ATHENA RESOURCES LIMITED — Interim / Quarterly Report 2015

Oct 30, 2014

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SEPTEMBER - 2014 QUARTERLY REPORT

ATHENA RESOURCES LIMITED

ASX Symbol: AHN ABN: 69 113 758 900 Address: 24 Colin Street, West Perth WA 6005 Telephone: (08) 9222 5888 Facsimile: (08) 9222 5810 Email: ahn@athenaresources.com.au www.athenaresources.com.au

CONTACTS

Mr Ed Edwards Managing Director

MILLY MILLY NICKEL PROJECT

• High resolution gravity survey identifies three significant untested and anomalous zones.

• Drilling intercepted disseminated and stringer metal sulphides in the first diamond hole AHDH0006.

BYRO IRON ORE PROJECT

PROJECTS

Byro:

Iron Ore, Nickel-Copper-PGE’s

• A reverse circulation drilling program was completed on selected DSO and Magnetite iron ore projects totaling 8 drill holes.

SECURITIES

166M Shares - AHN

• AHRC0067 intersected 26m of coarse grain magnetite with maximum magnetic susceptibility of 1131 SI units.

SHAREHOLDERS

Mr E Edwards 18.26% Mr D Webster 5.95%

• Average depth of Hematite from RC drilling at Tabaroa DSO body is approximately 10m

CORPORATE

• Placements made during quarter totaling $447,000.

• Share Purchase Plan closed raising $256,000.

• Shareholder approval for Directors debt conversion of $620,000.

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Athena Resources Limited – First Quarter Activities

BYRO PROJECT (Athena Resources 100%)

BYRO BASE METALS PROJECT

During the September quarter a detailed gravity survey at the Milly Milly intrusion was completed followed by a targeted drilling program.

The high resolution gravity survey identified three significant and untested anomalous zones.

The anomalous zones rise in amplitude by up to 10 milliGals compared to background amplitudes commonly associated with the bulk of the intrusive body.

Data was acquired over an area of 39 square kilometers and included 950 stations for a total of 65 line kilometers. The sample stations were at 50m, 100m and 200m spacing’s.

Anomalies 1 and 2 identified by the gravity survey, (Figure 1) are interpreted to be at a depth within drilling range and will form a DHEM platform to further define the potential of the anomalies.

• Anomaly 1, (Figure 1) is located at the western contact of the northern lobe where the gravity gradient is aligned with the western magnetic contact for a strike length of 2.5 kilometres.

• Anomaly 2, (Figure 1) is located approximately 1 km northwest of anomaly 1 and carries amplitude of -3.2 milliGals which is a significant 10 milliGals higher than the central southern lobe of the intrusion and significantly higher than the density of the overlying sedimentary package.

• Anomaly 3, (Figure 1) is located approximately 2 kms north of anomaly 1 and carries amplitude of -3.6 milliGals which is a significant 9.6 milliGals higher than the central northern lobe.

Figure 1 shows the total variation of amplitude across the lowest point of the intrusive body at Point B compared to the highest density of Point A which is 14.6 milliGals. This increase in amplitude is very high and indicative of a dense body beneath the sediment.

The high resolution gravity stations processed over anomaly 2 indicate testing the anomaly could be achieved by drilling. Interpretation of the traverse profile through the gravity response suggests the depth to the dense body beneath the sediment is between 400 to 600m which also indicates a constraint to the depth of the sediment package.

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Athena Resources Limited – First Quarter Activities

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Athena Resources Limited – First Quarter Activities

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Athena Resources Limited – First Quarter Activities

Electromagnetic surveys, DHEM and Ground EM are being carried out as follow up over the gravity anomalies.

The gravity survey was incorporated into a targeting phase of the current 1500m drilling program. The drilling program is part funded by the West Australian Government, Royalties for Regions Program. The first diamond hole, AHDH0006 in the program intercepted disseminated and stringer metal sulphides, (Figure 3).

AHDH0006 was the first diamond hole drilled in the program. AHDH0006 targeted a local gravity anomaly, coincident with a nickel soils anomaly and a structural zone. AHDH0006 was completed on 16 September. Figures 3 and 4 show disseminated and stringer sulphides in core from two zones of mineralisation at this location on the western side of the Milly Milly Intrusion. AHDH0006 was ended at 279.7m

From interpretation and subsequent targeting, drilling continued for a second and planned third, diamond drill hole AHDH0007 and AHDH0008. Both planned holes targeting the high amplitude gravity at Anomaly 1 on the western contact of the Milly Milly Intrusion.

