Athena Resolves Tenement Disputes but Faces Pending Assay Results
Athena Resources has completed a successful drilling campaign at its Byro South magnetite project, resolving key tenement disputes and strengthening its alliance with Fenix Resources. The company is advancing metallurgical test work to enhance ore quality.
- Byro South drilling program intersected mineralisation in 8 of 9 holes with widths up to 68m
- Metallurgical test work commenced on reflux classifier technology to upgrade ore
- Settlement of historic tenement disputes with Buxton Resources secures key project tenure
- Fenix Resources converted convertible notes, increasing shareholding to 37.21%
- Company holds $1.76 million cash at quarter end, supporting ongoing exploration
Successful Drilling Advances Byro South
Athena Resources Limited has reported significant progress in the June 2025 quarter at its flagship Byro Magnetite Project in Western Australia. The company completed a nine-hole Reverse Circulation drilling program at Byro South, totaling 1,405 metres. Impressively, mineralisation was intersected in eight of the nine holes, with some intersections reaching widths up to 68 metres. This drilling campaign has enhanced geological understanding and will underpin a forthcoming resource definition program aimed at upgrading the confidence level of resource estimates.
Metallurgical Innovations Underway
In parallel with exploration, Athena has initiated metallurgical test work at FLSmidth’s Perth facility to evaluate the potential of reflux classifier technology to upgrade the Byro Project ore. This process refinement could improve ore quality and project economics, although results are still pending. The company also produced composite samples for ore sorting assessments, indicating a methodical approach to optimising processing techniques.
Resolving Historic Tenement Disputes
A notable milestone was the resolution of longstanding tenement disputes with Buxton Resources over two key exploration licences. The settlement dismisses forfeiture applications and secures Athena’s tenure over the most prospective areas, including the FE1 orebody and the Whistlejack magnetite prospect. While Athena relinquished some low-value blocks, it retained critical exploration and water access rights, removing a significant legal cloud over the project.
Strengthened Strategic Alliance with Fenix Resources
Corporate developments also featured prominently, with Athena shareholders overwhelmingly approving the conversion of Fenix Resources’ remaining convertible notes. This conversion increased Fenix’s stake in Athena to 37.21%, reinforcing a strategic partnership that could provide both financial support and operational synergies as the Byro Project advances.
Financial Position and Outlook
At quarter end, Athena held $1.76 million in cash, balancing exploration expenditure and corporate costs. The company’s cash flow report indicates ongoing investment in exploration and metallurgical work, with a clear focus on advancing the Byro Project toward a maiden mineral resource estimate. While assay and metallurgical results remain awaited, the quarter’s achievements lay a solid foundation for future growth.
Bottom Line?
Athena’s successful drilling, legal clarity, and strategic backing set the stage for a pivotal phase in the Byro Project’s development.
Questions in the middle?
- When will assay and metallurgical test results be released, and how might they impact resource estimates?
- What are Fenix Resources’ strategic plans following its increased shareholding in Athena?
- How will the relinquishment of certain tenement blocks affect the overall project scope and value?
