Central Iron Ore Ltd. (CIO – TSX.V) (“CIO” or “the
Company”) is pleased to announce that significant gold intercepts
have been intersected through the Company’s latest drilling program
at the Endeavour Prospect at its South Darlot Gold Project.
The results from the 20 hole drill program, which included 17
reverse circulation (RC) and 3 diamond core holes, include a suite
of narrow vein, high gold grades of up to 124.4 grams per tonne
(g/t) which supports historical and earlier work conducted on the
prospect.
Highlights
Significant gold intercepts
- ENDD20-002: 1.6m (1.28m true width)
at 124.4 g/t Au from 37.3m.
- ENRC20-009: 2m (1.6m true width) at
88.08 g/t Au from 27m.
- ENRC20-010: 2m (1.6m true width) at
77 g/t Au from 37m.
- ENRC20-011: 2m (1.6m true width) at
74.5 g/t Au from 42m.
- ENDD20-003: 1.6m (1.28m true width)
at 38.2 g/t Au from 53.2m.
- ENRC20-013: 2m (1.6m true width) at
36.4 g/t Au from 47m.
Endeavour Prospect
- 17 reverse circulation drill holes
for 706 metres.
- 3 diamond core drill holes for 141.8
metres.
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
a subsidiary of Red 5 Limited (“Red 5”), details of which are set
out below.
Figure 1 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/64e1fd5d-b892-41d6-ad88-6f17c56859d0
Red 5 JV Project (Formerly Barrick Joint
Venture Project)
These tenements are situated southwest of Red
5’s Darlot gold mine. The Red 5 JV Project Tenements are
detailed below.
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 |
Figure 2 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c8c5d93a-badd-42f0-8cb8-e345a9c584a8
Dispute
As at the date of this release the Company is of
the view was that it has earned in excess of a 70% interest in the
Red 5 JV Project Tenements having incurred the required
expenditure. This is disputed by Red 5 together with other
aspects of the operation of the Red 5 JV. The parties are in
discussions to resolve this matter.
Endeavour Prospect
The drilling at the Endeavour Prospect included
20 holes for resource definition. A total 17 RC holes for 706
metres and 3 diamond core holes for 141.8 metres for a total of
757.8 metres were drilled at the Endeavour Prospect as part of this
program. Twelve holes drilled into the Endeavour Prospect
returned significant assays hosted in a planar, laminated quartz
vein. The width of the vein ranges from 0.7 to 4.2 metres and
has an average width of 1.9 metres. The strike length of the
mineralisation is approximately 40 metres and is open down plunge
and to the west.
The mineralisation is characterised by a planar,
laminated quartz vein with minor sulphides including pyrite, galena
and traces of chalcopyrite. Enveloping this is stringer
mineralisation over 1 – 3 metres with grades between 0.5 – 2.0 g/t
Au. This laminated vein and halo mineralisation is hosted in
a highly weathered felsic volcanic. Preliminary petrology
suggests the gold is secondary in nature and present as small blebs
of electrum or particulate grains associated with pyrite.
Figure 3 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/f700326d-37c5-4f78-86b0-b8c3965760c5
Figure 4 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/f1e61bc8-a74c-4fcd-b217-56433ee410c0
Figure 5 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/ce2e818f-8420-4ac4-9f06-5fa27fdec77d
Future drilling programs at the
Endeavour Prospect
A program of RC drilling comprising 20 holes for
1,024 metres has been designed at the Endeavour Prospect, targeting
the laminated vein both down plunge and to the west. The
purpose of the drilling is to extend the mineralisation which is
open to the west and trace the down plunge depths of this high
grade quartz lode.
