Athena Resources Limited (ASX:AHN) Excellent Narryer Drilling Results

(MENAFN- ABN Newswire)
Excellent Narryer Drilling Results Perth, Oct 12, 2026 AEST (ABN Newswire) - Athena Resources Limited (ASX:AHN ) has completed an RC and diamond drilling program at the Narryer Prospect in August 2026. The program intersected four magnetite zones of 40m or greater downhole width at Narryer Main and confirmed iron mineralisation at the previously untested Narryer Southwest Target. Metallurgical test work completed in September 2026 at a coarse grind size of 150um returned a weighted average concentrate grade of 67.44% Fe with 33.48% mass recovery at Narryer Main, and 69.70% Fe with 40.38% mass recovery at Narryer Southwest.
Highlights
- Completion of 31 RC holes for 2,266m, and two metallurgical PQ diamond drill holes for 115.4m, including a single maiden RC drillhole targeting the Narryer South-West anomaly
- Significant intercepts at Narryer Main include:
o AHRC0141 40m @ 30.78 % Fe from 28m
o AHRC0151 44m @ 31.79 % Fe from 109m
o AHRC0152 40m @ 31.73% Fe from 74m
o AHRC0154 40m @ 34.60 % Fe from 67m
- First hole confirms mineralisation at new Narryer South-West Target with intersection:
o AHRC0131 31m @ 32.74% Fe from 55m
- Davis Tube Recovery (DTR) test work in September 2026 achieved high grade concentrate with interval weighted average iron grade of 67.44% and 33.48% mass recovery for Narryer with the Narryer Southwest prospect achieving 69.70% Fe grade and 40.38% mass recovery.
- The program has improved resolution of the magnetite bearing lithologies and geometry of the mineralisation. Geological modelling and validation work for a maiden Narryer Mineral Resource Estimate (MRE) is underway, with completion targeted for December 2026, in line with the timing outlined in the FY26 Annual Report.
Athena's Managing Director & CEO, Mr Peter Jones, commented:
"We have completed a very successful exploration program that has delivered four RC intercepts of 40m or greater at Narryer Main. The maiden drillhole at Narryer Southwest, 6kn from Narryer Main, returned 31m at 32.74% Fe, confirming mineralisation at a new prospect with approximately 1.8 km of combined strike length that remains largely untested.
"Metallurgical test work has demonstrated the mineralisation intersected at Narryer Main and Narryer Southwest can produce excellent concentrate grades averaging 67.44% Fe with strong mass recoveries. The infill and extensional drilling has improved geological confidence and work has now commenced on a maiden Mineral Resource Estimate for Narryer with completion expected in December 2026. The new geological data will provide a stronger foundation for detailed appraisal of the potential economics at Narryer."
The completed exploration program at the Narryer Project, part of the Company's 100%-owned flagship Byro Magnetite Project in Western Australia's Midwest Iron province, infilled and extended the Narryer Main Prospect, where 11 previous RC drill holes and a single diamond drill hole had identified significant magnetite iron mineralisation, and tested the Narryer Southwest target for the first time. The program included the Narryer drilling set out in the Company's June 2026 drilling commencement announcement and July 2026 Quarterly Activities Report, with DTR results received in September 2026, ahead of the October 2026 target for assay results.
Narryer Main Prospect Drilling Program
The programme included 31 reverse circulation (RC) drill holes for a total of 2,266m. This includes a standalone 100m RC hole drilled into the Narryer Southwest Prospect. Following completion of the RC drilling, two down-dip, PQ sized metallurgical diamond holes were drilled for a total of 115.4m.
This program was designed to infill and extend the mineralisation intersected in previous drilling at the Prospect, and to refine geological understanding and confidence. The improved resolution of data will inform 3D geological modelling and provide the necessary inputs for a maiden Narryer Mineral Resource Estimate. Modelling and validation work for the MRE is underway, with completion targeted for December 2026.
Drilling was carried out on eleven sections across the north-northeast-trending iron target. Drill sections ranged from 40m to 90m in spacing, with drill collars spaced at 40m intervals. The tight collar spacing was designed to improve sectional interpretation of mineralisation, lithology, and controlling structures. Outcropping iron units were mapped and sampled, providing additional guidance for program design. Drilling intersected both haematite and magnetite mineralisation, depending on depth and position within the weathering profile. Mineralisation was found to be strongly haematitic in the weathered zones, with magnetite mineralisation prevailing beneath the base of weathering.