Figure 3 Pentlandite filled veins and disseminated sulphides in core from AHDH0006 at 70.4m down hole

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Metal sulphide assemblage of Pyrrhotite (Pyo) > Pentlandite (Pnt) > Copper (Cu) + Magnetite Mnt. drilled by Makarov of Mount Magnet drilling..

Figure 4 Pentlandite in sulphide veins (4a) and disseminated metal sulphides (4b) in core from AHDH0006 at 225m down hole

Figure 4a Figure 4b

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Metal sulphide assemblage visually identified as Pyrrhotite (Pyo) > Pyrite (pyr) > Pentlandite (Pnt) + Magnetite Mnt. Assays are pending.

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Athena Resources Limited – First Quarter Activities

Table 1 Collar details for Milly Milly Diamond Drilling in September Quarter

Hole_ID	Max_Depth	Grid_ID	_East	North	_RL	Azimuth
							Dip
AHDH0006	279.70	MGA94_50	437453	7122279	380	360
							-90
AHDH0007	537.1	MGA94_50	437210	7121877	375	360
							-90

Table 2. Zones including Sulphide Development, (assays pending)

Hole ID	mFrom	mTo	Intersection	Ore Style	Ore Zone
AHDH0006	68	84	16m	Disseminated/ Fine Stringers	Open
AHDH0006	222.07	231	8.93m	Disseminated/ Fine Stringers	Open
AHRC0007	424.00	428.50	4.5m	Disseminated/ Fine Stringers	Open
AHRC0007	431.00	433.50	2.50m	Disseminated/ Fine Stringers	Open
AHRC0007	477.00	477.90	0.90m	Disseminated/ Fine Stringers	Open
AHRC0007	479.23	481.50	2.27m	Disseminated/ Fine Stringers	Open

Metal sulphide assemblages appear to be dominated by iron sulphide. Identification of sulphide at this stage is by visual identification only. Total sulphide content appears to be less than 2-4% with Pentlandite being the smallest proportion. Assays are pending. Abundances are generally in order of

Pyrrhotite > Pyrite > Chalcopyrite > Pentlandite

Diamond hole AHDH0007 was designed to target Anomaly 1, (Figure 5), the peak of the interpreted very high amplitude gravity anomaly. The peak of the anomaly was calculated using 3D inversion modeling. The gravity gradient associated with the gravity peak is also coincident with a magnetic anomaly at the mid-west contact of the Milly Milly Intrusion, striking 2.5 kilometers along the edge of body. The western contact also hosts elevated nickel in soils at four broad locations along the western margin of the northern lobe.

Drill hole AHDH0007 is the first attempt to target this new anomaly. Further interpretation and targeting was used while this hole was being completed. The source of the gravity high was estimated to be at up to 450m. EOH depth was at 537.1m depth down hole and no significant change in density or mineralisation was noted that could explain the gravity high.

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Athena Resources Limited – First Quarter Activities

Figure 5 - 3D Inversion Model of the Milly Milly Gravity Survey

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The 3D inversion model, Figure 5, is based on gravity data from the high resolution close space survey. The data is processed using algorithms to model the shape of the gravity and does not constitute a block model or wire frame model. The anomaly model has a unique signature and displays an unmistakable proximal relationship with the west contact of the Milly Milly Intrusion.

A third hole AHDH0008 is underway and will be reported in the December quarter.

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Athena Resources Limited – First Quarter Activities

BYRO IRON

Figure 6 shows the drill locations of two holes drilled within the Narryer magnetite body, AHRC0067 and AHRC0068. The drill holes are five hundred meters apart and were angled at 60 degrees dip, perpendicular to the strike of the body. Drilling confirms the outcropping stratigraphy continues to depth and when correlated with the magnetic response and outcrop, indicates the body is continuous for the strike length of the magnetic response at depth.

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Figure 6. Drill Hole Location over TMI Magnetic Imagery.
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Athena Resources Limited – First Quarter Activities

The Mount Narryer magnetite body is within tenement E09/1931 located 210 Km north from Mullewa and 310Km north west by road from the Port of Geraldton. Sample was recovered from the two holes for metallurgical test work and has been sent to Perth laboratories for optimum grind, liberation and recovery analysis. This will be followed by head grade assay and DTR analysis. The samples display a large grain size of up 0.5mm. This is promising as this is similar to the grain size found at the Athena FE1 body. Metallurgical test work completed on the coarse grain magnetite at FE1 resulted in a coarse optimum grind size and other subsequent low cost processing characteristics.

