Athena Resources Limited announced the preliminary results from the Milly Milly Target Areas. Study works include lithological logging, cross-sectional interpretation, and assay results. Highlights and findings from these works include.

Discovery of high-grade graphite seams from successful target drilling of an MLTEM conductor from hole AHRC0096 at Milly Milly within Area 2. Graphite Intersections include 3m @ 4.83%C from 102m including 1m @ 13.02%C from 103m, 3m @ 3.16%C from 107m including 1m @ 5.28%C from108m,2m @ 1.68%C from 120m including 1m @ 2.22%C from120m. Confirmation that lithology within the Conduit Target in Area 3 is a high MgO olivine dunite and directly related to the main Milly Milly intrusion.Nickel Intersection Includes 11m @ 0.46%Ni from 9m including 1m @ 0.82%Ni from 12m. Discovery of a new package of prospective rock types in close proximity to the recently refined gravity anomaly within Area 2 at Milly Milly.

The new package includes felsic -intermediate and ultramafic rock types. The sequence is not directly associated with the main Milly Milly intrusion and may represent an eruptive sequence. Drilling has been completed in 3 targets Areas at the Milly Milly intrusion within tenement E09/1637, based on the coincidence of MLTEM conductors, gravity anomalies, aeromagnetic data and geochemical path finder elements.

A Reverse Circulation drilling campaign was completed in October 2021 for a total of 7 holes and 1148m of drilling. The drilling included two holes drilled at Area 1, four holes drilled at Area 2 and one hole at Area 3. AHRC0096 was drilled to a depth of 150m targeting a MLTEM conductor with target estimated at 100m to 120m. The plate was intersected within AHRC0096 at a depth of 103m down hole.

From surface the hole intersected a sequence metapelite to 102m containing moderate graphite. At 102 to 110m a zone of concentrated flaky graphite was intersected, best result was 3m @ 4.83%C from 102m including 1m @ 13.02%C from 103m and is interpreted as the conductive source of the EM response. From 107m to 113m the graphite is intercalated with an unclassified ultramafic of moderate MgO containing trace sulphides.

From 113 the remainder of the hole was metapelite to 150m. Casing was successfully deployed and DHTEM was completed confirming the graphite as conductive sequence. Intersections include, Hole AHRC0096 also followed up holes AHRC0023 (435656mE, 7123212mN) and AHRC0024 (435829mE, 7123239mN).

The historic drilling targeting a 2010 VTEM anomaly (Figure 4). These holes intersected elevated PGM and base metal path finder elements but were not assayed for carbon/graphite. Rock chips in hole AHRC0023 contained flaky graphite chips from 87 to 92m and AHRC0024 contained flaky graphite chips from 123 to 127m.

Hole AHRC0024 is located 47m south of AHRC0096 and AHRC0023 is 75m to the south. From drilling to date and geophysics it is interpreted the graphite extends over a 100m strike length and to a depth of 200m. Further work is required to define the full extent of this discovery.

A further 3 holes were drilled in Drill Target Area 2 to determine if a prospective rock type was associated with the strong, discrete gravity anomaly striking northwest from hole AHRC0096). The three holes were drilled parallel to the gravity anomaly intersecting units of felsic - intermediate and ultramafic rock types. AHRC0098 was drilled to a depth of 200m intersecting a 65m thick sequence of yet to be classified ultramafic, (possibly picrite) from 133m with mineral assemblage talc, chlorite, actinolite, amphibole, biotite with trace sulphides logged.

No elevated = sulphides were encountered. AHRC0103 was drilled 230m south of AHRC0098 to a depth of 150m. Within the pelite were two small units at 47m - 53m and 73m-76m of distinctive and dominantly felsic origin possibly metamorphosed rhyolite.

From 76m to 116m a 40m intermediate to ultramafic unit was encountered. From lithological logging the assemblage is reported as amphibole dominant with bladed actinolite, minor tremolite, biotite and trace sulphides. The unit remains unclassified awaiting geochemical analysis.

No elevated sulphides were encountered. AHRC0102 was drilled 251m south of AHRC0103 to a depth of 180m. Within the pelite were three small units at 82m - 83m and 99m-101m and 110m-114m of distinctive and dominantly felsic origin possibly metamorphosed rhyolite.

From 125m to 161m a 36m a mafic to intermediate unit was encountered. From lithological logging the assemblage is reported as amphibole dominant with bladed actinolite, biotite and minor quartz and trace sulphides throughout. No elevated sulphides were encountered.