Golden Sky Minerals Corp. (TSX-V:AUEN)  is pleased to announce results from the inaugural 2021 reverse circulation drill program at its 100% owned Bullseye Property in the Yukon Territory (see Table 1 for results and Table 2 for collar information). The 384.05-metre RC drill program was designed to test the Gold Crest Zone along a 150-metre strike length and up to a 100-metre drill depth. The Property is located within the newly emerging Wels Gold District and is contiguous to K2 Gold Corp’s Wels Gold Project.

• Five reverse-circulation holes totaling 384.05m were drilled at the Gold Crest Zone. All five holes returned significant near-surface gold (Au)-bearing intervals (Table 1).
• Discovery Hole BERC-21-4 intersected significant gold mineralization that assayed 1.03 g/t Au over 80.77m, including 1.88 g/t Au over 25.91m, in turn including 2.54 g/t Au over 12.19m. This broad intersection of gold mineralization from surface provides evidence for a robust gold system within the Gold Crest Zone.
• This first pass, shallow-hole drill program tested only a 150-meter strike length of the Gold Crest Zone, which remains open along strike and at depth. To further test the mineralized zone along strike and at depth, an extensive follow-up diamond drill program has been recommended. In addition, there remain several outlying contact-related soil geochemical anomalies that will require follow-up exploration (Figure 4).
• The Bullseye property is a large land package comprising 112 Yukon Quartz Claims covering 2,300-hectares (23 km²). Much of the property remains largely under-explored.

Table 1: Assay results from the 2021 Bullseye RC drill program

Table 2: Drill collar information

Message from John Newell, President and CEO:

“Golden Sky Minerals is excited about the successful results at Bullseye from this inaugural drill program as a follow up to last year’s successful trenching program, and believe the property deserves to graduate to a comprehensive diamond drill program in 2022. This year’s drilling showed the gold mineralization extends directly from surface and, in the case of Hole 4, extends for the length of the hole.

The fact that mineralization is open-ended gives even more ‘blue sky’ to the potential width of this zone. On top of this, the drilling has demonstrated the real opportunity to expand the strike length of the Gold Crest zone, as well as plenty of new targets for follow-up along the regional geological contact.

Soil sampling and trenching have been prime tools in locating mineralized areas in the White Gold district. Assay results from 2020’s trenching program at the Gold Crest zone are similar to the initial discovery trench results at both the Coffee Creek and the Golden Saddle targets that led to the drilling of those deposits. Building upon this, I believe that our Bullseye Project is drill-ready at the Gold Crest zone, with enormous potential to expand further along strike.

Lastly, we would like to again thank the Yukon Territorial Government and Yukon Geological Survey for funding part of this program through the Yukon Mineral Exploration Program (YMEP). Their support has been instrumental in advancing Bull’s Eye and similar programs through the initial exploration phase.”

Figure 1 is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/91dc069f-1cdb-4ada-a3d8-14d311c44ac8

Other Property Highlights:

• The property is 100% owned by Golden Sky Minerals with no underlying royalties or payments.
• The property is in close proximity to the Snag airstrip (22 km), which provides for cost-effective exploration.
• Favorable structures and host lithologies are similar to those of recent mineral discoveries on K2 Gold Corp’s neighbouring Wels Property.
• The Gold Crest Zone is marked by a significant ~500m x 200m gold-in-soil anomaly with values up to 216 ppb Au. This anomaly remains open to the north and south and appears to follow a major regional shear which has developed along a schist-mafic intrusive contact.
• Trenching within the Gold Crest Zone during 2020 defined a significant mineralized zone that assayed ~0.69 g/t Au over 78m, including 1.03 g/t Au over 44m. Observations from the trench indicate that mineralization is related to pyrite-bearing quartz stockwork development, silicification and shearing.
• With similar geological settings and geophysical signatures to other local significant prospects in the area, there is great potential to discover a low or high sulphidation epithermal gold deposit or buried porphyry prospect on the Bullseye Property.

Figure 2 is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/0c00fefe-59e0-41f4-98ec-7cba141422b9

Figure 3 is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/0e2900c0-b631-40d3-a6fb-b8d194377447

Figure 4 is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/1ab02f08-1440-4012-a0a6-214cec1c4fe6

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 tier-one mining 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 Luckystrike, 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.