Athena GOLD Completes Drilling Program at Excelsior Springs GOLD Project, Esmeralda County, Nevada Rc Drill Program Upsized to 5,575 Feet
LC348108-1
ATHENA GOLD COMPLETES DRILLING PROGRAM AT EXCELSIOR
SPRINGS GOLD PROJECT, ESMERALDA COUNTY, NEVADA
RC DRILL PROGRAM UPSIZED TO 5,575 FEET
VACAVILLE, CA –April 18, 2022 – Athena Gold Corporation (OTCQB: AHNR)(CSE: ATHA)
(“Athena” or the “Company”) is pleased to announce the successful completion of its reverse
circulation (“RC”) drill program (the “2022 Drill Program”) at its Excelsior Springs project (the
“Excelsior Springs Project” or the “Project”) in Esmeralda County, Nevada (see news releases
dated March 30, 2022, March 8, 2022 and February 9, 2022).
The 2022 Drill Program was upsized to 5,575 feet from the originally planned 5,000 feet and was
completed in early April 2022. A total of 11 vertical and angle holes were completed on both the
patented and unpatented claims comprising the Project, ranging from depths of 350 to 900 feet.
All RC s amples were shipped to American Assay Laboratories, an independent laboratory, in
Reno, Nevada on April 6, 2022 for analysis and the results are pending.
The 2022 Drill Program was designed to better delineate and expand known mineralization along
strike at the Excelsior Springs Project, aggressively test target areas and further substantiate that
the Project is a regional-scale, intrusion-related, gold-bearing, hydrothermal system.
John Power, Athena’s President & CEO commented, “Our 2022 RC drill program was completed
as planned at the Excelsior Springs Project. Our drilling contractor and our consulting technical
team did an excellent job. We are encouraged by intersections of mineralization and alteration in
several drill holes, and we will anxiously await results from the assay lab.”
- 2 -
LC348108-1
Figure 1. RC drilling at the Excelsior Springs Project, Nevada
- 3 -
LC348108-1
Quality Assurance and Quality Control Statement
Procedures have been implemented to assure Quality Assurance Quality Control (QAQC)
of drill hole assaying being done at an ISO Accredited assay laboratory. All intervals of
drill holes are being assayed and samples were securely stored for shipment, with chain
of custody documentation through delivery. Mineralized commercial reference
standards and coarse blank standards were inserted every 20th sample in sequence and
results will be graphed to assure acceptable results, resulting in high confidence of the
drill hole assay results. When laboratory assays are received, the QAQC results will be
immediately evaluated and graphed to analyze dependability of the drill hole assays.
As the Excelsior Springs Project advances, additional QAQC measures will be
implemented including selected duplicate check assaying on pulps and coarse rejects at
a second accredited assay laboratory. All results will be analyzed for consistency.
About the Excelsior Springs Project
The Excelsior Springs Project mining claims cover an area of 3.5 km2 including the historic Buster
mine, which had estimated historical production of 18,000 tonnes (T) at 37.3 grams gold per tonne
(g Au/T) gold to a maximum depth of 70 m. The Excelsior Springs Project is located in the Walker
Lane tectonic zone of southern Nevada, which hosts a number of large historic gold mines. Total
gold production from the Walker Lane tectonic zone has exceeded 20 million ounces (Moz)
including notable deposits by Goldfields (5 Moz), Bullfrog (2 Moz), Tonopah (2 Moz), Mineral
Ridge (1.5 Moz) and Comstock (8 Moz Au, 200 Moz Ag).
The reports of past production on the Excelsior Springs Project are historical in nature and may
not accurately indicate the extent or grade of mineralization present at the Excelsior Springs
Project. Although the Company believes the source of the historical information to be generally
reliable, such information is subject to interpretation and cannot be verified with complete
certainty due to limits on the availability and reliability of raw data and other inherent limitations
and uncertainties. Readers are cautioned that the Company has no interest in or right to acquire
any interest in any of the above -mentioned properties, other than the Excelsior Springs Project,
and that the mineral deposits, and the results of any mining thereof, on adjacent or similar
properties are not indicative of mineral deposits on the Excelsior Springs Project or any potential
exploitation thereof.
From the mid-1980s through 2011, several exploration companies conducted drilling programs at
the Excelsior Springs Project , primarily on the patented claims, that began to define the near -
surface Buster Mine gold zone. Gold mineralization at the Excelsior Springs Project occurs within
an east-west trending zone that is 200 to 400m wide and at least 3 km long.
Gold mineralization discovered at the Excelsior Springs Project to date occurs in quartz vein stock-
works and silicified zones in hornfels and calc-silicate altered country rock and is generally close
to porphyry dykes. The best mineralization (grade and thickness) is found in altered sediments
immediately above porphyry dykes that have intruded along existing east - and east -northeast
- 4 -
LC348108-1
trending faults. Some mineralized stock-work vein zones are shallow and have a relatively flat
plunge, making them amenable to open pit mining methods.
Most historical exploration at the Excelsior Springs Project has focused on a 2.5 km long section
in the central part of the Buster zon e where mineralization is at or near the surface. Surface
mapping and an Induced Polarization (IP) geophysical survey conducted by Zonge International
Inc identified multiple zones of silicification that correlate well with the known mineralization.
