onlyASX: AHN
Issued Capital
812,967,558 shares
75,000,000 @ $0.02 options
Athena Resources Limited
ACN 113 758 900
useEdmond Edwards Hau Wan Wai David Wheeler Joe Graziano
Directors
Company Secretary personalJoe Graziano
About Athena Resources
AHN is an Australian ASX listed expl rer and developer of high- grade iron ore assets in Western Au tralia.
The Company is focused on its Byro Project, strategically located in the Mid-West region 350km from the Port of Geraldton.
The Byro Iron Ore Project has
otential to mine and supply
premium | grade, | low | impurity |
For | (>70% | Iron | Content) |
magnetite |
for the production of green steel, a fast-growing global market pp rtunity. The Byro Project also contains exciting base metal
potential.
Address
Level 3, 101 St Georges Terrace Perth WA 6000
Tel: +61 411 649 551
joe@pathwayscorporate.com.au
www.athenaresources.com.au
ASX Announcement | 28 July 2022
Byro Industrial Minerals Project
Completion of Infill Drilling Required for Indicated Mineral Resource Estimation.
Highlights:
Completion of the infill resource drilling program to acquire data sufficient to upgrade the FE1 2004 inferred JORC compliant, magnetite, Mineral Resource Estimate, (MRE) to a 2012 JORC compliant Indicated Resource.
-
14 Reverse Circulation (RC) holes were completed for
1,037.5m including 11 diamond tails for 1,305.3m. The diamond tails were drilled in accordance with infill requirements to undertake a JORC compliant Indicated Mineral Resource Estimation, (MRE). - All logging and preliminary data acquisition has been completed covering lithology and ore domains including detailed geotechnical logging of the diamond core for pit optimisation.
- Drilling has extended the boundary of the orebody interpreted from the existing JORC compliant Inferred Resource.
- Logging and magnetic susceptibility readings show magnetite ore intersections of similar and higher quality than represented in the inferred resource estimation.
- Diamond core and RC chip samples are being processed for assay and Davis Tube Recovery (DTR) procedures.
- Independent international mining consultant Entech completed a positive site visit for review of data acquisition practices and compliance within the JORC Code.
For personal use only
ASX Announcement | 28 July 2022
Athena Resources ("AHN" or "the Company") is pleased to announce completion of the infill resource drilling program to acquire data sufficient to upgrade the FE1 2004 inferred JORC compliant, magnetite, Mineral Resource Estimate, (MRE) to a 2012 JORC compliant Indicated Resource. Completion of the infill drilling program is a strategic development towards the Company's FE1 Project Feasibility Study (PFS), within 2022.
The completion of drilling and preliminary data acquisition is a key component in the development of the Byro magnetite resource with many milestones already completed. The infill program supports major steps including grant of mining leases, native title mining agreement, thorough metallurgy repeated in Australia and China, process engineering design, Main Roads WA approved transport corridor, hydrology studies, advanced environmental studies and exploration drilling of supporting satellite ore bodies.
The program was designed by the Company in consultation with Entech Pty Ltd who have been appointed to undertake the Mineral Resource Estimation (MRE). The program was designed to satisfy the identified data gaps required to lift the resource from an inferred to indicated resource including required geotechnical data for pit optimization for the PFS.
The infill program consisted of 11 RC pre-collars followed by 11 diamond tails for solid core recovery and 3 standalone RC holes. Several holes were drilled twinning historic holes. Data from the twinned holes will be used to fulfill data gaps required by the 2012 JORC Code and define variability within the ore body while extending the modelled block to the west and to a depth of 200m.
Infilling compliments 31 existing holes to bring the total drilling within the resource to 45 holes for 6,929.25m. Drilling also completes the required grid spacing of 100m line spacing with hole positions 50m apart on each line.
Magnetite ore intersections throughout the campaign were largely as predicted with high purity magnetite commonly as coarse grain granulite and at times presenting as semi-massive to matrix ore as seen below.
