Golden Sky Further Delineates Two Highly Prospective Porphyry-Style Targets at the X and Mowich Zones, Rayfield Property, British Columbia
Golden Sky Further Delineates Two Highly Prospective Porphyry-Style Targets at the X and Mowich
Zones, Rayfield Property, British Columbia
Vancouver, Feb 27, 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 diorit ic 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 geo physical magnetic anomaly that
potentially could be outlining a porphyry system at depth. 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 overly an area with strong propylitic alteration
observed in outcrop, suggest ing 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 veining. 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
plateaus.
TSX-V: AUEN
GOLDEN SKY MINERALS CORP.
2110 -650 West Georgia Street
Vancouver, British Columbia
Canada, V6B 4N9
Telephone: 604 568 8807
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www.goldenskyminerals.com
• 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 1.5 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 1.4 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 pp m 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 con tain 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 z ones 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 proje cts 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, even ts 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; un anticipated costs and expenses;