Athena optionee expands Excelsior Springs landholding

Executive Summary

• Athena Gold Corp. reports that its option partner, Mammoth Minerals Ltd., has increased its strategic landholding at the Excelsior Springs project in Nevada by 340%, bringing the total area to 83.6 square kilometres.
• The newly staked land includes portions within the project's 5 km area of interest (AOI) buffer, which will automatically incorporate into the joint venture upon Mammoth's earn-in, allowing Athena to benefit from its 20% carried interest and 1% net smelter return royalty without immediate costs.
• The expanded tenure contains multiple historic mineralized occurrences (gold, tungsten, silver, copper, antimony, iron) and extensive ground disturbances identified via lidar, with high-resolution magnetics surveys completed and results pending.

Key Details

• Landholding Expansion: Mammoth Minerals increased landholding by 340%, totaling 83.6 square kilometres.
• Athena's Interest: Athena retains a 20% carried interest plus a 1% net smelter return royalty over the newly incorporated areas within the 5 km AOI buffer.
• Shareholder Status: Athena remains a significant shareholder (>5%) in Mammoth Minerals.
• Historical Occurrences Identified: U.S. Geological Survey MRDS database notes multiple occurrences in the new tenure, including:
  • Old Buster mine (past gold-tungsten-silver producer)
  • Kentucky mine (past gold-silver producer)
  • Lidia Queen mine (past gold-silver-lead producer)
  • Mattmueller mine (antimony occurrence)
  • Palmetto mine (past Ag producer)
  • Nevada prospect (gold occurrence)
  • California prospect (gold occurrence)
  • Paymaster prospect (gold-silver-copper occurrence)
  • Helpmeet claim (copper-barite occurrence)
  • Reliance prospect (copper occurrence)
  • Aja iron (iron occurrence)
• Geophysical Surveys:
  • High-resolution magnetics completed across the entire project area; results are awaited.
  • Heli-supported magnetics and radiometric survey completed across the wider claim area.
  • High-resolution lidar and photogrammetry completed.
• Exploration Activities:
  • Prospecting has commenced across additional tenure, including mapping and rock chip sampling.
  • Priority targets include MRDS occurrences and large groupings of ground disturbances with no open file coverage.
  • Geological interpretation has delineated a potential causative intrusion system, with mineralized occurrences preferentially located on the margin of an interpreted Caldera.
• Technical Review: Information reviewed by Benjamin Kuzmich, PGeo, Vice-President of Exploration for Athena Gold. Historical records examined but not verified.

Notable Quotes

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