Athena Gold Samples up to 50.6 g/t Gold From Buster Mine at Excelsior Springs Project,
Athena Gold Samples up to 50.6 g/t Gold From
Buster Mine at Excelsior Springs Project,
Esmeralda County, Nevada
VACAVILLE, CA / ACCESSWIRE / September 24, 2024 / Athena Gold Corporation
(CSE:ATHA)(OTCQB:AHNR) ("Athena" or the "Company") is pleased to report high-grade gold and
silver samples from its first-ever underground mapping and sampling program at its flagship
Excelsior Springs project in Nevada's prolific Walker Lane Trend. Five samples were collected
underground from the past-producing Buster Mine, which historically produced an estimated
19,200 oz Au at an average grade of 41.1 g/t Au. Two of these samples returned high-grade Au,
including:
• 50.6 g/t Au and 33.7 g/t Ag over 0.3 m, from the 75' level; and,
• 28.1 g/t Au and 29.6 g/t Ag over 1.0 m, from the 125' level.
The reconnaissance program conducted in August 2024 represents Athena's first-time underground
at the Buster Mine, providing an opportunity for the team to have a close-up look at the mineralized
orebody and gain a better understanding of structural controls at Excelsior. Historical sampling
included four samples which exceeded the upper detection limit of 10 g/t Au; however, these were
never analyzed to completion. The geologist who collected the surface and underground samples
at the Buster Mine in 1986 estimated a mineralized zone containing a historical mineral inventory of
up to 200,000 oz Au within a shallow depth of 61 m. This estimate is historical in nature and should
not be relied upon as a current mineral resource. A qualified person has not done sufficient work to
classify the historical estimate as current mineral resources or mineral reserves.
"We are pleased to see sampling results confirm the high-grade nature of the epithermal veins at
the historic Buster Mine. In addition, we now have a much better understanding of structural
controls on mineralization at Excelsior, which should bode well for planning our upcoming drill
program" stated John Power, President & CEO of Athena Gold. "Due to small stoping dimensions
and uncertain ground conditions, we were unable to sample over broader zones - however, we have
reason to believe that high-grade, vein-hosted mineralization ‘bleeds' into the host rock as
evidenced by previous drilling at Excelsior. The Buster Mine area is located 400 meters from the
Western Slope Zone where our recent RC drill campaigns returned several impressive intercepts
including up to 5.2 g/t Au over 33 m. Importantly, the geochemistry at Buster and the Western Slope
Zone appear very similar, providing evidence that both mineralized zones may be part of the same
system, and opens up the possibility of a larger, mineralized system connecting these two zones."
Two distinct structural orientations were observed and believed to be controlling mineralization,
both east-west striking. The first is very steeply north dipping and yielded 50.6 g/t Au over 0.3 m
(Figure 1). This sample was collected near the eastern stope on the 75' level, where historical
sampling returned 5.8 g/t Au over 1.07 m. Historically, the higher-grade samples which exceeded
the 10 g/t Au detection limit were collected from the western stope on the 75' level. Most of the past
production occurred within the western stope, which extends from near surface to the 125' level.
On the 125' level, a shallow 35° north dipping fault zone yielded 28.1 g/t Au over 1.0 m (Figure 2).
The steeper structures identified on the 75' level appear to be cut by this younger, shallow
structure.
This work program demonstrated the important role these shallow structures, which can be traced
on surface, play in the control of mineralization at Excelsior Springs. Additional surface and
underground mapping will be conducted to better understand the distribution and extent of
mineralization along these structures to better target future drilling.
Figure 1: Plan map of the historic Buster Mine, 75' level.
Figure 2: Photograph of 125' Level at Buster Mine, showing sample location and identified
structures, looking east.
About the Buster Mine
The Buster Mine is located on the Fortunatus patented claim owned by Athena and is an integral
part of our flagship Excelsior Springs Project.
Mineralization at the Buster Mine was discovered in 1872 and has been through several periods of
small-scale mining and exploration efforts. During the late 1800s and perhaps the early 1900s there
was unconfirmed reported production from the Buster Mine of an estimated 19,200 oz Au at an
average grade of 41.1 g/t Au.
The Buster Shaft is 235' deep, with workings on the 75' , 125' , and 175' levels. It is estimated there is
approximately 1,540' of accessible workings, most of which are on the 75' and 125' levels.
Technical Information
The data disclosed in this news release includes historical exploration sampling results. The reader
is cautioned that the historical results are based on prior data and reports prepared by previous
property owners and other sources. Athena has not independently analyzed the results of the
historical exploration work to verify the results. The reader is cautioned not to treat them, or any
part of them, as current and that a qualified person has not done sufficient work to verify the results
and that they may not form a reliable guide to future results. No independent QA/QC protocols are
known for these samples and as such analytical results may be unreliable. Athena's current and
future exploration work includes verification of the historical data through further exploration.
QA/QC
Sample preparation and gold analysis was performed by ALS Global in Reno, Nevada. Rock
samples were analyzed for gold and 50 other elements by inductively coupled plasma followed by
mass spectrometry (ME-MS41) and gold by 30-gram fire assay followed by atomic absorption (Au-
AA23). Gold over limits were determined by a gravimetric method (Au-GRA21).
Qualified Person
Technical information in this news release has been reviewed and approved by Matthew R. Dumala,
P .Eng., a geological engineer with Archer, Cathro & Associates (1981) Limited and a qualified person
for the purposes of National Instrument 43-101.
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 Walker Lane trend is
experiencing a major resurgence of intense and successful exploration and development.
The Project contains numerous prospect pits, trenches, roads, surface sampling sites and 113 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 19,200 oz at 41.1 g/t Au.
Gold mineralization discovered at the Project to date occurs in quartz veins, stock-works, and
silicified zones in hornfels and calc-silicate altered country rock and is generally close to porphyry
dykes. The best grades and thicknesses discovered recently were found in oxidized and altered
sedimentary rock immediately above porphyry dykes intruded along preexisting east- and east-
northeast trending faults. The mineralized stock-work vein zones are shallow and have a relatively
flat plunge, making them potentially amenable to open pit mining methods.
Based on the results of previous drilling programs, the Project has the potential to host one or more
shallow gold deposits amenable to open pit mining, along with deeper, higher grade feeder 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.
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.
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 C. Power
Chief Executive Officer and President
For further information, please contact:
John C. Power
Email: [email protected]
Jason Libenson
President and CCO
Castlewood Capital Corporation
Phone: (647)-534-9884
Email: [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 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 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, 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 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 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 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.
SOURCE: Athena Gold Corp.