CEO.CA Chairman's Briefing

VANCOUVER, British Columbia, Sept. 23, 2024 (GLOBE NEWSWIRE) -- 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 that the results for the 2024 Phase 1 RC drilling campaign have been finalised.

Figure 1. The sun sets after the first day's drilling of the 2024 Phase 1 RC campaign at British King (M37/30)

Highlights:

• Assay results for the 75-hole, 5 911-meter 2024 Phase 1 RC program has been received and processed.
• Multiple significant intercepts exceeding has been intercepted across the target area (Table 1) some notable intercepts include;
  • 24BKRC_004: 5m @ 20.52g/t from 110 meters
  • 24BKRC_007: 3m @ 28.26g/t from 96 meters
  • 24BKRC_010: 2m @ 24.02g/t from 75 meters
  • 24BKRC_015: 3m @ 35.61g/t from 58 meters
  • 24BKRC_028: 7m @ 8.53g/t from 61 meters
  • 24BKRC_017: 2m @ 2.44g/t from 80 meters
                    And: 1m @ 6.24g/t from 84 meters
                    And: 2m @ 26.7g/t from 93 meters
  • 24BKRC_028: 7m @ 8.53g/t from 61 meters

• Commencing in late September, 321 metres of Diamond Drilling (6 drillholes) will twin selected RC drillholes the showed exceptional gold endowment. The diamond drillhole core will provide invaluable structural, mineralogical and metallurgical information
• The British King Mineral Resource is currently being updated to include the results of the recent drilling
  

Drilling Results
Interpretation of the RC drilling assay results has confirmed high grade gold mineralisation across the prospect area (Figure 3). A clear geological understanding of the orebody has been developed with gold mineralisation associated with a primary laminated bucky quartz lode with continuity for the entire 840 metres of strike targeted by the drilling campaign (Figure 3 to Figure 6). The laminated vein is hosted at or close to the contact between a felsic volcanic/sedimentary rock and intermediate volcanic rock. Mineralisation is open down dip and along strike.

Figure 2. Section plan for the 2024 Phase 1 and historical drilling

Quality Control/Quality Assurance (“QA/QC”) Statement

Reverse Circulation (RC) drilling samples were collected for every metric meter (m) downhole of the 2024 RC drill program. Sampling was done using a cone splitter mounted on the drill rig cyclone and stored in pre-numbered calico bags (single splits), sample size ranged from 2 to 3kg per meter.
Single splits of mineralized intersections up to 3m either side of the expected ore zones were selected for initial assay. 4m composited scoop samples were taken from the residual piles over the remainder of the hole that was not selected and submitted for initial assay. All un-assayed 1m split samples were temporarily left on site in their respective calico bags; once the composite samples where assayed, corresponding 1m single splits of the composite samples with grades greater than 0.40g/t were retrieved and submitted for assay.

Cyclone duplicate samples (twin samples) targeting mineralized zones were selected from predetermined intervals and assayed to check for the representativity of the sampling method. A Certified Reference Material (CRM) pulp, fine blank pulp and coarse blank was inserted at a rate of approximately every 1 in 25 samples, or at a higher frequency to ensure every drillhole had a set of checks for its specific sample runs.

Four gold Certified Reference Materials (CRM) were used; Geostats G399-5 (0.87g/t), Geostats G913-7 (2.31g/t), Geostats G915-4 (9.16g/t) and OREAS 254b (2.53g/t). Assay samples were placed into shipping sacks together with the CRMs upon completion of each hole. All assay samples were transported weekly in their respective shipping bags to ALS Kalgoorlie, Western Australia. From drilling to delivery at the lab, all samples were maintained under the direct control and supervision of the on-site geological staff.

Upon arrival in ALS Kalgoorlie, the samples were prepared using ALS code PUL-23 (pulverize 3 kg split to 85% passing 75 microns) and fire-assayed for gold using ALS Code Au-AA26 (50gm fire assay with AA finish). ALS also inserts its own certified reference materials plus blanks and duplicates. All QA/QC results associated with the assays reported herein are within expectation, where errors were observed, repeat assays were completed to verify the results. ALS is accredited to ISO/IEC 17025 standards for specific preparation and analytical procedures. For more information about ALS Geochemistry, please visit the company’s webpage at: https://www.alsglobal.com/geochemistry.

Figure 3. Pierce Point Long section of the 2024 RC results

Figure 4. Section A-A': multiple significant high grade intercepts across multiple auriferous lodes have been identified

Figure 5. Section B-B': multiple significant high grade intercepts have been identified

Figure 6. Section C-C': multiple significant high grade intercepts across multiple auriferous lodes have been identified

Table 1. Significant Intercepts for the 2024 Phase 1 RC Campaign

Diamond Drilling Commencing Soon
Twinning diamond drilling of 6 selected high-grade interceptions will commence towards end September 2024 to obtain large volume, representative samples for structural, metallurgical and petrographic test work.

British King Resource Update
The British King Mineral Resource is currently being updated to include the results of the recent RC drilling. The Company’s 100% owned British King Mine Area has a NI43-101 Inferred Mineral Resource of 105,000 tonnes at 6.35 g/t Au for a total of 22,400 ounces.

The British King Extensions, 100% owned by the South Darlot Joint Venture in which the Company owns a 70% interest, has an NI43-101 Inferred Resource 71,000 tonnes at 5.64 g/t Au for 12,830 ounces at a gold price of $AUD 3,000/ounce. Both Inferred Resources have a top cut of 35 g/t Au (as per NI 43-101 report dated 18/5/2023 entitled “NI43-101 Technical Report South Darlot Gold Project Updated for the 2022-2023 Exploration Western Australia”).

Figure 7. British King Mine Area and Extensions

British King Project (Western Australia)
The Company’s British King Project is located across the British King Mine situated on the M37/30 Mining Tenement, approximately 320km northwest of Kalgoorlie and 60km east of Leinster in Western Australia (Figure 8).

Figure 8. British King Project Location

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: info@centralironorelimited.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 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 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.

Figures accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c7b00e14-bd20-4270-9bac-5d5938f7c82a
https://www.globenewswire.com/NewsRoom/AttachmentNg/6b4ded84-21b6-4315-b879-77ceb9daf4db
https://www.globenewswire.com/NewsRoom/AttachmentNg/fe3a8b70-2911-4ee3-9e25-dfd5cfa899e1
https://www.globenewswire.com/NewsRoom/AttachmentNg/52c2a28b-a3ee-4df0-8349-f08a44510d59
https://www.globenewswire.com/NewsRoom/AttachmentNg/683ce4fc-3cbd-4e49-a3ea-9fc4020030a2
https://www.globenewswire.com/NewsRoom/AttachmentNg/5c643d0d-1c2a-46af-9028-b9dbed4c55da
https://www.globenewswire.com/NewsRoom/AttachmentNg/7d69f1a0-b118-4be7-972c-4e0bd02727e8
https://www.globenewswire.com/NewsRoom/AttachmentNg/ccd5faf4-b8f3-4614-8508-e04051512215

Figure 1

The sun sets after the first day's drilling of the 2024 Phase 1 RC campaign at British King (M37/30)

Figure 2

Section plan for the 2024 Phase 1 and historical drilling

Figure 3

Pierce Point Long section of the 2024 RC results

Figure 4

Section A-A': multiple significant high grade intercepts across multiple auriferous lodes have been identified

Figure 5

Section B-B': multiple significant high grade intercepts have been identified

Figure 6

Section C-C': multiple significant high grade intercepts across multiple auriferous lodes have been identified

Figure 7

British King Mine Area and Extensions

Figure 8

British King Project Location