Athena Silver Expands Holdings in Calico Mining District
BOULDER, CO -- (Marketwired) -- 06/02/14 -- Athena Silver
Corporation (OTCBB: AHNR) is pleased to announce the purchase of 160
acres of land, located in the Calico Mining District, San Bernardino
County, California. The parcel, is the SE quarter of Section 25,
Township 10 North, Range 1 East and is mostly surrounded by public
lands. It was purchased for approximately $21,000 in a property tax
auction conducted on behalf of the County.
"The acquired property is in the eastern part of the district in an
area of historic industrial mining activity and includes a prominent
topographical feature known as "Chimney Rock," said Athena President
John Power. "The property expands our land position in Calico and
gives us additional holdings that may be of great value later for
remediation purposes or land swaps."
Power said the company's flagship Langtry Silver project is one of a
handful of pure play domestic silver deposits held by junior
exploration companies and provides significant value over resources
located in more unstable geopolitical jurisdictions.
The Calico Mining District has seen substantial exploration activity,
as it is also home to the Waterloo deposit owned by Pan American
Silver and an area where a substantial private precious metals group
has compiled a district-scale exploration project adjacent to the
company's holdings in the District.
About Athena Silver Corporation:
Athena Silver Corporation is a junior exploration company focused on
the exploration and development of its flagship Langtry silver
project in San Bernardino County, California.
Langtry Silver Project, San Bernardino County, California
The Langtry silver project consists of 862 acres including 20
patented claims comprising 413.22 acres in the Calico Mining District
of San Bernardino County, California. Athena entered into a 20-year
mining lease with an option to purchase the Langtry patented claims
effective March 15, 2010 and amended in 2012 and 2013. The
Lease/Purchase agreement is subject to continuing financial and other
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 historical resource estimate at Langtry is defined by 201 rotary
drill holes drilled by the minerals division of Superior Oil Company
in the late 1960s and early 1970s. Average depth was 400 feet and the
deepest hole was 575 feet. Superior estimated 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 and a potential 65% recovery rate on
the silver ore. Athena has not independently verified this historical
estimate and cannot attest to their accuracy.
An update resource estimate was commissioned by Athena and that
database includes just 135 of the Superior holes together with the 13
holes drilled by Athena in 2011.
An NI 43-101 technical report compiled by SRK International was
published on May 3, 2012 based on the market price at that time of
$30 per silver ounce for the Langtry project with an Indicated
Resource of 18,809,000 Ounces of Silver and Inferred Resource of
42,623,000 Ounces of Silver. This information does not qualify as a
resource estimate under applicable SEC reporting requirements.
Lava Beds District Prospect, San Bernardino County, California
Athena also has fee simple ownership of a 661.37 acre property near
the Lava Beds Mining District and has evidence of historic mining. It
is adjacent to both the "Silver Cliffs" and "Silver Bell" historic
mines. The property is located in the same regional geologic area
known as the "Western Mojave Block" that includes our flagship
Langtry project. It is approximately 28.5 miles SE of our Langtry
project. The property appears to be located in a Desert Tortoise
Conservation area and may also have value as mitigation land.
The terms "mineral reserve", "proven mineral reserve" and "probable
mineral reserve" are Canadian mining terms as defined in accordance
with Canadian National Instrument 43-101 - Standards of Disclosure
for Mineral Projects ("NI 43-101") and the Canadian Institute of
Mining, Metallurgy and Petroleum (the "CIM") - CIM Definition
Standards on Mineral Resources and Mineral Reserves , adopted by the
CIM Council, as amended. These definitions differ from the
definitions in the United States Securities and Exchange Commission
("SEC") Industry Guide 7 under the United States Securities Act of
1933, as amended (the "Securities Act"). Under SEC Industry Guide 7
standards, a "final" or "bankable" feasibility study is required to
report reserves, the three-year historical average price is used in
any reserve or cash flow analysis to designate reserves and the
primary environmental analysis or report must be filed with the
appropriate governmental authority.
In addition, the terms "mineral resource", "measured mineral
resource", "indicated mineral resource" and "inferred mineral
resource" are defined in and required to be disclosed by NI 43-101;
however, these terms are not defined terms under SEC Industry Guide 7
and are normally not permitted to be used in reports and registration
statements filed with the SEC. Investors are cautioned not to assume
that all or any part of a mineral deposit in these categories will
ever be converted into reserves. "Inferred mineral resources" have a
great amount of uncertainty as to their existence, and great
uncertainty as to their economic and legal feasibility. It cannot be
assumed that all or any part of an inferred mineral resource will
ever be upgraded to a higher category. Under Canadian rules,
estimates of inferred mineral resources may not form the basis of
feasibility or pre-feasibility studies, except in rare cases.
Investors are cautioned not to assume that all or any part of an
inferred mineral resource exists or is economically or legally
mineable. Disclosure of "contained ounces" in a resource is permitted
disclosure under Canadian regulations; however, the SEC normally only
permits issuers to report mineralization that does not constitute
"reserves" by SEC Industry Guide 7 standards as in place tonnage and
grade without reference to unit measures.
For more information, please visit the Company's website at
This release contains "forward-looking statements". Such statements
are based on good faith assumptions that Athena Silver Corporation
believes are reasonable but which are subject to a wide range of
uncertainties and business risks that could cause actual results to
differ materially from future results expressed, projected or implied
by such forward-looking statements. Factors that could cause actual
results to differ from those anticipated are discussed in Athena
Silver Corporation's periodic filings with the Securities and
Athena Silver Corporation
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