Athena Resources Limited announced further results for the unique FE1 magnetite project. Preliminary results show continued high-grade Davis Tube Recovery (DTR) from infill drilling. These results support the milestone MRE for the upgrade of the existing inferred resource to an indicated mineral resource.

DTR results reported in this announcement include drilling along east-west traverses on northings (MGA94 zone 50) 7,110,200mN, 7,110,300mN, 7,110,400mN, 7,110,500mN Collar location). These holes were designed to infill existing drill holes, including three twinned holes. Infill holes AHRC0108D, AHRC0107D (7,110,303mN) and AHRC0118 (7,110,205mN) on the below cross sections, graphically demonstrate mineralisation outside the Inferred Resource block model.

This new mineralisation will be incorporated into the new Mineral Resource Estimate to be completed in the coming weeks. Twinned holes also intersected further mineralisation. The purpose of twinning these holes with HQ diamond drilling was to identify contamination within and between intercepts and gain accurate understanding of internal dilution not achievable because of contamination inherent with reverse circulation drilling.

The company is very pleased with the results which show each twinned hole intercepted greater mineralisation widths than the original hole while maintaining ore grade, with an average grade increase of 0.98%Fe. AHRC0118D an increase of 22.0m of magnetite mineralisation. AHRC0112D an increase of 83.0m of magnetite mineralisation.

AHRC0121D an increase of 5.3m of magnetite mineralisation. All intercepts are calculated using weighted average Fe grade for each interval within a continuous intercept above 10% Fe. Through the process of continuous data interrogation, the intercepts have now been checked using concentrate mass recovery /Fe recovery, over each interval.

The correlation was accurate for all intersections excluding AHRC0112D for composites 15-18. The concentrate mass recovery /Fe recovery calculation table for the intersection from 136.0m to 152.4m. The revised intercept following addition of 12.4m of mineralisation omitted in error from the AHRC0112D intercept of 4m @ 17.9% Fe from 136.0m.

The recalculated intersection now shows 16.4m @ 17.6% Fe from 136.0m with a DTR concentrate of 71.5% Fe.