The test work currently being undertaken will determine if the Narryer Body becomes a focus of the companies iron exploration program in the Murchison district due to the close proximity to the Port of Geraldton.

RC Hole AHRC0067 was drilled at Mount Narryer Station within Tenement E09/1931. The collar position is at 396111E, 7063213N MGA94-50.

Figure 7. AHRC0067 Down hole magnetic susceptibility

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Athena Resources Limited – First Quarter Activities

Table 2. AHRC0067 Down hole magnetic susceptibility

From (m)	To (m)	Mag_RawSI (10-3)
41	42	7.46
42	43	167.1
43	44	262.9
44	45	315.3
45	46	426.2
46	47	135.4
47	48	40.98
48	49	17.44
49	50	13.68
50	51	196.5
51	52	735.2
52	53	601.8
53	54	158.6
54	55	885.1
55	56	1012
56	57	1131
57	58	1057
58	59	886.5
59	60	1116
60	61	1095
61	62	826.5
62	63	725.3
63	64	772.8
64	65	279.8
65	66	17.33
66	67	78.88
67	68	56.64
68	69	26.98

The hole intersected 4m of oxidised iron hematite directly above 26 meters of magnetite iron ore with high magnetic susceptibility averaging 500 Si units and a maximum of 1131 SI units. The rock chips display a metamorphic texture with average grain size ranging from 0.3mm to 0.5mm .

Figure 8. Type cross section - not to scale

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Athena Resources Limited – First Quarter Activities

RC Hole AHRC0068 within Tenement E09/1931 on Mount Narryer Station. The collar position is at 396406E, 7063626N MGA94-50.

Figure 9 AHRC0068 Down hole magnetic susceptibility

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Table 3 Magnetic susceptibility Readings

From (m)	To (m)	Mag_RawSI (10-3)
26	27	9.59
27	28	18.52
28	29	225.8
29	30	484.6
30	31	347.2
31	32	375.7
32	33	623.3
33	34	841.2
34	35	839.8
35	36	1004.0
36	37	637.5
37	38	458.3
38	39	311.5
39	40	167.2
40	41	622.2
41	42	515.6
42	43	473.8
43	44	15.8

AHRC0068 intersected 15 meters of continuous magnetite iron ore with high magnetic susceptibility averaging 528 Si units (Table 3), and a maximum of 1004 SI units was recorded at 36m. The rock chips display a metamorphic texture. (Figure 10), with average grain size ranging from 0.3mm to 0.5mm .

Figure 10 Coarse Grain Magnetite from AHRC0068

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Athena Resources Limited – First Quarter Activities

DSO Drilling at Tabaroa South

The September quarter program included 6 reverse circulation drill holes at Tabaroa South and two at Think Big North to test DSO depths. These holes were completed as a first pass for a total of 250m. Drilling vertical and designed to test the depth of the DSO laterite and to determine the requirement for further work. Samples are currently being assayed. From lithology logging it appears the average depth of the laterite through the central area is approximately 10m thick.

Figure 11. DSO Drilling at Tabaroa South

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Athena Resources Limited – First Quarter Activities

Table 4. Tabaroa South Drill Hole Data. About Athena Resources Limited.

DataSet	Prospect	Hole_ID	Max_Depth	East	North	Intersected
MURCHISON	Tabaroa Sth	AHRC0069	34	423032	7128475	0‐8m Hematite
MURCHISON	Tabaroa Sth	AHRC0070	46	423065	7128413	0‐11m Hematite
MURCHISON	Tabaroa Sth	AHRC0071	34	423009	7128378	0‐9m Hematite
MURCHISON	Tabaroa Sth	AHRC0072	28	423074	7128507	0‐15m Hematite

Figure 12 shows the chip trays from holes AHRC0069 to AHRC0072. Outlined in red are the hematite intersections for each hole. Assays are pending. Positive assay results would give Athena Resources the confidence to undertake further work to investigate quantity and grade of the ore body.

Figure 12 Tabaroa South Chip Trays

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Athena Resources Limited – First Quarter Activities

Athena Resources Limited (ASX:AHN), which is based in Perth was listed on the ASX in 2006 and currently has 166 million shares on issue. Athena owns a 100% interest in the Byro Project through its subsidiaries Complex Exploration and Byro Exploration where it is exploring for copper, nickel, PGE’s and iron ore.

