Athena Gold Provides Exploration Update From Excelsior Gold-Silver Project, Nevada

Rhea-AI Summary

Athena Gold (OTCQB:AHNRF) provided an exploration update for the Excelsior Springs Project, Nevada, following Mammoth Minerals' recent field results under its option to earn an 80% interest. Maiden diamond drilling at the Buster Trend returned notable intercepts including 14.4m @ 4.33 g/t Au and 25.5m @ 1.05 g/t Au, with mineralization open along strike and to depth and confirmation to ~250m. An initial Mineral Resource Estimate and Exploration Target work has commenced. A 40m-line-spacing magnetic survey defined a 5.5 km x 4.2 km interpreted intrusive/caldara and extended the prospective strike to 7.3 km. Athena remains a >5% shareholder of Mammoth.

Positive

• 14.4m @ 4.33 g/t Au maiden diamond intercept
• 25.5m @ 1.05 g/t Au shallow intercept
• Mineralization confirmed to ~250m depth
• Initial Mineral Resource Estimate work commenced
• Magnetics defined 5.5 km x 4.2 km intrusive complex
• Prospective strike extended to 7.3 km

Negative

• Assays pending for nine diamond holes (1.3 km)
• 350 rock-chip assays from historic workings are pending
• Historical records referenced are not verified by a QP

Key Figures

Gold intercept: 4.33 g/t Au over 14.4 m High-grade sub-interval: 19.10 g/t Au over 3.1 m Additional sub-interval: 15.98 g/t Au over 0.95 m +5 more

8 metrics

Gold intercept 4.33 g/t Au over 14.4 m Hole MEXDD004 at 117 m depth, Buster Trend

High-grade sub-interval 19.10 g/t Au over 3.1 m From 119.36 m within MEXDD004

Additional sub-interval 15.98 g/t Au over 0.95 m From 124.5 m within MEXDD004

Shallow intercept 1.05 g/t Au over 25.5 m From 35.45 m in MEXDD001, Buster Trend

Very high-grade hit 26.7 g/t Au over 0.55 m Within MEXDD001 at shallow depth

Intrusive complex size 5.5 km x 4.2 km Interpreted intrusive and caldera north of Buster Trend

Buster Trend potential strike 7.3 km Extended geological strike from structural interpretation

Rock-chip samples 350 samples Collected from historic workings around intrusive margins

Market Reality Check

Price: $0.0650 Vol: Volume 33,427 is below th...

low vol

$0.0650 Last Close

Volume Volume 33,427 is below the 20-day average of 87,277, suggesting muted pre-news trading interest. low

Technical Price $0.055 is trading above the 200-day MA $0.04 but sits 21.43% below the 52-week high of $0.07.

Peers on Argus

While AHNRF traded down 4.35%, peers showed mixed performance: CASCADIA MINERALS...

While AHNRF traded down 4.35%, peers showed mixed performance: CASCADIA MINERALS up 5.32%, URANO ENERGY up 7.68%, SUN PEAK METALS down 2.3%, and others flat. The pattern points to stock-specific dynamics rather than a uniform sector move.

Historical Context

5 past events · Latest: Dec 09 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 09	Private placement closing	Neutral	+0.0%	First tranche closing of non-brokered private placement and further upsize.
Nov 24	Financing upsize	Neutral	+1.2%	Upsized non-brokered private placement due to investor demand and revised terms.
Nov 13	Exploration results	Positive	+10.9%	New high-grade gold showings at Laird Lake and drill permits submission.
Nov 11	Project expansion	Positive	-9.6%	Large landholding increase and JV terms at Excelsior Gold-Silver Project.
Nov 10	High-grade sampling	Positive	-7.4%	High-grade silver, gold, copper and antimony sampling along Blue Dick Trend.

Pattern Detected

News flow has produced volatile and sometimes contrarian reactions: strong exploration updates at Excelsior previously coincided with notable single-day declines, while Laird Lake exploration news saw a double‑digit gain. Financing announcements have had modest to flat impact.

Recent Company History

Over the last month, Athena Gold issued several material updates. On Nov 10 and Nov 11, high‑grade sampling and a 340% landholding increase at Excelsior were followed by single‑day declines of -7.42% and -9.62%. In contrast, a Laird Lake discovery on Nov 13 coincided with a 10.86% gain. Subsequent private placement upsizing on Nov 24 and the first tranche closing on Dec 9 had limited price impact. Today’s drilling and geophysics update continues the Excelsior narrative built in early November.

Market Pulse Summary

This announcement details maiden diamond drilling and high-resolution geophysics at Excelsior, inclu...

Analysis

This announcement details maiden diamond drilling and high-resolution geophysics at Excelsior, including a key intercept of 4.33 g/t Au over 14.4 m and a 5.5 km x 4.2 km intrusive complex. It extends the Buster Trend strike to 7.3 km and advances work toward a Mineral Resource Estimate. In context of earlier November Excelsior and Laird Lake results, investors may watch how pending assays, resource work and future financing decisions shape the project pipeline.

