VACAVILLE, CALIFORNIA / ACCESS Newswire / January 23, 2025 / Athena Gold Corporation (CSE:ATHA)(OTCQB:AHNR) (“Athena” or the “Company“) is pleased to report initial results from its recently completed fall regional prospecting and sampling program at its 100%-owned Excelsior Springs project in Nevada. In November 2024, Big Rock Exploration was hired to complete a regional prospecting and mapping program over the Excelsior Springs project, which covered the Buster, Lida Belle, and Blue Dick target areas. The intention is to build a regional framework to guide and prioritize future exploration. While full analytical results remain pending, the Company is pleased to report high-grade precious metal values from surface grab samples, including up to 6,630 g/t Ag from the Blue Dick area – a target with no known historical drill records.
“Since closing our financing, the team has wasted no time diving deep into Excelsior Springs and ground-truthing the newly acquired Blue Dick claims. The 6,630 g/t Ag sample, which exceeds all known historical silver sample grades at Excelsior, confirms the area’s high-grade nature of silver mineralization. Importantly, to our knowledge, this target area has never been drill tested, presenting a major blue-sky opportunity for Athena. We plan to return to this area in short order,” stated John Power, President and CEO of Athena Gold.
Highlights:
The recently completed prospecting program at Excelsior Springs comprised mapping and sampling over the property area and represented Athena’s first-time exploring the recently acquired Blue Dick claims (refer to press release dated August 29, 2024).
Sample K024547 returned bonanza silver grades of 6,630 g/t Ag, along with 0.4 g/t Au, 2.28% Cu, and 2.42% Pb.
Sample K024547 also returned high-grade antimony over the >1% Sb detection limit; further overlimit analytical results remain pending.
Historical grab samples from the Blue Dick area, grading up to 2,340 g/t Ag, 7.4 g/t Au, 25.5% Cu, and 6.92% Pb, are indicated in a historical report (R. Milne, 2007, Geology of the BD Claim Block). The QP has not been able to verify these results, and therefore, these results should not be relied upon.
There are no known records of any drilling or geophysical surveys over the Blue Dick claims.
Further analytical results remain pending from the fall 2024 prospecting program at Excelsior Springs and will be released once available.
Figure 1: Geological map of Blue Dick claims, Excelsior Springs Project, showing recent and historical grab sample results.Figure 2: Sample K024547 collected from a historic rock pile at the Blue Dick area returning 6,630 g/t Ag, 0.4 g/t Au, 2.28% Cu, 2.42% Pb and >1% Sb.
QA/QC
Analytical work for rock samples was completed by ALS Laboratories in Elko, Nevada. Samples were crushed before a 250-gram split was pulverized to over 85%, passing 75 microns. Rock samples were analyzed for gold by fire assay using a 30-gram charge with an atomic absorption spectroscopy finish. If assay results exceed 10.0 g/t gold, the sample rejects are analyzed by 50-gram fire assay with a gravimetric finish. 0.25-gram splits were collected from the samples and were submitted for four acid digests with inductively coupled plasma mass spectroscopy. If assay results from Cu, Pb, Zn, or Sb were above 1% or Ag above 1500 ppm, samples were submitted for acid digest, inductively coupled plasma atomic emission spectroscopy. For samples above 1500 ppm Ag, 30-gram splits were analyzed by fire assay with a gravimetric finish. Sampling and analytical procedures are subject to a Quality Assurance and Quality Control program that includes duplicate samples and analytical standards.
Qualified Person
The technical information in this news release, except as otherwise noted, has been reviewed and approved by Benjamin Kuzmich, P.Geo., a geoscientist and qualified person for the purposes of National Instrument 43-101.
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 Excelsior Springs Au-Ag project is located in the prolific Walker Lane Trend in Nevada. Excelsior Springs spans 1,675 ha and covers at least three historic mines along the Palmetto Mountain trend, where the Company is following up on a recent shallow oxide gold discovery, with drill results including 5.35 g/t Au over 33.5 m. Meanwhile, the Company’s new Laird Lake project is situated in the Red Lake Gold District of Ontario, covering 4,158 ha 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 and 34 km northwest of Kinross Gold’s Great Bear project.
For further information about Athena Gold Corporation and our Excelsior Springs Gold project, please visit www.athenagoldcorp.com.
