Copper Explorer Receives Permit to Drill New Targets at BC Copper-Gold Project

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Golden Sky Minerals Corp. (AUEN:TSX.V; LCKYF:OTC) announced that it has secured a permit to conduct drilling at the Gnome and Semlin Target zones on the Rayfield-Gjoll Copper-Gold Property in south-central British Columbia, Canada, according to a January 7 release.

Phase 1 of the project is set to commence in early 2026 with an Induced Polarization (IP) geophysical survey aimed at investigating the geochemical and geophysical anomalies identified in previous exploration efforts. Phase 2 will involve up to 3,000 meters of diamond drilling to further explore anomalies highlighted by the IP survey.

The contiguous Rayfield-Gjoll Property, situated less than 60 kilometers northwest of Kamloops, British Columbia, spans 87,660 hectares within the renowned Quesnel Trough, one of Canada’s leading porphyry copper belts. The trough is noted for its substantial metal resources and a well-documented production history; however, large areas remain underexplored using modern, systematic exploration techniques. The region benefits from excellent infrastructure and year-round access, facilitating efficient exploration and development activities.

"Securing this second drill permit from the British Columbia Ministry of Mining and Critical Minerals is a significant achievement for Golden Sky," said President and Chief Executive Officer John Newell. "It allows us to expand our exploration efforts at the highly promising Gnome and Semlin target areas, which show compelling geochemical and geophysical characteristics consistent with porphyry-style copper-gold systems. With our first permit now active and this second one in hand, we are well-positioned to advance systematic exploration across the Rayfield-Gjoll property."

In late 2025, the TSX Venture Exchange approved Golden Sky and Boliden AB's definitive agreement to collaborate on the development of the property. According to the agreement, Boliden subsidiary Boliden Mineral Canada Ltd. will have the right to earn an 80% interest in the Rayfield Property by investing up to CA$20 million in staged exploration expenditures and cash payments over a six-year period. Once the earn-in option is exercised, the Rayfield Property will be combined into a joint venture with Boliden's Gjoll Property, under which Golden Sky will hold an initial 20% interest, as noted in an earlier release.

"This progress also enhances our partnership with Boliden as part of the earn-in agreement, and we anticipate an active and results-oriented 2026 exploration season," Newell noted on the securing of the permits.

Newell has said the 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," he has said. "It allows us to preserve our tight share structure while aggressively advancing exploration in one of Canada's most prolific mineral belts."

Details of Targets

The Gnome Target features a substantial ~1.8 kilometer by 1.5 kilometer geochemical anomaly rich in copper, gold, zinc, arsenic, and molybdenum (Cu-Au-Zn-As-Mo) in the soil, the company said. Historical drilling in this area has been limited.

A ZTEM geophysical survey revealed a significant resistive anomaly dipping to the northeast, suggesting the presence of a buried porphyry system, Golden Sky said. Historical surface sample assays have shown up to 0.22% Cu and 1.02 grams per tonne (g/t) Au. The area exhibits favorable alteration, with widespread phyllic and propylitic zones that align with surface exposures of the upper zones of an underlying porphyry system. A historical drill hole, 72455, intersected 0.1% Cu over the final 68 meters, with increasing gold grades linked to abundant disseminated pyrite. This is interpreted as the inner portions of the pyrite halo, which may transition into the main porphyry-style mineralized zone at greater depths. Coinciding magnetic, gravity, and radiometric anomalies are consistent with alkalic Cu-Au porphyry signatures in the Quesnel terrane.

The Semlin Target encompasses a large ~1.4 kilometer by 0.9 kilometer geochemical soil anomaly (Cu-Au-Zn-As-Mo). It is situated along the edge of a high-resistivity batholith, which is considered a favorable setting for porphyry formation. Surface samples have assayed up to 0.2% Cu, 135 parts per million (ppm) Mo, and 55 parts per billion (ppb) Au, indicating the potential for a mineralized copper-gold porphyry system. A dioritic-monzonitic intrusion mapped along the edge of the geophysical and geochemical anomaly is associated with disseminated pyrite and quartz veining.

Camp Attracting Attention From Majors, Well-Financed Juniors

Golden Sky is a Canadian mineral exploration company dedicated to advancing promising copper and gold projects in British Columbia, Yukon, and Ontario. The Rayfield project is located in a rapidly developing porphyry copper-gold region, offering significant discovery potential, excellent infrastructure, and proximity to some of Canada’s leading mining companies, according to the company. The flagship asset at the heart of the new agreement with Boliden is the Rayfield–Gjöll land package in the Quesnel terrane, British Columbia's main copper-producing belt. Historical exploration concentrated on a relatively small central area, where shallow drilling, soil sampling, and IP surveys outlined a broad copper-gold porphyry system from surface to end-of-hole, indicating the system remains open at depth, noted Jamie Hyland in a Streetwise Reports contributed opinion piece on December 1.

"As Golden Sky expanded the claim package and integrated new geophysical datasets, a larger picture emerged: Rayfield is part of a broader porphyry camp that is increasingly attracting attention from majors and well-financed juniors," Hyland wrote. "Boliden's arrival next door — and ultimately into the earn-in — reflects that shift."