Key Terms

diamond drilling, intrusive complex, skarn-type, high-resolution magnetic survey, +2 more

6 terms

diamond drilling technical

"Strong initial results from Mammoth's maiden diamond drilling program at Excelsior"

Diamond drilling is a method that uses a rotating drill with industrial diamonds on the bit to cut and retrieve cylindrical rock samples (cores) that preserve the sequence of underground layers. For investors, these cores act like a geological “biopsy,” providing direct, verifiable information about mineral presence, grade and continuity—data that underpins resource estimates, project valuation, drilling risk and financing decisions.

intrusive complex technical

"The survey defined a large, 5.5 km x 4.2 km interpreted intrusive complex"

An intrusive complex is a cluster of unwanted, recurring thoughts, memories or feelings that surface involuntarily and cause distress, similar to a broken record replaying upsetting material in the mind. For investors, it's relevant because such symptoms drive demand for therapies, influence how clinical trials are designed and measured, and can affect regulatory scrutiny and market size for drugs, digital treatments or diagnostic tools addressing mental-health conditions.

skarn-type technical

"Multiple skarn-type targets identified within and proximal to the intrusive complex."

Skarn-type describes a kind of mineral deposit formed where hot molten rock forces its way into limestone or other carbonate rocks, causing chemical changes that concentrate metals such as copper, iron, zinc or gold. For investors, identifying a skarn-type deposit signals a potential for high-grade, localized mineralization — like finding a dense nugget in a field — which can mean higher value per ton but also a specific set of exploration, mining and processing challenges.

high-resolution magnetic survey technical

"A high-resolution magnetic survey (40m line spacing) was conducted over the Excelsior Springs Project"

A high-resolution magnetic survey is a detailed measurement of tiny variations in the Earth’s magnetic field taken over a target area to map differences in underground rock types and structures. Think of it like using a very sensitive metal detector to reveal where different materials lie beneath the surface; for investors it helps companies find likely mineral or ore bodies, prioritize drilling targets, reduce exploration risk, and refine project value estimates and timelines.

Mineral Resource Estimate technical

"Work has now commenced on an initial Mineral Resource Estimate and Exploration Target."

A mineral resource estimate is a calculated approximation of how much metal or mineral material likely exists in a particular deposit and where it sits underground, similar to estimating how many cookies are in a jar by peeking at the layers. It matters to investors because it provides a data-based starting point for judging a project's potential value, future production and risks, while not guaranteeing recoverable or profitable amounts.

NI 43-101 regulatory

"as defined by NI 43-101 "Standards of Disclosure for Mineral Projects"."

A Canadian regulatory standard that sets the rules for how mining and exploration companies must report mineral resources and reserves, requiring technical reports prepared or signed off by an independent, certified expert. It matters to investors because it creates a consistent, transparent “inspection report” for mining projects, making it easier to compare prospects, judge the reliability of claims, and assess geological and financial risk before investing.

AI-generated analysis. Not financial advice.

Maiden diamond drilling returns 4.33 g/t Au over 14.4m; geophysics defines large intrusive

WHITE ROCK, BC / ACCESS Newswire / November 26, 2025 / Athena Gold Corporation (CSE:ATHA)(OTCQB:AHNRF) ("Athena" or the "Company") is pleased to provide an exploration update from its Excelsior Springs Project in Nevada. Mammoth Minerals Limited (ASX:M79) (formerly Firetail Resources Limited) has been aggressively exploring Excelsior, per its option agreement to earn an 80% interest in the project over five years, providing Athena a free-carry to Definitive Feasibility Study thereafter (see press releases dated June 2, 2025, and August 22, 2025). Recently, Mammoth reported two significant announcements from its ongoing exploration campaign (refer to Mammoth Minerals press releases dated November 24, 2025, and November 26, 2025). As of today, Athena remains a significant (>5%) shareholder of Mammoth Minerals Limited.

Key Highlights from Recent Mammoth Diamond Drilling (Buster Trend)

• Strong initial results from Mammoth's maiden diamond drilling program at Excelsior, with multiple shallow high-grade gold intercepts in the first three diamond holes at the Buster Mine Trend, validating and extending the geological model:

  • 14.4m @ 4.33 g/t Au from 117m (MEXDD004), including:

    • 3.1m @ 19.10 g/t Au from 119.36m; and

    • 0.95m @ 15.98 g/t Au from 124.5m

  • 25.5m @ 1.05 g/t Au from 35.45m (MEXDD001), including:

    • 0.55m @ 26.7 g/t Au.

• These intercepts successfully tested 50m down-dip extensions and infill areas around the historic Buster Underground Mine (past production 19 koz @ 41 g/t Au) and validate Mammoth's targeting model developed from 14.5 km of historical drilling.

• Mineralisation remains open at depth and along strike; diamond drilling has thus far targeted ~1.1 km of the >5 km Buster Trend strike, with mineralization confirmed to 250m depth.

• Work has now commenced on an initial Mineral Resource Estimate and Exploration Target.

• Nine additional diamond holes totaling 1.3 km drilled have assays pending targeting down-dip extensions beneath the Buster Underground and the ~350m-long by ~25m-wide Buster Open Pit.