The Byro Iron Ore Project is strategically located in the Midwest Iron province which includes a substantial mining sector. The projects southern boundary is 210km north of the Mullewa Rail Siding by road and 310km from the Port of Geraldton. Development of the Byro Iron project is expanding the overall resource in the Midwest region along with neighbours at the Gindalbie and Ansteel’s Karara Iron Project, Sinosteel’s Weld Range Project, the proposed Jack Hills Expansion Project, Padbury’s Robinson Range Project, and Mt Gibson’s Extension Hill Mine, amongst others. Access and improved infrastructure to the maturing iron ore province is growing with development of the CSIRO SKA Project and increased capacity and further development at the Port of Geraldton.

Figure 12 Regional Project Location

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E W Edwards Managing Director 31 October 2014

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Athena Resources Limited – First Quarter Activities

JORC Code, 2012 Edition – Table 1 report template

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	**JORC Code explanation **	Commentary
Sampling techniques	• Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.	• This Report includes magnetic susceptibility readings taken from RC drill hole AHRC0067, AHRC0068, AHRC0069, AHRC0070, AHRC0071 and AHRC0072. Visual logging of chips was completed by qualified geologist to be followed by pending assays from sampling. • The measurement tool used for magnetic susceptibility readings was a hand held KT-10 with serial number # 8791; • Half NQ diamond drill core was logged sampled from hole ADHD0006 and AHDH0007 by qualified geologists. Assays pending and • A gravity survey was completed using a Cintrex Gravity meter and DGPS location methods. Refer to other substantive work later this table.
	• Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	• Magnetic susceptibility readings were taken at every meter interval with the average reading noted from scanning mode • Samples assigned to down hole depth using industry standard methods of survey and measurement.
	• Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	• Industry standard processes were used during the reverse circulation and diamond drilling program to obtain 1m individual samples to 4 m composite samples from which up to 5kg sample weight was delivered to labs to be processed according to international standards. These assays are reported in this report. There are no new assays released in this report. • Visual identification of metal sulphides has been described in this report by qualified geologists using standard identification techniques

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Athena Resources Limited – First Quarter Activities

Criteria	JORC Code explanation	Commentary
Drilling techniques	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	• Standard Reverse Circulation (RC) • Diamond Core (NQ) has been cut and half core submitted with orientation and structural measurement taken on holes with greater than -90 degrees dip
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	• RC samples recovered from cyclone splitter using 1m intervals and 2 to 4m composites • Collection of RC Chips from sieved sample • No bias was observed between recovery and sample quality or loss or gain • Collection of Diamond Corem following meter marking RQD and recovery QA methods
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged.	• Drill chips have been geologically logged as well as recording major geotechnical features observable in chip over the full depth of the holes by qualified geologists. • Drill core has been logged and sampled by qualified geologists.
Sub-sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken.	• RC Drilling, chips sieved to chip trays as well as sampled from splitter • Sawn by core saw, half core sampled
	• If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	• Chip samples were dry rotary split
	• For all sample types, the nature, quality and appropriateness of the sample preparation technique.	• Industry standard sampling preparation procedures were used
	• Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.	• Industry standard sampling preparation procedures were used
	• Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.	• Industry standard sampling procedures were used • No field duplicate/second-half sampling
	• Whether sample sizes are appropriate to the grain size of the material being sampled.	• Average sample size from splitter was 5kg
Quality of assay data and	• The nature, quality and appropriateness of the assaying and laboratory	• Assays are pending from QA certified laboritories.

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Athena Resources Limited – First Quarter Activities

Criteria	JORC Code explanation	Commentary
laboratory tests	procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	• The measurement tool used was a hand held KT-10 with serial number # 8791 using units of 10*-3 Standard SI units • Industry standard procedures were used in obtaining the magsus readings and samples for assay • Standards and Blanks have been inserted to sampling sequence as well as repeats at set intervals to ensure checks are in place to for quality control of assay returns and reports
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	• No adjustments have been made to readings • Assays are pending • No twinned holes occure in this report • Significant intercepts are reviewed externally by specialist geochemists and modeling consultants
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	• Hand held GPS
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	• This report includes one meter sampling of magnetic susceptibility. This is an acceptable frequency of testing at this level of resolution. Assays are pending • Collar and end of hole surveys were taken and combined with collar location at surface for hole trajectory
Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	• No sampling bias was introduced by drilling orientation
	• If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	• No sampling bias was introduced by drilling orientation
Sample security	• The measures taken to ensure sample security.	• Sample integrity was maintained throughout the sampling process
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• Sample integrity audits were completed prior and after receipt of sample at labs

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Athena Resources Limited – First Quarter Activities