Figure 1. Semi-Massive to Matrix Magnetite Ore
From completed drilling and geological logging, the Company is delighted to confirm the magnetite ore drilled within the FE1 Resource is of the same quality and genesis to that identified from previous drilling, metallurgy, and ore characterisation.
The image (left) is a section of PQ size whole core at 154m down hole in hole AHRC0115D. The magnetite is a silver color and consists of pure coarse grains of magnetite with no inclusions. The darker mineral is biotite in silicate, all together a simple assemblage of minerals.
Magnetic susceptibility data has been captured using a KT10 Magnetic susceptibility meter through the ore intersections with many intervals such as that shown in Figure 1, reaching the maximum reading of 200010-3, standard units correlating well with data from previous drilling.
Whole core graphically confirms previous identification of the rock type as "Upper Granulite Facies Magnetite Gneiss". This means the ore has been purified by nature through intense geological processes. The classification sets the Byro ore apart from lower facies and high impurity ores such as Banded Iron Formations (BIF). This classification is fundamental in understanding the level of purity and unique quality of the Byro ore type and why it is ideal for supply into the Green Steel Industry.
Core cutting and sample preparation is underway to complete whole rock assay and DTR determinations for the mineral resource estimate,
Address | Tel: +61 411 649 551 | Website | 2 |
Level 3, 101 St Georges Terrace, Perth WA 6000 | Email: joe@pathwayscorporate.com.au | www.athenaresources.com.au | |
For personal use only
ASX Announcement | 28 July 2022
Table 2. Collar Details
Hole ID | Type | MGA N | MGA E | RL | Dip | Azimuth | Depth | Final | ||||||||||||||||||
Depth | ||||||||||||||||||||||||||
AHRC0110 | RC | 7110036 | 431100 | 349.5 | -60 | 90 | 40.5 | |||||||||||||||||||
AHRC0110D | DD | 7110036 | 431100 | 349.5 | -60 | 90 | 86.86 | 127.36 | ||||||||||||||||||
AHRC0111 | RC | 7110036 | 431000 | 349 | -60 | 90 | 90.1 | |||||||||||||||||||
AHRC0111D | DD | 7110036 | 431000 | 349 | -60 | 90 | 108.16 | 198.26 | ||||||||||||||||||
AHRC112 | RC | 7110036 | 430950 | 349 | -60 | 90 | 84.2 | |||||||||||||||||||
AHRC112D | DD | 7110036 | 430950 | 349 | -60 | 90 | 174.1 | 258.3 | ||||||||||||||||||
AHRC0113 | RC | 7109970 | 430950 | 348.5 | -60 | 90 | 93.3 | |||||||||||||||||||
AHRC0113D | DD | 7109970 | 430950 | 348.5 | -60 | 90 | 116.6 | 209.9 | ||||||||||||||||||
AHRC0114 | RC | 7109970 | 431000 | 349 | -60 | 90 | 90.3 | |||||||||||||||||||
AHRC0114D | DD | 7109970 | 431000 | 349 | -60 | 90 | 128.8 | 219.1 | ||||||||||||||||||
AHRC0115 | RC | 7109970 | 431050 | 349 | -60 | 90 | 46.6 | |||||||||||||||||||
AHRC0115D | DD | 7109970 | 431050 | 349 | -60 | 90 | 139.67 | 186.27 | ||||||||||||||||||
AHRC0107 | RC | 7110303 | 431008 | 348.5 | -60 | 90 | 66.5 | |||||||||||||||||||
AHRC0107D | DD | 7110303 | 431008 | 348.5 | -60 | 90 | 110.66 | 177.16 | ||||||||||||||||||
AHRC0108 | RC | 7110303 | 430910 | 347.5 | -60 | 90 | 100 | |||||||||||||||||||
AHRC0108D | DD | 7110303 | 430910 | 347.5 | -60 | 90 | 95.4 | 195.4 | ||||||||||||||||||
AHRC0109 | RC | 7110303 | 430864 | 347 | -60 | 90 | 102 | 102 | ||||||||||||||||||
AHRC0116 | RC | 7110407 | 430971 | 349 | -60 | 90 | 102 | |||||||||||||||||||
AHRC0116D | DD | 7110407 | 430971 | 349 | -60 | 90 | 131.5 | 131.6 | ||||||||||||||||||
AHRC0117 | RC | 7110501 | 430952 | 348 | -60 | 90 | 102 | 102 | ||||||||||||||||||
