Athena Gold Provides Exploration Update From Excelsior Gold-Silver Project, Nevada

Executive Summary

• Maiden diamond drilling at the Excelsior Springs Project returned high‑grade intercepts, highlighted by a 14.4 m interval grading 4.33 g/t Au (including 3.1 m @ 19.10 g/t Au).
• High‑resolution airborne magnetics identified a large 5.5 km × 4.2 km intrusive complex and associated caldera, expanding the prospective strike length to ~7.3 km.
• Work has commenced on an initial Mineral Resource Estimate and Exploration Target; additional assays from nine holes (1.3 km) are pending.

Key Details

• Drill Hole MEXDD004: 14.4 m @ 4.33 g/t Au from 117 m depth; includes 3.1 m @ 19.10 g/t Au and 0.95 m @ 15.98 g/t Au.
• Drill Hole MEXDD001: 25.5 m @ 1.05 g/t Au from 35.45 m depth; includes 0.55 m @ 26.7 g/t Au.
• Intercepts validate and extend the geological model for the historic Buster Underground Mine (historic production 19 koz @ 41 g/t Au).
• Mineralisation remains open at depth and along strike; drilling has covered ~1.1 km of the >5 km Buster Trend, with confirmed mineralisation to 250 m depth.
• Nine additional holes (totaling 1.3 km) drilled; assays pending, targeting down‑dip extensions beneath the underground mine and the ~350 m‑long Buster Open Pit.
• Airborne Magnetics Survey: 40 m line spacing over the entire project; defined a 5.5 km × 4.2 km interpreted intrusive complex north of the Buster Trend, analogous to the 4.2 Moz Goldfield Caldera.
• Intrusive complex hosts high concentrations of historic workings; 350 rock‑chip samples collected from old shafts/pits with assays pending.
• Multiple skarn‑type targets identified within and adjacent to the intrusive complex.
• Preliminary structural interpretation extends prospective Buster Trend strike to ~7.3 km.
• Athena has begun preparation of an initial Mineral Resource Estimate and Exploration Target for the project.

Notable Quotes

• “Strong initial results from Mammoth's maiden diamond drilling program at Excelsior, with multiple shallow high‑grade gold intercepts…validate and extend our geological model.” – Koby Kushner, President & CEO, Athena Gold Corporation.