Drilling Update
ABN: 32 072 871 133
Central Iron Ore Limited
Suite 1, Level 2, 49-51 York Street, Sydney NSW Australia 2000
Tel. +61 2 9397 7521
NEWS RELEASE Symbol: CIO-TSXV
April 18, 2024 For Immediate Dissemination
Drilling Update
VANCOUVER, BRITISH COLUMBIA – (Marketwire – April 18, 2024), Central Iron Ore
Limited (CIO – TSX.V) (“CIO” or “the Company”) is pleased to announce this Drilling Update.
South Darlot Joint Venture
The following work programme occurred:
Figure 1. Drill Targets of the 2023 Q4 RC Programme
Mermaid
New Targets - Q4 2023
QAQC of All Assays Data
Assay results for all 2,812 samples submitted during the 2023 Q4 South Darlot Gold Project
RC drilling campaign have been received from ALS Kalgoorlie. The quality of the assay results
for all the drilling is considered satisfactory with the required Quality Assurance and Quality
Control (QAQC) processes having been completed with all results meeting industry standard.
Drilling Assay Result Interpretation
Interpretation of the assay results has indicated significant mineralisation with further drilling
recommended to extend the new mineralised outline both at depth and laterally being planned.
Several significant intercepts further extending the current mineralised extents of the Mermaid
deposit:
• 23MERC_001: 7m @ 1.72g/t from 37 meters
• 23MERC_002: 1m @ 3.75g/t from 66 meters
• 23MERC_004: 7m @ 2.13g/t from 54 meters
• 23MERC_007: 2m @ 3.04g/t from 69 meters
The drilling at Mermaid has been highly successful, further extending the currently defined
mineralised lode and highlighting the potential for even further extension of the Mermaid lode down
dip and to the south west.
Figure 2. Cross Section of the Mermaid Vein Showing 2023 and Historical Grade Distribution Downhole
Figure 3. Long Section View of the Pierce Point Grade Intercepts of the Mermaid Deposit
New Targets
Drilling Assay Result Interpretation
Interpretation of the assay results has begun with significant gold anomalism having been
identified at the Sylvia & Kyneton and Weebo North prosects. Further exploratory drilling is
currently being planned at the Sylvia & Kyneton and Weebo North targets.
Sylvia and Kyneton
High grade gold mineralisation has been identified in a one- to two-meter-wide fractured quartz vein
and its associated wall rock contact zones. A low grade (up to 2 g/t) mineralisation halo is often found
in altered wall rock around the auriferous vein.
Several significant intercepts from the program include:
• 23SKRC_002: 1m @ 3.26g/t from 19 meters
• 23SKRC_004: 1m @ 9.3g/t from 25 meters
• 23SKRC_007: 5m @ 3.63g/t from 36 meters
• 23SKRC_008: 6m @ 1g/t from 38 meters
Figure 4. Cross Section of the Sylvia Vein Showing 2023 and Historical Grade Distribution Downhole
Figure 5. Long Section View of the Pierce Point Grade Intercepts on the Sylvia & Kyneton Prospect
Weebo North
Drilling at Weebo North has confirmed high grade gold mineralisation in an area previously
not tested by RC drilling. Gold mineralisation occurs in two distinct, near perpendicularly
intersecting lodes; both lodes are characterised by very dark grey to near black vein quartz with
minor amounts of sulphide mineralisation being present.
Significant interests from the program include:
• 23WNRC_002: 3m @ 3.34g/t from 19 meters
• 23WNRC_005: 1m @ 16.1g/t from 20 meters
and 3m @ 16.16g/t from 36 meters
• 23WNRC_006: 1m @ 8.16g/t from 28 meters
The results of the initial drilling at Sylvia and Kyneton and Weebo North have been largely positive.
The drilling has indicated a degree of continuity of mid to high-grade mineralisation at shallow depths
which historical drilling failed to identify effectively and in doing so, has delivered significant upside
potential to the South Darlot project.
The auriferous lodes at both Sylvia and Kyneton and Weebo North remain open at depth and laterally.
Follow up drilling testing the extent of the extension is being planned currently.
Figure 6. Cross Section of the Weebo Lode 1 Showing 2023 and Historical Grade Distribution Downhole
Figure 7. Long Section View of the Pierce Points Grade Intercepts on the Weebo North Prospect
Native Title Clearance
Native title clearance processes for portions of the tenements covered by lodged Aboriginal
Cultural Heritage is ongoing, preliminary dates for the heritage surveys has been set for the
end of May 2024. Following the completion of the heritage surveys, the intent is to drill in the
following 3 to 6 months.
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 RC drilling programme. 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.
On behalf of the Board of Directors
CENTRAL IRON ORE LIMITED
“David Deitz”
____________________________
David Deitz, Director/CEO
For further information, please contact:
www.centralironorelimited.com
Investor and Media Inquiries:
Direct: +61 2 9397 7521
Email: [email protected]
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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 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 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.