Athena Resources : Quarterly Activities Report

DECEMBER 2020 - QUARTERLY REPORT

ATHENA RESOURCES LIMITED

ASX	AHN
Symbol:
ACN:	113 758 900
Address:	21 Millstream Rise
	Hillarys
	WA 6025
Telephone:	[phone]
Email:	[e-mail]
Website:	www.athenaresources.com.au

CONTACTS

Mr Ed Edwards

Executive Director

PROJECTS

Byro Project (Athena 100%):

Industrial Minerals, Iron Ore,

Nickel-Copper-PGE's

SECURITIES

310 million Ordinary Shares

SHAREHOLDERS
Brilliant Glory	13.85%
Mr E Edwards	12.28%
Goldway Mega	12.73%
Mr P Newcomb	5.51%

CORPORATE

PLACEMENT

Placement to Raise $85,000

BYRO BASE METALS PROJECT

New Focus on base metal exploration following full review of the prospective base metals within the Byro tenements resulting in 5 Targets Identified within the Milly Milly intrusion and at the Moonborough intrusion.

MILLY MILLY Intrusion

Milly Milly exploration program has further developed the two target areas and designed drilling programs. POW's were applied for and granted for Milly Milly exploration program.

Moonborough Intrusion

Moonborough exploration program has confirmed an existing EM target and defined 2 new EM targets. POW's were applied for and granted for Moonborough exploration program.

BYRO INDUSTRIAL MAGNETITE

PROJECT

Athena Resources has been investigating potential synergies with the proposed MidWest development of renewable hydrogen and the production of green steel.

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Athena Resources Limited - Second Quarter Activities Report

CORPORATE

PLACEMENT

On 30 December 2020 Athena Resources Limited announce that it had completed a placement of 2,428,571 fully paid ordinary Athena shares at an issue price of $0.035 each to raise $85,000 (Placement).

The shares under the Placement (Placement Shares) were issued to Goldway Mega Trade Limited (Goldway), a Hong Kong registered company. Goldway is not a related party of Athena.

OFFICE CLOSURE AND COVID - 19 RESPONSE

The Athena Resources new registered office is at 21 Millstream Rise, Hillarys, WA 6025. Telephone [phone].

Staff continue to work from home remotely and can be reached by email at - [e-mail]

The Company continues to be eligible for JobKeeper for it's one full time employee and will be entitled to $1,200 per fortnight under the current government proposals.

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Athena Resources Limited - Second Quarter Activities Report

BYRO BASE METAL EXPLORATION

Renewed focus on base metal exploration with geophysical review in progress focused on the prospective base metals within the Byro tenements. The review to date resulting in 5 Targets areas confirmed within the Milly Milly intrusion and at the Moonborough intrusion. Final review summary is currently underway. Ground EM surveys (MLEM), to further resolve the targets is currently being developed.

MILLY MILLY Cu/Ni/PGE INTRUSION

A PoW application was submitted on 22 November 2020 and later approved covering the exploration program within the E09/1637 tenement for a period of 4 years. This approval is restricted to the use of ground disturbing equipment undertake the activities. E09/1637 PoW. Registration ID 92254

Figure 1. PoW approved drill locations on magnetic response with gravity anomaly adjacent to the west and north of the main intrusion contact.

Two Target areas are currently being focused on, Figure 1. Target area 1 is interpreted as a potential conduit and sulphide trap shown in Figure 2 below. Target area 2 is located above the large gravity anomaly coincident with favourable and anomalous geochemistry from drill hole AHRC0007 suggesting a possible second layer to the intrusion and potential mixing boundary with the potential for sulphur addition.

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Athena Resources Limited - Second Quarter Activities Report

Moonborough Cu/Ni/PGE INTRUSION

A program was designed and PoW application submitted on the 16/10/2020 covering exploration within the E09/1507 tenement for a period of 4 years. The approval is restricted to the use of ground disturbing equipment to undertake the activities. E09/1507 PoW. Registration ID 92853

The PoW took longer than usual through the approval process due to some of the drill targets falling within the freehold land associated with the Byro Pastoral Lease. Athena was required to seek amendment to the Grant of Tenure including a signed agreement with the landowners and copies of the Original Crown Grant, Certificate of Title and Survey Plans delineating the freehold lot (Lot114).

Figure 3. Moonborough Intrusion Gravity anomaly. Figure 4. PoW approved drill locations.

Targets 3 and 4 are new targets identified from review of 2010 VTEM data. Figures 5 to 8 below show EM responses identifying the targets. Moving Loop Ground EM (MLEM), will follow at the conclusion of the review.

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