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
Hole ID |
Easting |
Northing |
Azimuth |
Dip |
Depth (m) |
HS-21-01 |
501491 |
7035569 |
130° |
-65° |
377 |
HS-21-02 |
501529 |
7035701 |
230° |
-50° |
230 |
HS-21-03 |
501477 |
7035640 |
130° |
-55° |
375.5 |
HS-21-04 |
501477 |
7035640 |
130° |
-70° |
335 |
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)
Hole ID |
From (m) |
To (m) |
Length (m) |
Au (g/t) |
HS-21-01 |
6.4 |
61.1 |
54.7 |
0.18 |
|
including |
HS-21-01 |
13.6 |
34.5 |
20.9 |
0.36 |
HS-21-01 |
30.5 |
32.55 |
2.05 |
1.48 |
|
*HS-21-02 |
8 |
110 |
102 |
0.85 |
|
including |
*HS-21-02 |
8 |
32.1 |
24.1 |
2.97 |
*HS-21-02 |
22 |
28.5 |
6.5 |
8.14 |
*HS-21-02 |
23.9 |
24.95 |
1.05 |
42.4 |
|
HS-21-03 |
6.1 |
95.5 |
89.4 |
0.23 |
HS-21-03 |
6.1 |
44.75 |
38.65 |
0.35 |
|
including |
HS-21-03 |
6.1 |
10.95 |
4.85 |
2.11 |
HS-21-03 |
8 |
9 |
1 |
6.19 |
|
HS-21-04 |
5.25 |
100 |
94.75 |
0.3 |
|
including |
HS-21-04 |
5.25 |
47.6 |
42.35 |
0.4 |
HS-21-04 |
5.25 |
10 |
4.75 |
1.49 |
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.
Golden Sky Minerals (TSXV:AUEN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Golden Sky Minerals (TSXV:AUEN)
Historical Stock Chart
From Jul 2023 to Jul 2024