Mr. John Power reports

ATHENA GOLD COMPLETES IP/RESISTIVITY SURVEY AT ITS CROW SPRINGS COPPER-MOLYBDENUM-GOLD PORPHYRY IN NEVADA

Athena Gold Corp. has successfully completed an induced polarization/resistivity survey at its 100-per-cent-owned Crow Springs project located approximately 21 miles northwest of Tonopah, Nev.

The survey was conducted by Zonge International and generated induced polarization/resistivity data on the two lines specified by Athena. The IP/resistivity data were acquired using a dipole-length of 200 metres, in the nine-spread dipole-dipole configuration, providing continuous coverage. The survey was designed to define potential porphyry copper-gold targets to a depth of 1,200 feet or more.

Prior to the IP/resistivity survey, a district-scale helicopter airborne magnetics radiometric survey was flown in September, 2017, with 100-metre-spaced north-south flight lines with 1,000-metre tie lines flown east-west. The survey indicates that a strong untested magnetic anomaly controlled by Athena underlies classic porphyry-associated potassic alteration noted in geologic mapping. The untested magnetic anomaly is suggestive of a possible porphyry copper-gold target of significant size. The IP-resistivity survey was designed to further refine and delineate copper-molybdenum-gold drill targets within or adjacent to the magnetic anomaly.

IP Line 1 discussion and analysis

The IP response on Line 1 was muted but the significant magnetic high denotes a target as noted by gridlines in the cross-section. Combined with geology, strong potassic alteration and Cu-Mo soil anomalies, this area is a high-priority target for future work and an initial drill target has been established.

IP Line 2 discussion and analysis

The fault located at 2400 cuts off the IP source to the east. Anomalous IP response extends from this station to the west end of the line. The mapped Jurassic porphyry unit is IP anomalous throughout, but strongest between stations 1800 and 2000 directly over Athena's CS-124 claim. This target also underlies strong potassic alteration and copper-molybdenum geochemical anomalies on the surface.

John Power, Athena's president and chief executive officer, commented: "We are pleased with our results from our recent IP survey at Crow Springs as we prepare drill ready targets having significant upside.

"The Crow Springs district has been known as a top tier concealed porphyry target since the early exploration by Homestake Mining and others in the late 1950s through the early 1980s but has received only minimal modern exploration and as such the potential for discovery of copper-molybdenum mineralization is high," added Mr. Power.

The Crow Springs project was internally generated, and Athena staked 10 unpatented claims with the Bereau of Land Management in 2022 and leased claim CS-124 at that time. The CS-124 claim is strategically positioned based on mapped surface potassic alteration, geochemistry and past drilling. 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. Athena staked 19 additional claims in 2023 and the project now comprises 30 unpatented claims.

Crow Springs history and location

The project is in west-central Nevada within the Walker Lane structural belt and is a porphyry Cu-Mo-Au 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.

Crow Springs, a porphyry Cu-Mo-Au target in a 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.

Porphyry copper mineralization at Crow Springs district is related to strong potassic alteration that is locally developed in a coarse-grained 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.

Wide-spaced core drilling by Homestake in 1963 indicates pervasive propylitic alteration (clay-pyrite-carbonate) that surrounds magnetic high centres overlain by strong and pervasive 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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