Athena GOLD Finalizes Purchase of TWO Key Patented Claims at Excelsior Springs Project, Nevada Plans Being Developed to Follow-up ON High-Grade Discovery Hole DB-23 Closes First Tranche of CAD $0.08 Unit Private Placement
LC362169-1
ATHENA GOLD FINALIZES PURCHASE OF TWO KEY PATENTED CLAIMS
AT EXCELSIOR SPRINGS PROJECT, NEVADA
PLANS BEING DEVELOPED TO FOLLOW-UP ON HIGH-GRADE
DISCOVERY HOLE DB-23
CLOSES FIRST TRANCHE OF CAD $0.08 UNIT PRIVATE PLACEMENT
VACAVILLE, CA – August 22, 2022 – Athena Gold Corporation
(OTCQB: AHNR)(CSE: ATHA) (“Athena” or the “Company”) is pleased to announce that the
Company has finalized its purchase (the “Transaction”) of an undivided 100% interest in two key
patented claims, the Fortunatus and Prout lode mining claims (Mineral Survey 4106) , located in
Esmeralda County, Nevada (the “Claims”)pursuant to an ac quisition agreement with an arm’ s
length private party. The commercial terms of the Transaction are unchanged from the Company’s
press release dated June 9, 2022.
Claims
The Claims were previously held by the Company under a lease option agreement that was set to
expire in June 2023 and are an integral part of the Company’s flagship Excelsior Springs project
located in Nevada (the “Project”) and include the historic high-grade Buster gold Mine. The
Fortunatus lode claim was originally located on July 10, 1873, and the Prout lode claim was located
on January 21, 1892. The patented claims were awarded in 1913 and signed by President Woodrow
Wilson.
The Buster Mine produced an estimated 35,000 ounces of high-grade gold averaging 1 ounce of
gold per ton between its discovery in 1873 and the early 1900s of. Gold bullion from the Buster
Mine was shipped to the Carson City Mint in Carson City, Nevada.
Excelsior Springs Update
Athena is planning a Phase 2 drill program for the Project (the “Phase 2 Drill Program”) to follow
up on its recent discovery hole DB -23. The discovery hole started at a shallow depth of 140 feet
(42.7 meters) with a 110-foot (33. 5 meters) intercept of 5.15 Au g/t and 8.9 Ag g/t including a
55-foot (16.8 meters) intercept of 10.03 Au g/t and 17.3 silver g/t, and a 35-foot (10.7 meters)
intercept of 15.3 Au g/t and 26.5 Ag g/t. See the Company's press release dated June 29, 2022.
DB-23 contained the highest-grade intercept of more than 20 feet thick at the Project and its Grade
x Thickness (“G x T”) product of 566 is twice as large as the next highest G x T from the Project’s
known historical RC drilling. In addition, it is open up and down dip and untested for potential
strike length extensions of at least 450 feet to the west and more than 1,000 feet to the east.
- 2 -
LC362169-1
John Power, Athena’s President & CEO, stated, “Our technical team is focused on developing the
Phase 2 Drill Program to follow-up on the tremendous intercept in DB-23.”
Closing of First Tranche of Private Placement
Athena is also pleased to announce it has closed the first tranche of a non-brokered private
placement offering (the “Offering”). In connection with the closing of the first tranche, the
Company has issued 3,810,000 units of the Company (each, a “Unit”) at a price of CAD $0.08 per
Unit for gross proceeds of CAD $304,800. Each Unit consists of one common share in the capital
stock of the Company and one common share purchase warrant, with each warrant entitling the
holder thereof to purchase one common share in the capital stock of the Company at a price of
CAD $0.12 at any time on or before the first business day that is 24 months after the closing of the
Offering.
The net proceeds from the Offering are expected to be used for further project exploration and
general working capital. All securities issued in connection with the Offering are subject to
resale restriction periods under applicable United States securities laws. In addition, any
securities issued in Canada under the Offering are subject to a four month and one day hold
period in Canada. No finder’s fees were paid pursuant to the closing of the first tranche of the
Offering.
None of the foregoing securities have been and will not be registered under the United States
Securities Act of 1933 , as amended (the “ 1933 Act”) or any applicable state securities laws and
may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons
(as defined in Regulation S under the 1933 Act) or persons in the United States absent registration
or an a pplicable exemption from such registration requirements. This press release does not
constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the
foregoing securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Qualified Person
John Hiner, Licensed Geologist and Registered Member of SME (Society for Mining, Metallurgy
& Exploration), is a qualified person as defined by N ational Instruction 43-101 Standards of
Disclosure for Mineral Projects of the Canadian Securities Administrators and has reviewed the
scientific and technical information included in this press release and has approved the disclosure
herein. Mr. Hiner is not independent of the Company.
About Athena Gold Corporation
Athena is focused on exploring its Excelsior Springs project located 45 miles southwest of
Goldfield in Esmeralda County, Nevada while concurrently pursuing the acquisition other worthy
precious and base metal properties.
For further information about Athena Gold Corporation and our Excelsior Springs project, please
visit www.athgenagoldcorp.com.
- 3 -
LC362169-1
For further information, please contact:
John Power, President at 707-291-6198 or [email protected]
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 the completion of the
Phase 2 Drill Program, completion of the Offering, future results from exploration of the Project, 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”, “sche duled”, 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 limitation, 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 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 pro jects 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, 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 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 cos ts 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 c onstruction 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.