BYRO STATION 2010 RC DRILLING PROGRAM

Transcription

1 BYRO STATION 2010 RC DRILLING PROGRAM

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3 Capital Structure Issued and Quoted Securities Current Number Ordinary Shares 65,600,974 Options 8 cent 33,800,487 (Expiring - 30 April 2012) Market Capitalisation $8M (1 November 2010)

4 Capital Structure Major Shareholders Currently Shares % E Edwards 8,710, Ishine International 8,300, D Kelly 6,043, P Newcomb 2,862,

5 Board and Management Hon Andrew Thomson (Chairman) Graduate of the Law Faculty of the University of Melbourne, the International Centre of Keio University in Tokyo, and Georgetown University Law Centre. Mr Ed Edwards (Managing Director) Chartered Accountant 32 years as a Director, Company Secretary and auditor. Dr Caigen Wang (Non Executive Director) Mining Engineer Mr Liam Kelly (Senior Geologist) Graduate of the Planetary and Earth Sciences Faculty of the Victoria University, Wellington. Hons Structural Geology, Dip Mech Engineering

6 Athena s Projects Byro 2,800 sq km - Iron Ore - Nickel-Copper & Platinum Ashburton 630 sq km - Gold - Lead, Silver and Copper

7 BYRO PROJECT GEOGRAPHIC LOCATION AND INFRASTRUCTURE

8 ATHENA S TENEMENTS ATHENA S TENEMENTS

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10 BYRO MAGNETITE IRON PROJECT KEY POINTS Confirmed the FE1 Anomaly to be a large, continuous, Magnetite Body Assay and DTR Results Show High Grade with Low Impurities High Confidence in Targeting by Correlating Assay Data with Aeromagnetic data

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12 AHRC0008 from 68m AHRC0006 from 85m AHRC %Fe from 107m AHRC0003 from 59m AHRC0005 from 64m FE1 Drill Hole Locations Over aerial photograph and aeromagnetic Survey Data

13 Line 4 AHRC % Fe from 98m AHRC %Fe from 107m Line 3 AHRC m@32.43%Fe from 68m AHRC % Fe from 32m Including 33.34% Fe from 42m And 33.34% Fe from 42 Line 2 AHRC0005 from 64m AHRC0006 from 85m

14 Outcropping BIF East of AHR0007 Looking south, note westward dip of bedding

15 Sample Piles AHRC0008 (top left) and AHRC0006 (bottom right) Sample piles are at 1m intervals, note the consistent cover depth of 55 to 60m from surface to the magnetite body and continuous magnetite thereafter. Sample intervals were every 4m in non magnetite environments and every 2m when in magnetite.

16 POLISHED THIN SECTION MAGNETITE GRUNERITE CHALCOPYRITE PYRITE PYRRHOTITE QUARTZ BIOTITE/CHLORITE MAJOR MAJOR TRACE ACCESSORY TRACE MAJOR ACCESSORY ILMENITE HORNBLENDE TRACE TRACE CLASSIFIED AS A PYRITE MAGNETITE AMPHIBOLE QUARTZITE The magnetite grains are major component of all chips. The majority of the grains are coarse grained and elongate ( typical dimensions 0.5x 0.2mm) with some alignment in the quartzite There is a small quantity of equant fines with grain sizes under 50 microns. The magnetite contain only rare inclusions of silicates

17 Photomicrograph of Magnetite in Polished Section from Reflective Light Mnt Pyr Sil Sil Mnt Mnt Sil Above: Opaque, light grey colour magnetite grains displaying high relief

18 Davis Tube Recovery results include:- AHRC % Fe from 68m AHRC % Fe from 85m AHRC % Fe from 107m AHRC % Fe from 59m AHRC % Fe from 64m AHRC % Fe from 88m Concentrate grades of up to 71.6% Fe Concentrate grades of up to 93.8% Fe3O4 DTR Weight Recoveries of up to 56.0% Potential for a premium magnetite product with super low detrimental impurities of aluminium, phosphorous and sulphur.

19 Magnetic Image Targeting (Magnetic image targets marked in yellow). Correlating geophysical magnetic data actual drill chip assay. to Developed a response cut off of 1500nt for the high magnetite type iron ore. As can be seen there is approximately 20 km strike length of high priority targets within the tenements held by Athena.

