Athena Resources Limited announced completion of all data acquisition from the recent drilling program at the FE1 Deposit at the Companies Byro Industrial Minerals Project. Acquisition and compilation of data has included geological, structural, and geotechnical logging of all core, photography, magnetic susceptibility, and specific gravity measurements. This data will be integral and of sufficient quality to upgrade the confidence of the mineral resource when the MRE is completed.

A total of 849 samples were taken from chips and drill core and submitted to ALS Global for multi-element X-ray fluorescence (XRF) analysis which includes a suite of 24 elements. From this assay data, intervals will be determined for DTR test work. Previous DTR test work from drill samples at FE1 has shown that the grade increases substantially with magnetic separation.

The drilling program, completed during July 2022, included 15 Reverse Circulation (RC) drill holes, of which eleven were diamond tailed. Each of the diamond tails were cut, sampled, and submitted for assay. A total of 1,304.95m of HQ diameter diamond core, and 1,038.3m of RC was drilled.

The program will satisfy data gaps within the existing Inferred Mineral Resource and provide evidence to further establish geological continuity of magnetite mineralisation. Magnetic susceptibility (MagSus) is a direct measurement of the concentration of magnetite minerals within the core and is an excellent tool in estimating the width and extent of mineralisation. Nearly every diamond hole drilled showed broadly elevated zones with readings frequently above the upper detection limit of the KT-10 instrument used.

MagSus readings from current drilling clearly demonstrate magnetite mineralisation outside the modelled Inferred Resource parameters. MagSus readings on the same section line from Hole AHRC0107D show continued mineralisation of up to 50m below the inferred resource model while AHRC0108D shows a broad intersection of high MagSus to the west and outside the modelled Inferred Resource. These broad intersections correlate with heavily disseminated magnetite minerals that occasionally occur as a matrix within the host lithology.

Due to the high metamorphic grade, such mineralisation is frequently banded with kinked and folded structures. Further support of the significant intersections was gained from the specific gravity results. Where heavily disseminated magnetite was present, the specific gravity measured was typically between 3.4 and 3.6. The 103.36m intersection of magnetite mineralisation in diamond drill hole AHRC0111D held and average SG of 3.36 across the entire intersection further substantiating the continuity of magnetite mineralisation.

Assay data is expected to be returned to AHN over the coming weeks, with DTR test work results due a few weeks thereafter. All data will be validated, compiled, and provided to Entech Mining Consultancy. Entech Pty Ltd. have been commissioned by the Company to undertake the MRE, lifting the resource from inferred category to indicated.

This will in turn reduce the risk and increase the confidence level for further economic studies, namely a pre-feasibility study (PFS) anticipated to commence shortly thereafter.