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11 March 2022

COMPANY ANNOUNCEMENT

MOONBOROUGH DRILLING UPDATE

COPPER SULPHIDES AND PGE's INTERSECTED IN RC DRILLING

Further to the completion of the base metal drilling announcement on 19 October 2021, Athena Resources Limited ("Company") is pleased to announce the preliminary assay results from the Moonborough Intrusion. Study works include lithological logging, cross-sectional interpretation, thin section petrology and XRD scanning and assay results.

Highly encouraging copper and PGE results include the following:

AHRC0100: 6m @ 0.32%Cu from 19m, including 1m @ 0.57%Cu, 191ppb Pd, 30ppb Pt from 22m and 3m @ 0.230g/t Au from 21m including 1m @ 0.317g/t Au from 23m. Within a broad zone of

96m @ 708.4ppm Cu from 0m, including 33m @ 0.157% Cu from 0m 40m @ 105ppb 3PGE (Au, Pt, Pd) from 0m

AHRC0101: 1m @ 0.39%Cu from 58m, including 0.5m @ 0.62% Cu, 0.28g/t Au, 150 ppb Pd, 50ppb Pt from 58.5m in AHRC0101, within a broad zone of

35m @ 555.9ppm Cu from 46m, including 9m @ 0.111% Cu from 55m

71m @ 62ppb 3PGE (Pd, Pt, Au) from 10m

Including 20m @ 111.5ppb 3PGE (Pd, Pt, Au) from 55m

AHRC0106:

18m

@ 487.95 ppm Cu from 0m

36m

@ 61.36 ppb 3PGE (Pd, Pt, Au) from 0m

Including 14m @ 95ppb 3PGE (Pd, Pt, Au) from 0m

  • The northern gabbro within the Moonborough Intrusion is more extensive than previously mapped. It thickens, plunges and is open to the northwest.
  • Xray Diffraction analysis, (XRD), was completed on a small sample of drill cuttings from Moonborough. XRD results imply the gabbro assemblage contains two phases, a non- mineralized calcic amphibole phase and a mineralised pyroxene gabbro phase. It is interpreted as a result of a series of magma pulses differentiated by variable geochemistry from a deep magma source, similar to the emplacement of economic layered intrusions in similar tectonic environments.
  • Thin section petrology has confirmed that the disseminated ores within the mineralized pyroxene lens comprise of bornite (Cu), chalcopyrite (Cu), and ilmenite (Ti).

Athena Resources Limited

Level 3 І 101 St Georges Terrace І Perth І Western Australia І 6000 PO Box 2704 І Perth І Western Australia І 6001 Ph +61 411 649 551 E joe@pathwayscorporate.com.au W athenaresources.com.au

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The northern gabbro within the Moonborough Intrusion is more extensive than previously mapped. The gabbro unit may extend as far as 5 kilometres', it thickens, plunges and is open to the northwest. The broad geochemistry identified from drilling is highly prospective. Preliminary logging indicates development of the intrusive included a pulse forming a pyroxene lens within the amphibole gabbro body.

Figure 1. Interpretation of extent of the Moonborough Intrusion on mag imagery

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Table 1. Moonborough RC Significant copper intercepts

Hole ID

From

To

Interval

Cu

Hole

Easting

Northing

RL

Dip

Azimuth

Depth

(m)

(m)

(m)

(ppm)

Type

MGA

MGA

(mag)

(m)

AHRC0100

0

96

96

708.4

RC

415684

7117164

328

-60

130

108

including

0

33

33

1573

including

18

24

6

3,204.6

AHRC0101

46

81

35

555.9

RC

415793

7117271

326

-60

125

150

including

55

64

9

1,106.6

AHRC0106

0

18

18

488

RC

415922

7117179

324

-60

125

150

Note: Copper intersections use a 300ppm cut-off.

Table 2. Moonborough RC Significant PGE intercepts

Hole ID

From

To

Interval

3PGE

Hole

Easting

Northing

RL

Dip

Azimuth

Depth

(m)

(m)

(m)

(ppb)

Type

MGA

MGA

(mag)

(m)

AHRC0100

0

40

40

104.6

RC

415684

7117164

328

-60

125

108

including

20

23

3

371.3

AHRC0101

10

81

71

65

RC

415793

7117271

326

-80

125

150

including

55

75

20

121.5

AHRC0106

0

36

36

61.4

RC

415922

7117179

324

-60

125

150

including

0

14

14

95.36

Note: 3PGE are AU, Pd, Pt assays combined using a 30ppb cut-off

Area 5 Target (Moonborough)

Drilling Analysis

Three holes were drilled at Area 5 (Figure 2 & Table 1-2) during the October 2021 campaign, AHRC0100, AHRC0101 and AHRC0106. The holes targeting a weak gravity anomaly coincident with a moderate magnetic signature. The three holes followed up historic holes AHRC0021 and AHRC0022 drilled in 2010, targeting the origin of a copper carbonate occurrence within the outcropping gabbro unit at Moonborough (Figure 2). Key findings in each hole are detailed below.

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Area 5 Target - Drilling Plans and Cross-Section Interpretations

Figure 2. Drill Hole Location and Cross Section Lines on mag imagery

Historical Drilling Analysis (included in cross section interpretation)

These drill holes follow up highly anomalous results from historic drilling from 2010. This program included two RC drill holes which resulted in the following highly anomalous Cu, PGE intersections:

AHRC021

48m @ 49.1 ppb 3PGE (Pd, Pt, Au) from 0m (Max Pd 80ppb)

48m

@ 344.8 ppm Cu from 0m (Max Cu 620ppm)

20m

@ 109.6ppm Ni from 28m

AHRC022

84m

@ 742ppm Cu from 0m

Including 28m @ 0.155% Cu from 0m

84m

@ 71.71 ppb 3PGE (Pd, Pt, Au) from 0m

Including 20m @ 136.6 ppb 3PGE (Pd, Pt, Au) from 8m

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Figure 3. Oblique Cross Section AA'. (All Coordinates in MGA94 zone 50)

Figure 4. Oblique Cross Section BB'. (All Coordinates in MGA94 zone 50)

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Athena Resources Limited published this content on 10 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 March 2022 22:21:37 UTC.