2023_CIO_Press Release Endeavour RC Drilling Programme
2023_CIO_Press Release Endeavour 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
14 February, 2023 For Immediate Dissemination
South Darlot Gold Project: Endeavour RC Drilling Programme
VANCOUVER, BRITISH COLUMBIA – (Marketwire – 14 February 2023), Central Iron Ore Ltd.
(CIO – TSX.V) (“CIO” or “the Company”) is pleased to announce results from the December 2022
RC drilling programme at its Endeavour prospect at the South Darlot Gold Project.
Mermaid Highlights
• 22ENRC014: 5 meters @ 11.93 g/t Au from 66 metres; including 1m @ 38.8 g/t Au
• 22ENRC015: 1 meter @ 12.00 g/t Au from 74 metres
• 22ENRC017: 6 meters @ 49.30 g/t Au from 42 metres; including 2m @ 116 g/t Au
• 22ENRC018: 3 meters @ 4.20 g/t Au from 13 metres
Endeavour RC Drilling
CIO completed an 18 -hole RC drilling programme for 1,060 metres at the Endeavour prospect
from 24th of November to the 2nd of December 2022 on mining licence M 37/631. The programme
was designed to test for mineralised extensions down dip and to the immedi ate west of the
Endeavour deposit, with a further two holes drilled within the known resource to obtain samples
for metallurgical test work.
Gold mineralisation at Endeavour is associated within a 1 to 2 meter (Figure 1 & Figure 2) wide
laminated quartz vein, the Endeavour 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 of betwe en 20 to 45
meters. At this depth there is a sharp, 5 to 10 -fold increase in gold metal coinciding 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 RC Drilling Programme
Figure 1 Gold mineralisation associated with the narrow quartz vein in 22ENRC017, with some bleeding of grade into the
footwall intermediate volcanic.
Figure 2 The Endeavour Vein as seen in RC cuttings from drillhole 22ENRC014. Note the significant footwall grade and lack of
quartz veining in the chips.
The results of the drilling program at Endeavour have been largely positive, however, the drilling
has definitively closed-off mineralisation to the west. The drilling established further down plunge
extensions of the Endeavour quartz vein with 22ENRC015 intersecting 1 meter at 12 g/t Au from
74 metres down hole and 5 meters at 11.93 g/t Au in 22ENRC014 from 66 metres down hole .
The other two holes (22ENRC017 and 018) were primarily drilled to collect RC chips (oxide and
transitional) for metallurgical test work in preparation for mining.
2023_CIO_Press Release Endeavour RC Drilling Programme
Figure 3 Pierce-point long section updated with recent drilling program (recent drilling highlighted in red)
2023_CIO_Press Release Endeavour RC Drilling Programme
Figure 4 Cross section through the Endeavour deposit.
2023_CIO_Press Release Endeavour RC Drilling Programme
Table 1 Drill hole details and significant intersections from the 2023 Endeavour RC drill programme.
Mining Studies
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. Two PQ diamond core holes have been designed and will be drilled to
enable collection of approximately 60 Kg of core for comminution test work. These holes will be
drilled in February 2023.
2023_CIO_Press Release Endeavour 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 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 in 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 that 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 RC 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 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.
“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 RC Drilling Programme
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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 that may be loca ted, 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