AUEN Golden Sky Minerals Corp

Golden Sky Minerals Corp. (AUEN.V) (the “Company” or “Golden Sky”) is pleased to announce the results of the 2021 soil program conducted on its 100% owned Rayfield Property (“the Property”) in British Columbia. The program consisted of 1,337 B-horizon soil samples that encompassed an area of 26 km2 (~4km x 6.5km). This program was designed to create a comprehensive database for surficial geochemistry and to outline any soil anomalies on a regional scale. In addition to the soil samples, a total of 27 rock samples were collected and submitted for both geochemical and lithogeochemical analysis.

This first-pass soil program successfully delineated a large copper-in-soil anomaly (>100 ppm Cu) that extends >3.0 kilometres (north to south) and up to ~1.0 kilometre wide (east to west). Within this anomaly are several soil samples that assayed up to ~4,000 ppm Cu (0.400% Cu) (Figure 1).

“We are very pleased with the early success of this extensive soil program on the Rayfield Property,” stated Cameron Dorsey, VP Exploration of Golden Sky. “A broad copper-in-soil anomaly has now been defined with similar geological, geochemical, and geophysical characteristics that are commonly associated with other alkalic porphyries in the Quesnel Terrane. We are very excited to get boots back on the ground for exploration in 2022.”

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.

Figure 1: Assay values for copper in the 2021 soil program overlaying airborne geophysical magnetic survey (TMI) results. Copper assays become elevated above and adjacent to two magnetic anomalies. Surficial geology, occurring as thicker blanket till on the plateau and colluvium along the margins of the canyon, is likely affecting the copper values. Intermittent copper assays may be indicating an extension of copper mineralization to the northwest and southeast within thick till cover.https://www.globenewswire.com/NewsRoom/AttachmentNg/eb8f2d08-236c-448d-b81f-04c75fe77fe7

Figure 2: Rayfield Copper-Gold Project in relation to major projects in the Quesnel Trough.https://www.globenewswire.com/NewsRoom/AttachmentNg/6101907c-05df-4882-ba50-5e3b4364af25

Rayfield Property 2021 Fieldwork Highlights:

• Elevated copper-in-soil anomalies were identified adjacent to, and overlying, several geophysical magnetic and radiometric anomalies (Figure 1). These geophysical characteristics are similar to those signifying other alkalic copper-gold porphyry systems in the Quesnel Terrane. The elevated copper grades from the 2021 soil program may indicate a mineralized porphyry system at depth.
• Surficial geology varies across the property, with a thick till blanket on the plateau and colluvium along the canyon margins. As the till is typically quite thick, slight increases in pathfinder mineral abundances are therefore crucial in vectoring towards a target zone. Several elements, including copper (Cu), silver (Ag), bismuth (Bi), arsenic (As) and zinc (Zn) are closely correlated here, and are commonly associated with porphyry deposits. The overlap of these pathfinder elements defines a Cu-Ag-Bi-Zn-Pb anomaly that extends approximately 1.8 kilometres (north-south) by 1.5 kilometres (east-west), centered on a magnetic anomaly (Figure 3).
• Geological and alteration mapping delineated several zones of intense sheeted and stockwork quartz veining (up to 20% of rock volume) and localized brecciation (Figure 4). Potassic alteration occurs commonly as halos bounding quartz veinlets. The most abundant sulphide minerals observed were bornite and chalcopyrite, associated with malachite and azurite. Native copper was also present. A total of 27 rock grab samples were collected in 2021, with assays up to 0.45% Cu. Copper mineralization was mainly constrained to quartz vein margins but were also present as disseminations within intrusions of intermediate composition. The highest-grade samples were collected near the northern limits of the 2021 soil program in a zone that was never tested by historic drilling.
• Sheeted quartz vein orientations strike northwest and dip moderately-steeply northeast. In zones of stockwork quartz veining, however, veins strike east-west and dip shallowly-moderately to the north (Figure 4). Both sets of quartz veins are mineralized, commonly with trace amounts of bornite and/or chalcopyrite.
• The soil sampling program also revealed that low-moderate gold values are commonly associated with copper-in-soil anomalies. Although the threshold for anomalous gold-in-soil is established as >10 ppb Au, three samples assayed from ~250-500 ppb Au (0.25-0.50 g/t Au) (Figure 5). These higher-grade results are in close proximity to the Rayfield River canyon, which may be the surface expression of a fault zone that may have acted as a conduit for hydrothermal fluids enriched in gold. The Vidette Mine area, located about 20 km to the southeast, is marked by high-grade gold-bearing epithermal quartz veins. These quartz veins were mined in the 1930s, with an average grade of 30-45 g/t Au. A similar system of epithermal quartz veins enriched in gold may explain the gold-in-soil anomalies outlined in the 2021 program.

