Athena Resources Launches Drilling to Define Maiden Resource at Narryer

Drilling Campaign Targets Maiden Resource at Narryer

Athena Resources (ASX:AHN) has officially commenced a significant drilling program at its 100%-owned Narryer Project, part of the broader Byro Magnetite Project in Western Australia's Midwest Iron province. The campaign, comprising approximately 35 reverse circulation (RC) and diamond drill holes totalling around 2,900 metres, aims to extend and better define the magnetite mineralisation first identified in earlier drilling phases during 2014 and 2016.

Managing Director Peter Jones described the start of drilling as a pivotal moment for Athena, emphasizing that the program is expected to enhance geological understanding and provide crucial data for a maiden Mineral Resource Estimate at Narryer. This resource definition is a key step towards advancing the project’s development potential, especially in light of the strategic joint venture announced in March 2026 with Terra Mining and Fenix Resources.

Building on Previous Drilling and Metallurgical Foundations

The Narryer deposit has a strike length of approximately 1,200 metres and lies within the Mt Narryer Pastoral Station, roughly 336 kilometres from Geraldton Port. Previous drilling, totalling 1,187.5 metres across 12 holes, consistently intersected magnetite mineralisation with Davis Tube Recovery (DTR) composite grades reaching up to 69.19% iron. Notably, metallurgical testwork from a 2016 diamond drill hole demonstrated concentrate grades as high as 71.3% iron, comparable to the premium quality seen at Athena’s FE1 deposit.

The current program, executed by Mt Magnet Drilling, will include both infill and extensional drilling to refine geological models, improve structural and geotechnical knowledge, and collect samples for further metallurgical analysis. The combination of RC and diamond drilling is designed to deliver the comprehensive data necessary to support future resource estimation and mine planning activities.

Strategic Joint Venture and Development Pathway

The drilling campaign is part of Athena’s broader strategy to fast-track the Byro Magnetite Project’s development, with Narryer identified as the logical first development target due to its proximity to infrastructure and port facilities. The joint venture with Terra Mining and Fenix Resources aims to leverage operational expertise and capital to accelerate progress towards production, anticipated as early as 2028.

Following the drilling completion expected by late August 2026, assay results are anticipated in October, with a maiden Mineral Resource Estimate targeted for the March quarter of 2027. Geotechnical analysis and preliminary mine design work are slated for mid-2027, positioning Athena to transition from exploration to development phases.

Byro Project Context and Next Steps

The Narryer deposit forms one of five prospects within the Byro Magnetite Project, which already hosts established Mineral Resource Estimates at the FE1 and Byro South deposits, collectively totaling over 76 million tonnes at an average grade of 26% iron. The current drilling program complements these resources and supports Athena’s ambition to build a resilient, high-quality magnetite business focused on specialty steel and advanced manufacturing markets.

Key next steps include progressing the drilling program, submitting samples for assay and metallurgical testing, and updating geological models to inform resource estimation. The outcomes of this program will be critical in shaping Athena’s development timeline and investment decisions as it moves towards potential mining operations.