Golden Sky Minerals Corp. 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. 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 anomalous 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 features 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.

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. 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. 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 this 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, 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.

2022 fieldwork confirmed the presence of drusy quartz veins, colloform 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.

During the 2022 fieldwork, these zones were observed to be commonly accompanied by weak to moderate silicification and varying amounts of sericite, clay, and maripositealteration, and pyrite and/or arsenopyrite. Iron-carbonate alteration zones are also historically recorded east of the 2022 soil grid at Shark Lake, suggesting 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.