John Newell, President and CEO of Golden Sky Minerals, states, “We are very pleased with this initial soil work at our Rayfield project, as we prepare the property for further exploration in 2022. Golden Sky is well funded and will continue to explore and build upon its geological database for our district-sized, ~11,000-hectare Rayfield property. We are encouraged that this work is just the beginning to help us reveal the property’s potential to host a copper gold porphyry system.”

Rayfield Property 2021 Fieldwork Highlights:

• In 1989, a 34 line-kilometer Induced Polarization (IP) survey on the Rayfield Property outlined several chargeability “high” zones, which were subsequently tested by drilling programs in 1989, 1990, and 2008. Interestingly, many of the chargeability “high” zones trend east-west within an overall northwest-southeast trend, very similar to the orientation of the magnetic highs and the observed quartz vein orientations (Figure 5). Importantly, due to the shallow response of the survey (limited to ~125m depth), these anomalies are interpreted to remain open to depth. Golden Sky believes that, with modern exploration methods, there is significant potential to discover additional mineralized zones at depth.
• Exploration drilling on the property from the 1970s to the early 2000s comprised just 60 holes (7,774.2 metres), with the majority of the holes being shallow percussion holes typically <60 m in depth. Historic drilling outlined a broad footprint (~450m x 2,100m) of low-grade copper mineralization and hydrothermal alteration indicating potential for a copper-gold porphyry system. Further drilling is warranted to determine if historic drilling on the Rayfield Property intersected the higher-grade core of the porphyry system.
  • 1970 Exploration Program: 31 percussion holes totalling 1,748 m
    • Drillhole highlights include: 0.42% Cu over 6.1m
  • 1989 Exploration Program: 8 diamond drillholes totalling 1,141 m
    • Drillhole highlights include: 0.18% Cu and 71 ppb Au over 33.9 m; 0.14% Cu and 30 ppb Au over 66.7 m
  • 1990 Exploration Program: 14 diamond drillholes totalling 3,337 m
    • Drillhole highlights include: 0.13% Cu and 35 ppb Au over 164 m
  • 2008 Exploration Program: 7 diamond drillholes totalling 1,548.2 m
    • Drillhole highlights include: 0.13% Cu and <10 ppb Au over 67 m
• The Rayfield Property is located within the Quesnel Trough, a major mineralogic belt hosting major alkalic porphyry deposits.

Figure 3: Pathfinder element plots for copper mineralization encompassing the defined copper-in-soil anomaly and also extending potential mineralization up to 1km to the south. There is a thick till blanket covering most of the plateau, masking underlying bedrock element distribution.https://www.globenewswire.com/NewsRoom/AttachmentNg/b28aeb8c-560e-40c7-b8a3-ee990d9286e1

Figure 4: Rock grab samples with radiometric and magnetic geophysical surveys. Outcrop is rare due to till cover but was well exposed near the Rayfield River canyon margin. Potassic halo alteration commonly occurs with radiometric potassium anomalies that also coincide with magnetic high features.https://www.globenewswire.com/NewsRoom/AttachmentNg/b7d625d9-a5aa-41cc-9a52-4ef7c7f7d130

Figure 5: Gold-in-soil results from 2021 program overlying Cu soil contours, and magnetic survey (1VD). Lower-grade gold associated with copper is typical of Cu-Au porphyry systems. Higher-grade gold along linear trends may be related to epithermal quartz vein systems similar to the Vidette gold mine, ~20km to the southeast.https://www.globenewswire.com/NewsRoom/AttachmentNg/0134e943-9be0-472c-a649-b51c0ad98e07

Figure 6: Historical induced polarization survey (IP) from 1989 with several selected 1970 and 1989 drillhole assays. Most holes were drilled with a vertical dip except for those drilled in 2008. The chargeability IP anomalies correlate well with the copper anomalies of the 2021 soil sampling program, extending from the canyon onto the plateau, indicating the thick till may be obscuring mineralized bedrock. Importantly, the IP survey was limited to ~125m of depth and the chargeability anomalies remain open to depth.https://www.globenewswire.com/NewsRoom/AttachmentNg/e33bd97c-4973-4ed3-9a41-d4925bc1e99f

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.