subslover
4 years ago
Athena Silver Enters into Definitive Agreement to Acquire Advanced Stage Nevada Gold Exploration Excelsior Springs Project
Press Release | 12/15/2020
VACAVILLE, CA / ACCESSWIRE / December 15, 2020 / Athena Silver Corporation (OTCQB:AHNR) ("Athena" or the "Company") is pleased to announce that, further to its press release dated August 31, 2020, it has entered into a definitive property option agreement (the "Option Agreement") with Nubian Resources Ltd. ("Nubian") (TSXV:NBR), pursuant to which Nubian has granted Athena the option (the "Option") to acquire a 100% interest in Nubian's Excelsior Springs exploration project located in Esmeralda County, Nevada, USA ("Excelsior Springs" or the "Property"). Nubian will retain a 1% net smelter returns royalty ("NSR Royalty") on the Property, and Athena will have the right to purchase 0.5% (being one half) of the NSR Royalty for CAD $500,000 and the remaining 0.5% of the NSR Royalty at fair market value.
Athena plans to make Excelsior Springs its flagship project and commenced an initial work program on the Property in September 2020. In connection with the Exchange Listing (as defined below), the Company intends to have a technical report prepared on the Property before the end of December 2020. The technical report will be prepared under National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and will recommend a future exploration program to advance the Property. Excelsior Springs is located in the prolific Walker-Lane tectonic zone, an area that has seen a recent resurgence with several important gold discoveries and gold mines going into production.
Excelsior Springs is a large, intrusion-related, gold-bearing hydrothermal system which has generated a 2.5 km-long zone of intense alteration containing all of the project's historic RC drill holes. Of the 84 holes drilled, 61% contain a minimum 20-foot-long intercept of greater than 0.25 gm Au/T, which is the typical cut off grade for most of Nevada's open-pit gold mines. "This widespread mineralization clearly demonstrates the potential to establish an N.I. 43-101 compliant resource with further drilling." Power said. "These historic drill results provide a great foundation to build upon and to quickly advance the project, which we believe has the potential to host one or more open-pittable gold deposits. The majority of known mineralization is in the oxide zone, but several holes have anomalous gold values associated with disseminated pyrite and skarn zones. This type of mineralization, along with a pronounced IP chargeability anomaly, suggests the potential for a large zone of sulfide-hosted gold mineralization at depth," added Power.
Commercial Terms
The Option is structured as a two-stage option, whereby Athena has an initial option to earn a 10% interest in the Property (the "First Option" ), followed by a second option to earn an additional 90% interest (the "Second Option" ), subject to the NSR Royalty. The First Option can be exercised through a cash payment by Athena of USD $10,000 to Nubian and the issuance of 5,000,000 Athena common shares to Nubian (each, a "Consideration Share"). The Second Option can be exercised by Athena through the issuance of an additional 45,000,000 Consideration Shares to Nubian, and the completion of certain other conditions precedent, including Athena having completed the listing of its common shares (the "Exchange Listing") on the Canadian Securities Exchange or such other stock exchange agreed to by the parties (the "Exchange"). Nubian has agreed to a contractual hold period of six months for the Consideration Shares commencing on the Exchange Listing and ending on the earlier of (i) six (6) months from the date of the Exchange Listing, and (ii) December 31, 2021. If Athena does not complete the exercise of the Second Option by December 31, 2021, the 10% interest earned by Athena under the First Option will revert to Nubian, and Athena would no longer hold any interest in the Property.
About Excelsior Springs Gold Project, Esmeralda County, Nevada
The Excelsior Springs mining claims cover an area of 3.5 km2, including the historic Buster mine, which had estimated historical production of 18,000 tonnes (T) at 37.3 grams gold per tonne (g Au/T) gold to a maximum depth of 70 m. The Property is located in the Walker-Lane tectonic zone of southern Nevada, which hosts a number of large historic gold mines. Total gold production from the Walker-Lane tectonic zone has exceeded 20 million ounces (Moz), including notable deposits by Goldfields (5 Moz), Bullfrog (2 Moz), Tonopah (2 Moz), Mineral Ridge (1.5 Moz), and Comstock (8 Moz Au, 200 Moz Ag). Nubian owns 100% of the 140 unpatented claims at Excelsior Springs, with two additional patented claims held under a lease option that is subject to a 2% net smelter returns royalty on gold production.