Many of the silicified zones defined by the IP (resistivity highs) surveys have not been tested by
drilling and remain targets for future exploration.
Qualified Person
John Hiner, Licensed Geologist and Registered Member of SME (Society for Mining, Metallurgy
& Exploration), a qualified person as defined by NI 43 -101, has reviewed the scientific and
technical information that forms the basis of this press release and has approved the disclosure
herein. Mr. Hiner is not independent of the Company as he is a director of the Company and holds
stock options in the Company.
About Athena Gold Corporation
Athena is engaged in the business of mineral exploration and the acquisition of mineral property
assets. Its objective is to locate and develop economic precious and base metal properties of merit
and to conduct its exploration program on the Excelsior Springs Project, located in Esmeralda
County, Nevada, approximately 45 miles southwest of Goldfield, Nevada.
For further information about Athena Gold Corporation and our Excelsior Springs Gold project,
please visit www.athenagoldcorp.com.
On Behalf of the Board of Directors
John Power
Chief Executive Officer and President
Contact:
Phone: John Power, 707-291-6198
Email: [email protected]
Cautionary Statement to U.S. Investors
This press release references NI 43 -101, which differs from the requirements of U.S. securities laws. NI 43-101 is a
rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer
makes of scientific and technical information concerning mineral projects.
The United States Securities and Exchange Commission (“SEC”) permits mining companies, in their filings with the
SEC, to disclose only those mineral deposits that a company can legally extract or produce. Pursuant to SEC Industry
Guide 7 u nder the United States Securities Act of 1933, as amended , a “final” or “bankable” feasibility study is
required to report reserves. Currently Athena has not delineated “reserves” on any of its properties. Athena cannot
be certain that any deposits at its properties will ever be confirmed or converted into SEC Industry Guide 7 or any
successor rule or regulation compliant “reserves”. Investors are cautioned not to assume that any part or all of the
- 5 -
LC348108-1
historic Buster Mine gold zone will ever be confirmed or converted into reserves or that it can be economically or
legally extracted.
The SEC has adopted amendments to its disclosure rules to moderniz e the mineral property disclosure requirements
for issuers whose securities are registered with the SEC under the United States Securities Exchange Act of 1934, as
amended. These amendments became effective February 25, 2019, with compliance required for the first fiscal year
beginning on or after January 1, 2021, and historical property disclosure requirements for mining registrants that
were included in SEC Industry Guide 7 will be rescinded from and after such date.
Forward Looking Statements
This press release contains forward -looking statements and forward -looking information (collectively, “forward -
looking statements”) within the meaning of applicable Canadian and U.S. securities laws. All statements, other than
statements of historical fact, include d herein including, without limitation, statements regarding the results from the
2022 Drill Program, future results from exploration, and the anticipated business plans and timing of future activities
of the Company, are forward -looking statements. Altho ugh 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
typically identified by words such as: “believes”, “will”, “expects”, “anticipates”, “intends”, “estimates”, “plans”,
“may”, “should”, “potential”, “scheduled”, or variations of such words and phrases and similar expressions, which,
by their nature, refer to future events or results that may, could, would, might or will occur or be taken or ac hieved.
In making the forward -looking statements in this press release, the Company has applied several material
assumptions, including without limitation, that there will be investor interest in future financings, market fundamentals
will result in susta ined precious metals demand and prices, the receipt of any necessary permits, licenses and
regulatory approvals in connection with the future exploration and development of the Company’s projects in a timely
manner, the availability of financing on suitable terms for the exploration and development of the Company’s projects
and the Company’s ability to comply with environmental, health and safety laws.
The Company cautions investors that any forward -looking statements by the Company are not guarantees of future
results or performance, and that actual results may differ materially from those in forward -looking statements as a
result of various factors, in cluding, operating and technical difficulties in connection with mineral exploration and
development activities, actual results of exploration activities, the estimation or realization of mineral reserves and
mineral resources, the inability of the Company to obtain the necessary financing required to conduct its business and
affairs, as currently contemplated, the timing and amount of estimated future production, the costs of production,
capital expenditures, the costs and timing of the development of new deposits, requirements for additional capital,
future prices of precious metals, changes in general economic conditions, changes in the financial markets and in the
demand and market price for commodities, lack of investor interest in future financings, accidents, labor disputes and
other risks of the mining industry, delays in obtaining governmental approvals, permits or financing or in the
completion of development or construction activities, risks relating to epidemics or pandemics such as COVID –19,
including the impact of COVID–19 on the Company’s business, financial condition and results of operations, changes
in laws, regulations and policies affecting mining operations, title disputes, the inability of the Company to obtain any
necessary permits, consents, approvals or authorizations, including of the Canadian Securities Exchange, the timing
and possible outcome of any pending litigation, environmental issues and liabilities, and other factors and risks that
are discussed in the Company’s periodic filings with the SEC and disclosed in the final long form prospec tus of the
Company dated August 31, 2021.
Readers are cautioned not to place undue reliance on forward -looking statements. The Company undertakes no
obligation to update any of the forward-looking statements in this press release or incorporated by reference herein,
except as otherwise required by law.