20 BYRO COPPER NICKEL PGE KEY POINTS Diamond Drilling at Byro East has demonstrated variable zones of geochemistry within a consistently high MgO peridotite Primary sulphide, pentlandite commonly upgraded to millerite and visible native copper at depth in drill core First Pass drilling at Moonborough has confirmed a mafic ultramafic complex with promising geochemistry over a 15km strike length

21 Two Locations 1. Byro East 2. Moonborough (So Far) Moonborough Byro East

22 2000m Channels 14 to 24 Time Constant (Tau) Overlaying RTP Laplacian Aeromagnetic Data (Above) BYRO EAST DRILL HOLES (Left) AHRC0025 Southeast Contact Cu anomaly AHRC0026 Midwest Contact Ni soil anomaly AHRC0027 (140m) Then diamond tail below AHDH0001 to (212.4m) EM, Gravity and Ni anomaly

23 BYRO EAST DRILL RESULTS Zones Laterite Part Weathered UM. Fresh Rock at 50m Elevated PGE's Throughout Sheared UM Sheared sed/granite Zones Silicified zone Fresh Rock. Serpentinite Serpentinite with higher S, Ni, Cr, MgO and Elevated PGE's (45 ppb Pt - 97 ppb Pd) in shear at top of Zone Sheared intercalated serpentinite with minor pelitic sediment AHRC0025; 0.34% Ni from 0m, (In laterite). From 92m a shear hosting anomalously high PGE s was followed by a 63m zone which includes relatively elevated S, Ni, Cr and increased MgO to 156m AHRC0027; 0.53% Ni from 16m (in Laterite) AHRC0027; 0.26% Ni from 20m AHDH0001; % Ni from 149.7m (in Serpentinite) Including 0.33% Ni from 151,4m 0.31%Ni form 157.4m 0.31% Ni form Zones Laterite UM Saprock Zone Elevated PGE's (Pd 37.5 ppb) shear at top of Serpentinised UM Zone Serpentinised UM zone with elevated anomalous PGE s and elevated chrome and sulphur Serpentinised UM Zone Serpentinised UM Zone, higher chrome and sulphur including 0.33% Ni from 151,4m and 0.31%Ni form 157.4m Serpentinised UM Zone Serpentinised UM Zone with high chrome and sulphur including % Ni form 208.4

24 Thin Section showing Primary Pentlandite altered to Millerite. Formed by removal of sulfur from the pentlandite during metamorphism and reconstituted into metamorphic millerite

25 Plate 2 from thin section Nickel Sulphides, Millerite and Pentlandite with Native Copper. Native copper as fine linear shaped particles in the serpentine with nickel sulphides.

26 Plate 3 from thin section Vein Hosting Magnetite-Millerite and Copper. The assemblage association millerite - magnetite strongly indicates a secondary metamorphic occurrence most likely associated with the serpentinisation processes. It is unclear if the copper has been remobilized from within the system or related to the metamorphic event.

27 MOONBOROUGH Three Gates Water Bore Hole AHRC0021 AHRC0022 AHRC0019 AHRC ppb Pt 9 ppb Pd 58 ppm Cu 3 ppb Pt 21 ppb Pd 162 ppm Cu 18 ppb Pt 9 ppb Pd 50 ppm Cu BYRO STATION 5 kilometres

28 MOONBOROUGH RESULTS AHRC0019: maximum down hole assays include 15ppb platinum, 15ppb palladium, 10ppb gold, 96ppm Copper and 1010ppm nickel. (Talc chlorite ultramafic ) AHRC0021 maximum down hole assays include 10ppb platinum, 80ppb palladium, 17ppb gold, 620ppm Copper and 114ppm nickel. (Pyroxenite and minor metagabbro) AHRC0022 maximum from down hole assays include 31ppb platinum, 72.86ppb palladium, 200ppb gold, 2700ppm Copper and 114ppm nickel. (Pyroxenite and metagabbro ) Water Bore Hole maximum down hole assays include 18ppb platinum, 16ppb palladium, 3ppb gold, 140ppm Copper and 1350ppm nickel. (Talc chlorite ultramafic )

29 EXPLORATION STRATERGY

30 EXPLORATION OUTLINE Byro Iron Ore Byro Base Metals To Achieve Inferred Resource Moonborough AirCore Program Byro East Diamond Drilling Tonnes Grade Grid Definition Geochem Local Gravity DHEM Target Definition Assay DTR Drilling Approvals Target Definition Drilling Approvals 0RE TESTING Drilling Contracts Drilling Approvals Drilling Contracts Optimise Grind Drilling Drilling Contracts Drilling Crushing Methods Drilling Data Collation Geochemistry DHEM Geochemistry DHEM Data Collation Announce Resource to Markets Announce Results to Markets

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33 Required density of drilling to be determined (View shows 80m centres) Average width = 60m Magnetite SG = 4 g/cm3

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35 1 Kilometre 1 Kilometre

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37 MOONBOROUGH AIRCORE DRILLING BYRO STATION 5 kilometres

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39 The technical information relating to Athena s exploration projects was compiled by Mr. Donald Thomson, an employee of Indigo Exploration Services Pty Ltd. Mr. Thomson 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, 2004 edition). Mr Thomson consents to this inclusion of the information in this report in the context and format in which it appears.