Golden Sky Drills near-surface Interval of 6.19 g/t gold over 1.0 m, within 38.65 meters of 0.35 g/t gold, at Hotspot Property, Yukon Territory

VANCOUVER, March 02, 2022 - Golden Sky Minerals Corp. (AUEN.V) (the "Company" or "Golden Sky") is pleased to announce the 2021 results from the final set of assays from its 4-hole, 1,317.5-metre maiden diamond drilling program at the Sure Bet Zone, located within its 100% owned Hotspot Property ("the Property") in the Yukon Territory. The final set of assays includes those for drill holes HS-21-01, HS-21-03, and HS-21-04 (results for hole HS-21-02 were presented in the November 18, 2021 news release). All drill holes continued to return broad intercepts of gold (Au) mineralization from surface, extending the known dimensions of the zone to over 130 meters in length. Drill Hole HS-21-03 was designed as an 80-metre step-out from hole HS-21-02 and intersected a higher-grade zone that assayed 6.19 g/t Au over 1.0 metres within a broader zone grading 0.23 g/t Au over 89.4 metres (see Table 1 for drill collar information and Table 2 for results). Holes HS-21-01, HS-21-03, and HS-21-04 were all drilled to the southeast and were designed to test the orientation of the mineralized system at the Sure Bet zone.

"With just 1,317.5-meters of drilling in 4 holes, we have demonstrated that a near-surface, auriferous system extends for over 130 metres and remains open along-strike and to depth." stated Cameron Dorsey, VP Exploration of Golden Sky. "With limited outcrop in the region, drilling has been critical to furthering our understanding of the geological setting. Our maiden diamond drilling program has been very successful in defining a robust mineralized zone and its stratigraphic/structural controls. By advancing our understanding in the area, we will be able to more effectively target the higher-grade gold zones that were encountered in holes HS-21-02 and HS-21-03 for the 2022 drill program."

Hole Drill Plan Summary:

Hole HS-21-01 was drilled to test the southern extent of a ~600m x 400m gold-in-soil anomaly located within the Sure Bet Zone, with soil values ranging from 50 ppb Au to 4,110 ppb (4.11 g/t) Au (Figure 1). The Sure Bet Zone outlines a significant geochemical anomaly marking the southwest end of a 1.6 km gold-in-soil trend that extends to the northeast where it remains open. Hole HS-21-01 was an undercut of hole HSRC-20-02 (Azimuth 120?, dip -50?), which returned an intercept of 1.34 g/t Au over 71.6m.

Hole HS-21-03 was a 50-metre step out of Hole HS-21-01, designed to test the mineralized trend between HS-21-01 and HS-21-02 (Figure 1). Hole HS-21-04 was drilled as an undercut to HS-21-03, to facilitate a better understanding of the structural orientation of the stratigraphy and faults in the Sure Bet zone.

Table 1: Drill collar information

Table 2: Final set of assay results from the 2021 Hotspot diamond drill program (*Note: results from hole HS-21-02 were originally provided in the November 18, 2021 news release)

Drill Hole HS-21-01 Description:

The positive results from HS-21-01 (Table 2) likely represent the outer margins of a structural zone defined by faulting, brecciation and associated complex polyphase alteration. Intense propylitic alteration (chlorite, epidote) commences directly from surface and appears to be bounding a zone of potassic alteration at ~30m downhole. The presence of intense pyrophyllite would suggest this is a zone of advanced argillic alteration that developed at very high temperatures. Very finely disseminated pyrite concentrations ranged from trace to 5% within intensely chlorite-altered zones.