On Behalf of the Board of Directors
John C. Power President and Chief Executive Officer
For further information, please contact:
Athena Gold Corporation John C. Power, President and CEO Phone: (707) 291-6198 Email: johnpower@athenagoldcorp.com
CHF Capital Markets Cathy Hume, CEO Phone: (416) 868-1079 x 251 Email: cathy@chfir.com
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 U.S. 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 as a result of various risk factors as disclosed in the final long form prospectus of the Company dated August 31, 2021.
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.
VACAVILLE, CA / ACCESSWIRE / December 24, 2024 – Athena Gold Corporation (CSE: ATHA) (OTCQB: AHNR) (“Athena” or the “Company”) is pleased to announce that it has closed a third and final tranche of a non-brokered private placement previously announced on October 3, 2024, as amended December 4, 2024 (the “Offering”), through the issuance of 2,620,000 Units at a price of CDN$0.05 per Unit for gross proceeds of CDN$131,000.
An aggregate of CDN$1,054,000 has been raised under the Offering.
“With our $1M raise behind us, Athena is preparing for an aggressive 2025 focused on making new discoveries. Our Laird Lake project in Red Lake, Ontario has been significantly upgraded following the recent identification of high-grade gold returning up to 373 g/t Au (refer to press release dated December 4, 2024). Meanwhile, we eagerly await results from our recently completed structural mapping program at our Excelsior Springs project in the Walker Lane Trend, Nevada. We continue to work towards revamping the Company following the transformative transaction with Libra, whereby members of Libra are expected to join the Company as we redomicile over to Canada (see press release dated October 1, 2024)” says John Power, CEO.
The Company closed the first tranche of the Offering on October 25, 2024 (refer to press release dated October 28, 2024) through the issuance of 12,000,000 Units at CDN$0.05 per Unit for gross proceeds of CDN$600,000 and the second tranche on December 3, 2024, through the issuance of 6,460,000 Units at CDN$0.05 per Unit for gross proceeds of CDN$323,000 (refer to press release dated December 4, 2024). The Company received approval from the Canadian Securities Exchange on November 8, 2024, to extend closing to December 22, 2024, with a further extension, due to holidays, received on December 18, 2024, to December 31, 2024. This Offering has now closed, and no further tranches will be conducted.
Each Unit consists of one common share in the capital of the Company (a “Common Share”) and one-half of a common share purchase warrant (a “Warrant”). Each whole Warrant is exercisable into one Common Share at a price of CDN$0.12 per Warrant for thirty-six months from the date of issuance, subject to the following acceleration provision. If, at any time after the date that is 4 months and one day after the date of issuance of the Warrants, the average volume-weighted trading price of the Company’s Common Shares on the Canadian Securities Exchange (or such other stock exchange on which the Common Shares may be traded from time to time) is at or above CDN$0.20 per share for a period of 10 consecutive trading days (the “Triggering Event”), the Company may at any time, after the Triggering Event, accelerate the expiry date of the Warrants by giving ten calendar days notice to the holders of the Warrants, by way of a news release, and in such case, the Warrants will expire on the first day that is 30 calendar days after the date on which such notice is given by the Company announcing the Triggering Event.
Proceeds of the Offering will be used to fund exploration work on the Company’s Excelsior Springs Project located in Nevada, USA, and the Laird Lake and Oneman Lake Projects recently acquired in Ontario, Canada, and for general and administrative expenses, including costs related to its proposed amalgamation and redomicile from Delaware to British Columbia, Canada, with any surplus to provide general working capital and additional exploration.
No finder’s fees were paid in connection with the closing of the third tranche of the Offering.
No insiders participated in the third tranche of the Offering. Certain insiders of the Company have participated in the Offering, of which 4,590,000 Units for proceeds of CDN $229,500 were acquired in the first tranche and an additional 2,200,000 Units for proceeds of CDN $110,000 in the second tranche, totaling 6,790,000 Units for proceeds of CDN $339,500. This constitutes a related party transaction pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company relied on Sections 5.5(a) and 5.7(1)(a) of MI 61-101 for an exemption from the formal valuation and minority shareholder approval requirements, respectively, of MI 61-101, as neither the fair market value of the subject matter of nor the fair market value of the Units purchased by the insiders under the Offering exceed 25% of the Company’s market capitalization.
All securities issued in connection with the Offering are subject to a four-month and one-day hold period in Canada and are subject to the applicable United States hold periods.
