Athena Resources has secured $2.2 million of funding for its Byro project, east of the West Australian port of Geraldton. Shandong Steel listed subsidiary, Ishine International Resources, will take 19.9 per cent stake in the Australian company.
Ishine will make a first payment of $1,037,500 followed by a second of $1,216,844 for a stake in the resource company. Ishine managing director, Dr Caigen Wang, will join the Athena board as a director of the company on completion of the first payment.
Athena now intends to seek shareholder approval to the issue of the shares and options for the Ishine deal in or about April 2010.
Byro was only discovered on December 10 last year. It comprises 26 areas of potential outcropping and buried iron ore targets with a combined strike length of 35km and is strategically located between the Jack Hills and Tallering Peak iron ore projects,only 60km from the planned Mid West iron ore railway. Athena has reported that iron assays in 45 rock chip samples over three magnetic target areas at Byro all exceeded 30 per cent iron, ranging from a low of 31 per cent to a high of 58 per cent Fe.
Jack Hills total iron mineral resource is estimated at about 96 million tonnes comprising of Direct Shipping Ore grading 58.7 per cent Fe and 991 million tonnes of magnetite Beneficiation Feed Ore grading 34.1 per cent Fe.
Tallering Peak, located 150km south of the Byro project has a mineral resource of 14.9 million tonnes at 61.8 per cent Fe.
Athena has significant base and precious metals targets in the Mid-West and in the Ashburton Mineral Field.
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