Golden Sky Continues to Expand the Semlin Porphyry-Style Target to 1.7 x 0.9 km, Rayfield Property, British Columbia

Golden Sky Continues to Expand the Semlin Porphyry-Style Target to 1.7 x 0.9 km, Rayfield Property,

British Columbia

Vancouver, Oct 31, 2023 – Golden Sky Minerals Corp. ( AUEN.V) (the “Company” or “ Golden Sky”) is

pleased to announce the results from the 2023 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 685 B-horizon soil samples and 77 rock samples. The

main soil grid was designed to infill and extend geochemical anomalies previously identified over the

Semlin Target zone. The soil program was successful at further expanding the geochemical anomaly to

1.7 x 0.9 km. This anomaly flanks and overlies a n area with known bedrock- hosted disseminated and

veinlet-style copper (Cu) and gold (Au) mineralization. Rock sample C00064614 (2022) was of a 4 cm-wide

sulphide-rich vein that assayed 55 ppb Au and 0.2% Cu) (Figure 3). The soil anomaly hosts elevated values

of copper (Cu) – gold (Au) – zinc (Zn) – arsenic (As) and remains open to the northwest and northeast. As

a follow-up to these encouraging results, a drill permit has been applied for, which will include the Gnome

and Semlin target zones (see December 6, 2022 News Release).

Extending known bedrock mineralization was a priority at the Rayfield Target Zone for 2023, as soil

sampling in 2022 highlighted several anomalous copper values associated with geophysical anomalies

identified by an airborne total ma gnetic geophysical survey (Geological Survey of Canada, 2006) . Rock

samples from these areas returned several anomalous values, up to 6,319 ppm (0.63%) Cu and 245.5 ppb

Au (Sample 118884; Figure 4). Importantly, fieldwork also observed a continuation of dense sheeted and

stockwork quartz veining that closely correlates with a magnetic low (Geological Survey of Canada, 2006)

feature that extends ~2.0 km in a northwest orient ation (Figure 4). This magnetic low is also coincident

with elevated values of pathfinder elements (Mn, Zn, V, Ba) that are commonly associated with

sericite/propylitic alteration bounding the core of porphyry system s and causing magnetite destruction

(Figure 5). This transition is best observed in Figure 6, where historic copper grades from diamond drilling

increase towards the magnetic low.

Prospecting across the property identified several other zones of interest , as approximately 40% of the

rock samples assayed >100 ppm Cu. These results continue to demonstrate the potential for additional

porphyry-related mineralization across the property.

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.

TSX-V: AUEN

GOLDEN SKY MINERALS CORP.

2110 -650 West Georgia Street

Vancouver, British Columbia

Canada, V6B 4N9

Telephone: 604 568 8807

Facsimile: 604 681 1864

www.goldenskyminerals.com

John Newell, President and CEO of Golden Sky Minerals, states: “Through systematic exploration, the

Company has identified several excellent porphyry targets that hold strong potential for mineral

discovery. These targets have been carefully selected based on extensive geological and geophysical

data, and they represent significant opportunities for future exploration. This work has laid the

groundwork for future drill programs.”

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 Semlin target zone is defined by a large 1.7 km x 0.9 km multi-element soil geochemical anomaly which may be

outlining a buried porphyry system. The Rayfield target zone is highly prospective, with anomalous copper-in-soil values grading

up to ~0.40%, and rock samples grading up to 0.63% Cu and 245 ppb Au. Numerous other target zones also exist across the

extensive 35,000-hectare Rayfield Property.

Figure 3: Copper-in-soil assays values from the 2022/2023 soil sampling program, with overlapping Cu-Au-Zn-As multi-element

geochemical signature outlined in dashed black outline. The mineralized system remains open.

Figure 4: Rock samples from the Rayfield Target Zone grade up to 0.63% Cu and 245.5 ppb Au. Mapping has confirmed a high

density of sheeted and stockwork quartz veining within the magnetic-low feature. This may be indicative of alteration that

typically bounds the centre of porphyry systems.

Figure 5: Copper-in-soil assays (2021-2022) overlying TMI Aeromagnetic survey. Elevated values in copper also coincide with

pathfinder geochemical elements commonly c associated with deeper sericite and/or propylitic alteration, typically bounding the

higher-grade core of porphyry systems. See Figure 6 for cross section A-A’.

Figure 6: Cross-section A-A’ outlined in Figure 5. Historical drill results with interpreted centre of the porphyry system. Historical induced polarization surveys extend only to

~125m of depth and many of the historical drill holes ended in mineralization. Mineralization is interpreted to remain open along strike and at depth.

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 S trike, 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