None of the foregoing securities have been or will be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any applicable state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) or persons in the United States absent registration or an applicable exemption from such registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of the foregoing securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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 flagship Excelsior Springs Au-Ag project is located in the prolific Walker Lane Trend in Nevada. Excelsior Springs spans 1,675 ha and covers at least three historic mines along the Palmetto Mountain trend, where the Company is following up on a recent shallow oxide gold discovery, with drill results including 5.35 g/t Au over 33.5 m. Meanwhile, the Company’s new Laird Lake project is situated in the Red Lake Gold District of Ontario, covering 4,158 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 and 34 km northwest of Kinross Gold’s Great Bear project.
For further information about Athena Gold Corporation and our Excelsior Springs Gold project, please visit www.athenagoldcorp.com.
On Behalf of the Board of Directors John C. Power President, Athena Gold Corporation
CHF Capital Markets Cathy Hume, CEO Phone: 416-868-1079 x 251 Email: cathy@chfir.com
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 as a result of various risk factors as disclosed in the final long form prospectus of the Company dated August 31, 2021.
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.
VACAVILLE, CA / ACCESSWIRE / December 4, 2024 / Athena Gold Corporation (CSE: ATHA) (OTCQB: AHNR) (“Athena” or the “Company”) is pleased to report additional high-grade gold samples from its reconnaissance prospecting program at its newly-acquired Laird Lake project, located in Ontario’s prolific Red Lake Gold District. The Laird Lake project, spanning 4,158 hectares and covering >10 km of Balmer-Confederation Assemblage contact, represents an underexplored portion of the Red Lake Gold District. The road-accessible project lies approximately 10 km west of West Red Lake Gold Mines’ flagship Madsen mine and 34 km northwest of Kinross Gold’s Great Bear project.
“Laird Lake continues to impress. Our sample returning 373 g/t Au represents the highest-grade grab sample ever taken at the project and, to our knowledge, is amongst the highest-grade surface grab samples publicly reported in the Red Lake Gold District. With more than 10 km of Balmer-Confederation contact to explore and high-grade, visible gold showings scattered throughout, we believe we might be on the cusp of the next major gold discovery in Red Lake,” stated John Power, President & CEO of Athena Gold.
Highlights:
Additional sampling of surface grab samples taken at the Laird Lake project in October 2024 confirmed mineralization over 2.2 km of strike length along the contact between the Balmer and Confederation Assemblages (Figure 1). Mineralization is open along strike to the east and west.
The Balmer-Confederation contact is believed to be a significant structural control for gold mineralization in the Red Lake Gold District, with >90% of all gold ever mined in the camp occurring within approximately 300 m of this contact.
The highest-grade sample to date returned 373 g/t Au and was collected from a smoky quartz vein with blebby pyrite, chalcopyrite, and visible gold. This sample represents the highest-grade gold sample ever recorded in Laird Lake’s history.
The recent reconnaissance prospecting program is expected to guide a property-wide geochemistry survey scheduled to commence in H1 2025. The results are anticipated to provide targets for Athena’s initial drill program at Laird Lake.
A recently completed MSc. thesis on the Laird Lake project suggested that Laird Lake represents the continuation of the same mineralized structure found at both the Madsen and Starratt-Olsen gold mines[i] now owned by West Red Lake Gold (2.5 Moz past-production, 1.7 Moz indicated, 0.4 Moz inferred)[ii] and was later displaced as far as 10 km west (Figure 2).
Figure 1: Map of Laird Lake project, showing selected assays from the October 2024 sampling program.Figure 2: Map of Laird Lake and Madsen, showing mapped Balmer-Confederation contact and dextral Laird Lake Fault.
Geology:
Gold mineralization observed at Laird Lake occurs in discrete quartz veins hosted in volcanic rock, localized high-strain zones consisting of silicification and disseminated sulfides, and in more broad zones of strongly deformed banded iron formation up to 15 m wide characterized by gossan, fine-grained disseminated sulfides, and silicification. Gold-bearing zones exhibit a general east-west orientation and occur in both Balmer and Confederation Assemblage rocks.
Future Drill Testing:
Laird Lake has been subject to only minimal historical exploration work, mainly because the Balmer-Confederation contact was only mapped on Laird Lake in recent times as part of an MSc. research thesis. Athena’s initial work programs are focused on understanding structural controls and potential splays off this contact that may host high-grade gold mineralization.. Athena plans to conduct a property-wide gold-in-till geochemistry program in Spring 2025. Historical, high-resolution airborne magnetic and electromagnetic surveys highlighted several prospective targets within the Balmer Assemblage that have yet to be tested and will be included in future drilling on the property, in addition to other targets generated from prospecting and geochemical programs.
