Non-Renounceable Entitlement Offer
On Monday, 26 November 2018, Athena Resources Limited (Athena or Company) announced a pro-rata non-renounceable entitlement offer of ordinary shares in the Company on the basis of one (1) new share (New Shares) for every four (4) existing shares held, at an issue price of $0.01 (1.0 cent) per share (Entitlement Offer).
Resource Development and Mining Proposal Work
- Programmes of work (PoWs) have been granted for the infill drilling required to raise the resource definition from inferred to indicated and in part measured resource. Approvals include a geotechnical programme to enable definitive pit design. Sample from drilling will also be used for quantitative tailings analysis towards tailing facility design.
- Pilot plant trial completed in China by Yantai Xinhai Mining Research and Design Co. Ltd, for a 10,000kg production run.
- Results showed a concentrate output is achievable for three main product divisions from <75μm.
- SPFE, Super Purity Magnetite Iron Powder (>72%Fe)
- HPFE High Purity Magnetite Iron Powder(>71.5%Fe)
- Low grade 65%Fe
Further product development is being determined in the coarse fractions >75μm to <250μm.
- Rescology have been appointed to develop impact assessments through the mining application process, including the completion of a level 2 Flora Survey by Gold Fields Landcare services on FE1, covering the proposed haul road, bore field and accommodation camp. There were no significant limitations to the survey. The survey included the required establishment of analogue sites for future monitoring through to mine closure.
- Athena has been engaged in meetings with the DWER, Geraldton to consider the scope of the FE1 mine site development.
Following discussions Pennington and Scott will undertake the water balance assessment for the project.
- Pennington and Scott are beginning a scoping study on the viability of the YarrYarra paleochannel as a prospective supply for water to the FE1 project.
- Pennington and Scott are working with Rescology to piggy back the hydrology study with the stygofauna and troglobite communities in the licence area.
The following authorities have been in consultation with Athena regarding the development of the FE1 project.
- Native Title parties
- Port of Geraldton
- Main Roads WA
- Murchison Shire
- City of Greater Geraldton and the City of Geraldton Shire
- Local Pastoralists (majority makeup of the Murchison Shire)
- Local small business holders
- An assessment was completed over the transport corridor for the road transport of product from the FE1 site to the Port of Geraldton using quad road trains. The assessment concluded the road corridor has no major impediments and can be included in the RAV 10 network with minor improvements. These include signage and the widening of one cattle grid.
- Athena is continuing engagement with the two Shires to develop a road usage agreement.
Some of the industrial and high value markets identified to date may include:
- Magnetite in Bulk Coal Wash Market
- Magnetite in Dense Media Separation
- Magnetite in Ammonia and Gas to Liquid Fuel Synthesis Markets
- Dense Aggregate for concrete
Iron Powder Markets
- 3D Printing (Additive manufacturing)
- Iron Powder Press-and-Sinter and Metal Injection Molding
- Sponge Iron
REQUEST SHORTFALL APPLICATION: NRRI@athenaresources.com.au
GENERAL ENQUIRIES: NRRI@athenaresources.com.au