AHRC0118 | RC | 7110907 | 430990 | 348 | -60 | 90 | 120 | 120 | ||||||||||||||||||
AHRC0119 | RC | 7109906 | 431010 | 348 | -60 | 90 | 102 | 102 | ||||||||||||||||||
AHRC0120D | DD | 7109975 | 431105 | 350 | -60 | 90 | 138.6 | 165.3 | ||||||||||||||||||
AHRC0121D | DD | 7110501 | 430958 | 348 | -60 | 90 | 176.8 | 176.8 | ||||||||||||||||||
The map below shows locations of FE1 drill collars on magnetic signature overlaid with preliminary pit design.
Address | Tel: +61 411 649 551 | Website | 3 |
Level 3, 101 St Georges Terrace, Perth WA 6000 | Email: joe@pathwayscorporate.com.au | www.athenaresources.com.au | |
ASX Announcement | 28 July 2022
For personal use only
Figure 1 FE1 drill collars on magnetic signature overlaid with preliminary pit design
(Red dots - existing drill holes, green dots - infill holes).
This announcement has been approved by the board.
Address | Tel: +61 411 649 551 | Website | 4 |
Level 3, 101 St Georges Terrace, Perth WA 6000 | Email: joe@pathwayscorporate.com.au | www.athenaresources.com.au | |
For personal use only
CAUTIONARY NOTES AND DISCLOSURES
Disclosures
All data and Information of material nature referred to within this Report with reference to historical drilling have previously been reported on the ASX platform in compliance with the relevant JORC compliance reporting format at the time of data acquisition.
Cautionary Notes and Forward Looking Statements
This announcement contains certain statements that may constitute "forward looking statements". Such statements are only predictions and are subject to inherent risks and uncertainties, which could cause actual values, results, performance achievements to differ materially from those expressed, implied or projected in any forward looking statements.
JORC Code Compliance Statement
Some of the information contained in this announcement is historic data that have not been updated to comply with the 2012 JORC Code. Some information referred to in the announcement was prepared and first disclosed under the JORC Code 2004 edition. It has not been updated since to comply with the JORC Code 2012 edition on the basis that the information has not materially changed since it was last reported.
Competent Persons Disclosure
Mr Kelly is an employee of Athena Resources and currently holds securities in the company.
Competent Person Statement
The information included in the report was compiled by Mr Liam Kelly, an employee of Athena Resources Limited. Mr Kelly has had over twenty years' experience as a geologist in mining and exploration and is a Member of the Australasian Institute of Mining and Metallurgy, (306501). Mr Kelly has sufficient relevant experience in the styles of mineralisation and deposit styles under consideration to qualify as a Competent Person as defined in "The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012 Edition)". The historical information included is compliant with the relevant JORC Code, 2004 Edition, and new information announced post that version of the JORC Code is compliant with the JORC Code 2012 Edition. Mr Kelly consents to the inclusion of the information in the report in the context and format in which it appears.
INTERESTS IN MINING TENEMENTS
Athena Resources Limited 100% | Tenement Type |
Byro Exploration | E - Exploration License |
E09/1507 | |
E09/1552 | |
E09/1637 | |
E09/1781 | |
E09/1938 | |
Byro Project Mining | M - Mining Lease |
M09/166 | |
M09/168 |
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Athena Resources Limited published this content on 27 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 July 2022 23:17:06 UTC.