Athena GOLD Completes Expanded Fall 2022 Drill Program
ATHENA GOLD COMPLETES EXPANDED FALL 2022
DRILL PROGRAM
VACAVILLE, CA – November 10, 2022 – Athena Gold Corporation (OTCQB: AHNR)(CSE:
ATHA) (“Athena” or the “ Company”) is pleased to announce that the Company increased the
size of the Company's Fall 2022 reverse circulation (“RC”) drill program to nine (9) angle holes
from the previously announced six (6) angle holes (press release dated October 27, 2022). Total
footage was increased to 2,700 feet ( 820 meters) at its Excelsior Springs Project (“ Excelsior
Springs” or the “Project”), located approximately 45 miles southwest of Goldfield in Esmeralda
County, Nevada.
John Power, President and CEO of Athena, commented, “Our primary objective with four of the
holes in our Fall RC drill program was to define the strike and dip of the mineralization in our
discovery hole from our Spring 2022 RC program DB-23; DB-23 was the best drill hole intercept
in the history of the project, containing 110 feet (34 meters) of 5.2 g/t Au and 8.9 g/t Ag . We are
also targeting to extend the mineralization found in DB-23 with two focused step-out holes to the
west between DB-23 and the historic Buster zone. Finally, in the historic Buster zone, three holes
were designed to test for potential extensions of high -grade gold mineralization in historic drill
holes.”
Figure 1 Map Showing location of DB-23 and Fall 2022 Drill Holes.
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“Our technical team has done another amazing job executing on this drill program. Our RC drill
contractor again provided strong competence completing our program in a timely manner,” Power
added.
Figure 2 Table of Completed Drill Holes.
All RC samples were shipped to American Assay Laboratories, an independent laboratory, in
Reno, Nevada on November 7, 2022 for analysis and the assay results are expected in Q1-2023.
About Our Flagship Excelsior Springs Project
The Excelsior Springs Project (the “Project”) lies within the prolific Walker Lane tectonic trend,
a large region of northwest -trending, strike -slip fault zones that host a significant number of
precious metal deposits having very strong structural control for mineralization. The Project
contains numerous prospect pits, trenches, roads, surface sampling sites and 104 drill holes to date
within a 300m X 3,000m wide (1,000 foot -wide and 10,000-foot-long east-west trending zone of
shearing and alteration. Underground workings on the two patented claims within the Project had
unverified, historical production of 597,187 grams of gold (19,200 troy ounces) of gold from
18,000 tons averaging 1.2 oz (37.3 grams of gold/ton).
Walker Lane is experiencing a major resurgence of intense and successful exploration and
development. The Walker Lane has had total production of 20+ million ounces (“Moz”) of gold,
including the following deposits at Goldfields (5 Moz), B ullfrog (2 Moz), Tonopah (2 Moz),
Mineral Ridge (1.5 Moz) and Comstock (8 Moz Au, 200 Moz Ag). 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 Project, and that the mineral deposits, and the results of any exploration
or mining thereof, on adjacent or similar properties are not indicative of potential mineral deposits
on the Project or any potential exploitation thereof.
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Gold mineralization discovered at the 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 (grade s and thicknesses) in the recent past were found in oxidized and altered
sediments immediately above porphyry dykes seemingly intruded along existing east - and east-
northeast trending faults. The 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 (8,200 feet)
long section in the central part of the Buster zone 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.
Based on the results of previous drilling programs, the Project is at an advanced stage of
exploration with significant potential to host one or more shallow open-pittable gold deposits along
with deeper, higher grade fe eder zones that may be found and could be mined by underground
methods. In the opinion of management and its consultants, the Project is very promising and
further exploration has the potential to expand the known mineralization and establish additional
mineralized zones.
Quality Assurance and Quality Control
Procedures are being implemented to assure Quality Assurance Quality Control (QAQC) of drill
hole assaying at an ISO Accredited assay laboratory in Reno. All 5-footdrill hole samples are being
securely stored for shipment, with chain of custody documentation through delivery to the lab .
Mineralized commercial reference standards and coarse blank standards are being inserted every
20th sample in sequence to assure acceptable levels of confidence of the drill hole assays . When
laboratory reports of the assays are received, QAQC protocols are immediately augmented to
ensure the precision and accuracy of the drill hole assays.
As the Project advances, additi onal QAQC measures will be implemented including selected
duplicate check assaying on pulps and coarse rejects at a second accredited assay laboratory.
Qualified Person
Donald G. Strachan, Certified Professional Geologist (CPG #10376 AIPG) , is a qualified person
as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-
101”) and has reviewed the scientific and technical information that forms the basis of this press
release and has approved the disclosure herein. Mr. Strachan is independent of the Company and
was responsible for the site management and technical aspects of Athena’s Spring 2022 drill
program and the current Fall 2022 drill program.
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 additional exploration drilling and studies on the Project.
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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
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 moderni ze 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 , which was rescinded from and after such date and replaced with disclosure
requirements known as S-K 1300.
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, included herein including, without limitation, statements regarding future exploration
plans and the completion of a phase 2 drill program at the Project, future results from exploration, and the anticipated
business plans and timing of future activities of the Company, are forward-looking statements. 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 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 achieved. In making the forward -looking statements in this press release, the Company
has applied several material assumptions, including without l imitation, that there will be investor interest in future
financings, market fundamentals will result in sustained precious metals demand and prices, the receipt of any
necessary permits, licenses and regulatory approvals in connection with the future expl oration and development of
the Company’s projects in a timely manner, QAQC procedures at the Project were followed, 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
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result of various factors, including, operating and technical difficulties in connection with mineral exploration and
development activities, actual results of exploration activities, the estimation or realization of mineral reserves a nd
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 relatin g 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.