- Athena Gold (CSE:ATHA) uncovered a near-surface, high-grade grassroots gold discovery on its Laird Lake project in Ontario’s robustly mineralized Red Lake district.
- The junior mining company is advancing a portfolio in Canada and the United States strategically located near producing or past-producing mines.
- Athena Gold stock is up by 55.43 per cent on the news trading at C$0.44 as of 1:23 pm ET.
Athena Gold (CSE:ATHA) uncovered a near-surface, high-grade grassroots gold discovery on its Laird Lake project in Ontario’s robustly mineralized Red Lake district, which, according to Wednesday’s news release, ranks among the world’s highest-grade gold camps and has produced more than 30 million ounces of gold since the 1920s.
This article is a journalistic opinion piece which has been written based on independent research. It is intended to inform investors and should not be taken as a recommendation or financial advice.
The drillhole in question, LL-26-006A, yielded 23.85 grams per ton (g/t) gold over 5 metres (m) from 21-26 m depth in the newly named Scooby zone located near the Balmer-Confederation contact, a well-known structure hosting the majority of Red Lake’s gold production.
The 5,134-m maiden drilling program also yielded LL-26-008, drilled 400 m below LL-26-006A, returning 8.03 g/t gold over 0.62 m within a broader zone of 1.37 g/t gold over 4.5 m, setting a prospective tone for numerous targets to be tested in a 10,000-m, phase-two drilling program later this year.
Leadership commentary
“This is a genuine grassroots discovery on ground that has still seen such little drilling,” Koby Kushner, President and Chief Executive Office of Athena Gold, said in a statement. “Hitting nearly 24 grams over five metres this close to surface in our first program validates the two years of systematic targeting we put in. It’s early days; the Scooby zone is open, and we still have over 10 kilometres of Balmer-Confederation contact remaining largely untested.”
“Hole 6 represents the best gram-metre hit within a roughly 10 kilometre radius, with the next closest discoveries being at the Madsen mine and the Great Bear project, respectively. We are incredibly proud of making Red Lake’s newest discovery. What we find particularly encouraging about this discovery is the width of the intersection, and that Hole 8, drilled over 400 m vertically below Hole 6, was able to demonstrate that mineralization continues. These results fundamentally change the project and follow-up work will be focused on delineating this new gold zone,” added Ben Kuzmich, Vice President of Exploration.
About Athena Gold
Athena Gold is a junior mining company advancing a portfolio in Canada and the United States strategically located near producing or past-producing mines.
Athena Gold stock (CSE:ATHA) is up by 55.43 per cent on the news trading at C$0.44 as of 1:23 pm ET. The stock remains down by 13 per cent year-over-year.
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