Athena Resources Reports 67.4% Fe Magnetite Concentrate at Narryer Main
Key Takeaways
- Athena hit four magnetite intercepts of 40m or more at Narryer Main, led by 44m at 31.79% Fe in hole AHRC0151.
- Metallurgical testing at a coarse 150μm grind returned a 67.44% Fe concentrate at Narryer Main and 69.70% Fe at the maiden Narryer Southwest target.
- The maiden Narryer Mineral Resource Estimate is targeted for December 2026, with geotechnical analysis and potential mine design to follow in the June quarter 2027.
- Narryer Southwest rests on a single 100m hole with about 1.8km of largely untested strike, and no follow-up drilling is committed yet.
- The announcement gives no resource size and no true widths, and the 67.44% Fe result sits below the 70.55% Fe Byro reported in August 2025.
Narryer drilling results intersect magnetite zones up to 44m with 67.4% Fe concentrate
Athena Resources (ASX: AHN) has reported Narryer drilling results from its August 2026 RC and diamond program at the Narryer Prospect, part of the Byro Magnetite Project in Western Australia. The program intersected four magnetite zones of 40m or greater downhole width at Narryer Main and returned a maiden hit at the previously untested Narryer Southwest Target.
Metallurgical test work completed in September 2026 at a coarse grind size of 150μm returned a weighted average concentrate grade of 67.44% Fe with 33.48% mass recovery at Narryer Main. Narryer Southwest returned 69.70% Fe with 40.38% mass recovery.
A maiden Narryer Mineral Resource Estimate (MRE) is targeted for completion in December 2026. That is the step that turns drill results into a formal estimate of what is in the ground.
Key program highlights:
- 31 RC holes for 2,266m, including a single maiden RC hole at Narryer Southwest
- Two metallurgical PQ diamond holes for 115.4m
- Four intercepts of 40m or greater at Narryer Main
- 31m @ 32.74% Fe from 55m at Narryer Southwest
Peter Jones, Managing Director & CEO
“We have completed a very successful exploration program that has delivered four RC intercepts of 40m or greater at Narryer Main…”
Jones also said the new geological data “will provide a stronger foundation for detailed appraisal of the potential economics at Narryer.”
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Narryer Main intercepts and Narryer Southwest maiden hole
Four intercepts of 40m or greater at Narryer Main
The program infilled and extended Narryer Main, where 11 previous RC holes and a single diamond hole had already identified magnetite iron mineralisation. The four headline intercepts are below.
| Hole ID | From (m) | Interval (m) | Fe % | Note |
|---|---|---|---|---|
| AHRC0141 | **28** | **40** | **30.78** | Down-hole interval |
| AHRC0151 | **109** | **44** | **31.79** | Down-hole interval |
| AHRC0152 | **74** | **40** | **31.73** | Down-hole interval |
| AHRC0154 | **67** | **40** | **34.60** | Down-hole interval |
Intercepts use an 18% Fe lower cut-off and are down-hole intervals. True widths were not reported, so these figures should not be read as the actual thickness of the magnetite bodies.
Even so, thick intercepts across several holes tell you the drilling is finding sizeable mineralised zones, which is the kind of data a resource estimate needs.
Narryer Southwest, a new target
Hole AHRC0131, a single 100m hole, intersected 31m @ 32.74% Fe from 55m. The target sits approximately 6km southwest of Narryer Main.
It is represented by two subparallel magnetic units with a combined strike length of approximately 1.8 km that remain largely untested by drilling. Further drilling will be assessed as part of the next program design, so no follow-up program is committed yet.
What is a Davis Tube Recovery test and why does it matter?
A Davis Tube Recovery (DTR) test is a laboratory method that uses a magnetic tube to separate magnetic material from crushed rock. It shows the iron grade of the resulting concentrate and the mass recovery, meaning the share of the original rock that ends up in that concentrate.
For investors, concentrate grade matters because Athena says it is developing premium magnetite solutions for advanced manufacturing and specialty steel markets. Higher-grade concentrate is relevant to that focus.
A total of 97 composites were produced from RC and diamond samples for DTR work. Of these, 89 were from Narryer Main and eight from Narryer Southwest, selected from predominantly unweathered zones where magnetism was significant.
On geology, drilling found mineralisation strongly haematitic in weathered zones, with magnetite prevailing beneath the base of weathering. The magnetite horizons form large-scale sigmoidal bodies, with upper and lower pinch-out zones controlled by subvertical dextral faults.
Zones from the diamond program are 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
- Reflux Classifier test work
Context matters here. Athena previously reported a concentrate grade of 70.55% Fe from Byro in August 2025, so the 67.44% result is not a first or a record for the project.
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Maiden Narryer MRE and next steps
Timeline to December 2026
Table 8 in the announcement sets out the planned Narryer activity.
| Period | Activity |
|---|---|
| **Oct-26** | Commence Maiden Mineral Resource Estimate |
| **Oct-26** | Further sampling and magnetic modelling of magnetic units with field verification |
| **Dec-26** | Maiden Mineral Resource Estimate (targeted completion) |
| **Jun Qtr 2027** | Geotechnical analysis and potential mine design |
Any Mineral Resource will be classified in accordance with the JORC Code (2012) based on the level of geological confidence achieved. The announcement does not disclose a resource size.
DTR results were received in September 2026, ahead of the October 2026 target for assay results.
Why Narryer matters in the Byro portfolio
Narryer is one of five prospects in the 265.7 km² Byro Magnetite Project, which is 100%-owned. At approximately 336 km from Geraldton Port, it is the closest of Athena’s prospects to road and port infrastructure.
Previous work has established Mineral Resource Estimates at the FE1 and Byro South magnetite deposits, both approximately 50km to the north.
Near-term items to watch:
- Completion of the maiden Narryer MRE, targeted for December 2026
- Assessment of further drilling at Narryer Southwest as part of the next program design
- Geotechnical analysis and potential mine design in the June quarter 2027
For you as an investor, the MRE is the key milestone. It would convert exploration results into a quantified foundation for the detailed appraisal of potential economics that management has flagged.
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