The reports of past production on Excelsior Springs are historical in nature and may not accurately indicate the extent or grade of mineralization present on the Property. Although the Company believes the source of the historical information to be generally reliable, such information is subject to interpretation and cannot be verified with complete certainty due to limits on the availability and reliability of raw data and other inherent limitations and uncertainties. Readers are cautioned that the Company has no interest in or right to acquire any interest in any of the above-mentioned properties, other than Excelsior Springs and that the mineral deposits and the results of any mining thereof, on adjacent or similar properties are not indicative of mineral deposits on Excelsior Springs or any potential exploitation thereof.
From the mid-1980s through 2011, a number of exploration companies conducted drilling programs, primarily on the patented claims, that began to define the near-surface Buster Mine gold zone. Gold mineralization at the Propert
threewheeler
4 years ago
wow this a dead stock in ur acct?? Increase our authorized shares from 100,000,000 shares of common stock to 250,000,000 shares of common stock (the “Share Increase”). The increase in authorized common stock will be effected by an amendment to our Certificate of Incorporation.
· Authorize the Board of Directors to undertake a Reverse Split (the “Reverse Split”) of all outstanding securities by a factor of up to one-for-five (1-for-5) at such time and by such a factor, within the forgoing limits, as the Board of Directors shall determine. Fractional shares will be rounded up to the nearest whole.
· Authorize the change of the Company’s name to a name to be determined by the Board of Directors. The change of name will be effected by another amendment to our Certificate of Incorporation.
· Authorize and approve the adoption of the Company’s 2020 Equity Incentive Plan and to authorize the issuance of up to 10,000,000 shares of common stock pursuant to the exercise of options and rights under the Plan.
https://www.otcmarkets.com/stock/AHNR/news/Athena-Silver-Enters-into-Definitive-Agreement-to-Acquire-Advanced-Stage-Nevada-Gold-Exploration-Excelsior-Springs-Proje?id=283562
MWM
14 years ago
.....History of the Langtry Silver Deposit
The Mining District known as Calico in which the project is located, was once famous for its high grade silver mines. Between 13 and 20 million ounces of silver were produced from vein mining in the Calico District during the period from 1882 and 1896. Few production or exploration efforts were made in the district again until the late 1950’s. At that time the price of barite, an industrial mineral primarily used in the oil drilling industry, rose substantially. In the 1960s, Asarco and Superior Oil Company revealed an aerially extensive, near surface zone of disseminated silver-barite mineralization.
Superior Oil Company, Minerals Division successfully explored the Langtry area and discovered a large disseminated silver deposit. In 1984, Mobil Corporation acquired Superior Oil Company for $5.7 billion. In 1986, Mobil sold the Langtry group of patented and unpatened claims to Buttes Gas and Oil, Inc. which was also a NYSE listed company. Mobil still retains a royalty interest in the patented claims.
A mineable reserve of silver ore was calculated by Superior Oil for the Langtry patented claims and was reported as 22 million tons of drill proven ore that grades 2.37 ounces/ton silver and 7.9% barite per ton. The open pit mineable resource was calculated to have a 3.3:1 waste to ore ratio at 1.3 opt silver mine cutoff grade. This historic resource was based on over 200 rotary drill holes.
Although at the present time a fully defined open pit mine plan with a measured reserve has not yet been calculated for the project, a mineable, drill measured historic resource of silver has been defined. It is reasonable to expect that following additional data gathering a detailed feasibility study for the mining project could be produced.
--------------------------------------------------------------------------------
eom7
14 years ago
Athena Silver Corp. Announces Assay Results From Langtry Drilling Program[/b]
Athena Silver Corp (OTCBB:AHNR)
Intraday Stock Chart
Today : Monday 4 April 2011
Athena Silver Corp. (OTCBB:AHNR) today announced assay results for the second major component of its recently completed drilling program in San Bernardino County, California. Athena drilled a total of 13 holes in January and February 2011 at the Langtry Silver Project, three angle holes and 10 vertical holes. The 10 vertical holes are to validate the results of an earlier drilling program undertaken by Superior Oil Company in the 1960's and 1970's.
Highlights
Assay results of the 10 vertical holes are complete and significant intercepts include:
Drill hole ATH-1 intercepted a 15-foot interval averaging 3.06 ounces per ton of silver.
Drill hole ATH-4 intercepted an 85-foot interval averaging 4.47 ounces per ton of silver.
Drill hole ATH-5 intercepted an 80-foot interval averaging 4.36 ounces per ton of silver.
Drill hole ATH-7 intercepted a 65-foot interval averaging 3.43 ounces per ton of silver.
Drill hole ATH-10 intercepted an 80-foot interval averaging 3.04 ounces per ton of silver.
"We are extremely pleased with our results to date," said John Power, President & CEO of Athena. "All drill holes encountered material intervals of silver mineralization. We have achieved a major milestone by substantially replicating the results achieved by Superior Oil Company in the 1970s for the twinned hole locations."
