Total consideration consists of an aggregate of US
Quade's sample 11251 collected from a highly silicified quartzite along the tram and inside the main Blue Dick adit contained 33 ppm Gold, 1500 ppm (43.75 ounces per ton) silver, .15% Cu, 2% lead and 1%+ Zinc2.
Sampling by Silver Reserve consulting geologist
Highlights are listed below: Sample BD/M-1 contained 6.4 ppm Gold, 2340 ppm Silver (69 ounces per ton),1.175% Copper and 1.34% Lead.
Sample BD/M-12 contained 92.6 ppm Silver, 25.5% Copper and 6.92% Lead.
Sample BD/M-13 contained 30 ppm Silver, 4.28% Copper and 1.37% Lead.
Sample BD/M-15 contained 49 ppm Silver and 2.06% Copper.
Sample BD/M-16 contained 7.45 ppm of Gold with .03% Copper.
No exploration drilling or geophysical surveys have been completed on the BD claims. Additional rock and soil data acquired with the BD claims will be further analyzed and integrated into our exploration database.
'Our immediate focus remains on finalizing our Phase 4 exploration plans at Excelsior Springs as we build upon the success of our Phase 1 - Phase 3 RC drilling programs completed in 2022 and 2023' added Power.
Timeline of District Scale Consolidation
Upon the successful close of this transaction, Athena will have completed a series of transactions over a multi-year period to consolidate all the important historic mines (Buster,
Athena acquired the Excelsior Springs project in 2021 from
In 2022, Athena purchased the two patented claims (Fortunatus and Prout) that had been held under an expiring lease.
In Q4-2022, Athena staked an additional 51 unpatented BLM claims to cover the southeastern slope of
Reconnaissance sampling in the Lida Belle area returned high-grade gold and silver results.
Also, in Q4-2022, the Company staked claims to the border of the BD claims being acquired.
Blue Dick Mineralization
Mineralization occurs in quartz or calcite veins mostly hosted by Limestone (Stewart and Albers 1972). The Deep Spring and Palmetto Formations are the main host rocks for precious and base metal mineralization on the property. Copper, gold, silver and lead mineralization sampled by Milne (2007) is found locally in thrust faults and high-angle northeast-southwest structures.
There are several important targets for future exploration including: Sediment hosted bulk Au tonnage targets in the Palmetto formation.
Additional high-grade vein mineralization from known veins and undiscovered veins in the carbonates with two targets of Gold, Silver & Copper and Silver, Gold & Base Metals
Blue Dick Purchase Transaction Details
Pursuant to the Purchase Agreement, Athena will acquire the Purchased Assets for total consideration of: US
The transaction contemplated by the Purchase Agreement remains subject to approval of the Canadian Securities Exchange.
Technical Information
The data disclosed in this news release is related to historical exploration sampling results. The reader is cautioned that the historical results are based on prior data and reports prepared by previous property owners and other sources. Athena has not undertaken any independent investigation of the work at Blue Dick, nor has it independently analyzed the results of the historical exploration work to verify the results. The reader is cautioned not to treat them, or any part of them, as current and that a qualified person has not done sufficient work to verify the results and that they may not form a reliable guide to future results. No independent QA/QC protocols are known for these samples and as such analytical results may be unreliable. Athena's current and future exploration work includes verification of the historical data through further exploration.
About Our
Gold mineralization discovered at the Project to date occurs in quartz veins, stock-works, and silicified zones in hornfels and calc-silicate altered country rock and is generally close to porphyry dykes. The best grades and thicknesses discovered recently were found in oxidized and altered sedimentary rock immediately above porphyry dykes intruded along preexisting east- and east-northeast trending faults. The mineralized stock-work vein zones are shallow and have a relatively flat plunge, making them potentially amenable to open pit mining methods.
Based on the results of previous drilling programs, the Project has the potential with to host one or more shallow gold deposits amenable to open pit mining, along with deeper, higher grade feeder zones that may be found and could be mined by underground methods. In the opinion of management and its consultants, the Project is very promising and further exploration has the potential to expand the known mineralization and establish additional mineralized zones.
About
Athena is engaged in the business of mineral exploration 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.
Contact:
Chief Executive Officer and President
Tel: 707-291-6198
Email: info@athenagoldcorp.com
President and CCO
Tel: (647)-534-9884
Email: jason@castlewoodcapital.ca
Forward Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, 'forward-looking statements') within the meaning of applicable Canadian and
The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, the estimation or realization of mineral reserves and mineral resources, the inability of the Company to obtain the necessary financing required to conduct its business and affairs, as currently contemplated, the timing and amount of estimated future production, the costs of production, capital expenditures, the costs and timing of the development of new deposits, requirements for additional capital, future prices of precious metals, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labor disputes and other risks of the mining industry, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the Company's business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of the Company to obtain any necessary permits, consents, approvals or authorizations, including of the Canadian Securities Exchange, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and other factors and risks that are discussed in the Company's periodic filings with the
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