Golden Sky Minerals Corp. Drills 1.03 g/t Au over 80.77 Meters in Discovery Drill Hole at Bullseye Property, Yukon Territory

VANCOUVER, Sept. 28, 2021 - Golden Sky Minerals Corp. (AUEN.V) (the "Company" or "Golden Sky") is pleased to announce results from the inaugural 2021 reverse circulation (RC) drill program at its 100% owned Bullseye Property ("the 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 (RC) 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.

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.