Figure 6 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/fafb9134-801b-4831-8c9c-10d45264497a
Summary of Drill Results
Hole_ID |
mE |
mN |
mRL |
Dip |
Azimith |
Depth_from |
Depth_to |
interval |
True_thickness |
Au_ppm |
Ag_ppm |
ENRC20_001 |
328143.26 |
6905847.658 |
441.162 |
-60 |
0 |
|
|
|
|
NSI |
|
ENRC20_002 |
328133.183 |
6905848.257 |
441.006 |
-60 |
0 |
2 |
7 |
5 |
4 |
6.75 |
2.3 |
ENRC20_003 |
328123.276 |
6905852.508 |
432.913 |
-60 |
0 |
|
|
|
|
NSI |
|
ENRC20_004 |
328114.491 |
6905853.894 |
428.944 |
-60 |
0 |
|
|
|
|
NSI |
|
ENRC20_005 |
328143.78 |
6905840.721 |
434.461 |
-60 |
0 |
|
|
|
|
NSI |
|
ENRC20_006 |
328133.251 |
6905843.034 |
430.167 |
-60 |
0 |
17 |
20 |
3 |
2.4 |
7.04 |
15.8 |
ENRC20_007 |
328123.384 |
6905845.98 |
423.79 |
-60 |
0 |
|
|
|
|
NSI |
|
ENRC20_008 |
328114.321 |
6905849.007 |
417.482 |
-60 |
0 |
33 |
34 |
1 |
0.8 |
7.91 |
6.3 |
ENRC20_009 |
328139.078 |
6905835.564 |
422.036 |
-60 |
0 |
27 |
29 |
2 |
1.6 |
88.08 |
24.7 |
ENRC20_010 |
328119.501 |
6905841.524 |
413.667 |
-60 |
0 |
37 |
39 |
2 |
1.6 |
77 |
47.0 |
ENRC20_011 |
328110.819 |
6905843.56 |
409.317 |
-60 |
0 |
42 |
44 |
2 |
1.6 |
74.5 |
45.1 |
ENRC20_012 |
328113.474 |
6905836.077 |
403.064 |
-60 |
0 |
50 |
51 |
1 |
0.8 |
9.68 |
4.6 |
ENRC20_013 |
328124.142 |
6905830.904 |
404.049 |
-60 |
0 |
47 |
52 |
5 |
4 |
36.4 |
19.2 |
ENRC20_014 |
328140.339 |
6905825.698 |
411.09 |
-60 |
0 |
40 |
42 |
2 |
1.6 |
16.63 |
33.3 |
ENRC20_015 |
328148.56 |
6905822.635 |
412.439 |
-60 |
0 |
|
|
|
|
NSI |
|
ENRC20_016 |
328104.695 |
6905854.041 |
429.059 |
-60 |
0 |
|
|
|
|
NSI |
|
ENRC20_017 |
328104.091 |
6905851.303 |
414.553 |
-60 |
0 |
36 |
37 |
1 |
0.8 |
9.42 |
5.29 |
END20_001 |
328125.667 |
6905849.545 |
433.135 |
-60 |
0 |
|
|
|
|
NSI |
|
END20_002 |
328131.74 |
6905834.019 |
413.255 |
-60 |
0 |
37.3 |
38.9 |
1.6 |
1.28 |
124.4 |
146.7 |
END20_003 |
328141.274 |
6905817.239 |
399.368 |
-60 |
0 |
53.2 |
54.8 |
1.6 |
1.28 |
38.2 |
38 |
Quality Control and Analytical Procedures
The Company has a rigorous QA/QC program in
place to ensure best practices in sampling and analysis of drill
samples. Commercial standards, blanks and duplicates were
inserted in every batch of samples submitted for analysis in
accordance with industry practice. Gold analysis was carried
out by ALS in Kalgoorlie, Western Australia, with a 50 g charge by
Fire Assay with Atomic Absorption finish method. ALS are
certified and registered in each region with global application of
standard procedures and audits to maintain standard practice
throughout the laboratory network.
Qualified Person
Mr Darryl Mapleson who is a Fellow of
Australasian Institute of Mining and Metallurgy has compiled the
information within this report relating to mineralisation. Mr
Mapleson 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 Qualified
Person as defined in National Instrument 43-101 - Standards of
Disclosure for Mineral Projects ("NI 43-101").
Summary
The drilling program was carried out on mining
lease 37/631. The importance of the status of this being a granted
mining lease should not be underestimated in a development context
as it gives CIO a significant cost and time advantage of the order
of 18 to 24 months.
Mr Brett Hodgins, President and CEO, said, “We
are encouraged with the results from the recent drilling program at
our South Darlot Gold Project. Endeavour is shaping up as a
very important prospect for CIO. The high grade gold results,
combined with the prospect being on a granted mining lease, allow
CIO to add value to this asset.
I believe this to be an important moment for CIO
with high grade gold discovered close to surface, the
identification of a structure which can be extended along
strike. This combined with our 24 targets provides CIO with
the platform to grow our gold resources.”
On behalf of the Board of DirectorsCENTRAL 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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