Athena Gold begins diamond drilling at Excelsior

Executive Summary

• Athena Gold Corp. has begun its first-ever diamond drilling campaign at the 100 % owned Excelsior Springs project in Nevada, fully financed by Mammoth Minerals under an earn‑in option.
• The program will expand geological understanding of high‑grade gold mineralization and includes a second drill rig arriving soon to accelerate work.
• Historic intercepts being targeted include multiple >30 m intervals with grades up to 16.30 g/t Au, underscoring the project's upside potential.

Key Details

• Financing: Drilling is fully funded by Mammoth Minerals Ltd., which holds an option to earn an 80 % interest in Excelsior Springs over five years; Athena retains a free‑carry to a definitive feasibility study.
• Equity Position: Athena owns 32 million ordinary shares of Mammoth Minerals, valued at approximately AU$5.12 million.
• Drilling Program: First diamond drill rig on site; a second rig is expected shortly to expedite the campaign.
• Target Intercepts (historical):
• 51.8 m @ 4.00 g/t Au from 39.6 m (hole 22_01), including 6.1 m @ 16.30 g/t Au from 42.7 m.
• 33.5 m @ 5.35 g/t Au from 41.2 m (hole DB23), including 10.7 m @ 15.99 g/t Au from 41.2 m.
• 32.0 m @ 2.45 g/t Au from 44.2 m (hole 22_02), including 6.1 m @ 10.00 g/t Au from 45.7 m.
• 24.4 m @ 3.62 g/t Au from 70.1 m (hole EX2), including 9.2 m @ 7.99 g/t Au from 79.2 m.
• Metallurgical Testing: Core will undergo leaching tests to define processing pathways and expected metal recoveries.
• Geotechnical Logging: Completed to support future development studies.
• Channel Sampling: Recently finished across the historic Blue Dick underground mine (high‑grade silver); samples submitted for expedited assay.
• Surveys: Property‑wide magnetic and LiDAR surveys have commenced across Excelsior Springs.
• Historical Context: Prior drilling at the project was reverse‑circulation; diamond drilling provides superior structural data for interpreting controls on mineralization.
• Qualified Person Review: Technical information reviewed by Benjamin Kuzmich, P.Geo., VP Exploration, Athena Gold (NI 43‑101 qualified person).

Notable Quotes

(No direct quotes provided in the release.)