WHITE ROCK, BC — February 26, 2026 — Leads & Copy — Athena Gold Corporation is set to acquire a 100% interest in the Forester Gold Project, located near Orla Mining’s Musselwhite Gold Mine in northwestern Ontario.
Athena Gold Corporation (CSE:ATHA)(OTCQB:AHNRF) will acquire the Forester Gold Project through an all-share deal. The 4,900-hectare project is located less than 30 km southeast of Orla Mining’s Musselwhite Gold Mine, an area with established road and air connections.
The Forester Gold Project shares geological similarities with the Musselwhite mine, featuring iron formations, volcanics, and sediments. Historical data shows that the area has been underexplored for over 30 years, despite multiple gold occurrences, including surface grab samples yielding up to 147 g/t Au.
Past drilling (1984-1986) on the eastern Tex Zone revealed significant gold intercepts at surface, with several holes ending in mineralization. Examples include:
- Hole TN86-2: 89.2m length, 61.8m sampled, 27.4m unsampled core, 0.68 g/t average grade of hole, 0.98 g/t average grade of sampled core
- Hole TN86-1: 101.4m length, 56.2m sampled, 42.0m unsampled core, 0.46 g/t average grade of hole, 0.80 g/t average grade of sampled core
- Hole TN84-1: 154.2m length, 53.3m sampled, 98.7m unsampled core, 0.28 g/t average grade of hole, 0.80 g/t average grade of sampled core
Athena plans a potential diamond drill program later in 2026 to verify and extend historical results and explore new targets. The company awaits drill approvals for its Laird Lake Project in the Red Lake Gold District and intends to mobilize for its maiden diamond drilling campaign this quarter.
According to Athena CEO Koby Kushner, the acquisition complements their Ontario portfolio. Kushner noted similarities to the Laird Lake Project, emphasizing the underexplored nature and geological environment akin to a producing gold mine. He also mentioned impressive grade-thickness gold hits from limited drilling in the 1980s and sees an opportunity to unlock value at Forester with a fresh perspective.
The terms of the Share Purchase Agreement, dated February 25, 2026, stipulate that Athena will acquire all shares of Last Bounty Gold Corp., the Vendor, by issuing 42,000,000 common shares at CAD $0.08 per share. This represents approximately 12% of Athena on a non-diluted basis. The Consideration Shares will be subject to restrictive legends and hold periods. No finder’s fees will be paid, and no new insiders will be created.
The Project is subject to a 2% NSR royalty, half of which Athena can repurchase for CAD $2,000,000, adjusted for inflation. The Transaction is subject to approval by the Canadian Securities Exchange.
Benjamin Kuzmich, P.Geo., Vice President of Exploration for Athena Gold Corporation, has reviewed and approved the technical information. The company has begun reaching out to local Indigenous groups and has commenced preparation for drill permitting.
In addition to gold, the Project is also prospective for hosting critical metals, including copper with historical results returning up to 1.49% Cu along with 2 g/t Au from surface grade samples. The copper potential at Forester has never been a focus of historical exploration and represents an opportunity for Athena.
Athena Gold Corporation is focused on acquiring and exploring high-potential projects in North American mining districts. The Laird Lake project covers over 7,000 hectares in the Red Lake Gold District. The Excelsior Springs project, in Nevada’s Walker Lane Trend, is under an earn-in option with Mammoth Minerals Limited.
Source: Athena Gold Corporation
