Golden Dawn to Fly VTEM In Search for Major Copper-Gold Skarn and Porphyry Deposits

VANCOUVER, BC / ACCESSWIRE / January 14, 2021 / Golden Dawn Minerals Inc., (TSXV:GOM)(FRANKFURT:3G8C)(OTC Pink:GDMRD), ("Golden Dawn" or the "Company"), announces that it has engaged a contractor to fly an airborne geophysical survey over its Phoenix property at its Greenwood Precious Metals project in southeastern British Columbia.

Geotech Ltd. has been contracted to fly the survey using its proprietary helicopter-borne VTEM™ system (versatile time-domain electromagnetic system). According to Geotech, "The VTEM™ system combines near surface high resolution resistivity imaging and deep penetration making it a low cost, "fly-to-drill" direct-detection and mapping tool." "With a proven depth-detection capability for conductive bodies below 300-600m, the VTEM™ system is ideally suited to deep mineral exploration applications." Also included is a high-sensitivity cesium magnetometer for mapping ground magnetic features related to geologic structure and lithology.

VTEM™ Time-domain EM system (from "Helicopter Electromagnetic (Vtem™ and Ztem™) Applications for Gold Exploration, Geotech Ltd., March

The survey will cover the historic Phoenix mine and surrounding properties, including the Golden Crown and Lexington properties where underground mineable indicated and inferred resources are located, and the Tam O'Shanter property that covers a bulk-tonnage low-grade inferred resource. The total area to be surveyed for Golden Dawn is 12,930 hectares for a total of 1,546 line-kilometers. The survey is expected to be carried out in the first week of February, with results to be delivered within 8 weeks of the survey. The results will be used to guide exploration towards new discoveries and extensions of known deposits.

The focus of the program is to explore for the roots of the hydrothermal system that formed the world-class Phoenix copper-gold skarn deposit. Total production from Phoenix is documented as 26,956,525 tonnes of ore containing 230,050 tonnes of copper, 30,715 kilograms (987,510 ounces) of gold, and 192,055 kilograms (6,174,700 ounces) of silver (BC MEMPR Paper 1986-2). The calculated grades are 0.85% copper, 1.02 gram per tonne gold and 7.12 gram per tonne silver. (Note that the recovered copper and calculated copper grade were incorrectly reported in the previous news release dated December 15, 2020).

NEW EXPLORATION MODEL

The Phoenix deposit does not continue at depth based on available historic information. Phoenix consists of a group of skarn (carbonate replacement) deposits hosted within the Triassic Brooklyn limestone unit, which occurs within a panel of strata that is truncated by the Snowshoe fault, a west-dipping (listric) normal fault. As such, the Phoenix deposits are interpreted to be the upper part of a large copper-gold system that has been displaced westward from its roots, which would now be located to the east of the Phoenix mine in the footwall of the Snowshoe fault.

Several copper-gold deposits form a cluster situated northeast of Phoenix that may represent the roots of the system. Within this northeast cluster, there is a north-trending corridor of historic mines located 2 kilometers northeast of Phoenix. Further east of this is another group of historic mines. The north-trending corridor includes the Oro Denoro, Emma, Jumbo and Cyclops / Lancashire Lass historic mines, which exploited skarn deposits developed in the Brooklyn limestone. These deposits are likely related to a nearby granodiorite intrusion; the trend of deposits coincides with a lobe of the Lion Creek intrusion that extends along the base of the Brooklyn limestone. The easternmost group includes historic mines that were also developed on skarn deposits hosted in the Brooklyn limestone (BC Mine, Bluebell, R. Bell, and Tokyo). Epithermal-style gold and silver mineralization also occurs in these areas, possibly related to the Tertiary extension events that caused the offset of the Phoenix deposit from its roots.

Therefore, based on the interpreted structural offset and similarities in skarn-type copper-gold mineralization, the roots of Phoenix deposit are predicted to lie beneath the Snowshoe fault in the vicinity of one of the two known groups of skarn deposits located east-northeast of Phoenix. The exploration target is a major copper-gold skarn deposit and possibly an intrusion-related porphyry-type copper-gold deposit.

Maps showing Greenwood Precious Metals Project (top) and Phoenix area (bottom) with interpreted direction of offset of Phoenix cluster of mines from north-trending corridor and eastern cluster of deposits.

Readers are cautioned that historical records referred to in this News Release have been examined but not verified by a Qualified Person. Further work is required to verify that historical records referred to in this News Release are accurate.

Technical disclosure in this news release has been approved by Dr. Mathew Ball, P.Geo., President of the Company and a Qualified Person as defined by National Instrument 43-101,

For more details, please see the most recent National Instrument 43-101 Technical Report on the Company's website at www.goldendawnminerals.com.

On behalf of the Board of Directors:
GOLDEN DAWN MINERALS INC.

Per: "Christopher R. Anderson"
Christopher R. Anderson
Chief Executive Officer

For further information, please contact:
Golden Dawn Minerals Inc. - Corporate Communications:
Tel: 604-488-3900
Email: Office@goldendawnminerals.com

Forward-Looking Statement Cautions: This news release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to, among other things, preliminary plans for a consolidation of the Company's Shares. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include the possibility that the TSX Venture Exchange will not approve the proposed share consolidation, and that the Company may not be able to raise sufficient additional capital to continue its business. The reader is urged to refer to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects. This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The Company's securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL, OR THE SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY SALE OF SECURITIES OF THE COMPANY IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

SOURCE: Golden Dawn Minerals Inc.