Golden Sky Continues to Expand the Semlin Porphyry-Style Target to 1.7 x 0.9 km, Rayfield Property, British Columbia

VANCOUVER, Oct. 31, 2023 - Golden Sky Minerals Corp. (AUEN.V) (the "Company" or "Golden Sky") is pleased to announce the results from the 2023 geochemical sampling and prospecting program conducted on its 35,000-hectare Rayfield Property ("the Property") in southern British Columbia (Figures 1 and 2). The program included the collection of 685 B-horizon soil samples and 77 rock samples. The main soil grid was designed to infill and extend geochemical anomalies previously identified over the Semlin Target zone. The soil program was successful at further expanding the geochemical anomaly to 1.7 x 0.9 km. This anomaly flanks and overlies an area with known bedrock-hosted disseminated and veinlet-style copper (Cu) and gold (Au) mineralization. Rock sample C00064614 (2022) was of a 4 cm-wide sulphide-rich vein that assayed 55 ppb Au and 0.2% Cu) (Figure 3). The soil anomaly hosts elevated values of copper (Cu) - gold (Au) - zinc (Zn) - arsenic (As) and remains open to the northwest and northeast. As a follow-up to these encouraging results, a drill permit has been applied for, which will include the Gnome and Semlin target zones (see December 6, 2022 News Release).

Extending known bedrock mineralization was a priority at the Rayfield Target Zone for 2023, as soil sampling in 2022 highlighted several anomalous copper values associated with geophysical anomalies identified by an airborne total magnetic geophysical survey (Geological Survey of Canada, 2006). Rock samples from these areas returned several anomalous values, up to 6,319 ppm (0.63%) Cu and 245.5 ppb Au (Sample 118884; Figure 4). Importantly, fieldwork also observed a continuation of dense sheeted and stockwork quartz veining that closely correlates with a magnetic low (Geological Survey of Canada, 2006) feature that extends ~2.0 km in a northwest orientation (Figure 4). This magnetic low is also coincident with elevated values of pathfinder elements (Mn, Zn, V, Ba) that are commonly associated with sericite/propylitic alteration bounding the core of porphyry systems and causing magnetite destruction (Figure 5). This transition is best observed in Figure 6, where historic copper grades from diamond drilling increase towards the magnetic low.

Prospecting across the property identified several other zones of interest, as approximately 40% of the rock samples assayed >100 ppm Cu. These results continue to demonstrate the potential for additional porphyry-related mineralization across the property.

The Rayfield property is located in the Quesnel Trough, British Columbia's primary copper-producing belt, which hosts Teck Resources' Highland Valley Mine, Imperial Metals' Mount Polley Mine, Centerra Gold's Mount Milligan Mine, and Kodiak Copper's MPD Project (see Figure 1). The Rayfield copper-gold project is located approximately 20 kilometers east of the town of 70 Mile House, British Columbia, and is accessible year-round by well-maintained service and logging roads extending from BC Highway 97.

John Newell, President and CEO of Golden Sky Minerals, states: "Through systematic exploration, the Company has identified several excellent porphyry targets that hold strong potential for mineral discovery. These targets have been carefully selected based on extensive geological and geophysical data, and they represent significant opportunities for future exploration. This work has laid the groundwork for future drill programs."

Figure 1: The ~35,000-hectare Rayfield Cu-Au Property is located within the Quesnel Trough, British Columbia's primary copper-producing belt.

Figure 2: The Semlin target zone is defined by a large 1.7 km x 0.9 km multi-element soil geochemical anomaly which may be outlining a buried porphyry system. The Rayfield target zone is highly prospective, with anomalous copper-in-soil values grading up to ~0.40%, and rock samples grading up to 0.63% Cu and 245 ppb Au. Numerous other target zones also exist across the extensive 35,000-hectare Rayfield Property.

Figure 3: Copper-in-soil assays values from the 2022/2023 soil sampling program, with overlapping Cu-Au-Zn-As multi-element geochemical signature outlined in dashed black outline. The mineralized system remains open.

Figure 4: Rock samples from the Rayfield Target Zone grade up to 0.63% Cu and 245.5 ppb Au. Mapping has confirmed a high density of sheeted and stockwork quartz veining within the magnetic-low feature. This may be indicative of alteration that typically bounds the centre of porphyry systems.

Figure 5: Copper-in-soil assays (2021-2022) overlying TMI Aeromagnetic survey. Elevated values in copper also coincide with pathfinder geochemical elements commonly c associated with deeper sericite and/or propylitic alteration, typically bounding the higher-grade core of porphyry systems. See Figure 6 for cross section A-A'.

Figure 6: Cross-section A-A' outlined in Figure 5. Historical drill results with interpreted centre of the porphyry system. Historical induced polarization surveys extend only to ~125m of depth and many of the historical drill holes ended in mineralization. Mineralization is interpreted to remain open along strike and at depth.

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 Lucky Strike, 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 British Columbia 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.

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