Key Highlights from High-Resolution Airborne Magnetics (Project-Wide)

• A high-resolution magnetic survey (40m line spacing) was conducted over the Excelsior Springs Project, including the additional claims recently staked by Mammoth.

• Per Athena's press release dated November 11, 2025, portions of this newly staked ground fall within the project's 5 km Area of Interest ("AOI") buffer around the existing Excelsior claims, automatically incorporating them into the joint venture ("JV") upon Mammoth's earn-in.

• The survey defined a large, 5.5 km x 4.2 km interpreted intrusive complex and associated caldera north of the Buster Trend.

• The feature exhibits strong geological and structural similarities to the 4.2 Moz Goldfield Caldera located 35 km to the north-east.

• High concentrations of historic workings, shafts, pits and costeans occur along the margins of the intrusion; Mammoth has collected 350 rock-chip samples from these old workings with assays pending.

• Multiple skarn-type targets identified within and proximal to the intrusive complex.

• Preliminary structural interpretation has extended the prospective Buster Trend geological strike to 7.3 km.

Figure 1: Drill collar plan showing Buster Trend (source: Mammoth Minerals Limited).

Figure 2: Cross-section A-A' of holes MEXDD001, looking west (source: Mammoth Minerals Limited).

Figure 3: Long-section B-B' of holes MEXDD0004 and MEXDD0006, looking north (Mammoth Minerals Limited).

Figure 4: TMI magnetics showing interpreted intrusive complex, MRDS database points, and historical exploration (source: Mammoth Minerals Limited).

Figure 5: Satellite imagery showing interpreted intrusive complex, MRDS database points, and historical exploration (source: Mammoth Minerals Limited).

QUALIFIED PERSONS STATEMENT
The technical information presented in this news release has been reviewed and approved by Benjamin Kuzmich, P.Geo., Vice President of Exploration for Athena Gold Corporation, and the Qualified Person for exploration at the Excelsior Springs Project, as defined by NI 43-101 "Standards of Disclosure for Mineral Projects". Readers are cautioned that historical records referred to in this press release have been examined but not verified by a Qualified Person. Further work is required to verify that historical records referred to in this press release are accurate. Information contained in this press release was taken from Mammoth Minerals Limited's recent press releases dated November 24, 2025 and November 26, 2025.

About Athena Gold Corporation
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 its projects across North America. Athena's Laird Lake project is situated in the Red Lake Gold District of Ontario, covering over 7,000 hectares along more than 10 km of the Balmer-Confederation Assemblage contact, where recent surface sampling results returned up to 373 g/t Au. This underexplored area is road-accessible, located about 10 km west of West Red Lake Gold's Madsen mine and 34 km northwest of Kinross Gold's Great Bear project. Meanwhile, its Excelsior Springs Project is located in the prolific Walker Lane Trend in Nevada, where it is currently under an earn-in option with Mammoth Minerals Limited (formerly, Firetail Resources Limited). The Excelsior Springs Project spans over 2,500 hectares and covers at least three historic mines. Athena also holds 100% interest in its Oneman Lake Au-VMS project in Ontario.

For further information about Athena Gold Corporation, please visit www.athenagoldcorp.com.

On Behalf of the Board of Directors
Koby Kushner
President and Chief Executive Officer, Athena Gold Corporation

For further information, please contact:
Athena Gold Corporation
Koby Kushner, President and Chief Executive Officer
Phone: 416-846-6164
Email: kobykushner@athenagoldcorp.com

CHF Capital Markets
Cathy Hume, CEO
Phone: 416-868-1079 x 251
Email: cathy@chfir.com

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 U.S. securities laws. All statements, other than statements of historical facts, included herein, including, without limitation, statements regarding future exploration plans, future results from exploration, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "will", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", ''potential", "scheduled", or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this press release, the Company has applied several material assumptions, including without limitation, that there will be investor interest in future financings, market fundamentals will result in sustained precious metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration and development of the Company's projects in a timely manner.

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.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this press release or incorporated by reference herein, except as otherwise stated.

Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Athena Gold Corporation

View the original press release on ACCESS Newswire

FAQ

What were Mammoth's key drill results at Excelsior reported November 2025 affecting AHNRF?

Mammoth reported maiden diamond results including 14.4m @ 4.33 g/t Au and 25.5m @ 1.05 g/t Au on the Buster Trend.

How deep and how far along strike is mineralization at Excelsior (AHNRF/M79)?

Mineralization has been confirmed to about 250m depth and targeted along ~1.1 km of an interpreted >5 km trend, with strike extended to 7.3 km by magnetics.

What exploration follow-up is planned for Excelsior that could affect AHNRF shareholders?

An initial Mineral Resource Estimate and Exploration Target are underway; additional assays and nine diamond-hole results are pending.

What did the airborne magnetic survey near Excelsior find and why does it matter for AHNRF?

A 40m-line survey outlined a 5.5 km x 4.2 km intrusive/caldera and multiple skarn-type targets, expanding regional prospectivity.

What is Athena's ownership position in Mammoth and how does that relate to AHNRF investors?

Athena remains a significant shareholder, holding more than 5% of Mammoth Minerals as of the update.