Vancouver, Feb 28, 2023 – Golden Sky Minerals Corp. (AUEN.V) (the “Company” or “Golden Sky”) is pleased to announce the results from Phase 3 of its 2022 geochemical sampling and prospecting program, conducted on its 35,000-hectare Rayfield Property (“the Property”) in southern British Columbia (Figures 1 and 2). The program included the collection of 486 B-horizon soil samples within the “X” Target Zone (Figure 3) and a stream sediment sampling program in the Mowich Target Zone (Figure 4). This program was designed as follow-up to earlier fieldwork that identified prospective dioritic to tonalitic intrusive rocks hosting alteration and mineralization at both locations.
X Target Zone Highlights:
- A new multi-element geochemical soil anomaly has been identified at the X target zone. This soil anomaly flanks, and partially overlies, an elongated geophysical magnetic anomaly that potentially could be outlining a porphyry system at The soil anomaly hosts elevated values of copper (Cu) – gold (Au) – zinc (Zn) – arsenic (As) – cobalt (Co) – nickel (Ni) – molybdenum (Mo) – lithium (Li) – rubidium (Rb), extends approximately 1.0 km x 0.5 km and remains open to the northwest and southeast (Figure 3). Elevated Li and Rb values indicate the potential for nearby alkalic intrusions. These pathfinder elements overlie an area with strong propylitic alteration observed in outcrop, suggesting the upper portions of a mineralized porphyry system may be exposed at or near surface.
- Propylitic alteration was observed to be very common throughout all rock types, with localized areas of sheeted and stockwork quartz Mineralization is associated with quartz-feldspar veins and late dikes.
- Two of the highest-grade rock samples from the area assayed 7,500 ppm Cu (0.75% Cu) and 4,111 ppm Cu (0.41% Cu). These were collected from within the northwest portion of the soil geochemical anomaly. Overburden is extensive in the area.
Mowich Target Zone Highlights:
- 44% of the stream samples contained highly anomalous copper values (>100 ppm Cu) (Figure 4). This highlights the prospectivity of the area, which is largely covered by overburden on the
- Copper-rich float material (Discovery Showing – assays up to 286 g/t Au, 200 g/t Ag, 37.46% Cu) recovered from a mudslide lies downslope of a potential source area. This indicates the material may not have been transported far and a mineralized system may be present to the west.
The Rayfield Property 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 1). 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 Rayfield Copper Gold Project is in the heart of British Columbia’s copper-gold porphyry country and now extends approximately 35 kilometers north-south and 20 kilometers in width at its broadest point. In less than two years the geological team has outlined 5 strong porphyry targets that we plan to start drilling this year, pending receipt of drill permits. This area has not seen any real modern exploration in almost 50 years, and the
property has never had all the claim blocks under the umbrella of one company. Under this scenario, the mineral rich ground surrounding the past-producing Vidette Gold Mine can now be systemically explored with modern exploration and geological methods. The well-known and often quoted phrase, “that the best place to find a new mine is near an existing or past producing mine”, certainly holds true for Golden Sky Minerals Rayfield copper and gold project.”
Overview of the Target Zones
- The Rayfield target zone is outlined by a 3 km x 5 km anomalous copper-in-soil anomaly with values up to 0.40% Cu. Historic exploration within the zone has been largely constrained to a ~505-hectare area outlined by soil sampling, drilling, and shallow-penetration radiometric and Induced Polarization (IP) geophysical surveying. Mineralization in several historic drillholes extends from surface to end of hole, indicating that the mineralized porphyry system remains open to depth. Drillhole highlights include: 0.13% Cu and 35 ppb Au over 164 m; 0.18% Cu and 71 ppb Au over 33.9 m; 0.14% Cu and 30 ppb Au over 66.7 m. Importantly, due to the shallow response of the IP survey (limited to ~125 m depth), several chargeability 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.
- At the Gnome target zone, a multi-element Cu-Au-Zn-As-Co-Ni-Mo-Li-Rb soil anomaly extends approximately 1.8 km x 1.5 km and remains open to the southeast. The Gnome target has historically been explored as a molybdenum prospect, with limited historic drilling (see Dec 6, 2022 news release). Mineralization on surface is predominantly observed in chalcedonic quartz- carbonate (calcite) veins hosting disseminated pyrite and chalcopyrite. One of these veins returned high Cu and Au values up to 0.35% Cu, 8.9 g/t Ag, and 4.8 g/t Au. Phyllic and propylitic alteration is common on the surface, and drilling in hole 72455 intersected encouraging copper grades (0.19%) over the last 68 m. The copper grade and alteration observed in drill hole 72455 would suggest that the outer margins of a buried porphyry system may have been intercepted. The target zone is also marked by several magnetic, gravity, and radiometric geophysical anomalies that are similar in characteristics to other alkalic copper-gold porphyry systems in the Quesnel terrane.
- The Semlin target zone represents a greenfields discovery made during Phase 1 of 2022, with outcrop exposed along a newly constructed road. This zone is also outlined by a multi-element Cu-Au-Zn-As-Co-Ni-Mo-Li-Rb soil anomaly that extends approximately 4 km x 0.9 km. Historical work is limited in the area due to extensive overburden. A few rock samples collected in 2022 were comprised of Nicola Group basalt with up to 10% pyrite and chalcopyrite occurring along fracture surfaces and also as disseminations within quartz-carbonate veins. One of these samples was of a 4 cm-wide sulphide-rich vein that assayed 55 ppb Au, 0.2% Cu and 135 ppm Mo. Additional mapping during Phase 2 confirmed the presence of an intrusion of syenitic to dioritic composition in contact with the basalt. This outcrop is present on the western edge of the multi- element soil geochemical anomaly and was reported to contain disseminated chalcopyrite and pyrite. This supports the interpretation that a buried mineralized porphyry system may be the source of the Semlin multi-element soil anomaly.
- Newly added by staking in late 2022, the Joe Ross and Bridge target zones provide additional copper-gold porphyry and epithermal gold targets to be followed up in 2023. The Joe Ross zone is an early-stage prospect, although limited historical work identified several quartz veins in the area, with one sample assaying 30.4 g/t Au. The Bridge zone occurs in a medium grained diorite with quartz veins occupying fractures and shears with similar orientations to the nearby Vidette Lake Gold Mine. Drilling, conducted in 1986, comprised of 15 shallow drillholes (1 diamond drillhole, 14 reverse-circulation drillholes). The best value was collected from Hole 85-4, which assayed 4.7 g/t Au from 9.0-12.0 m downhole, including 20.0 g/t Au over 0.6 m. Though limited in scope, the drill program successfully confirmed and extended several auriferous quartz veins in the area.
Figure 1: The ~35,000-hectare Rayfield Cu-Au Property is located within the Quesnel Trough; British Columbia’s primary copper- producing belt.
Figure 2: The X target zone is defined by a large 1.0 km x 0.5 km multi-element geochemical soil anomaly that may be outlining a buried porphyry system. The Mowich target zone is highly prospective, with anomalous Cu and Au assays from 2022 rock and stream sediment samples. Numerous other target zones also exist across the extensive 35,000-hectare Rayfield Property.
Figure 3: Copper assay values from the 2022 Phase 3 soil sampling program with overlapping Cu-Au-Zn-As-Co-Ni-Li-Mo multi- element geochemical signature outlined in dashed black outline. The mineralized system remains open.
Figure 4: Stream samples with anomalous (>100 ppm Cu) values account for 44% of stream samples collected in 2022. Potential source areas are outlined in dashed red lines. A mudslide may have transported copper-rich material from the western source area downslope to the Discovery showing.
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.
