Athena Resources Launches New Drilling and Tests Breakthrough Iron Recovery Tech at Byro
Athena Resources has kicked off a new drilling program at its Byro South Prospect and progressed metallurgical testing, alongside a successful $2.67 million capital raise and a key leadership appointment.
- Eight-hole RC drilling program commenced at Byro South Prospect
- Metallurgical test work shows improved iron concentrate grades via flotation
- Investigation underway into revolutionary pure iron recovery technology
- Completed $2.67 million entitlement offer to fund exploration and development
- Peter Jones appointed as Managing Director & CEO
Exploration Momentum Builds at Byro South
Athena Resources Limited (ASX: AHN) has made significant strides in advancing its flagship Byro Magnetite Project in Western Australia during the March 2025 quarter. The company commenced an eight-hole Reverse Circulation (RC) drilling program totaling approximately 1,100 metres at the Byro South Prospect. This drilling campaign aims to expand and better define the magnetite mineralisation, building on an existing database of over 3,000 metres of prior drilling.
The new drilling is expected to refine geological models and underpin a maiden Mineral Resource Estimate, a critical milestone for the project’s development trajectory.
Encouraging Metallurgical Test Results
Parallel to exploration, Athena has advanced metallurgical test work on Byro South samples. Earlier tests involving Davis Tube Recovery, Wet Low Intensity Magnetic Separation, and flotation have demonstrated the potential to enhance iron concentrate quality. Notably, flotation improved the iron grade by 1.25% Fe, reducing impurities and boosting concentrate purity to over 70% Fe.
These results suggest Byro South’s ore quality is competitive, with head grades surpassing those at Athena’s FE1 deposit. The company plans further metallurgical studies on the new drilling samples, including grind optimisation and additional Davis Tube Recovery testing, to optimise processing flowsheets.
Exploring Revolutionary Iron Recovery Technology
In a potentially transformative development, Athena is investigating a novel technology that could directly recover pure iron from iron ores. Discussions are underway with the technology owner to conduct test work and explore commercialization pathways. If successful, this could revolutionize iron ore processing and add significant value to the Byro Project.
Capital and Leadership Strengthened
Supporting these technical advances, Athena completed a fully underwritten entitlement offer, raising approximately $2.67 million at $0.004 per share. This capital injection bolsters the company’s balance sheet, which stood at $2.38 million in cash at quarter-end, providing runway for ongoing exploration and development activities.
Leadership was also refreshed with the appointment of Peter Jones as Managing Director and CEO. Mr Jones brings experience relevant to advancing Athena’s strategic objectives and has already engaged with industry forums, including presenting at the Australian Green Iron and Steel Forum in March 2025.
Financial and Operational Outlook
Operationally, Athena continues to invest in exploration and metallurgical programs, with cash outflows reflecting these priorities. The company maintains a convertible note facility with Fenix Resources Limited, maturing in July 2025, and reported payments to related parties consistent with director fees and consultancy arrangements.
Looking ahead, assay results from the current drilling program and outcomes from the Reflux Classifier metallurgical tests scheduled for May will be key data points. The market will also watch closely how the new iron recovery technology progresses from concept to potential commercial application.
Bottom Line?
Athena’s Byro Project is gaining technical and financial momentum, but upcoming assay and metallurgical results will be pivotal in shaping its next growth phase.
Questions in the middle?
- What will the assay results from the new Byro South drilling reveal about mineralisation extent and grade?
- How effective will the new iron recovery technology prove in pilot testing and can it be commercialized?
- Will further capital raising be required to advance Byro towards resource definition and development?