A significant technical advancement occurred in 2025 when Golden Sky completed 735 line-kilometers of ZTEM and aeromagnetic surveying over the Gnome and Semlin target areas, Hyland said. These ZTEM results now serve as the foundation for the Phase-2 mapping and sampling program, which aims to connect geophysical domains more closely to surface mineralization and finalize collar locations before JV-funded drilling begins.

According to Boliden's investor presentation, the company has been producing base and precious metals since 1924, including zinc, copper, nickel, lead, gold, silver, and by-products. It operates in Ireland, Finland, Norway, Portugal, and Sweden, with about 8,000 employees and approximately SEK 90 billion (Swedish krona) in revenues. Its producing projects have reserves covering up to 29 years of full production, the company's presentation stated.

Looking ahead, the partnership between the companies will focus on designing and executing an ambitious 2026 exploration program that includes geophysical and geochemical surveys, detailed geological mapping, refined drill targeting, and an initial drilling campaign to test high-priority targets identified through previous exploration work, Golden Sky has stated.

Expert: Take a Look at the Backers

In his opinion piece, Hyland emphasized the significance of the investors backing Golden Sky. In November 2025, Evanachan Ltd., led by mining entrepreneur Rob McEwen, converted its CA$220,000, 9% debenture into 2,000,000 common shares at CA$0.11, resulting in roughly 9% ownership.

"Few early-stage explorers secure that caliber of long-term shareholders," Hyland wrote. He quoted McEwen's own words from November 6: "I like the odds for exploration success, making a discovery at one of its multiple properties where all are in close proximity to major gold deposits."

Newell described it as a strong endorsement: "Rob's decision to convert the debenture into common shares is a significant vote of confidence in our team, our strategy, and the quality of our assets, particularly the Rayfield–Gjöll Copper-Gold Project."

This shareholder foundation is bolstered by a major company partnership that significantly alters how Golden Sky advances its flagship asset, Hyland noted. For investors, the implications are clear: instead of relying on serial equity raises to fund early-stage drilling, a major base-metals producer is taking on the substantial capital burden, while Golden Sky retains meaningful leverage to any discovery, Hyland explained.

According to Hyland, Golden Sky still trades like a pre-drill junior, with substantial land, robust geophysics, and limited modern drilling.

"Yet, the company carries attributes its peers are typically lacking: billionaire backing, a major company earn-in, a tight share structure, and a clear funding runway," he wrote. As copper markets become more constrained and gold continues to hold its strategic importance, the most promising exploration opportunities are those that blend scale, jurisdictional stability, reputable supporters, and transparent funding pathways, Hyland said.

With a CA$20 million earn-in from Boliden, district-scale copper-gold assets in the Quesnel Trough, a contemporary geophysical framework, and direct backing from Rob McEwen and Crescat Capital, Golden Sky is poised to enter 2026 as a high-potential, systematically de-risked discovery venture, he said.

"For investors looking for early-stage exposure where both a major mining company and a billionaire resource investor have already weighed the odds and stepped in, Golden Sky is one to keep firmly on the radar," he wrote. "From my perspective, Golden Sky represents one of the more compelling early-stage copper-gold exploration opportunities in Canada, with catalysts ahead and meaningful backing from both industry and institutional investors."

The Catalyst: Demand to Grow for Red Metal, Analysts Say

Copper surged to a record high of over US$13,000 per tonne on Tuesday, driven by concerns over supply disruptions and tariffs, extending a rally that has increased the metal's price by nearly a third since October, according to a report for The Financial Times on January 6 by Camilla Hodgson.

The price climbed 3% in early London trading to exceed $13,370 per tonne, having surpassed US$12,000 for the first time in late December, Hodgson wrote. Copper has reached a series of record highs since its sharp rally began in October, following disruptions at several major mines, including Freeport-McMoRan’s massive Grasberg complex in Indonesia. These disruptions have heightened worries about medium-term copper shortages, as the metal is crucial across various sectors, from construction to energy and technology.

Analysts anticipate demand to grow, partly due to its use in data centers powering artificial intelligence — a rapidly expanding sector — and in defense applications. Supply disruptions are expected to persist this month after workers at Capstone Copper’s Mantoverde copper and gold mine in Chile initiated a strike. The Vancouver-based company announced at the beginning of January that operations at the mine "will be gradually reduced in a safe manner."

"Note that Chile, the world's largest copper producer, has raised its price forecasts for this year and next," MarketScreener reported on December 3. "This revision factors in supply disruptions as well as lower interest rates."

The global copper market was valued at US$241.88 billion in 2024 and is projected to expand to US$339.95 billion by 2030, with a compound annual growth rate (CAGR) of 6.5% from 2025 to 2030, according to Grand View Research. Copper is essential in solar panels, wind turbines, and related grid infrastructure, the research firm noted.

"Due to its electrical efficiency, it plays a central role in solar photovoltaic systems, wind turbines, electric grids, and energy storage systems," Grand View stated. "The global push for cleaner energy sources to meet climate targets has led to rising installations of renewable power capacity, all requiring significant amounts of copper. Moreover, as countries upgrade aging power grids and integrate smart grid technologies, the demand for copper-intensive transmission and distribution networks continues to climb."

Ownership and Share Structure¹

Crescat Capital owns 10.19% of Golden Sky, and Newell holds 5.01%. The rest is retail.

The company has a market cap of CA$8.58 million with 23.83 million shares outstanding. Its 52-week range is CA$0.08 to CA$0.73.