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Drill results of 5m at 5.5g/t Au including 2m at 12.57 g/t Au at South Darlot Gold Project

04.06.2019  |  GlobeNewswire

VANCOUVER, June 04, 2019 - Central Iron Ore Ltd. (CIO – TSX.V) (“CIO” or “the Company”) is pleased to announce that significant gold intercepts have been revealed through the Company’s latest drilling program at its South Darlot Gold Project. The results from the 20 hole drill program, which included gold grades of up to 12.6 grams per tonne (g/t) support historical and earlier work conducted on the project area. The recent drilling program focused on 2 of the 24 gold targets identified within the South Darlot Gold Project Area.

Highlights

Significant gold intercepts

  • 2m at 2.77 g/t Au including 1m at 4.34 g/t Au from 32m.
  • 5m at 5.50 g/t Au including 2m at 12.57 g/t Au from 57m

The widths described are drill intersection lengths and the true widths have not been estimated. The true widths will be estimated as part of the mineral resource process.

Endeavour Prospect

  • 12 reverse circulation drill holes for approximately 1,369m.

Loch Ard Prospect

  • 8 reverse circulation drill holes for approximately 674m.

SOUTH DARLOT GOLD PROJECT (Western Australia)

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

  • The British King Mine which is 49% owned by the Company. The British King Mine is 5km southwest of Red 5 Limited’s Darlot Mine. The British King Mine is currently in care and maintenance.
  • A number of tenements which are subject to a joint venture with subsidiaries of Red 5 Limited (“Red 5”), details of which are set out below, in which CIO has earned a 70% interest.

Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7a85d89d-cdcb-4a1b-8526-cb13002e5070

RED 5 JV Project (Formerly Barrick Joint Venture Project)

The tenements set out in the table below (“Red 5 JV Tenements”) are the subject of a joint venture between the Company and subsidiaries of Red 5 Limited (“Red 5 JV”), and are situated southwest of Red 5’s Darlot gold mine and are contiguous with CIO’s current holdings in the area. The Red 5 JV Tenements are detailed below.

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

Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3d22c8d6-6922-46ea-aa63-c3c17b9d80a2

As at the date of this report, the Company has earned a 70% interest in the Red 5 JV Tenements in accordance with the Red 5 JV and is continuing exploration on the Red 5 JV Tenements.

Endeavour Prospect

The drilling at the Endeavour Prospect included 12 holes for resource definition. A total of 1,369 metres were drilled at the Endeavour Prospect as part of this program. At the Endeavour prospect there were two holes with significant assays that have a direct relationship to the main mineralised feature. These were drill holes END1802 and END1808. This mineralisation has a central, quartz-rich domain that is capable of high grades. This central lode is characterised by Au grade exceeding 2 g/t Au. Enveloping this is stringer mineralisation over 1 – 3 metres with grades of between 0.5 – 2.0 g/t Au. The intercepts of this central domain (minimum width of 2 metres) are:

  • END1802: 2m @ 2.77 g/t Au from 32 metres.
  • END1808: 2m @ 12.57 g/t Au from 57 metres.

The highlights of the drill results include:

  • 2m at 2.77 g/t Au including 1m at 4.34 g/t Au from 32m in END1802.
  • 5m at 5.50 g/t Au including 2m at 12.57 g/t Au from 57m in END1808.

The widths described are drill intersection lengths and the true widths have not been estimated. The true widths will be estimated as part of the mineral resource process.

The drill results confirm and extend the results from historical drilling while historical surface sampling and mapping infer further extensions. The significant historical results for the Endeavour Prospect were:

  • 4m at 70.6 g/t Au from 36m in WDRC0101.
  • 8m at 23.6g/t Au from 34m in END0002.
  • 4m at 50.3 g/t Au including 1m at 158 g/t Au from 43m in END0003.
  • 7m at 27.1g/t Au including 1m at 159 g/t Au from 46m in END0001.
  • 4m at 23.2 g/t Au including 1m at 81.8 g/t Au from 28m in END0002.

The widths described are drill intersection lengths and the true widths have not been estimated. The true widths will be estimated as part of the mineral resource process.

Figure 3 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c5aa721e-a38a-4ccc-8a5f-28ab1c99bb2d

Figure 4 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/310fd740-f7a2-4fb3-8253-367da806669b

Future drilling programs at the Endeavour Prospect

A program of RC drilling comprising 8 holes for 506 metres has been designed at the Endeavour Prospect, both up-dip and down-dip of the existing high grade mineralisation. The purpose of the drilling is to define the mineralisation from a near surface position, down to ~75 metres from the surface.

Loch Ard Prospect

The drilling at the Loch Ard Prospect included 8 holes for resource definition. A total of 674 metres were drilled at the Loch Ard Prospect as part of this program. At the Loch Ard prospect, the mineralisation is showing to be sub-horizontal. This is represented by CIO1811 (2m @ 1.21 g/t Au from 34 metres) relative to nearby historical drill holes WDR0770 (4m @ 2.92 g/t Au from 41m, incl. 3m @ 3.44 g/t Au from 41m) and WDRC0090 (1m @ 2.62 g/t Au from 42m).

