Golden Sky Minerals Corp. acquires highly prospective ground in the Cassiar Gold District, targeting orogenic gold mineralization within a prolific gold belt

VANCOUVER, July 22, 2021 - Golden Sky Minerals Corp. (AUEN.V) (the "Company" or "Golden Sky") is pleased to announce that, through staking, the Company has acquired the approximately 10,000-hectare Eagle Mountain Gold Property in the Cassiar District of British Columbia, Canada. The Property is 100% owned by Golden Sky with no underlying royalties. The Eagle Mountain Project is located in a prolific past-producing gold district, which hosts Cassiar Gold Corp's neighboring Cassiar Project covering the Taurus Deposit, with an inferred resource of about 1 M oz at 1.43 g/t Au (see website, Cassiar Gold Corp). With a similar geological setting to the Cassiar Project and other orogenic gold camps such as Cariboo and Bralorne camps, Golden Sky believes there is high potential for the discovery of new gold targets on the Property (see Figure 1). The Eagle Mountain Gold Property is located approximately 117 road kilometers northeast of the village of Dease Lake, British Columbia, and is in close proximity to the paved BC Highway 37 (see Figure 2).

Rayfield Property Highlights

• The Eagle Mountain Property overlies mafic volcanic and sedimentary strata belonging to the Slide Mountain Terrane, which also underlies Cassiar Gold Corp's neighboring Cassiar Project. The Cassiar Mining District is considered an orogenic gold camp within a geological setting favorable for hosting large gold deposits within the Intermontane Belt of the eastern Cordillera. The Intermontane Belt also hosts the Bralorne (>4.2 M oz Au) and Cariboo (>4 M oz Au) gold camps (see Figure 1).
• Documented mineral exploration on the Eagle Mountain Property is limited to 1983-1986, when prospecting, geological mapping, geophysical surveying, and drilling identified several auriferous quartz veins in the vicinity of stratigraphic contacts and topographic linear features. These features were later identified in drill core as highly sheared and/or fractured volcanic rocks. Geological structures were determined to be predominantly oriented northwest-southeast and east-west. These observations are similar to those reported on the neighboring Cassiar Property.
  
• Historic drilling on the Property was constrained to the Eagle zone, which in 1986 was the focus of a shallow BQ-core size drill program of 376.2 m over 6 holes. Mineralization was demonstrated to be predominantly associated with stacked, moderately-dipping shears and/or fractures commencing <10 m downhole. Only 65.95 m of core from this drill program was sent for analysis resulting in isolated anomalous values over core length. One intersection of assayed core is from Hole 86-CUX-E-1 (1986), where low-grade mineralization was intersected starting at ~15 m depth. This section averaged 0.5 g/t Au and 35.87 g/t Ag over 2.4 m, which includes 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.
  
• Historic polymetallic quartz vein samples collected within the Eagle zone show a strong Au-Ag-As-Sb geochemical correlation, which is similar to other mineralized quartz veins in orogenic gold camps. Gold has been documented on the Property as being associated with quartz veins and semi-massive auriferous pyrite and base metal float. The exact source location for the float remains undetermined.
  
• Nearby infrastructure includes an electric power grid, water, and a mill located on Cassiar Gold Corp's neighboring Cassiar Project. Dease Lake is located 80 km SSW by helicopter and a staging area along Highway 37 is located 14km west of the Property, rendering exploration very cost-effective.

John Newell, President and CEO of Golden Sky Minerals, further states:

"Golden Sky Minerals believes there is considerable exploration upside at the Eagle Mountain Property. Historic work has demonstrated that gold was deposited in a similar geological setting as the neighboring Cassiar Gold Project. With much of the Property underexplored, there is excellent opportunity for rapid advancement of the project through the application of modern exploration techniques. We look forward to unlocking the potential of this project located in the eastern Cordilleran gold belt of British Columbia, Canada."

Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3fbaf1cc-df6b-4b71-b3a6-89dbc1e418c2

Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b5385898-3165-4150-a7a4-65480dd3f7a8

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 through systematic exploration, located in tier-one mining districts. Golden Sky's main focus is developing its portfolio of projects to resource stage.

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, adds 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 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 info@goldenskyminerals.com or john.newell@goldenskyminerals.com.

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 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; unanticipated costs and expenses; uncertainties relating to the availability and costs of financing needed in the future, including to fund any exploration programs on its projects; that Golden Sky may not be able to confirm historical exploration results and other risks set forth in Golden Sky's public filings at www.sedar.com. In making the forward-looking statements in this news release, Golden Sky has applied several material assumptions, including the assumption that general business and economic conditions will not change in a materially adverse manner. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Golden Sky does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.