About Our Laird Lake Project
The 4,158 ha Laird Lake property is situated 20 km to the southwest of the town of Red Lake, Ontario. Red Lake is a prolific gold mining town in Northwestern Ontario. Importantly, >90% of the gold has come from within 300 m of the contact between the Balmer and Confederation Assemblages. The Laird Lake property is considered underexplored for gold, relative to much of the surrounding Red Lake Greenstone Belt, despite possessing more than 10 km of strike length of the known gold-bearing contact between Balmer and Confederation Assemblage rocks. Also important is being near several major gold production and exploration sites in the region:
34 km to the Great Bear project (Kinross – 2.7 Moz indicated, and 3.9 Moz inferred)[i];
11 km to the Madsen Mine (West Red Lake Gold – 1.7 Moz indicated, and 0.4 Moz inferred); and
28 km to the Red Lake Mine (Evolution Mining – 7.2 Moz indicated, and 4.5 Moz inferred)[ii].
Limited exploration activity at Laird Lake has demonstrated that high-grade gold mineralization occurs in both Balmer and Confederation Assemblage rocks over several kilometers in proximity to the main Balmer-Confederation contact. The highest gold grades on the property show a strong correlation to high-strain zones characterized by the presence of silicification, disseminated sulfides, and gossan. The Laird Lake property is dominated by mafic to ultramafic metavolcanic rocks as well as lesser banded iron formation and felsic to intermediate metavolcanic rocks of the Balmer and Confederation Assemblages. Felsic to ultramafic intrusive units are also present throughout the property, most notably of which include the Killala-Baird Batholith to the north, and the Medicine Stone Lake Batholith to the south.
QA/QC
Analytical work for rock samples was completed by ALS Laboratories, and sample preparation and geochemical analyses were completed in Thunder Bay, Ontario. Samples were crushed before a 250-gram split was pulverized to better than 85%, passing 75 microns. Rock samples were analyzed for gold by fire assay using a 50-gram charge with an atomic absorption spectroscopy finish. If assay results exceed 10.0 g/t gold, the sample rejects are analyzed by 50-gram fire assay with a gravimetric finish. Sampling and analytical procedures are subject to a Quality Assurance and Quality Control program that includes duplicate samples and analytical standards.
Qualified Person
Technical information in this news release has been reviewed and approved by Benjamin Kuzmich, P.Geo., a geoscientist and qualified person for the purposes of National Instrument 43-101.
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 flagship Excelsior Springs Au-Ag project is located in the prolific Walker Lane Trend in Nevada. Excelsior Springs spans 1,675 ha and covers at least three historic mines along the Palmetto Mountain trend, where the Company is following up on a recent shallow oxide gold discovery, with drill results including 5.2 g/t Au over 33 m.
The Company’s new Laird Lake project is situated in the Red Lake Gold District of Ontario, covering 4,158 hectares along more than 10 km of the Balmer-Confederation Assemblage contact, where recent surface sampling results returned up to 56.5 g/t Au. This underexplored area is road-accessible, located about 10 km west of the Madsen mine by West Red Lake Gold Mines and 34 km northwest of Kinross Gold’s Great Bear project.
For further information about Athena Gold Corporation, please visit www.athenagoldcorp.com.
On Behalf of the Board of Directors
John C. Power Chief Executive Officer and President Email: johnpower@athenagoldcorp.com
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 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 as a result of various risk factors as disclosed in the final long form prospectus of the Company dated August 31, 2021.
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.
[i] Geology and Geochemistry of the Laird Lake Property and Associated Gold Mineralization – https://www.lakeheadu.ca/programs/departments/geology/about/msc-theses/summaries/node/47164
[ii] Independent NI 43-101 Technical Report and Updated Mineral Resource Estimate – https://westredlakegold.com/wp-content/uploads/2024/04/26Apr24_-_PureGold_Mine_NI_43-101_Technical_Report_-_WRLG.pdf
[iii] Great Bear Gold Project Preliminary Economic Assessment – https://s2.q4cdn.com/496390694/files/doc_downloads/2024/09/Great_bear/Kinross-Great-Bear-PEA-TR-REVISED-FINAL-Sep-9-2024.pdf
[iv] Evolution Mining Mineral Resource and Ore Reserve Statement, December 2023 – https://evolutionmining.com.au/reservesresources/
