Golden Sky Minerals Defines Several Highly Prospective Gold Trends on its Eagle Mountain, Cassiar Gold District, British Columbia

VANCOUVER, British Columbia, Dec. 13, 2022 (GLOBE NEWSWIRE) -- Golden Sky Minerals Corp. (AUEN.V) (the "Company" or "Golden Sky") is pleased to announce results and early interpretations from 2022 fieldwork conducted on its 100%-owned Eagle Mountain Project, located in the Cassiar Gold District of northern British Columbia, Canada (Figure 1). The ground-based fieldwork included the collection of approximately 100 rock and 500 soil samples from four main zones selected as high-priority exploration targets. Assay results were highly encouraging, with numerous rock and soil samples returning anomalous gold values. The rock sample returning the highest gold grade, a quartz-veined breccia with disseminated pyrite and stibnite with limonite and manganese oxide, assayed 2.8 g/t gold (Au), 0.7% zinc (Zn), >1% lead (Pb), 221 ppm copper (Cu), 0.2% antimony (Sb), and >1% arsenic (As). Anomalous gold values in soils proved effective at delineating several gold trends interpreted to be gold-bearing quartz veins hosted in faults and/or shears. As many of these interpreted structures are constrained to gully features with extensive overburden cover, soil sampling has proved vital for highlighting the dimensions of the gold-bearing systems, some of which extend for approximately 1 kilometre.

The Eagle Mountain project is located in a prolific past-producing gold district, in close proximity to the paved BC Highway 37, and 117 road-kilometres from the village of Dease Lake, which provides groceries, accommodations and fuel services. 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 M oz 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 within the Project (see Figure 2).

"The fieldwork in 2022 has been critical for proving the gold potential of the Eagle Mountain Property", stated Cameron Dorsey, VP Exploration for Golden Sky. "Prospecting and soil sampling proved to be very effective tools for discovering and defining gold prospects within each zone. The fact that the soil samples appear to outline several linear gold-systems that extend up to 1 kilometre is highly encouraging, as these strike lengths are similar to vein prospects at the neighboring Cassiar Gold Project. We look forward to going back next year to further constrain our four gold zones with the goal of developing drill targets."

2022 Fieldwork Observations

• Geological structures are interpreted to be trending northwest, northeast, and east-west. Gold-bearing quartz vein systems may have been emplaced along these structures that have been interpreted to extend up to 1 kilometre, based on soil and rock samples from 2022. Many rock samples returned anomalous gold values, with the highest-grade sample collected from an exposed quartz vein at the Stibnite Lake zone (Sample 1862934 - 2.8 g/t Au). This indicates that the property is highly prospective for gold-bearing mineralization (Figure 3). The West Saddle zone overlies some of the best-defined gold-bearing features on the property, including a SW-NE trending feature extending >750m in strike length. Two drillholes from 1986 are interpreted to have paralleled a splay of this mineralized feature, which remains largely untested by drilling. Several other soil and rock sample results may have also outlined paralleling mineralized features to the northwest and southeast (Figure 4), which exhibit many similar characteristics to the nearby Main, Bain, Cusac, and Vollaug mines that collectively produced >315k oz of gold.
  
• Gold appears to be associated with quartz veining, disseminated pyrite, and varying intensities of silica, sericite and iron (Fe)-carbonate alteration. Where manganese is present, there is a direct correlation with elevated gold values (Sample 1862934 ? 2.8 g/t Au). This is an important correlation, as exploration on neighboring properties has determined that manganese is commonly associated with the most prospective mineralized zones in the Cassiar district. Rock sampling within the Shark Lake zone indicates potential for a distinct mineralized setting, with disseminated pyrite within the mafic host rock (Sample 1862962 ? 223 ppb Au), which could indicate potential for broader mineralized zones developed in proximity to auriferous quartz veining (Figure 5; see Figure 3 for sample locations).
  
• 2022 fieldwork confirmed the presence of drusy quartz veins, colloform iron carbonate-quartz banding and vuggy breccias, commonly associated with the more elevated gold values from rock samples. This suggests these quartz veins may have resulted from several phases of mineralized hydrothermal fluid injection along long-lived structural conduits, including stratigraphic contacts, faults and shears.
  
• Historic mapping of iron-carbonate alteration also appears to be closely associated with interpreted structures and mineralization, particularly within the Shark Lake zone (Figure 6). During the 2022 fieldwork, these zones were observed to be commonly accompanied by weak to moderate silicification and varying amounts of sericite, clay, and mariposite alteration, and pyrite and/or arsenopyrite. Iron-carbonate alteration zones are also historically recorded east of the 2022 soil grid at Shark Lake, suggesting the mineralized system likely remains open to the east. This interpretation is further supported by the low-moderate magnetic response of the area, likely due to destruction of primary magnetite resulting from hydrothermal alteration within the mafic volcanic host rocks.
  
  

Figure 1: Regional location of the Eagle Mountain Gold Project BC in relation to significant orogenic gold camps. Modified from Allan, M.M., Rhys, D.A. and Hart, C.J.R., 2017, "Orogenic gold mineralization of the eastern Cordilleran gold belt, British Columbia: Structural ore controls in the Cariboo (093A/H), Cassiar (104P) and Sheep Creek (082F) mining districts": Geoscience BC Report 2017-15, 108 p.

Figure 2: Eagle Mountain Project in relation to NW-trending structural corridor associated with gold mineralization within the Cassiar Gold District.

Figure 3: Compilation of assay results from rock (grab and float) and soil sample data overlying First Vertical Derivative (1VD) imagery from the 2021 airborne magnetic survey (25m). The 2021 airborne geophysical survey aided in defining and extending previously mapped structural features from the 1980s. Four highly prospective zones have been defined with gold-bearing systems that are interpreted to extend up to 1 kilometre.

Figure 4: Soil and rock samples collected from 2022 have outlined several paralleling gold-bearing systems on the West Saddle zone. Historic 1986 drillholes appear to have missed or paralleled interpreted splays of the >750m gold-bearing system.

Figure 5: Gold appears to be associated with quartz veining, disseminated pyrite, and varying intensity of silica, sericite and iron (Fe) carbonate alteration. When manganese is present, there is a direct correlation with elevated gold samples (Sample 1862934: 2.8 g/t Au).

Figure 6: Geochemical anomalies have been outlined by 2022 soil and rock samples and are closely associated with historically observed locations of iron-carbonate alteration (1980s). Zones of iron-carbonate alteration were described as being structurally constrained but varying in width from 1m to 15m. The geochemical anomaly remains open to the east, with historical iron-carbonate alteration zones overlying a large area of low-moderate airborne magnetic response.

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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