Athena Gold has announced plans to acquire a complete interest in the Forester Gold Project near Orla Mining’s Musselwhite Gold Mine in north-western Ontario, Canada.
The company intends to secure the 4,900-hectare (ha) Forester project through an all-share transaction, which will be free from any substantial encumbrances except for an existing 2% net smelter return royalty.
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The company retains the option to repurchase half of this royalty for $2m (C$2.73m), with adjustments for inflation.
By obtaining Forester, Athena diversifies its risk and leverages its expertise in Ontario mineral exploration.
The project complements the company’s Laird Lake Project, sharing similar geological features indicative of substantial gold potential.
The Forester site is strategically located less than 30km south-east of the Musselwhite Mine, acquired by Orla Mining for up to $850m, which has generated more than six million ounces (moz) of gold to date.
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By GlobalDataThis proximity offers Athena access to established road and air connections crucial for effective operations in this mining district.
The geology of Forester mirrors that of Musselwhite, comprising iron formations, volcanics and sediments, yet it remains underexplored despite notable surface gold occurrences.
Athena aims to explore both high-grade and bulk-tonnage styles, with a proposed diamond drilling programme set for 2026 to verify and expand upon historical findings.
Meanwhile, Athena anticipates drill approvals for its Laird Lake Project in the Red Lake Gold District and is preparing for its inaugural diamond drilling campaign later this quarter.
Athena Gold CEO Koby Kushner said: “The acquisition of Forester provides a strong complement to our Ontario portfolio. Like our flagship Laird Lake Project, Forester is historically underexplored yet lies along trend – in a similar geological environment – from a producing, multimillion-ounce gold mine.
“Despite only limited drilling in the 1980s, we are impressed by the exceptional grade-thickness gold hits of up to 60 gram-metres, which we consider highly anomalous given the shallow and sparse nature of that programme.
“Back then, large-scale open-pit mining of orogenic gold systems was virtually non-existent in Canada, so the bulk-tonnage potential at Forester was largely overlooked. With a newly consolidated land package, a much stronger gold price environment and access to modern exploration tools, we believe we are well-positioned to build upon the historical work with a fresh perspective and systematically unlock value at Forester.”
