Athena Gold Receives High-Grade Gold and Silver Assays from the Lida Bell Zone at Its Excelsior Springs Project in Nevada
Athena Gold Receives High-Grade Gold and Silver Assays from the Lida Bell
Zone
at Its Excelsior Springs Project in Nevada
VACAVILLE, CA – October 3, 2023 – Athena Gold Corporation (OTCQB: AHNR)
(CSE: ATHA) (“Athena” or the “Company”) is pleased to announce assay results from a recent
reconnaissance and sampling program (the “ Program”) at its 100% owned Excelsior Springs
Project (“Project”) located approximately 45 miles southwest of Goldfield, Nevada.
On January 31, 2023, Athena announced the staking of 51 new Federal claims on BLM lands
thereby expanding the Project to 195 claims. These claims added numerous high-grade gold and
silver prospects that also contain significant base metals.
One of the Company’s emerging targets is the historic Lida Bell mine located about 3,200 meters
(2 miles) southeast of the Western Slope Zone (WSZ) on the eastern flank of Palmetto Mountain.
Figure 1 shows the location of the Lida Bell mine and illustrates Athena’s land holdings .
According to old newspaper accounts and reports, minor amounts of very high-grade gold were
extracted from the Lida Bell and associated workings in the late 1800s.
In August 2023, Athena’s consulting geologists examined the Lida Bel l area, identified several
outcrops and collected five samples for analysis. One of these samples returned 51.4 grams gold
per tonne (1.7 oz/ton) and another contained 509 grams silver per tonne (16.2 oz/ton). Table 1
shows all the analyses, including not only remarkable gold and silver contents, but also base metals
and other pathfinder elements associated with or proximal to large IRG systems.
Table I
Future work would include systematic sampling over the area and detailed geologic mapping to
identify surface structures and altered outcrops with a goal of developing drill targets.
Precious Metals and Anomalous Pathfinder Elements in Lida Bell Samples *
Sample ID Gold Silver Copper Lead Zinc Antimony Arsenic Bismuth Mercury
LB 1001 51.4 74 633 4,308 3,444 110 21 0.9 0.2
LB 1002 3.0 509 1,288 47,040 39,279 566 33 43.9 6.6
LB 1003 0.1 4 16 445 339 12 33 0.9 0.2
LB 1004 0.1 107 483 5,295 647 40 576 7.8 0.1
LB 1005 0.1 2 10 139 92 7 686 5.3 0.2
* All values in ppm
Figure 1.
In addition to showing the location of the Lida Bell prospect, the map includes the following
Land Position: Athena’s land holdings comprise two patents and 195 unpatented mining claims
that cover approximately 4,000 acres or 1,619 ha on BLM lands.
Exploration Targets: The following new targets are planned for drilling and further exploration,
in addition to the WSZ:
• A relatively shallow IP anomaly that is approximately 1,700 m WSW of the WSZ.
• DH GE14 has 80 feet of 1.1 g Au/t only 30 feet deep and is 300 m east of WSZ. Note that
this hole is in the immediate vicinity of the South Ridge Thrust Fault (SRTF).
• DH GE26 has 665 feet of anomalous gold with nine pathfinder elements indicative of IRG
deposits and is 1 ,300 m ENE of the WSZ. The SRTF ma y also have a bearing on the
mineral in GE26.
• The Lida Bell prospect is 3,200 m ESE of the WSZ.
Figure 2. Map of Lida Bell Area with locations of surface structures and samples collected.
Sample Descriptions
LB1001: Quartzite, light gray to tan, weak iron oxide in a 12-inch-wide vein that contained
euhedral galena (lead sulfide) and traces of copper carbonates, iron oxide in boxwork form
and milky white crystalline quartz. Sample taken from outcrop.
LB1002: Fault breccia and gouge in quartzite, moderate iron oxide, banded to euhedral
galena that likely contained silver and traces of copper oxides. Sample taken from veined
outcrop below trenches and within a possible short adit or large prospect pit.
LB 1003 – LB 1005 Collected from prospect pit dumps.
Figure 3 - LB 1001 Sample Location
John Power, President, and CEO of Athena, commented:
“The Lida Bell zone is a meaningful extension of known high grade gold mineralization at
our flagship Project. There has been virtually no exploration in this area for over 50 years
and further mapping, sampling and analysis of this area is planned.”
“We remain committed to future exploration of the Western Slope and GE-14 drill targets, but this
developing target potentially demonstrates a much larger mineral system over a widespread area
and area than previously theorized. Although the surface samples were limited in quantity, it could
be further evidence of the Excelsior system pumping mineralization to the surface via fractures ”
added Power.
Quality Assurance and Quality Control
Gold and silver were determined by American Assay by fire assay with an atomic absorption finish
on a 30-gram split. Forty-eight additional elements were determined using a four-acid digestion
and inductively coupled plasma (ICP) atomic emission spectroscopy assay. Assays above certain
limits of ICP detection were re-assayed using a method that accurately reports high grade assays.
Athena Gold is reliant on American Assay Labs in Reno, NV for their QA/QC protocols of these
assays.
Qualified Person
John Hiner, SME Registered Member and Washington State Licensed Geologist is a qualified
person as defined by 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. Hiner is not
independent of the Company.
About Athena Gold Corporation
Athena is engaged in the business of exploring its Project and the acquisition of addition mineral
properties of merit.
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
1 (707)-291-6198
Email: [email protected]
Jason Libenson
President and CCO
Castlewood Capital Corporation
1 (647)-534-9884
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 the historic Buster Mine or Western Slope gold zones 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 modernize 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 a nd 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. Althoug h 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”, “inten ds”, “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 achi eved. 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 sustain ed
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, QAQC procedures at the Project were follow ed, 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, including, operating and
technical difficulties in connection wi th 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 o f 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 prospectus 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.