Golden Sky Minerals Provides Update for Airborne Geophysical Survey from its Eagle Mountain Project in the Cassiar Gold District, British Columbia
Golden Sky Minerals Provides Update for Airborne Geophysical Survey from its Eagle Mountain
Project in the Cassiar Gold District, British Columbia
Vancouver, May 11, 2022 – Golden Sky Minerals Corp. (AUEN.V) (the “Company” or “Golden Sky”) is
pleased to announce results and early interpretations from a 39 km2 airborne geophysical survey over its
100%-owned Eagle Mountain Project, located in the Cassiar Gold District of northern British Columbia ,
Canada. Precision GeoSurveys Inc. was contracted to conduct a high -resolution helicopter -borne
magnetic, VLF-EM and radiometric survey over a ~3 ,900-hectare block within the 10,000 -hectare Eagle
Mountain project. These surveys were used to assist the early geological interpretation of the project for
efficient follow-up ground-based exploration planned for summer , 2022. The geophysical data proved
effective at corroborating and extending many of the stratigraphic contacts and geological structures
delineated by historic geological mapping in the 1980s. This further supports the interpretation that the
project overlies a structurally complex corridor with several potential gold targets.
The Eagle Mountain project is located in a prolific past-producing gold district in close proximity to the
village of Dease Lake, British Columbia (117 road-kilometers) and to the paved BC Highway 37. 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 Moz 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 on the Project (see Figure 2).
John Newell, President and CEO of Golden Sky Minerals Corp. states “The management of Golden Sky
Minerals believes we continue to be in a long -term uptrend in both precious metals and base metals.
Readied with this belief, the company’s strategy has been t o stake highly prospective ground where
historical work was never followed up with modern exploration techniques. Given the tremendous recent
exploration success of both Cassiar Gold at their Taurus deposit, and Coeur Mining at their Silvertip Mine,
it is clear that we are looking at a region that can host significant mineral deposits. We look forward to
advancing our Eagle Mountain project this summer by following up on this airborne geophysical survey.
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
Highlights from Data Compilation
• Geological structures are interpreted to be trending northwest, northeast, and east-west. These
orientations are very similar in character to those observed on the Cassiar Gold Project.
• There is a strong association between historic grab samples and the i nterpreted structures, with
grab and float samples assaying up to 3,450 ppb gold (3.45 g/t Au) (Figure 3).
• Historic mapping of iron carbonate alteration also appears to be closely associated with
interpreted structures (Figure 4). During the 1983 fieldwork, these zones were observed to be
commonly accompanied by weak to moderate silicification and minor amounts of sericite, clay,
mariposite, pyrite and/or arsenopyrite.
• Manganese oxide occurrences were identified within several iron-carbonate zones. Work in the
1980s associated these with the most prospective mineralized zones, and determined that
manganese is commonly associated with auriferous quartz veining in the Cassiar district.
• In 1983, drusy quartz veins, colloform iron carbonate -quartz banding and vuggy breccias were
also noted at several mineralized locations, indicating these quartz veins may have resulted from
several phases of hydrothermal fluid injection along long -lived structural conduits, including
stratigraphic contacts, faults and shears.
• Historic drilling on the Project was limited to the Eagle zone, which in 1986 was the focus of a
shallow BQ -core size drill program of 376.2 m in 6 holes (Figure 5) . Mineralization was
demonstrated to be predominantly associated with stacked, moderately-dipping shears and/or
fractures commencing <10 m downhole from surface. These structures were interpreted to be
dipping to the north and/or to the northeast. Only 65.95 m of core from this drill program was
sent for analysis , accounting for <18% of the total 376.2 m program. As such, intermittent
sampling was done along the entire extent for the three reported holes (86-CUX-E-1, 86-CUX-E-
2, 86-CUX-E-3). Hole 86 -CUX-E-1 (1986) intersected low-grade mineralization commencing at
~15 m depth. This includes an intercept assaying 0.5 g/t Au and 35.87 g/t silver (Ag) over 2.4 m,
in turn including a higher-grade zone assaying 2.27 g/t Au and 462 g/t Ag over 0.15 m. Though
limited in scope, the drilling successfully demonstrated that precious metal mineralization is
associated with linear shear zones.
2022 Exploration Program
Golden Sky will be conducting a two-phase exploration program following up on targets identified in the
2021 geophysical data, combined with historical work from the 1980s. Phase One will include prospecting,
geological mapping, and rock and soil geochemical sampling. Phase Two will include ground-based
geophysical surveys (magnetics and/or induced polarization (IP) surveys) to further define any
geochemical or structural zones identified in Phase One.
“We are very excited to get boots on the ground for the first time at the Eagle Mountain Project, “stated
Cameron Dorsey, VP Exploration of Golden Sky. “The quality of exploration work done in the 1980s has laid
the groundwork for us to effectively vector into some very compelling gold targets within just one year of
staking this project. With similar geological, geochemical, and geophysical characteristics that are
commonly associated with other orogenic gold systems in British Columbia, there is high potential for us
to discover additional gold targets.”
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 1980s structural and rock sample (grab and float) data overlying 2021 airborne vertical magnetic survey (25m). The 2021 airborne geophysical survey
aided in defining and extending previously mapped structural features from the 1980s. A close association was observed between the elevated gold grades and structural
features.
Figure 4: Compilation of historical data including observed locations with iron-carbonate alteration (1980s). Zones of iron-carbonate alteration were described as being
structurally constrained but varying in width from 1m to 15m. Geochemical anomalies are outlined by area. Data overlies 2021 airborne vertical magnetic survey (25m).
Figure 5: Digitization of historic al diamond drilling from 1986 overlying 2021 airborne vertical magnetic survey (25m). Three of the six holes drilled have unreported results.
Selective sampling resulted in <18% of the core being sent for lab analysis. Geochemical anomalies and gold-enriched structures remain underexplored.
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 d evelop its portfolio of properties 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, 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 con sistent 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;