Maiden diamond drilling returns 4.33 g/t Au over 14.4m; geophysics defines large intrusive
White Rock, BC — Accesswire — November 26, 2025 — Athena Gold Corporation (CSE: ATHA) (OTCQB: AHNRF) (“Athena” or the “Company”) is pleased to provide an exploration update from its Excelsior Springs Project in Nevada. Mammoth Minerals Limited (ASX: M79) (formerly Firetail Resources Limited) has been aggressively exploring Excelsior, 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). Recently, Mammoth reported two significant announcements from its ongoing exploration campaign (refer to Mammoth Minerals press releases dated November 24, 2025, and November 26, 2025). As of today, Athena remains a significant (>5%) shareholder of Mammoth Minerals Limited.

Key Highlights from Recent Mammoth Diamond Drilling (Buster Trend)

• Strong initial results from Mammoth’s maiden diamond drilling program at Excelsior, with multiple shallow high-grade gold intercepts in the first three diamond holes at the Buster Mine Trend, validating and extending the geological model:
  • 14.4m @ 4.33 g/t Au from 117m (MEXDD004), including:
    • 3.1m @ 19.10 g/t Au from 119.36m; and
    • 0.95m @ 15.98 g/t Au from 124.5m
  • 25.5m @ 1.05 g/t Au from 35.45m (MEXDD001), including:
    • 0.55m @ 26.7 g/t Au.
• These intercepts successfully tested 50m down-dip extensions and infill areas around the historic Buster Underground Mine (past production 19 koz @ 41 g/t Au) and validate Mammoth’s targeting model developed from 14.5 km of historical drilling.
• Mineralisation remains open at depth and along strike; diamond drilling has thus far targeted ~1.1 km of the >5 km Buster Trend strike, with mineralization confirmed to 250m depth.
• Work has now commenced on an initial Mineral Resource Estimate and Exploration Target.
• Nine additional diamond holes totaling 1.3 km drilled have assays pending targeting down-dip extensions beneath the Buster Underground and the ~350m-long by ~25m-wide Buster Open Pit.

Key Highlights from High-Resolution Airborne Magnetics (Project-Wide)

• A high-resolution magnetic survey (40m line spacing) was conducted over the Excelsior Springs Project, including the additional claims recently staked by Mammoth.
• Per Athena’s press release dated November 11, 2025, portions of this newly staked ground fall within the project’s 5 km Area of Interest (AOI) buffer around the existing Excelsior claims, automatically incorporating them into the joint venture (JV) upon Mammoth’s earn-in.
• The survey defined a large, 5.5 km x 4.2 km interpreted intrusive complex and associated caldera north of the Buster Trend.
• The feature exhibits strong geological and structural similarities to the 4.2 Moz Goldfield Caldera located 35 km to the north-east.
• High concentrations of historic workings, shafts, pits and costeans occur along the margins of the intrusion; Mammoth has collected 350 rock-chip samples from these old workings with assays pending.
• Multiple skarn-type targets identified within and proximal to the intrusive complex.
• Preliminary structural interpretation has extended the prospective Buster Trend geological strike to 7.3 km.