Golden Sky Minerals Defines Several Highly Prospective Gold Trends on its Eagle Mountain, Cassiar Gold District, British Columbia

Golden Sky Minerals Defines Several Highly Prospective Gold Trends on its Eagle Mountain,

Cassiar Gold District, British Columbia

Vancouver, Dec 13, 2022 – Golden Sky Minerals Corp. (AUEN.V) (the “Company” or “Golden Sky”) is

pleased to announce results and early interpretations from 2022 fieldwork conducted on its 100%-owned

Eagle Mountain Project, located in the Cassiar Gold District of northern British Columbia, Canada (Figure

1). The ground-based fieldwork included the collection of approximately 100 rock and 500 soil samples

from four main zones selected as high-priority exploration targets. Assay results were highly encouraging,

with numerous rock and soil samples returning anoma lous gold values. The rock sample returning the

highest gold grade , a quartz -veined breccia with disseminated pyrite and stibnite with limonite and

manganese oxide, assayed 2.8 g/t gold (Au), 0.7% zinc (Zn) , >1% lead (Pb) , 221 ppm copper (Cu) , 0.2%

antimony (Sb), and >1% arsenic (As). Anomalous gold values in soils proved effective at delineating several

gold trends interpreted to be gold-bearing quartz veins hosted in faults and/or shears. As many of these

interpreted structures are constrained to gully fe atures with extensive overburden cover, soil sampling

has proved vital for highlighting the dimensions of the gold-bearing systems, some of which extend for

approximately 1 kilometre.

The Eagle Mountain project is located in a prolific past-producing gold district, in close proximity to the

paved BC Highway 37, and 117 road-kilometres from the village of Dease Lake, which provides groceries,

accommodations and fuel services. This district includes Cassiar Gold Corp’s neighboring Cassiar Project

covering the Taurus Deposit, with an inferred resource of about 37.9 M tonnes grading 1.14 g/t gold (Au)

for 1.4 M oz gold (see website, Cassiar Gold Corp) (Figure 1). With a similar geological setting to the Cassiar

Project and other orogenic gold camps, such as the Cariboo and Bralorne camps, Golden Sky believes

there is strong potential for the discovery of new gold targets within the Project (see Figure 2).

“The fieldwork in 2022 has been critical for proving the gold potential of the Eagle Mountain Property ”,

stated Cameron Dorsey, VP Exploration for Golden Sky. “Prospecting and soil sampling proved to be very

effective tools for discovering and defining gold prospects within each zone. The fact that the soil samples

appear to outline several linear gold-systems that extend up to 1 kilometre is highly encouraging, as these

strike lengths are similar to vein prospects at the neighboring Cassiar Gold Project. We look forward to

going back next year to further constrain our four gold zones with the goal of developing drill targets.”

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

2022 Fieldwork Observations

• Geological structures are interpreted to be trending northwest, northeast, and east-west. Gold-

bearing quartz vein systems may have been emplaced along these structures that have been

interpreted to extend up to 1 kilometre , based on soil and rock samples from 2022 . Many rock

samples returned anomalous gold values, with the highest-grade sample collected from an

exposed quartz vein at the Stibnite Lake zone (Sample 1862934 - 2.8 g/t Au). This indicates that

the property is highly prospective for gold-bearing mineralization (Figure 3). The West Saddle zone

overlies some of the best -defined gold -bearing features on the property , including a SW -NE

trending feature extending >750m in strike length. Two drillholes from 1986 are interpreted to

have paralleled a splay of th is mineralized feature, which remains largely untested by drilling.

Several other soil and rock sample results may have also outlined paralleling mineralized features

to the northwest and southeast (Figure 4), which exhibit many similar characteristics to the

nearby Main, Bain, Cusac, and Vollaug mines that collectively produced >315k oz of gold.

• Gold appears to be associated with quartz veining, disseminated pyrite, and varying intensities of

silica, sericite and iron (Fe)-carbonate alteration. Where manganese is present, there is a direct

correlation with elevated gold values (Sample 1862934 – 2.8 g/t Au) . This is an important

correlation, as exploration on neighboring properties has determined that manganese is

commonly associated with the most prospective mineralized zones in the Cassiar district. Rock

sampling within the Shark Lake zone indicates potential for a distinct mineralized setting, with

disseminated pyrite within the mafic host rock (Sample 1862962 – 223 ppb Au), which could

indicate potential for broader mineralized zones developed in proximity to auriferous quartz

veining (Figure 5; see Figure 3 for sample locations).

• 2022 fieldwork confirmed the presence of drusy quartz veins, col loform iron carbonate -quartz

banding and vuggy breccias, commonly associated with the more elevated gold values from rock

samples. This suggests these quartz veins may have resulted from several phases of mineralized

hydrothermal fluid injection along long-lived structural conduits, including stratigraphic contacts,

faults and shears.

• Historic mapping of iron -carbonate alteration also appears to be closely associated with

interpreted structures and mineralization , particularly within the Shark Lake zone (Figure 6).

During the 2022 fieldwork, these zones were observed to be commonly accompanied by weak to

moderate silicification and varying amounts of sericite, clay, and mariposite alteration, and

pyrite and/or arsenopyrite. Iron-carbonate alteration zones are also historically recorded east of

the 2022 soil grid at Shark Lake, suggest ing the mineralized system likely remains open to the

east. This interpretation is further supported by the low-moderate magnetic response of the area,

likely due to destruction of primary magnetite resulting from hydrothermal alteration within the

mafic volcanic host rocks.

Figure 1: Regional location of the Eagle Mountain Gold Project BC in relation to significant orogenic gold camps. Modified from

Allan, M.M., Rhys, D.A. and Hart, C.J.R., 2017, “Orogenic gold mineralization of the eastern Cordilleran gold belt, British Columbia:

Structural ore controls in the Cariboo (093A/H), Cassiar (104P) and Sheep Creek (082F) mining districts ”: Geoscience BC Report

2017-15, 108 p.

Figure 2: Eagle Mountain Project in relation to NW-trending structural corridor associated with gold mineralization within the

Cassiar Gold District.

Figure 3: Compilation of assay results from rock (grab and float) and soil sample data overlying First Vertical Derivative (1VD) imagery from the 2021 airborne magnetic survey

(25m). The 2021 airborne geophysical survey aided in defining and extending previously mapped structural features from the 1980s. Four highly prospective zones have been defined

with gold-bearing systems that are interpreted to extend up to 1 kilometre.

Figure 4: Soil and rock samples collected from 2022 have outlined several paralleling gold-bearing systems on the West Saddle zone. Historic 1986 drillholes appear to have

missed or paralleled interpreted splays of the >750m gold-bearing system.

Figure 5: Gold appears to be associated with quartz veining, disseminated pyrite, and varying intensity of silica, sericite and iron

(Fe) carbonate alteration. When manganese is present, there is a direct correlation with elevated gold samples (Sample 1862934:

2.8 g/t Au).

Figure 6: Geochemical anomalies have been outlined by 2022 soil and rock samples and are closely associated with historically observed locations of iron-carbonate alteration

(1980s). Zones of iron-carbonate alteration were described as being structurally constrained but varying in width from 1 m to 15m. The geochemical anomaly remains open to the

east, with historical iron-carbonate alteration zones overlying a large area of low-moderate airborne magnetic response.