Mr. John Power reports

ATHENA GOLD PLANS IP/RESISTIVITY SURVEY AT ITS CROW SPRINGS COPPER MOLYBDENUM GOLD PORPHYRY PROJECT IN NEVADA

Athena Gold Corp. has contracted with Zonge International Inc. to perform an induced polarization/resistivity survey at its 100-per-cent-owned Crow Springs project located approximately 21 miles northwest of Tonopah, Nev.

The Crow Springs project was internally generated, and Athena staked 10 unpatented claims with the Bureau of Land Management in 2022 and leased an additional key claim, CS-124, at that time. The CS-124 claim is strategically positioned based on mapped surface potassic alteration, geochemistry and past drilling. Reference Athena press release dated May 26, 2022. Additional claims were staked in 2023 and the project now comprises 31 unpatented claims.

The project is in west-central Nevada within the Walker Lane structural belt and is a porphyry copper-molybdenum-gold system with the size potential to develop a world-class resource. Porphyry-related alteration, geochemistry, magnetics and past drilling indicate a porphyry system of over 4.5 square miles in surface area.

Porphyry copper mineralization at Crow Springs district is related to strong potassic alteration that is locally developed in coarse quartz monzonite porphyry and aplitic-textured monzonite. Surface rock geochemistry indicates that moderate to strong Cu-Mo-Au mineralization is exposed at shallow levels and is amenable to reverse circulation drilling to depths of less than 1,500 feet.

A district-scale airborne magnetics radiometric survey was flown in 2021 and indicates that classic porphyry potassic alteration is associated with an untested magnetic anomaly controlled by Athena. The untested magnetic anomaly indicates a possible porphyry copper-gold target of significant size. The planned IP/resistivity survey is designed to further refine and delineate Cu-Mo-Au drill targets within or adjacent to the magnetic anomaly.

Athena holds claims over one of the two major magnetic highs thought to be related to potassium feldspar-magnetite-Cu-Mo-Au mineral potential. The other magnetic high is controlled by EMX Royalty Corp., which holds 132 claims in the Crow Springs district.

John Power, Athena's president and chief executive officer, commented: "We remain focused on our flagship Excelsior Springs gold project but are excited to advance our porphyry copper molybdenum gold target in a Tier 1 jurisdiction to diversify our portfolio and build accretive value for our shareholders. Nevada has had numerous recent success stories whereby modern exploration techniques have been applied at historic mining districts. A favourable IP survey will confirm our 2024 drill targets.

"The Crow Springs district has been known as a top-tier concealed porphyry target since the early exploration by Homestake Mining in the early 1960s but has received only minimal modern exploration and as such the potential for discovery of copper-molybdenum mineralization is high and we look forward to the advancement of our project and the entire Crow Springs district," added Mr. Power.

Details of proposed IP survey

Zonge International will acquire IP/resistivity data on the Crow Springs survey on the two lines specified by Athena. The IP/resistivity data will be acquired using a dipole length of 200 metres, in the nine-spread dipole-dipole configuration, providing continuous coverage. The survey is designed to penetrate a target depth of 1,200 feet or more to determine the possibility of a porphyry target at depth.

Crow Springs history and location

Crow Springs, a porphyry Cu-Mo-Au in quartz monzonite porphyry stock, is located along the eastern margin of the Tertiary Walker Lane structural province in the southern Royston Hills, northern Esmeralda county, Nevada.

Wide-spaced core drilling by Homestake in 1963 indicates pervasive propylitic alteration (clay-pyrite-carbonate) surrounding magnetic high centres of potassic alteration that have not been drill tested.

In addition, 15 miles east-northeast of Crow Springs lies the Hall molybdenum mine, which formerly produced 53 million pounds of Mo. It is a porphyry Mo-Cu deposit hosted in 69-million-year-old quartz monzonite that has been intruded by a granite porphyry.

Allegiant Gold's Eastside project, which hosts a large and open resource of 1.4 million ounces of gold with excellent potential for expansion of that resource, lies within three miles to the west.

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 flagship Excelsior Springs project and the acquisition of additional mineral properties of merit.

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