DIAMOND DRILLING COMMENCES AT EXCELSIOR GOLD-SILVER PROJECT, NEVADA Diamond drilling underway to define the geometry and extent of the mineralization at the Buster Trend, as well as to provide metallurgical and geotechnical samples
DIAMOND DRILLING COMMENCES AT EXCELSIOR GOLD-SILVER PROJECT, NEVADA
Diamond drilling underway to define the geometry and extent of the mineralization at the
Buster Trend, as well as to provide metallurgical and geotechnical samples
White Rock, BC --- Accesswire --- October 7 , 2025 --- Athena Gold Corporation (CSE: ATHA)
(OTCQB: AHNRF) (“Athena” or the “Company”) is pleased to announce the commencement of drilling
at its 100% -owned Excelsior Springs project in Nevada. The drilling is fully funded by Mammoth
Minerals Limited (ASX: M79) (formerly Firetail Resources Limited), per its option agreement to earn
an 80% interest in the project over five years, providing Athena a free-carry to Definitive Feasibility
Study thereafter (see press releases dated June 2, 2025 and August 22, 2025 ). As of the date of this
press release, Athena owns 32,000,000 ordinary shares of Mammoth Minerals Limited, valued at
approximately AUD $5,120,000.
Highlights
• First-ever diamond drilling campaign commences at the Excelsior Springs project in
Nevada, USA.
• Second diamond drill rig expected to arrive on site in the near -term to expedite the
program.
• Diamond drilling will enable detailed structural measurements to be taken that are
integral to understanding the controls on the mineralization at Excelsior – with
reported historical production of 19,200 oz at 41g/t Au from the Buster Underground
Mine.
• Drilling will follow up on significant previous intercepts, (refer to ASX press release
dated June 2, 2025 “Firetail Secures Option to Acquire Two High Grade USA Gold
Projects in Tier-1 Locations”) including:
51.8m at 4.00g/t Au from 39.6m – 22_01
▪ Including 6.1m at 16.30g/t Au from 42.7m
33.5m at 5.35g/t Au from 41.2m – DB23
▪ Including 10.7m at 15.99g/t Au from 41.2m
32.0m at 2.45g/t Au from 44.2m – 22_02
▪ Including 6.1m at 10.00g/t Au from 45.7m
24.4m at 3.62 g/t Au from 70.1m – EX2
▪ Including 9.2m at 7.99g/t Au from 79.2m
• Metallurgical testing on the diamond drill core will be undertaken to understand the
leaching characteristics to provide a processing pathway and a guide towards metal
recoveries.
• Geotechnical logging will be completed to assist with future development studies.
• Channel sampling completed recently across the Blue Dick Underground Mine,
which exploited high-grade silver ore – samples submitted for expedited assays.
• Property-wide magnetics and LIDAR survey commenced across the Excelsior Project.
Figure 1: Diamond Drill Rig at Excelsior Gold-Silver Project near Buster Headframe
This initial drilling campaign is the first diamond drilling ever undertaken at Excelsior. Previous
drilling was completed using Reverse Circulation (RC) drilling. The important differential is that the
level of geological information obtained from diamond drilling will assist greatly with interpretation
of the geology and provide the Company with a greatly enhanced ability to understand the controls
on the high-grade mineralization.
QA/QC
The technical information presented in this news release has been reviewed by Benjamin Kuzmich,
P.Geo., Vice President of Exploration for Athena Gold Corporation, and the Qualified Person for
exploration at the Excelsior Lake Project, as defined by NI 43 -101 “Standards of Disclosure for
Mineral Projects”. Readers are cautioned that historical records referred to in this press release have
been examined but not verified by a Qualified Person. Further work is required to verify that
historical records referred to in this press release are accurate . Information contained in this press
release was taken from Mammoth Minerals Limited’s recent press release dated October 6, 2025.
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 its projects across North America.
Athena’s Laird Lake project is situated in the Red Lake Gold District of Ontario, covering over 7,000
hectares along more than 10 km of the Balmer -Confederation Assemblage contact, where recent
surface sampling results returned up to 373 g/t Au. This underexplored area is road -accessible,
located about 10 km west of West Red Lake Gold’s Madsen mine an d 34 km northwest of Kinross
Gold's Great Bear project. Meanwhile, its Excelsior Springs project is located in the prolific Walker
Lane Trend in Nevada, where it is currently under an earn-in option with Mammoth Minerals Limited
(formerly, Firetail Resources Limited). Excelsior Springs spans over 2,500 hectares and covers at
least three historic mines. Athena also holds 100% interest in its Oneman Lake Au -VMS project in
Ontario.
For further information about Athena Gold Corporation, please visit www.athenagoldcorp.com.
On Behalf of the Board of Directors
Koby Kushner
President and Chief Executive Officer, Athena Gold Corporation
For further information, please contact:
Athena Gold Corporation
Koby Kushner, President and Chief Executive Officer
Phone: 416-846-6164
Email: [email protected]
CHF Capital Markets
Cathy Hume, CEO
Phone: 416-868-1079 x 251
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 US. securities laws. All
statements, other than statements of historical fact, included herein, including, without limitation,
statements regarding future exploration plans, 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.
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.
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 stated.
Neither the Canadian Securities Exchange nor its regulation services provider accepts
responsibility for the adequacy or accuracy of this release.