Golden Sky and Boliden Sign $20 Million Earn-In Agreement for the Combined Rayfield-Gjoll Copper-Gold Property, South-Central British Columbia

Executive Summary

• Golden Sky Minerals entered a Definitive Agreement with Boliden Mineral Canada granting Boliden an earn‑in option to acquire up to an 80% interest in the Rayfield copper‑gold porphyry property by funding C$20 million over six years.
• Upon successful earn‑in, the Rayfield and Boliden’s Gjoll properties will be combined into a joint venture where Golden Sky retains a 20% operator interest and Boliden holds 80%.
• The agreement provides immediate staged exploration financing and positions the combined >87,000 ha project in the highly prospective Quesnel Trough, adjacent to several major Canadian copper mines.

Key Details

• Earn‑In Structure:
• Right to earn up to 80% of Rayfield‑Gjoll by spending C$20 million in staged exploration expenditures and cash payments within six years.
• Golden Sky remains project operator throughout the earn‑in period.

• After earn‑in, a joint venture is formed with Golden Sky holding 20% and Boliden 80%; both parties share pro‑rata funding obligations thereafter.

• Project Scope & Location:

• Rayfield Property: ~52,000 ha copper‑gold porphyry target in the Quesnel Trough, <60 km NW of Kamloops, BC.

• Gjoll Property (Boliden): wholly‑owned adjacent land; combined area >87,000 ha.

• Historical Drill Results – Rayfield (selected):

• DDH 374‑01: 0.08% Cu over 151 m (incl. 0.13% Cu over 17.9 m)
• DDH 374‑03: 0.09% Cu over 167 m (incl. 0.18% Cu over 43.4 m)
• DDH 374‑06: 0.13% Cu over 164 m
• DDH 374‑20: 0.11% Cu over 195 m (incl. 0.195% Cu over 30 m)

• Additional holes show consistent copper grades between 0.08–0.14% Cu over 150‑240 m intervals.

• Other Targets on Rayfield Property:

• Gnome Target: ~1.8 km × 1.5 km geochemical anomaly (Cu‑Au‑Zn‑As‑Mo); historic surface assays up to 0.22% Cu and 1.02 g/t Au; drill hole 72455 intersected 0.1% Cu over 68 m.
• Semlin Target: ~1.4 km × 0.9 km geochemical anomaly; surface samples up to 0.2% Cu, 135 ppm Mo, 55 ppb Au.

• Mowich Target: Copper‑rich float material (up to 286 g/t Au, 200 g/t Ag, 37.46% Cu) from a mudslide; historic shear zone assays up to 230 ppb Au, 2.5% Cu, 16.9 ppm Mo.

• Strategic Rationale:

• Boliden’s participation validates the district‑scale copper‑gold potential of Rayfield and provides Golden Sky with substantial funded exploration while preserving a tight share structure.

• The combined property sits within a “gap” area of the Quesnel Trough, adjacent to operating mines (Highland Valley, Gibraltar, New Afton, Copper Mountain, Mount Polley).

• Financial Commitment:

• Up‑front and staged exploration expenditures capped at C$20 million over six years; cash payments to Golden Sky as defined in the earn‑in schedule.

Notable Quotes

“This partnership is transformational for Golden Sky. Boliden's decision to collaborate with us on Rayfield‑Gjoll validates the district‑scale copper‑gold potential of this project.” – John Newell, President & CEO, Golden Sky Minerals