Athena Gold Expands Ontario Footprint With Strategic Forester Project Acquisition
Toronto, Friday, 13 March 2026.
Athena Gold acquired the 4,900-hectare Forester Project, strategically positioning its exploration efforts less than 30 kilometers from Orla Mining’s massive Musselwhite operations to capitalize on regional resource consolidation.
Deal Mechanics and Geological Potential
The transaction, finalized on March 13, 2026, was executed through a share purchase agreement originally dated February 25, 2026 [1]. Athena Gold Corporation absorbed Last Bounty Gold Corp. by issuing 42,000,000 common shares priced at CAD $0.08 per share, valuing the equity exchange at approximately CAD 3.360 million [1]. This all-share transaction grants the former owners of Last Bounty a 12% non-diluted stake in Athena [1][2]. Notably, the deal was structured without the application of finder’s fees and will not result in the creation of any new corporate insiders [2].
Capitalizing on Regional Proximity
The strategic value of the Forester property is heavily anchored to its location less than 30 kilometers southeast of the Musselwhite Gold Mine [1]. This neighboring asset is now under the umbrella of Orla Mining Ltd., a Canadian major with a market capitalization of approximately 5.04 billion EUR [3]. Following its own recent acquisition of Musselwhite from Newmont, Orla Mining has projected a robust fiscal year 2025 production forecast of 280,000 to 300,000 ounces of gold at an all-in sustaining cost (AISC) of $1,300 to $1,500 per ounce [3]. By positioning itself in the shadow of such substantial infrastructure and proven mineralization, Athena is systematically reducing its regional exploration risk [GPT].
Advancing the Broader Exploration Portfolio
While the Forester acquisition solidifies Athena’s long-term pipeline, the company’s immediate operational focus remains sharply tuned to its flagship Laird Lake project [1][2]. Situated in Ontario’s prolific Red Lake Gold District, the Laird Lake property spans over 7,000 hectares and has historically yielded exceptional surface sampling results of up to 373 grams per tonne (g/t) of gold [1]. The property is strategically nestled just 10 kilometers west of West Red Lake Gold’s Madsen mine and 34 kilometers northwest of Kinross Gold’s Great Bear project [1].