VANCOUVER, British Columbia, Nov. 18, 2021 (GLOBE NEWSWIRE) -- Golden Sky Minerals Corp. (AUEN.V) (the “Company” or “Golden Sky”) is pleased to announce the 2021 results from the first set of assays from its 4-hole, 1,317.5-metre maiden diamond drilling program at the Sure Bet Zone, located within its 100% owned Hotspot Property (“the Property”) in the Yukon Territory. The first set of assays was received from drill hole HS-21-02, with results pending for the three remaining drill holes. Drill hole HS-21-02 intersected 0.85 g/t Au over 102 meters, including 2.97 g/t Au over 24.1 meters, in turn including a high-grade, 1.05-meter zone grading 42.4 g/t Au (see Table 1 for results and Table 2 for drill collar information). Hole HS-21-02 was designed to test the westward extent of the Sure Bet mineralized zone.

“These results are truly exciting, as they demonstrate that a near-surface, auriferous system exists on the Hotspot Property,” stated Cameron Dorsey, VP Exploration of Golden Sky. “Significant gold mineralization has now been confirmed to be associated with zones of faulting, brecciation, quartz veining, and hydrothermal alteration. The polyphase nature of mineralization and alteration suggests that the Sure Bet Zone is the result of a long-lived, gold-enriched system that developed within a structurally complex corridor.”

Table 1: Assay results from the 2021 Hotspot diamond drill program

Table 2: Drill collar information

Drill Hole HS-21-02 Description:

Hole HS-21-02 was drilled to test the western extent of a ~600 m x 400 m gold-in-soil anomaly located within the Sure Bet Zone, with values ranging from 50 ppb Au to 4,110 ppb (4.11 g/t) Au (Figure 1). The Sure Bet Zone outlines a significant geochemical anomaly marking the southwest end of a 1.6 km gold-in-soil trend that extends to the northeast where it remains open.

The highly positive results from HS-21-02 (Table 1) represent a structural zone, comprising faulting and brecciation, hosting polyphase clay, silica, chlorite, and locally potassic hydrothermal alteration and gold mineralization. Up to 10% finely disseminated pyrite occurs throughout much of the hole, commonly associated with very intense chlorite alteration. The polyphase nature of quartz stockwork veining, silica flooding and quartz vein breccias suggest that several phases of auriferous fluid movement occurred within this structural corridor. Quartz veins typically range from <1 cm to 10 cm in width, with rare quartz breccia veins up to 0.9 m wide. Strong oxidation occurs to a drill hole depth of ~30 m, commonly associated with limonite within fractures and fault gouge (Figure 2). The rocks observed within the drill core primarily consisted of porphyritic rhyolite and rhyolite flows, tuff breccias, and conglomerates. The mineralized system extends through all host rock types but is best developed within the conglomerate unit, where increased primary permeability would have facilitated fluid movement.

Message from John Newell, President and CEO:

"The whole team at Golden Sky Minerals are thrilled to hit high-grade, near surface intercepts on our first diamond drill program at our Hotspot property," states John Newell, President and CEO of Golden Sky Minerals Corp. "Our early success at Hotspot, especially given the difficult nature of the program this past summer with drought conditions and COVID restrictions, along with the recently approved ten-year mining permit from the Yukon’s Mines Ministry, gives our team a great deal of confidence to advance this project. We are excited to get back to the Hotspot property as soon as possible in the spring of 2022. I would like to thank everyone that worked at Hotspot this year, for all their tremendous efforts.”

Graphics accompanying this announcement are available at
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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 Luckystrike, 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 Yukon 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.