Athena Resources Limited announced progress towards the completion of a 2012 JORC compliant updated MRE for the unique FE1 magnetite project. All data has been validated and assimilated with previous drill data. Entech Mining consultancy have commenced geological and domaining of ore lenses and lithologies.

Variogram modelling is now under way to measure the variation in iron percentage between drill holes and down hole samples. There is an apparent increase in mineralisation beyond the inferred resource on some sections. At this stage there is no estimate completed for tonnes and grade until the final MRE ore block has been resolved and statistical analysis of variogram data is completed.

Preliminary assessment of modelling to date has already highlighted several positive aspects. Infill drilling and detailed sampling of diamond core correlated with historic data has allowed greater resolution to include a second discrete surface spanning above the main ore body. The new discrete surface spanning the ore body falls within the existing pit model and may carry a positive effect on economic development if the grade and volume is sufficient.

In addition to the added discrete surface, the mid and southern parts of the ore body display a variable increase in interpreted depth to the mineralised footwall contact and extensions to the ore envelope to the west. This has been observed in the north and south portions of the ore body from 2D and 3D modelling, The increased mineralisation below the current 150m deep pit model may require the company to remodel the open pit to cater for additional depth of up to 50m in some locations. There are three sections with mineralisation beyond the modelled 150 depth.

These are 7,110,200mN ~20m below, 7,110,025mN ~50m below, and 7,109,970mN ~10m below. The sections above extracted from the MRE preliminary ore model can be directly compared to the equivalent section extracted from the historic inferred model on which early pit modelling was completed. Reinterpretation from diamond drilling has advanced understanding of the ore origin indicating the the unique magnetite ore at Byro is more accurately described as part of a a mafic layered intrusive system subject to high level of metamorphism.

This confirms the ore as primary magnetite compared to the more common sedimentary banded iron formations and also explains the purity of the ore. The following sections are modelled based on detailed litho-geochemical evaluation. The hanging wall above and to the west of the orebody is dominated by a felsic granitic-gneiss rock type while the magnetite mineralization is largely confined and associated with a mafic lithology.

Although structurally overprinted and highly metamorphosed the mafic body has been identified by a litho-geochemical signature as largely confined within the mafic intrusive horizon with magnesium, chrome, nickel, cobalt and titanium in the non-mineralized domains. The most significant signature is the magnesium with a common 1.5 < 6% MgO component throughout the magnetite mineralized ore profile. Within the central part of the orebody on section 7,110,200mN a Proterozoic dyke has intruded and stoped the mafic layered intrusive which is identified by an elevated signature of calcium, sodium and potassium.