Mr. John Power reports

ATHENA GOLD COMMENCES 2023 RC DRILL PROGRAM AT FLAGSHIP EXCELSIOR SPRINGS PROJECT IN NEVADA

Athena Gold Corp. has commenced its first 2023 RC (reverse circulation) drill program at its 100-per-cent-owned Excelsior Springs project located approximately 45 miles southwest of Goldfield in Esmeralda county, Nevada.

Athena's spring 2023 RC drill program is planned for up to 1,500 metres (about 4,500 feet). Drilling is focused on expanding the footprint of the newly discovered shallow high-grade oxide gold in the Western Slope zone with 30-metre (100-foot) incremental stepouts along the indicated strike, both east and west. These angle holes will be drilled due south, parallel to the company's discovery hole DB-23.

John Power, president and chief executive officer, commented: "Management is excited to see the drills turning at Excelsior Springs. We believe this program is a potential inflection point for the company and we will keep the market updated as we continue to delineate the newest shallow high-grade oxide gold discovery in the Walker Lane trend."

Athena completed two RC drill programs in 2022 and intersected shallow high-grade oxide gold intervals, which now comprise the Western Slope zone. A review of the company's 2022 RC drill highlights is summarized below.

Two thousand twenty-two RC drill program highlights included:

• DB-23: Intercepted a 33.5-metre intercept of 5.15 grams per tonne (g/t) gold (Au) and 8.9 g/t silver (Ag), including a 16.7-metre intercept of 10.03 g/t Au and 17.3 g/t Ag, and a 10.6 m intercept of 15.3 g/t Au and 26.5 g/t Ag.
• DH 22-01: Intercepted 6.05 g/t Au and 17.4 g/t Ag over 27.4 m starting at 39.5 metres, including 10.2 g/t Ag and 30.8 g/t Ag over 10.7 m. A deeper zone starting at 77.7 m intercepted 4.97 g/t Au and 14.4 g/t Ag over 13.7 m.
• DH 22-02: Intercepted 4.49 g/t Au and 27.3 g/t Ag over 15.2 m starting at 41.1 metres, including 7.29 g/t Au and 44.2 g/t Ag over 9.1 m. A deeper zone starting at 68.6 m intercepted 1.2 g/t Au and 7.7 g/t Ag over 7.6 m.

It is important to note that DB-23, 22-01 and 22-02 all intercepted the high-grade gold mineralization at shallow depths, beginning 30 metres below the surface. True widths of the intercepts are not known. These holes were all drilled in 2022 and yielded the best GT results in the history of the Excelsior Springs project, with over 100 RC holes drilled over the last 50 years.

Follow-up core and/or RC drill programs are contemplated for later in 2023, after analysis of the results from this first 2023 program.

The program's drill metrage (footage) and number of RC holes is subject to revision based upon field analysis and conditions.

Quality assurance and quality control

Procedures implemented during phases 1 and 2 will be continued during phase 3 to assure quality assurance/quality control (QA/QC). All drilling will be performed using reverse circulation methods with samples collected at five-foot intervals. Representative sample splits will be securely stored for shipment, with chain of custody documentation through delivery to American Assay Laboratories, an independent ISO-certified laboratory in Reno, Nev. Mineralized commercial reference standards and coarse blank standards will be inserted every 20th sample in sequence to assure acceptable levels of confidence of the drill hole assays. When laboratory reports of the assays are received, QA/QC protocols will be immediately augmented to ensure dependability of the drill hole assays.

As the Excelsior Springs project advances, additional QA/QC measures will be implemented, including selected duplicate check assaying on pulps and coarse rejects at a second accredited assay laboratory. All results will be analyzed for consistency.

Qualified person

Donald G. Strachan, certified professional geologist (CPG No. 10376, AIPG), a qualified person as defined by National Instrument 43-101, has reviewed the scientific and technical information that forms the basis of this press release, and has approved the disclosure herein. Mr. Strachan is independent of the company and was responsible for the site management and technical aspects of the program.

About Athena Gold Corp.

Athena is engaged in the business of mineral exploration, project identification 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 the project.

We seek Safe Harbor.