Athena is pleased to report the following summary details on the 10 vertical holes comprising the twin program.
Mineralized intervals were intercepted at very similar depths down hole and had very similar total interval lengths.
Some variability is observed in the average silver values between the drill hole-pairs, with the newer hole sometimes being higher in value and sometimes lower.
Local variation occurs between individual samples and short intervals of several samples, which is likely attributed to natural geologic irregularity in the mineralization that occurs over the short distances between drill holes.
Quality control work, using standards, duplicates and blanks supported the quality of the new analyses.
A table summarizing all of the drill hole assay results will be posted on our Facebook page and at www.athenasilver.com before April 9, 2011.
The results for the three angle holes were released on March 29, 2011. The angle holes were intended to further explore and define silver deposits near the historic workings on the Langtry claims. They can be summarized as follows:
Drill hole ATH-12 intersected an 85-foot interval averaging 2.85 ounces per ton of silver.
Drill hole ATH-13 intersected a 135-foot interval averaging 3.57 ounces per ton of silver.
Drill Hole ATH-14 intersected a 115-foot interval averaging 2.19 ounces per ton of silver.
(Note: ATH-13 and -14 were drilled from the same drill site. ATH-13 was drilled at a 50-degree angle and ATH-14 was drilled at a 60-degree angle from this location. ATH-12 was drilled from a different location at a 60-degree angle.)
"These positive assay results allow us to aggressively move forward on the Langtry project" said Power. "We will be furthering our plans for extensive metallurgical studies and the preparation of a NI 43 -101 technical report."
The 10 vertical holes in the 13-hole Athena drilling program were to depths of between 350 feet to 575 feet for a total of 4,325 feet to test the results of a much larger historic drilling program conducted by Superior Oil Company. The three angle holes in the program were drilled to a depth of between 500 feet and 600 feet for a total of 1,700 feet were more exploratory, targeting veins near 19th century historic workings on the property.
The historical resource estimate at Langtry thus far has been defined by 201 rotary drill holes made by the minerals division of Superior Oil Company in the late 1960s and early 1970s. Average hole depth was 400 feet and the deepest hole was 575 feet. The estimated historical resources on the Langtry claims as reported by Superior Oil were a 22 million ton ore body, with silver grading at an average of 2.37 ounces per ton for a total of 52.14 million ounces. Superior estimated a potential 65% recovery rate on the silver ore. Superior was an NYSE listed independent American Oil Company acquired by Mobil Corporation (now Exxon Mobil Corp. --NYSE "XOM") in 1984 for $5.7 Billion. Athena has not independently verified these historical estimates and cannot attest to their accuracy.
Athena is now on Facebook at www.facebook.com/athenasilvercorporation with photographs of the recent drilling program and other activities on the property.
Athena Silver Corp. is a domestic silver exploration company focused on the western United States. It entered into a 20-year mining lease with option to purchase the Langtry Claims on March 15, 2010. The Langtry property consists of 20 patented claims comprising 413.22 acres in the Calico Mining District of San Bernardino County, California. Our Lease/Purchase agreement is subject to continuing financial and work commitments on the claims and other royalties more fully described in the company's filings available on the SEC's website at www.sec.gov. The Langtry silver resource is near the Waterloo silver resource owned by Pan American Silver Corp. which reports a historical estimate of 37,235,000 tons at 2.71 ounces per ton of Silver. Athena Silver has also staked nine unpatented lode claims on BLM land between the Langtry and Waterloo claims.
We have no reportable mineral reserves within SEC reporting requirements. Even if we confirm the existence of silver resources, it may not be of sufficient quantity so as to warrant recovery. Additionally, even if we find silver in sufficient quantity to warrant recovery it ultimately may not be recoverable. Finally, even if any silver is recoverable, we do not know that this can be done at a profit. Failure to locate silver resources in economically recoverable quantities will cause us to suspend operations.
Safe Harbor
This press release may contain projection and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. Any such statement reflects the Company's current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur and actual results could differ materially from those presented. A discussion of important factors that could cause actual results to differ from those presented is included in the Company's periodic reports filed with the Securities and Exchange Commission at www.sec.gov.
CONTACT: John Power
707-884-3766
information@athenasilver.com
Level up your trading with our powerful tools and real-time insights all in one place.
Ask ADVFN Intelligence (AI)
Monroe1
6 months ago
antman
2 years ago
KeepOn
3 years ago
ThatHawaiiGuy
3 years ago
Renee
4 years ago
Hot Features
Premium
