Diamond Drilling Commences at Excelsior Gold-Silver Project, Nevada

Diamond drilling underway to define the geometry and extent of the mineralization at the Buster Trend, as well as to provide metallurgical and geotechnical samples

WHITE ROCK, BC / ACCESS Newswire / October 7, 2025 / Athena Gold Corporation (CSE:ATHA)(OTCQB:AHNRF) ("Athena" or the "Company") is pleased to announce the commencement of drilling at its 100%-owned Excelsior Springs project in Nevada. The drilling is fully funded by Mammoth Minerals Limited (ASX:M79) (formerly Firetail Resources Limited), 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). As of the date of this press release, Athena owns 32,000,000 ordinary shares of Mammoth Minerals Limited, valued at approximately AUD $5,120,000.

Highlights

• First-ever diamond drilling campaign commences at the Excelsior Springs project in Nevada, USA.

• Second diamond drill rig expected to arrive on site in the near-term to expedite the program.

• Diamond drilling will enable detailed structural measurements to be taken that are integral to understanding the controls on the mineralization at Excelsior - with reported historical production of 19,200 oz at 41g/t Au from the Buster Underground Mine.

• Drilling will follow up on significant previous intercepts, (refer to ASX press release dated June 2, 2025 "Firetail Secures Option to Acquire Two High Grade USA Gold Projects in Tier-1 Locations") including:

  • 51.8m at 4.00g/t Au from 39.6m - 22_01

    • Including 6.1m at 16.30g/t Au from 42.7m

  • 33.5m at 5.35g/t Au from 41.2m - DB23

    • Including 10.7m at 15.99g/t Au from 41.2m

  • 32.0m at 2.45g/t Au from 44.2m - 22_02

    • Including 6.1m at 10.00g/t Au from 45.7m

  • 24.4m at 3.62 g/t Au from 70.1m - EX2

    • Including 9.2m at 7.99g/t Au from 79.2m

• Metallurgical testing on the diamond drill core will be undertaken to understand the leaching characteristics to provide a processing pathway and a guide towards metal recoveries.