Drill Hole HS-21-03/HS-21-04 Description:

The structural setting and alteration assemblage in holes HS-21-03 and HS-21-04 are very similar to those identified in previously drilled holes (HS-21-02). The degree of faulting and quartz vein stockwork is more intense than within HS-21-01 and correlates with increased gold grades (Table 2). Although alteration is strong throughout, there is a discrete zone of intense silicification and quartz vein breccia that yielded 2.11 g/t Au over 4.85m, including 6.19 g/t Au over 1.0m. This was a very similar zone to the one that assayed 42.4 g/t Au over 1.05m in hole HS-21-02, located 80m to the northeast. Golden Sky has tentatively established the orientation of the higher gold grade intercepts, which are likely linked to a structurally complex auriferous gold system trending northeast (Figure 2 & 3). Holes HS-21-03 and HS-21-04 were also successful in delineating the orientation of the conglomerate unit, which is interpreted to be relatively flat lying. This is important as the increased primary permeability of the conglomerate appears to have facilitated zones of elevated gold mineralization, particularly within hole HS-21-02 (Figure 4).

Message from John Newell, President and CEO:

Golden Sky's discovery of a shallow low-high sulphidation zone at the Sure Bet zone is a significant milestone at the 100% owned Hotspot property. While early days, the drilling to date gives the company confidence to plan an aggressive drill program this spring and summer. The company plans drilling to determine, and potentially extend, the known strike length of the Sure Bet zone, and to target what the company believes are the high-grade zones. The Company also plans to conduct an airborne geophysical survey of the Hotspot Property to better understand the geology and alteration associated with the Sure Bet Zone. By utilizing modern exploration techniques, we hope to discover additional zones of significant gold mineralization on the Property. We are looking forward to getting on the Property in early June 2022 to begin an extensive exploration campaign at Hotspot.

Highlighted Conclusions from the Maiden 2021 Diamond Drill Program:

• Geochemical results from the drill core indicate a direct association between higher gold-silver (Au-Ag) multi-gram grades and elevated arsenic (As), antimony (Sb), mercury (Hg), and selenium (Se) values. This geochemical signature is very commonly associated with epithermal gold systems and can be used as an effective tool for vectoring to the core of the system.
• There appear to be two controls for auriferous mineralization at the Sure Bet Zone: structural and stratigraphic. The core zones of higher-grade gold mineralization have developed both within and adjacent to fault zones and hydrothermal breccias. It is also clear that there is a significant stratigraphic control for low-grade gold mineralization, as grades become elevated in the more permeable conglomerate unit versus the volcanic unit.
• The high-grade gold zones are best defined by silicic cores with broad halos of alteration that progress from inner advanced argillic assemblages (quartz, alunite, pyrophyllite) to outer propylitic assemblages (quartz, potassium-feldspar, chlorite, and epidote) (Figure 5). The metasomatized halos potentially extend for great distances laterally and vertically around the inner medial (advanced argillic) alteration mineral assemblages. Future airborne geophysical surveys (magnetic/radiometric) could be effective at outlining such alteration patterns, which could then be utilized for identification of additional property targets.
• Thick zones of colloform layering commonly develop within the shallower elevations of a low sulphidation system. Hole HS-21-02 was the only hole in the program to have intersected colloform layering, with a 0.3m near-surface intersection. This geological observation, along with elevated As, Sb, Se, Au, and Ag geochemical values, would suggest that erosion has exposed mid-levels of the low sulphidation system. This would suggest that the gold mineralization could extend to depth, where a potential high-sulphidation setting may exist within an area of advanced argillic alteration (Figure 5).
• As the Sure Bet zone is likely controlled by the intersection of a regional west-northwest to northeast-trending fault systems (Figure 6), similar intersections property-wide may also host enhanced gold mineralization. With over 90% of the property remaining unexplored by Golden Sky, there remains good potential for additional discoveries.

Figure 1 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6cffacd0-80db-40cd-93fb-4ab87642ec7b

Figure 2 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7b4acd8e-6527-4330-8302-918db424a7ec

Figure 3 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d5d55276-bd52-443d-87e9-e13f5992c622

Figure 4 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4ddc0f7b-486d-47ee-829d-eb31226547fe

Figure 5 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8a3cea53-20ba-4ca7-9050-1b59360ec0ee

Figure 6 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/969501f0-46a4-44b9-8def-e75ce70e7405

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 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.

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 Yukon 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.