Shallow High-Grade Gold Intersected At Excelsior Springs Project

VACAVILLE, CA - Athena Gold Corporation reported on assay results from the 2022 reverse circulation (RC) phase 1 drill program at its Excelsior Springs Project located approximately 45 miles southwest of Goldfield in Esmeralda County, Nevada. A total of 11 vertical and angle holes were completed in this Program in early April 2022 on patented and unpatented claims comprising the Project.

High grade gold was discovered in hole DB-23 in a 110-foot intercept of 5.15 Au g/t and 8.9 Ag g/t including a 55-foot intercept of 10.03 Au g/t and 17.3 silver g/t, and 35-foot intercept of 15.3 Au g/t and 26.5 Ag g/t over 35 feet. These intercepts started at a depth of 140 feet in this 500 angled hole, which is located at the east end of known mineralization in the Buster zone.

DB-23 contained the highest-grade intercept of more than 20 feet thick at the Project and its Grade x Thickness ("G x T") product of 566 is twice as large as the next highest G x T from the Project's known historical RC drilling. In addition, it is open up and down dip and untested for potential strike length extensions of at least 450' to the west and more than 1,000 feet to the east.

John Power, President, and CEO, commented, "DB-23 is the best drill hole in the history the project. This remarkable High-grade discovery validates the potential of our flagship Project. Our technical advisors did an excellent job examining the technical database that includes 84 historic RC drill holes completed since 1986, developing the drill targets, and executing our initial RC drill Program."

Intercept Highlights: 10.03 g/t Au and 17.3 g/t silver over 55 feet starting at 140 feet in DB-23, including 15.3 g/t Au and 26.5 g/t Ag over 35 feet; 1.10 g/t Au and 4.0 g/t Ag over 60 feet starting at 215 feet in DB-03, including 2.61 g/t Au over 20 feet; 1.11 g/t Au and 4.0 g/t Ag over 20 feet starting at 110 feet in BT-07; and 1.48 g/t Au and 2.8 g/t Ag over 20 feet starting at 265 feet in DB 22.

The Program was designed to better delineate and expand known mineralization along strike at the Project, aggressively test new peripheral targets, and further substantiate the Project as a regional-scale, intrusion-related, gold-bearing, hydrothermal system.

The intercept in DB-03 confirms the down dip and strike length extensions of gold mineralization from nearby historic RC holes.

The intercept in BT-07 is an extension of known mineralization in the historic underground workings northeast from the Upper Buster shaft and supports subsequent drilling up and down dip and along strike further to the northeast.

The intercepts in DB-22 appear to be located above the intercepts in DB-23 but further drilling and studies are required to fully define and assess the relationship of the intercepts in these two holes and the potential extensions therefrom.

All samples were shipped to American Assay Laboratories, an independent ISO-certified laboratory in Reno, Nevada. Additional drilling and analysis are required to determine the extent and true thicknesses of the new and existing mineralized intervals. Future exploration plans at the Project include detailed geological studies of the projected outcrop of this new mineral discovery along with further review of historical information in this area. A Phase 2 drill program will then be designed primarily to extend this mineralization along strike and up and down dip, as well as drilling other priority targets.