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	**JORC Code explanation **	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.	• Tenements referred to In this report E09/1931 and E09/1637 are 100% Athena owned and operated within native title claim WAD 6033/98, made on behalf of the Wajarri Yamatji People.
	• The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	• The tenements are in good standing and no known impediments exist. • See tenement listing attached.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• Historic exploration within the project area largely confined to south of a line extending from Imagi Well to the Byro East intrusion (Melun Bore). The earliest work with any bearing on Athena’s activities is that of Electrolic Zinc Co (1969) exploring for chromatite at Imagi Well, followed closely by Jododex Australia (1970-1974) at Byro East. Much of the exploration of a more regional nature is of limited use either because of the vagaries of the accuracy of positional information and the limited range of elements analysed. More recent surveys pertinent to Athena’s current investigations include that of Redback Mining (1996-2002), Yilgarn Mining Limited (2003-2008) and Mithril (2007, JV with Yilgarn) at Byro East, and Western Mining Corporation (1976- 1979) and Precious Metals Australia at Imagi Well. Newcrest Mining carried out a limited reconnaissance RAB drilling programme for platinum just to the east of Byro homestead (1998- 1990).
Geology	• Deposit type, geological setting and style of mineralisation.	• Upper amphibolite to granulite metamorphic facies with mafic to ultramafic intrusive. Granite and migmatite are common

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Athena Resources Limited – First Quarter Activities

Criteria	JORC Code explanation	Commentary
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length.	• Summary Information on holes AHRC0067, AHRC0068, AHRC0069, AHRC00/70, AHRC0071, AHRC0072 and ADHD0006 and ADHD0007 see main body of announcement
	• If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	• No information has been excluded
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.	• No weighting, min max, ave, truncation or cut off techniques were used in this report
	• Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.	• No aggregation has been used
	• The assumptions used for any reporting of metal equivalent values should be clearly stated.	• No metal equivalent are referred to in this report
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results.
	• If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported	•See main body of report. All widths are down hole and not reported as true width
	• . • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).	•All reference to widths are down hole length, true width is not calculated
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to aplan view	• Refer to Figures 1, 2, 3, 4, 5, 6, 7,8,9,10 and 11 in the body of the report

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Athena Resources Limited – First Quarter Activities

Criteria	JORC Code explanation Commentary	JORC Code explanation Commentary
	of drill hole collar locations and appropriate sectional views.
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	• This report covers representative one meter samples of magnetic susceptibility results; and • the visual inspection of diamond core drill hole ADHD0006. Assays are pending; and
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	• Geophysical gravity data was acquired over an area of 39 square kilometers and included 950 stations for a total of 65 line kilometers. The sample stations were at 50m, 100m and 200 meter spacing’s. All measurements were taken in units of milliGals, and locations measured by DGPS technology
Further work	• The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).	• Drilling programs have been planned and approvals have been granted. The registration ID of the granted PoW’s is E09/1781ID 36923 E09/1637ID 36920 E09/1552ID 36924 E09/1507ID 36922
	• Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	• The planned drilling information is commercially sensitive and is not included in this report.

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Athena Resources Limited – First Quarter Activities

INTEREST IN MINING TENEMENTS Athena Resources Limited 100% Byro E09/1507 E09/1508 E09/1552 E09/1637 E09/1656 E09/1657 E09/1781 E09/1938

E – Exploration License

Cautionary Notes

Forward Looking Statements

This announcement contains certain statements that may constitute “forward looking statements”. Such statements are only predictions and are subject to inherent risks and uncertainties, which could cause actual values, results, performance achievements to differ materially from those expressed, implied or projected in any forward looking statements.

JORC Code Compliance Statement

Some of the information contained in this announcement is historic data that have not been updated to comply with the 2012 JORC Code. The information referred to in the announcement was prepared and first disclosed under the JORC Code 2004 edition. It has not been updated since to comply with the JORC Code 2012 edition on the basis that the information has not materially changed since it was last reported.

Competent Persons Statement

The information included in the announcement was compiled by Mr Liam Kelly, an employee of Athena Resources Limited. Mr Kelly is a Member of the Australasian Institute of Mining and Metallurgy, and has sufficient relevant experience in the styles of mineralisation and deposit styles under consideration to qualify as a Competent Person as defined in “The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012 Edition)”. Mr Kelly consents to the inclusion of the information in the announcement in the context and format in which it appears and that the historical information was compliant with the relevant JORC Code, 2004 Edition , and new information announced in this report is compliant with the JORC Code 2012 Edition.

Competent Persons Disclosure

Mr Kelly is an employee of Athena Resources and currently holds securities in the company.

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