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BOULDER, Colo., March 19, 2013 (GLOBE NEWSWIRE) -- Athena Silver Corporation (OTCBB:AHNR) is pleased to announce its completion of February 2013 obligations to the Strachan Trust with a payment of $125,000 and the issuance of 1,000,000 shares as required under the recently amended Lease/Option. Details of the transaction were described in the company's 8-K and November 29, 2012 press release. The Lease/Option amendment substantially reduces future lease and royalty obligations to the Strachan Trust for Langtry and calls for other payments to Strachan that will allow Athena to fully capitalize on the opportunity to reduce lease and royalty obligations on Langtry.
Athena also announced an update on its metallurgical work program at METCON Research in Tucson, Arizona. The bulk samples collected for the new tests were below the cut-off grade as the project resource is currently envisioned but a bottle roll test on the low-grade ore still yielded a silver recovery of approximately 45% after 96 hours of agitated leach with relatively low consumption of cyanide.
"We plan to do further analytical work using cuttings from our 2010/2011 confirmation drilling that will give us better control of the average head grade being tested and conduct more bottle roll tests at various head grades. One of our objectives is to investigate further the optimum level of crushing required to maximize our silver recovery," said John Power, President of Athena Silver Corporation.
CALICO MINING DISTRICT UPDATE
The Calico District continues to carry a lot of interest with major exploration firms aggressively exploring on adjacent claims:
Adjacent to Athena claims to the Southeast, Pan American Silver Corporation (Nasdaq:PAAS) continues to advance its Waterloo silver project in the Calico District, which Pan American has stated contains a large historical mineral resource estimate in excess of 100 million ounces of silver. Pan American has also indicated that it recently finished a Phase II drill program and is waiting for final assay results but so far it looks very similar, maybe slightly higher than the old drilling that was been done in the '60s by Asarco. According to Pan American, they are budgeting approximately $3.6 million in 2013 on its confirmation drilling program, further metallurgical studies and a scoping study with a goal of publishing an updated mineral resource in 2013.
Athena's Langtry project together with Pan American's Waterloo project are classified together as a "single significant deposit" by the United States Geological Survey which maintains a database of significant domestic resources for precious metals.