBE NEWSWIRE) -- Golden Sky Minerals Corp. (AUEN.V) (the “Company” or “Golden Sky”) is pleased to provide an exploration update for the Mowich Zone of the Rayfield copper-gold property. Fieldwork completed in 2022 has successfully located a historic showing (known as the Discovery showing), with copper-rich float material (sub-mm to >5cm in size) recovered from the base of a slump. Of the mineralized fragments, Sample D00226854 (Figure 1) returned grades of 286 g/t gold (Au), 200 g/t silver (Ag) and 37.46% copper (Cu) (Table 1). Golden Sky geologists interpret these high-grade values to be associated with proximal intrusions, as there is a close correlation with bismuth (Bi). QEMSCAN studies by BaseMet Labs in Kamloops have also confirmed that the main host is highly altered and serpentinized mafic volcanic rock. These high-grade values have likely been enriched by weathering processes but remain a strong indicator of high-grade mineral potential in the area.

Figure 1: High-grade copper-gold fragments collected from slump at the Discovery showing within the Mowich Zone.

Table 1: Precious and base metal values obtained from samples collected throughout the Mowich area. Note the elevated bismuth values associated with the highest-grade material.

Tracing the slump upslope resulted in the identification of additional serpentinized fragments and the discovery of a syenitic intrusive plug exposed in outcrop at the head of the valley. This intrusion contains some quartz-calcite veining with trace malachite and chalcopyrite, and exhibits similar textures to some of the copper fragments at the Discovery showing. This intrusion is surrounded by brecciated, altered basalt and is in close proximity to conglomerates and sandstones of the Ashcroft Formation, which is typically bordering major northwest-trending faults in the area.

One kilometer to the southeast of the Discovery showing lies another historical showing (the Mowich Lake Copper showing - assays pending). Mapping in September 2022 identified large patches of abundant boulders comprising copper-rich Triassic basalt. The main minerals are azurite, malachite and chrysocolla, with a high incidence of hyalite, a type of opaline silica. The Golden Sky geological team have interpreted that these minerals may provide further evidence of a northwest-trending structure that has acted as a conduit for copper-rich hydrothermal fluids.

Following the September 2022 fieldwork, an additional ~6,400-hectares were staked to cover several interpreted northwest-trending structures and geophysical magnetic anomalies that could be the source for both the Discovery and the Mowich Lake Copper Showings (Figure 3). Significant magnetic anomalies border these major northwest-trending faults that may have concentrated magmatic activity in the area. Importantly, a past-producing placer gold creek (Criss Creek) crosscuts the southeast edge of a mapped unit of mineralized diorite/monzodiorite. A proximal source is likely, as the gold is coarse grained and has therefore not travelled far downstream. It is hypothesized that the mapped diorite/monzodiorite could be the source of this gold.

The ~30,000-hectare 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 4). 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.

John Newell, President and CEO of Golden Sky Minerals, states, “The Golden Sky Minerals geological team continues to do solid geological work to advance the consolidated land package known as the Rayfield Project, led by VP of Exploration Cameron Dorsey.

Rayfield has tripled in size since first staking this area 18 months ago. It now encompasses greater than 30,000 hectares and potentially hosts 4-5 solid copper-gold porphyry targets. All these well-deserved targets will get further work done over the next few months as we move towards our maiden drill campaign.

Porphyry deposits represent a dominant source of copper or ~65% of world production and also account for a significant number of valuable metals (including gold) as by-products. It has long been the belief of the management of Golden Sky Minerals that there is a tremendous need for discovery as mining depletes reserves. These depleted reserves must be replaced through discovery and development. Major mining companies know that to maintain their wealth they need to replace what they mine. They can do this through discovery or purchase the resources discovered by exploration companies like Golden Sky Minerals Corp.

The management team of Golden Sky Minerals Corp., along with the geological team, are continuously and carefully evaluating many land packages in today’s favorable environment, with the objective of exploring and developing additional targets like our Rayfield project.”

Figure 2: Location of all target zones outlined on the Rayfield Property. Also outlined are the high-grade copper-gold assay values obtained from the Mowich zone. Claims have been expanded around Mowich to cover interpreted structures and geophysical magnetic anomalies.

Figure 3: The newly expanded Mowich Zone claims overlying prospective intrusive diorites/monzodiorites and geophysical magnetic anomalies. The high-grade results from the Discovery showing are a strong indicator of the mineral potential in the area.

Figure 4: Rayfield copper-gold project in relation to major projects in the Quesnel Trough.

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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Figure 1

High-grade copper-gold fragments collected from slump at the Discovery showing within the Mowich Zone.

Figure 2

Location of all target zones outlined on the Rayfield Property. Also outlined are the high-grade copper-gold assay values obtained from the Mowich zone. Claims have been expanded around Mowich to cover interpreted structures and geophysical magnetic anomalies.

Figure 3

The newly expanded Mowich Zone claims overlying prospective intrusive diorites/monzodiorites and geophysical magnetic anomalies. The high-grade results from the Discovery showing are a strong indicator of the mineral potential in the area.

Figure 4

Rayfield copper-gold project in relation to major projects in the Quesnel Trough.