Mr. John Power reports

ATHENA GOLD RECEIVES HIGH-GRADE GOLD AND SILVER ASSAYS FROM THE LIDA BELL ZONE AT ITS EXCELSIOR SPRINGS PROJECT IN NEVADA

Athena Gold Corp. has released assay results from a recent reconnaissance and sampling program at its 100-per-cent-owned Excelsior Springs project, located approximately 45 miles southwest of Goldfield, Nev.

On Jan. 31, 2023, Athena announced the staking of 51 new federal claims on BLM (Bureau of Land Management) lands, thereby expanding the project to 195 claims. These claims added numerous high-grade gold and silver prospects that also contain significant base metals.

One of the company's emerging targets is the historic Lida Bell mine, located about 3,200 metres (two miles) southeast of the Western Slope zone (WSZ) on the eastern flank of Palmetto Mountain. According to old newspaper accounts and reports, minor amounts of very high-grade gold were extracted from the Lida Bell mine and associated workings in the late 1800s.

In August, 2023, Athena's consulting geologists examined the Lida Bell area, identified several outcrops and collected five samples for analysis. One of these samples returned 51.4 grams gold per tonne (1.7 ounces per ton) and another contained 509 grams silver per tonne (16.2 ounces per ton). The attached table shows all the analyses, including not only remarkable gold and silver contents, but also base metals and other pathfinder elements associated with or proximal to large IRG (intrusion-related gold) systems.

Future work would include systematic sampling over the area and detailed geologic mapping to identify surface structures and altered outcrops with a goal of developing drill targets.

Lida Bell prospect:

• Land position: Athena's landholdings comprise two patents and 195 unpatented mining claims that cover approximately 4,000 acres or 1,619 hectares on BLM lands.
• Exploration targets: The following new targets are planned for drilling and further exploration, in addition to the WSZ:
• • A relatively shallow IP (induced polarization) anomaly that is approximately 1,700 metres west-southwest of the WSZ.
  • DH GE14 has 80 feet of 1.1 grams per tonne gold only 30 feet deep and is 300 metres east of WSZ. Note that this hole is in the immediate vicinity of the South Ridge thrust fault (SRTF).
  • DH GE26 has 665 feet of anomalous gold with nine pathfinder elements indicative of IRG deposits and is 1,300 metres east-northeast of the WSZ. The SRTF may also have a bearing on the mineral in GE26.
  • The Lida Bell prospect is 3,200 metres east-southeast of the WSZ.

Sample descriptions:

• LB1001-- quartzite, light grey to tan, weak iron oxide in a 12-inch-wide vein that contained euhedral galena (lead sulphide) and traces of copper carbonates, iron oxide in boxwork form and milky white crystalline quartz; sample taken from outcrop;
• LB1002 -- fault breccia and gouge in quartzite, moderate iron oxide, banded to euhedral galena that likely contained silver and traces of copper oxides; sample taken from veined outcrop below trenches and within a possible short adit or large prospect pit.

John Power, president and chief executive officer of Athena, commented: "The Lida Bell zone is a meaningful extension of known high-grade gold mineralization at our flagship project. There has been virtually no exploration in this area for over 50 years and further mapping, sampling and analysis of this area is planned.

"We remain committed to future exploration of the Western Slope and GE-14 drill targets, but this developing target potentially demonstrates a much larger mineral system over a widespread area and area than previously theorized. Although the surface samples were limited in quantity, it could be further evidence of the Excelsior system pumping mineralization to the surface via fractures," added Mr. Power.

Quality assurance and quality control

Gold and silver were determined by American Assay by fire assay with an atomic absorption finish on a 30-gram split. Forty-eight additional elements were determined using a four-acid digestion and inductively coupled plasma (ICP) atomic emission spectroscopy assay. Assays above certain limits of ICP detection were reassayed using a method that accurately reports high-grade assays. Athena Gold is reliant on American Assay Labs in Reno, Nev., for its QA/QC protocols of these assays.

Qualified person

John Hiner, SME registered member and Washington State licensed geologist, is a qualified person as defined by National Instrument 43-101 and has reviewed the scientific and technical information that forms the basis of this press release and has approved the disclosure herein. Mr. Hiner is not independent of the company.

About Athena Gold Corp.

Athena is engaged in the business of exploring its project and the acquisition of addition mineral properties of merit.

We seek Safe Harbor.