2022_11_Press_Release_RC Drilling Programme
2022_11_Press_Release_RC Drilling Programme
ABN: 32 072 871 133
Central Iron Ore Ltd.
Suite 1 Level 2, 49-51 York Street, Sydney 2000 Australia
Tel. 61 2 9397 7555
NEWS RELEASE Symbol: CIO-TSXV
22 November, 2022 For Immediate Dissemination
South Darlot Gold Project: Commencement of RC Drilling Programme
VANCOUVER, BRITISH COLUMBIA – (Marketwire – 22 November 2022), Central Iron Ore
Ltd. (CIO – TSX.V) (“CIO” or “the Company”) is pleased to announce they have commenced an
RC drilling programme at the South Darlot Gold Project.
RC Drilling
The RC drill programme targets two of the prospects located on M37/631 including Endeavour
and Mermaid. A total of 15 holes for approximately 900 metres has been designed to test for
extensions to the west and down dip of the existing mineralisation at Endeavour. The Endeavour
deposit has an indicated and inferred mineral resource of 7,430 tonnes at 43.0 g/t Au for 10,220
ounces with a 160 g/t Au top cut at a $AUD 3,000 gold price (as per NI43 -101 Independent
Technical Report: South Darlot Project Western Australia prepared by Andrew Bewsher MAIG
28/9/2022 and reported in TSXV announcement: 28/9/2022).
A total of 15 shallow RC holes have been designed targeting short scale gold mineralisation at
the Mermaid prospect. The holes attempt to locate gold mineralisation along strike of PBERB002
which intersected 3 metres @ 13.03 g/t Au and up dip of WDRC011 which intersected 11 metres
at 3.32 g/t Au. Other significant mineralised intercepts at Mermaid include WDRC0099 which
intersected 5 metres @ 344.4 g/t Au.
Mining Studies
Once the RC drilling programme is completed, CIO intend to commission a suite of studies
required to meet Western Australia Department of Mining Industry Regulation and Safety
(DMIRS) requirements to commence open pit mining at Endeavour. These studies include waste
rock characterisation, a hydrogeological and geotechnical assessment. A metallurgical test work
programme will also be implemented at the completion of the RC drilling programme.
2022_11_Press_Release_RC Drilling Programme
Figure 1 Long section of the Endeavour deposit showing pierce points of the November 2022 RC Drilling Programme
Figure 2 Long section of the Mermaid deposit showing pierce points of the November 2022 RC Drilling Programme
2022_11_Press_Release_RC Drilling Programme
CENTRAL IRON ORE LIMITED
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 100% beneficially owned by the Company and which is
National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI43-101”) compliant.
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 tenem ents 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 3 Locality map of the South Darlot project
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 a fully owned subsidiary of 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.
2022_11_Press_Release_RC Drilling Programme
Table 1: List of South Darlot tenements
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
QUALIFIED PERSON
Mr Andrew Bewsher who is a Member of the Australian Institute of Geoscientists and has
compiled the information within this report relating to soil geochemical distributions. Mr Bewsher
has sufficient experience relevant to the style of mineralisation and t ype of deposit under
consideration and to the activity currently being 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/CEO
For further 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 NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES SERVICES OR FOR DISSEMINATION
IN THE UNITED STATES.
Cautionary Note Regarding Forward-Looking Statements
2022_11_Press_Release_RC Drilling Programme
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 t he 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 that may be lo cated, 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 an d 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