The widths described are drill intersection lengths and the true widths have not been estimated. The true widths will be estimated as part of the mineral resource process.

Figure 5 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0c2a8552-7258-46e8-8024-d12a1034b7fd

Emperor Structure (2.5km strike length)

The recent drilling also confirmed a west-north-west (WNW) trending shear zone named the Emperor Structure. It has been interpreted from a linear trend of historical gold workings, gold occurrences within drill holes, as well as observations from the diamond drill core and RC chips of the recent drilling at the Endeavour Prospect. Interpretations generated from aeromagnetic and gravity geophysics supports the view that the structure extends further to the WNW ultimately causing a >100m displacement of stratigraphy. The gives the structure a 2.5km strike length, a direct association with gold endowment, and a favourable geological setting to host significant gold accumulation. Currently, vein-hosted gold mineralisation has been modelled at the A1 Prospect, Mermaid Prospect and the Endeavour Prospect. Potential exists to explore for extensions and splays of this structure to the ESE as well as across strike.

Summary of Drill Results

Prospect Hole Id Easting Northing From To Width
(m)
Grade
(g/t Au)
Dip Azimuth
Loch Ard CIO1801 329824 6907336 59 60 1 0.66 -60 280
Loch Ard CIO1806 329824 6907585 48 49 1 0.72 -60 270
Loch Ard CIO1810 329877 6907332 122 123 1 0.59 -60 280
Loch Ard CIO1811 322983 6907329 34 36 2 1.21 -60 270
34 35 1 1.74
35 36 1 0.68
Endeavour END1802 328132 6905821 32 34 2 2.77 -60 45
32 33 1 4.34
33 34 1 1.2
Endeavour END1805 328104 6905790 12 13 1 0.65 -60 45
Endeavour END1806 328105 6905768 40 41 1 1.46 -60 40
Endeavour END1806 328105 6905768 98 99 1 0.85
Endeavour END1806 328105 6905768 118 119 1 0.66
Endeavour END1806 328105 6905768 183 184 1 0.54
Endeavour END1807 328077 6905791 75 76 1 1.34 -60 45
Endeavour END1808 328130 6905789 57 62 5 5.5 -60 50
57 58 1 0.59
58 59 1 0.12
59 60 1 12.55
60 61 1 12.6
61 62 1 1.63
Endeavour END1809 328153 6905789 27 28 1 0.57 -60 50

The widths described are drill intersection lengths and the true widths have not been estimated. The true widths will be estimated as part of the mineral resource process.

Quality Control and Analytical Procedures

The Company has a rigorous QA/QC program in place to ensure best practices in sampling and analysis of drill samples. Commercial standards, blanks and duplicates were inserted in every batch of samples submitted for analysis in accordance with industry practice. Gold analysis was carried out by ASL in Kalgoorlie Western Australia, with a 30 g charge by Fire Assay with Atomic Absorption finish method. ALS are certified and registered in each region with global application of standard procedures and audits to maintain standard practice throughout the laboratory network.

Qualified Person

Mr Darryl Mapleson, who is a Fellow of Australasian Institute of Mining and Metallurgy, has compiled the information within this report relating to mineralisation. Mr Mapleson has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity currently being undertaken to qualify as a Competent Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

Summary

The Endeavour and Loch Ard Prospects are a part of the Red 5 JV properties. The drilling program was carried out on mining lease 37/631 and 37/632. The importance of the status of this being a granted mining lease should not be underestimated in a development context as it gives CIO a significant cost and time advantage of the order of 18 to 24 months.

Mr Brett Hodgins, President and CEO, said, “We are encouraged with the results from the recent drilling program at our South Darlot Gold Project. Endeavour is shaping up as a very important prospect for CIO. The high grade gold results, combined with the prospect being on a granted mining lease, allow CIO to add value to this asset.

“I believe this to be an important moment for CIO with high grade gold discovered close to surface, the identification of a structure which can be extended along strike. This combined with our 24 targets provides CIO with the platform to grow our gold resources.”

On behalf of the Board of Directors
Central Iron Ore Ltd.

“Brett Hodgins”
____________________________
Brett Hodgins, President/CEO

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

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

Email:info@centralironore.com

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

Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking information within the meaning of Canadian securities laws. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate 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 forward looking information as a result of various factors, including, 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 any Mineral Deposits Ltd. that may be located, the Company's ability to obtain any necessary permits, consents or authorizations required for its activities, to raise the necessary capital or to be fully 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 more complete discussion of such risk factors and their potential effects, copies of which may be accessed through the Company’s page on SEDAR at www.sedar.com.

ABN: 32 072 871 133


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