Drill Program Commences at South Darlot Gold Project
April 09 2020 - 9:42AM
Central Iron Ore Ltd. (CIO – TSX.V) (“CIO” or “the
Company”) is pleased to announce that drilling will
commence at the Company's South Darlot Gold Project which is
subject to a joint venture with Red 5 Limited.
There are two stages of work which include
costeaning and definition drilling.
The first stage will involve digging eight
costeans to define the top of the Endeavour ore body. This will
provide invaluable spatial information pertaining to the ore body
and will assist with 3D modelling.
The second stage of works planned at Endeavour
includes the drilling of 17 Reverse Circulation (RC) holes and 3
diamond core holes for a total of 694 metres of RC and 150 metres
of diamond core.
The goal of the RC and diamond core program is
to drill the Endeavour deposit on a regular pattern of 5mN and
10mRL to provide sufficient confidence of the continuity of
mineralisation of the interpreted lode. This will lend itself to
potentially delineating a Mineral Resource estimate which could
form the basis of a mine feasibility study.
The Board of CIO is enthusiastic about the
upcoming drilling program and looks forward to updating
shareholders as the Project advances.
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 49%
owned by the Company. 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 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 1 is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/3559f28b-ed20-429f-8114-8d865e21b680
|
|
|
|
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 |
|
|
|
|
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: info@centralironore.com
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 StatementsThis 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 located,
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.
ABN: 32 072 871 133
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