South Darlot gold project: start of the RC drilling program

VANCOUVER, British Columbia, Nov. 22, 2022 (GLOBE NEWSWIRE) — Central Iron Ore Ltd. (IOC – TSX.V) (“CIO” or “the Company”) is pleased to announce that it has commenced an RC drilling program at the South Darlot Gold Project.

RC drilling

The RC drill program targets two of the prospects located on M37/631, including Endeavor and Mermaid. A total of 15 holes of approximately 900 meters have been designed to test the westerly and down dip extensions of the existing mineralization at Endeavour. The Endeavor deposit has an indicated and inferred mineral resource of 7,430 tonnes at 43.0 g/t Au for 10,220 ounces with a top cut of 160 g/t Au at a gold price of AUD $3,000 (as per Independent Technical Report NI43-101: South Darlot Project Western Australia prepared by Andrew Bewsher MAIG on 9/28/2022 and reported in TSXV announcement: 9/28/2022).

A total of 15 shallow RC holes have been designed to target fine-scale gold mineralization at the Mermaid prospect. The holes attempt to locate gold mineralization along strike of PBERB002 which intersected 3 meters at 13.03 g/t Au and up dip of WDRC011 which intersected 11 meters at 3.32 g/t Au. Other significant mineralized intersections at Mermaid include WDRC0099 which intersected 5 meters at 344.4 g/t Au.

Mining studies

Upon completion of the RC drilling program, CIO intends to commission a series of studies necessary to meet the requirements of the Western Australia Department of Mining Regulation and Safety (DMIRS) to to begin surface mining at Endeavour. These studies include waste rock characterization, hydrogeological and geotechnical assessment. A program of metallurgical testwork will also be implemented upon completion of the RC drilling program.

Figure 1 The long section of the Endeavor deposit showing pierce points from the November 2022 RC drill program is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c417bc8f-cf3f-43fd-9bf1-bbc722798581

Figure 2 The long section of the Mermaid deposit showing the pierce points from the November 2022 RC drill program is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/aef2eec0-ce13-4b25-ab55-7b3f9ea5c32f

CENTRAL IRON ORE LIMITED

SOUTH DARLOT GOLD PROJECT (Western Australia)

The Company’s South Darlot Gold Project area is located approximately 320 km northwest of Kalgoorlie in Western Australia and includes:

  • The British King mine, 100% owned by the Company and which complies with National Instrument 43-101 – Disclosure Standards for Mining Projects (“NI43-101”). The British King mine is located 5 km southwest of Red 5 Limited’s Darlot mine. The British King Mine is currently undergoing care and maintenance.
  • A number of properties subject to a joint venture with subsidiaries of Red 5 Limited (“Red 5”), details of which are set out below, in which CIO has acquired a 70% interest.

Figure 3 South Darlot Project Location Map is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e2bac516-a7d8-47e2-9f30-877c08df9daf

RED 5 Joint Venture Project (formerly Barrick Joint Venture Project)

The properties shown in the table below (“Red 5 JV Tenements”) are the subject of a joint venture between a wholly-owned subsidiary of the Company and subsidiaries of Red 5 Limited (“Red 5 JV”) and are located southwest of Red 5 5 of the Darlot gold mine and are contiguous to CIO’s current holdings in the area. The Red 5 JV buildings are detailed below.

Table 1: List of buildings in South Darlot

Project Building Status Area (ha)
Barrick joint venture M37/421 Granted 381
Barrick joint venture M37/552 Granted 200
Barrick joint venture M37/631 Granted 776
Barrick joint venture M37/632 Granted 595
Barrick joint venture M37/709 Granted 98
Barrick joint venture M37/1045 Granted 90

QUALIFIED PERSON

Dr. Andrew Bewsher, Fellow of the Australian Institute of Geoscientists, compiled the information in this report regarding soil geochemical distributions. Mr. Bewsher has sufficient relevant experience for the style of mineralization and type of deposit under consideration and for the activity currently undertaken to qualify as a Competent Person as defined in NI 43-101.

On behalf of the Board of Directors
CENTRAL IRON ORE LTD.

“Brett Hodgins”
____________________________
Brett Hodgins, President and CEO

For more information, please contact:
www.centralironorelimited.com

Investor and Media Inquiries:
Direct: +61 2 9397 7555

Email: [email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Caution Regarding Forward-Looking Statements
This press release contains forward-looking information within the meaning of Canadian securities laws. Although the Company believes this information to be reasonable, it cannot guarantee that these expectations will prove to be correct. Forward-looking information is generally identified by words such as: believe, expect, anticipate, intend, estimate, assume and similar expressions, or are those which by their nature refer to future events . The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in the forward-looking information due to a variety of factors, including, but not but not limited to, the state of the financial markets for the Company’s equity securities, the state of the market for iron ore or other minerals that may be produced generally, recent market volatility; variations in the nature, quality and quantity of the mineral deposits likely to be located, the Company’s ability to obtain the permits, consents or authorizations necessary for its activities, to raise the necessary capital or to be fully in able to implement its business strategies and other risks associated with the exploration and development of mineral properties. The reader is referred to the Company’s disclosure documents for a fuller discussion of these risk factors and their potential effects, copies of which can be viewed on the Company’s page on SEDAR at www. sedar.com

NBA: 32 072 871 133

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Figure 1

Long section of the Endeavor deposit showing breakthrough points from the November 2022 RC drill program

Figure 2

Long section of the Mermaid deposit showing breakthrough points from the November 2022 RC drill program

picture 3

Locality plan of the South Darlot project

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