Golden Dawn Minerals Completes Airborne Geophysical Survey Over the Former Producing Phoenix Copper Mine Greenwood BC

VANCOUVER, BC / ACCESSWIRE / March 11, 2021 / Golden Dawn Minerals Inc., (TSXV:GOM)(FRANKFURT:3G8C)(OTC Pink:GDMRF), ("Golden Dawn" or the "Company"), announces that the airborne geophysical survey has now been completed over the Greenwood Precious Metals project in southeastern British Columbia.

The helicopter borne VTEM™ and magnetics survey has been completed over the historic Phoenix mine and surrounding areas, including the Golden Crown, Lexington and Tam O'Shanter properties where gold resources were previously defined. This is the first time that property-wide surveys have been flown over these claims. The VTEM™ survey was flown at 100 metre spacing and, following interpretation, the data will provide high-resolution geophysical survey images of the properties.

Satellite image showing flight lines over Phoenix and surrounding areas (base map from Google Earth).

The survey results are expected to be available in a few weeks and will be used to target exploration for copper-gold skarn deposits and/or an intrusion-related porphyry-type copper-gold deposits that could be the root of the Phoenix copper-gold skarn deposit. The results for the Golden Crown, Lexington and Tam O'Shanter properties will be used to guide exploration for extensions of these sulphide-bearing deposits too.

Aerial photo of the pit at the historic Phoenix mine. View is approximately 600 meters wide.

The main exploration target is a major copper-gold deposit related to the historic Phoenix copper mine. The Phoenix deposit consists of a group of skarn (carbonate replacement) deposits hosted within the Triassic Brooklyn limestone unit, all of which occur within a panel of strata that is truncated by the Snowshoe fault, a west-dipping (listric) normal fault. The mineral deposits are interpreted to be the upper part of a larger copper-gold system that has been displaced westward from its roots. The roots of the system may be related to a cluster of copper-gold skarn deposits that occur northeast of Phoenix. In this area, there is a north-trending corridor of historic mines situated 2 kilometers northeast of Phoenix that includes the Oro Denoro, Emma, Jumbo and Cyclops / Lancashire Lass historic mines. Further east of this are other historic mines that were also developed on skarn deposits, including the BC Mine, Bluebell, R. Bell, and Tokyo. Epithermal-style gold and silver mineralization also occurs in these areas, possibly related to the Tertiary extension structures that caused the offset of the Phoenix deposit from its roots.

Map showing Phoenix area with interpreted direction of offset of Phoenix mine from north- eastern skarn deposits.

Readers are cautioned that historical records referred to in this News Release have been examined but not verified by a Qualified Person. Further work is required to verify that historical records referred to in this News Release are accurate.

Technical disclosure in this news release has been approved by Dr. Mathew Ball, P.Geo., President of the Company and a Qualified Person as defined by National Instrument 43-101,

For more details, please see the most recent National Instrument 43-101 Technical Report on the Company's website at www.goldendawnminerals.com.

On behalf of the Board of Directors:
GOLDEN DAWN MINERALS INC.

Per: "Christopher R. Anderson"

Christopher R. Anderson
Chief Executive Officer

For further information, please contact:

Golden Dawn Minerals Inc. - Corporate Communications:
Tel: (604) 221-8936
Email: [email protected]

Forward-Looking Statement Cautions: This news release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to, among other things, preliminary plans for a consolidation of the Company's Shares. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include the possibility that the TSX Venture Exchange will not approve the proposed share consolidation, and that the Company may not be able to raise sufficient additional capital to continue its business. The reader is urged to refer to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects. This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The Company's securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL, OR THE SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY SALE OF SECURITIES OF THE COMPANY IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

SOURCE: Golden Dawn Minerals Inc.