RC and Diamond Drilling Results Finalised
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
January 16, 2025 For Immediate Dissemination
RC and Diamond Drilling Results Finalised
VANCOUVER, BRITISH COLUMBIA – (Marketwire – January 16, 2025), Central Iron Ore Limited (CIO –
TSX.V) (“CIO” or “the Company”) is pleased to announce this Drilling Update.
Central Iron Ore is pleased to announce the results for the 2024 Phase 1 R everse Circulation (RC) drilling
campaign at the South Darlot Gold Project and the 2024 Phase 1 Diamond Drilling (DD) at British King have
been finalised.
Figure 1. Preparing to start drilling on the first diamond drill hole at British King.
Highlights:
• Assay results for the 31-hole, 1,998-meter 2024 Phase 1 RC program at the South Darlot Gold Project
has been received and processed. Multiple significant intercepts have been intercepted across the target
area (Table 1) including:
o 24SKRC_001: 1m @ 9.51g/t Au from 67 meters
o 24SKRC_004: 4m @ 3.54g/t Au from 68 meters
o 24WNRC_005: 2m @ 14.85g/t Au from 16 meters
o 24WNRC_011: 2m @ 15.1g/t Au from 56 meters
o 24MERC_003: 4m @ 3.43g/t Au from 56 meters
• Visible gold intersected in multiple diamond drillholes
• Assay results for the 6 -hole, 334.18 meter 2024 Phase 1 D D program at the British King deposit has
been received and processed. Multiple significant intercepts have been intercepted across the target
area (Table 2) including:
o 24BKDD003: 3.00m @ 22.68g/t Au from 57 meters
▪ including: 0.39m @ 184.56g/t Au from 57.85 meters
o 24BKDD004: 0.92m @ 56.03g/t Au from 76.46 meters
▪ and: 0.62m @ 21.01g/t Au from 88.05 meters
o 24BKDD005: 1.02m @ 14.88g/t Au from 36.6 meters
• Core from the diamond drillholes have been submitted for metallurgical and petrographic test work.
Drilling Results
Assay results for all 2,305 samples submitted during the 2024 Q4 South Darlot Gold Project RC and 2024 Q4
British King DD drilling campaigns have been received from ALS Laboratories. 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.
Satellite Projects – Q4 2024
Interpretation of the RC drilling assay results has further expanded the known mineralisation zones at Mermaid,
Sylvia & Kyneton and Weebo North. Multiple significant intercepts were recorded across all the target areas
(Table 1). Significant intercepts have been calculated using a cut -off grade of 0.8 g/t with a max imum of 2m
internal dilution.
Table 1. Significant Intercepts for the 2024 Phase 1 RC Campaign at the satellite projects
Mermaid Drilling
The 10-hole RC program drilled at Mermaid achieved its primary objective testing for lateral extension of the
Mermaid lode to the west with 24MERC_003, the most western hole drilled, intercepting 4m @ 3.43g/t from 56m
downhole (Figure 3 and Figure 4). The secondary target of extending the Mermaid lode down dip was also
achieved with all three of the drillholes intersecting a well developed, moderately mineralised quartz-sulphide
lode (Figure 2 and Figure 3).
Significant results for the drilling are:
• 24MERC_003: 4m @ 3.43g/t Au from 56 meters
• 24MERC_004: 1m @ 1.97g/t Au from 44 meters
• 24MERC_006: 6m @ 2.29g/t Au from 55 meters
• 24MERC_007: 1m @ 0.81g/t Au from 66 meters
• 24MERC_008: 1m @ 1.07g/t Au from 86 meters
• 24MERC_009: 1m @ 0.95g/t Au from 84 meters
• 24MERC_010: 2m @ 1.64g/t Au from 81 meters
Figure 2. Drill layout for the 2024 Phase 1 and historical drilling at Mermaid
Figure 3. Pierce point long section of the 2024 RC results at the Mermaid deposit
Figure 4. Section B-B': multiple significant intersections where intercepted during drilling testing for lateral extension of the Mermaid deposit
Sylvia & Kyneton Drilling
A second pass reverse circulation (RC) drilling programme consisting of 9 holes for 600 metres was completed
to test for downdip and lateral extension of the Sylvia lode confirmed by the successful 2023 pilot drilling program
(Figure 5). The eastern extent of the lode has been defined and the down dip extension has been confirmed
(Figure 6 and Figure 7).
Significant results for the drilling are:
• 24SKRC_001: 1m @ 9.51g/t Au from 67 meters
• 24SKRC_002: 1m @ 2.85g/t Au from 69 meters
• 24SKRC_003: 1m @ 1.27g/t Au from 53 meters
• 24SKRC_004: 4m @ 3.54g/t Au from 68 meters
• 24SKRC_005: 1m @ 3.79g/t Au from 26 meters
• 24SKRC_006: 1m @ 1.69g/t Au from 42 meters
• 24SKRC_007: 3m @ 2.26g/t Au from 54 meters
Figure 5. Drill layout for the 2024 Phase 1 and historical drilling at Sylvia and Kyneton
Figure 6. Pierce point long section across the Sylvia and Kyneton deposit
Figure 7. Section C-C': Cross section across the Sylvia & Kyneton demonstrating downdip extension of the lode.
Weebo North Drilling
Following the successful 2023 maiden RC drill campaign at the Weebo North prospect, a second pass reverse
circulation (RC) drilling programme consisting of 12 holes for 630 metres was completed. The drill program was
designed to primarily test for lateral and down dip extension of the primary near East West trending auriferous
lode as well as 3 holes to test for down dip extension of the near North South trending high-grade lode (Figure
8). The understanding of the prospect has been greatly improved following interpretation of the results with the
eastern limits of the East West lode being defined as well as the downdip extension of the lodes remaining open
(Figure 9).
Significant results for the drilling are:
• 24WNRC_005: 2m @ 14.85g/t Au from 16 meters
• 24WNRC_006: 3m @ 1.52g/t Au from 54 meters
• 24WNRC_011: 2m @ 15.1g/t Au from 56 meters
• 24WNRC_012: 8m @ 1.02g/t Au from 36 meters
• 24WNRC_013: 10m @ 2.64g/t Au from 37 meters
Figure 8. Drill layout for the 2024 Phase 1 and historical drilling at Weebo North
Figure 9. Pierce point long section across the Weebo North deposit
British King Diamond Drilling Results – Q4 2024
Six (6) PQ/HQ diamter diamond drillholes were completed across the British King deposit targeting
mineralisation within the Oxide, Transitional and Fresh weathering profiles (Figure 10).
The drill core was geologically logged and sampled with large volume, representative samples being sent for
fire assay, metallurgical and petrographic test work. The fire assay results have been received with significant
intercepts being listed in Table 2 with the metallurgical and petrographic test work still ongoing. Significant
intercepts have been calculated using a cut-off grade of 0.8 g/t Au.
Table 2. Significant Intercepts for the 2024 Phase 1 DD Campaign at the British King Project