2023_CIO_Press Release Endeavour Diamond Drilling Programme
2023_CIO_Press Release Endeavour Diamond Drilling Programme
ABN: 32 072 871 133
Central Iron Ore Ltd.
Suite 1 Level 2, 49-51 York Street, Sydney NSW 2000 Australia
Tel. +61 2 9397 7555
NEWS RELEASE Symbol: CIO-TSXV
09 March, 2023 For Immediate Dissemination
South Darlot Gold Project: Endeavour Diamond Drilling Programme
VANCOUVER, British Columbia – (Marketwire – 09 March 2023), Central Iron Ore Ltd. (CIO
– TSX.V) (“CIO” or “the Company”) is pleased to announce results from the February 2023
Diamond drilling programme at its Endeavour prospect at the South Darlot Gold Project.
Endeavour Highlights
• 23ENDD001: 2 meters @ 42.23 g/t Au from 47 metres
• 23ENDD002: 1.8 meters @ 75.2 g/t Au from 49 metres
Endeavour Diamond Drilling
CIO completed a two hole PQ Diamond drilling programme of 134.6 metres at the Endeavour
prospect on mining licence M37/631. The programme was designed to collect a representative
ore sample of the deposit for comminution test work. A total of 60 kilograms of material is required
to complete the comminution test work, which necessitated two PQ diamond core holes be drilled
targeting known mineralisation in hole 22ENRC017.
Gold mineralisation at Endeavour is associated within a 1 to 2 metre (Figure 1 & Figure 2) wide
laminated quartz vein which contains minor accessory sulphides including pyrite and traces of
galena, sphalerite and chalcopyrite. The vein is hosted within an intermediate volcanic sequence.
A super-high-grade domain exists at vertical depths between 20 to -45 metres. At this depth there
is a sharp, 5 to 10-fold increase in gold metal coincident with the transition from complete to partial
oxidation of the host rock. In this domain, iron oxides and traces of chalcocite and covellite also
exist.
2023_CIO_Press Release Endeavour Diamond Drilling Programme
Figure 1 Gold mineralisation associated with the narrow quartz vein in 23ENDD001, with heavily sheared, altered
hangingwall contact containing minor quartz.
Figure 2 The Endeavour Vein as seen in PQ Diamond core from drillhole 23ENDD002.
The results of the drilling program at Endeavour have been largely positive. This campaign of
drilling has provided further evidence that mineralisation is bound within the laminar, sulphide
bearing quartz vein. Bonanza grades are bound to the transitional zone, where there is evidence
of sulphide oxidation but with the minor occurrence of sulphides. Sufficient sample was collected
for comminution test work.
2023_CIO_Press Release Endeavour Diamond Drilling Programme
Figure 3 Pierce-point long section updated with recent diamond drilling program (recent drilling highlighted in red)
2023_CIO_Press Release Endeavour Diamond Drilling Programme
Figure 4 Cross section through the Endeavour deposit.
2023_CIO_Press Release Endeavour Diamond Drilling Programme
Table 1 Drill hole details and significant intersections from the 2023 Diamond drill programme.
Metallurgical Test Work
CIO have commissioned 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 a
metallurgical programme.
From the December 2022 RC drill program, sufficient sample was collected to start metallurgical
test work. This included gravity and leach recoveries, rheology, and grind size establishment. This
test work is underway and being supervised by JT Metallurgical Services.
Core from the two PQ diamond holes were halved and sent for comminution test work at Auralia
Metallurgy in Midland, Perth. This work also is being supervised by JT Metallurgy.
2023_CIO_Press Release Endeavour Diamond 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 has now reverted to 100% beneficial ownership by the Company
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 i n care and maintenance. CIO is registered on title for
49% and has received signed transfer forms from BK Gold Mines Pty Limited to Central
Iron Ore Limited for the transfer of a further 51% interest as agreed.
• The registration of unencumbered title of th at 51% interest is being delayed by
Silverstream SE22, who provided funding to BK Gold Mines Pty Limited to fund their
acquisition under the Tenement Acquisition Agreement. Silverstream SE22 has refused
to remove the caveats which prevents registration of the transfers. CIO has commenced
action in the Supreme Court of Western Australia to have the caveats removed.
• 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 5 Locality map of the South Darlot project.
2023_CIO_Press Release Endeavour Diamond Drilling Programme
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.
Table 2 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 the diamond core drilling. Mr. Bewsher 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 NI
43-101. Mr. Bewsher approves the release of this information.
On behalf of the Board of Directors
CENTRAL IRON ORE LTD.
“David Deitz”
____________________________
David Deitz, CEO
For further information, please contact:
www.centralironorelimited.com
Investor and Media Inquiries:
Direct: +61 2 9397 7555
Email: [email protected]
2023_CIO_Press Release Endeavour Diamond Drilling Programme
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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 SE RVICES 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 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