As drilling progressed, the geology model evolved considerably, demonstrating that the magnetite horizons form large-scale sigmoidal bodies, with upper and lower pinch-out zones controlled by subvertical dextral faults. Table 1* summarises the program's significant iron intersections.
Significant drill intersections are reported using a lower cut-off of 18% Fe, no upper cut-off, a maximum of 1m internal dilution and a minimum reported downhole interval of 5m. Both higher and lower grade and width intersections meeting these criteria are reported. Intersections are down hole intervals. Fe grades are interval weighted averages.
Table 7* provides drill hole details for all holes completed during the program, including holes that did not return a significant intersection. The Competent Person considers the results presented to be representative of the drilling.
Narryer Southwest Prospect Drill Hole
During the program, a single RC drill hole, AHRC0131, was drilled to 100m to test the Narryer Southwest anomaly. This target is located approximately 6km southwest of the Narryer Main Prospect and is represented by two subparallel magnetic units identified from previous aeromagnetic surveys and recently re-modelled ahead of drill testing. Previously untested, this target comprises magnetite-bearing units within the layered igneous intrusion host.
The intersection in AHRC0131 of 31m at 32.74% Fe confirms iron mineralisation at the previously untested Narryer Southwest Prospect. The two subparallel magnetic units have a combined strike length of approximately 1.8 km and remain largely untested by drilling. The result supports further drilling at Narryer Southwest, which will be assessed as part of the next program design.
Diamond Drilling and Metallurgical Test Work
The drilling program included two additional PQ diamond drill holes for 115.4m. AHDD0162, drilled to 54.8m, and AHDD0163, drilled to 60.6m, were both drilled down-dip from the oxide zone, through the saprolite, and into the transition zone to fresh rock. Both holes terminated within fresh magnetite. Holes were logged and submitted to Spectrolab Geraldton for XRF analysis, Loss on Ignition (LOI), and specific gravity.
A total of 125 samples were submitted for head assay XRF analysis from the diamond program, with several zones to be selected for further metallurgical test work, including:
- Comminution test work;
- Davis Tube Recovery test work;
- Dry magnetic separation test work;
- Wet low-intensity magnetic separation test work; and
- Reflux Classifier test work.
A total of 97 composites were produced from both the RC and diamond drilling samples for Davis Tube Recovery ("DTR") testwork (refer table 6*). These composites were selected from the predominantly unweathered zones where magnetism was significant due to the presence of the mineral magnetite. A relatively coarse screen closing size of 150um was chosen to target a P80 between 90um and 106 um.
The 89 DTR results for Narryer Main Prospect produced a weighted average concentrate grade of 67.44% Fe with 33.48% mass recovery, while the eight DTR results for Narryer Southwest Prospect produced a concentrate grade of 69.70% Fe with 40.38% mass recovery.
NARRYER PROJECT ADVANCEMENT
Previous work at the Byro Project has established Mineral Resource Estimates at both the FE1 magnetite deposit, and Byro South magnetite deposit, both approximately 50km to the north. This drilling program was designed to provide the geological confidence to pursue further work and studies at the project and inform the updated geological model and maiden Narryer MRE, refer table 8* for timeline of planned activity. Any Mineral Resource will be classified in accordance with the JORC Code (2012) based on the level of geological confidence achieved.
PROJECT BACKGROUND
The Byro Magnetite Project covers 265.7 km2 in Western Australia's Midwest Iron province. The Narryer Prospect sits within the Narryer Terrane in the southern portion of the project area. It is one of five prospects within Athena's Byro Magnetite Project, located within Mining Lease M09/168 on the Mt Narryer Pastoral Station.
At approximately 336 km from Geraldton Port, it is the closest of Athena's prospects to road and port infrastructure.
*To view tables and figures included in the announcment, please visit:

About Athena Resources Limited

Athena Resources (ASX:AHN) is developing premium magnetite solutions for advanced manufacturing and specialty steel markets. The Company's flagship Byro Magnetite Project in Western Australia has produced concentrate samples of exceptional quality at 70%+ Fe concentrate. Through technical excellence and strategic market positioning, Athena is seeking to build a resilient, multi-industry minerals business focused on quality and innovation.

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