Central Iron Ore Ltd.: Drill Program Commencing at South Darlot Gold Project
September 18 2012 - 8:30AM
Marketwired Canada
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWS SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES.
Central Iron Ore Ltd. (TSX VENTURE:CIO)
("CIO" or "the Company") is pleased to announce that drilling has commenced at
the Mermaid Prospect which is a part of the Company's South Darlot Gold Project.
The drill program is based on a review of the historical data from the Barrick
JV tenements.
Twenty four gold targets were identified from this dataset.
Highlights
Barrick Historical Data review:
-- 1,104 holes drilled on Barrick JV tenements.
-- 44,605m drilled on Barrick JV tenements.
-- 24 gold targets identified on Barrick JV tenements.
-- Significant gold intersections:
-- Mermaid Prospect
-- 5m at 348.9 g/t Au (including 1m at 1,510 g/t Au).
-- 3m at 13 g/t Au.
-- 4m at 7.9 g/t Au.
-- Endeavour Prospect
-- 3m at 88.8 g/t Au.
-- 8m at 23.6 g/t Au.
Proposed drilling program:
-- Mermaid Prospect
-- 6 drill holes for approximately 390m.
-- Endeavour Prospect
-- 8 drill holes for approximately 550m.
-- On completion of the drilling the Company envisages that it will have
earned a 51% interest in the Barrick JV tenements. CIO can earn an
additional 19% interest (equal to a total interest of 70%) by spending
an additional AUD$250,000.
Proposed Drilling Program
Mermaid Prospect
The purpose of the drilling at the Mermaid Prospect is to define the geometry,
orientation and confidence of the gold mineralisation, conduct metallurgical
test work on gold bearing intervals and to drill a HQ diamond drill hole to
collect geotechnical data in fresh rock.
The drill program will consist of 6 drill holes:
-- 3 holes for resource definition.
-- 2 holes for metallurgical test work.
-- 1 hole for geotechnical data.
Maps and diagrams relevant to the Mermaid Prospect can be found at the following
links:
http://media3.marketwire.com/docs/cio918a.jpg
http://media3.marketwire.com/docs/cio918b.jpg
http://media3.marketwire.com/docs/cio918c.jpg
Endeavour Prospect
The purpose of the drilling at the Endeavour Prospect is to define the geometry
and orientation of the gold mineralisation. Geotechnical data will be collected
from the HQ diamond drill hole. If results permit, metallurgical test work will
be conducted on gold bearing intervals.
The drill program will consist of 8 drill holes:
-- 5 holes for resource definition.
-- 2 holes for metallurgical test work.
-- 1 hole for geotechnical test work.
A long section of the Endeavour Prospect can be found here:
http://media3.marketwire.com/docs/cio918d.jpg
Historical Data Review
Jonathan Smalley of BM Geological Services was contracted by CIO to build and
analyse the historical data provided from Barrick Gold Limited as part of the
joint venture agreement for the South Darlot Gold Project. The data consisted of
1,104 drill holes drilling some 44,635 metres. The dataset also included a vast
array of geophyscial data which included gravity and magnetics. The table below
describes the breakdown of drill information into identified targets. 24 targets
have been identified and prioritised from the data review.
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Prospect Holes Metres
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Mermaid 36 2,636
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Endeavour 9 950
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British King 179 8,123
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Loch Ard 71 3,553
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Clonmel 104 5,278
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Wee Jim 76 3,566
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A1 24 1,282
---------------------------------------------------------------------------
Dead Horse 51 2,726
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Other Prospects 551 16,521
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Total 1,101 44,635
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A map of these prospects can be found here:
http://media3.marketwire.com/docs/cio918e.jpg
The significant gold intercepts are listed in the table below. The most
interesting gold intercepts were recorded at the Mermaid, Endeavour and the
British King prospects.
----------------------------------------------------------------------------
AHD Width Grade
Prospect Hole Id Easting Northing (RL) From To (m) (g/t Au)
----------------------------------------------------------------------------
Mermaid WDRC0099 327858 6906077 450 79 84 5 348.9
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Including 1 1,510
----------------------------------------------------------------------------
Mermaid PDERB0002 327867 6906120 450 11 14 3 13.0
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Mermaid WDRC0111 327829 6906100 450 31 35 4 7.9
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Endeavour WDRC0101 328138 6905812 450 36 39 3 88.8
----------------------------------------------------------------------------
Endeavour WDR1220 328138 6905807 450 34 42 8 23.6
----------------------------------------------------------------------------
----------------------------------------------------------------------------
British King BKRC0036 327451 6908340 450 15 18 3 27.6
----------------------------------------------------------------------------
British King WDRC0110 326818 6908207 450 85 86 1 26.1
----------------------------------------------------------------------------
British King BKRC0005 327312 6908329 450 40 42 2 17.8
----------------------------------------------------------------------------
British King BKRC0001 327251 6908340 450 31 33 2 15.2
----------------------------------------------------------------------------
British King BKRC0004 327291 6908330 450 36 39 3 14.5
----------------------------------------------------------------------------
British King BKR0002 326807 6908280 450 14 17 3 11.9
----------------------------------------------------------------------------
British King BKRC0028 327391 6908330 450 20 23 3 9.6
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Loch Ard WDRC0090 329848 6907357 450 9 10 1 12.6
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Loch Ard WDR0770 329838 6907357 450 41 45 4 2.9
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Clonmel WDR0779 330338 6906657 450 29 30 1 6.6
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Wee Jim WDR0717 328788 6909757 450 8 9 1 5.5
----------------------------------------------------------------------------
Wee Jim BRC0151 328628 6909957 450 13 14 1 3.7
----------------------------------------------------------------------------
Wee Jim BRR0703 328688 6909957 450 7 8 1 2.2
----------------------------------------------------------------------------
----------------------------------------------------------------------------
A1 BRC0093 327363 6906189 450 22 23 1 19.2
----------------------------------------------------------------------------
A1 WDRC0033 327363 6906167 450 37 39 2 4.3
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Dead Horse WBR0318 326738 6910957 450 21 25 4 1.8
----------------------------------------------------------------------------
SOUTH DARLOT GOLD PROJECT (Western Australia)
The South Darlot Gold Project area is approximately 320km northwest of
Kalgoorlie and includes:
-- The British King Mine which is 100% owned by the Company and NI43-101
compliant. The British King Mine is 5km southwest of Barrick Gold
Corporation Limited's Darlot Mine. The British King Mine is currently
under care and maintenance.
-- 100% CIO owned tenement package covering 324km2.
-- The Barrick JV tenements, in which CIO can earn an interest of up to
70%.
Maps of the South Darlot Gold Project can be found at the following links:
http://media3.marketwire.com/docs/cio918f.jpg
http://media3.marketwire.com/docs/cio918g.jpg
100% CIO Owned South Darlot Gold Tenements
The Company's current 100% owned South Darlot Gold Project tenement package
covers 324km2.
----------------------------------------------------------------------------
Project Tenement Status Area (km2)
----------------------------------------------------------------------------
South Darlot E37/882 Granted 141
----------------------------------------------------------------------------
South Darlot E37/1054 Granted 33
----------------------------------------------------------------------------
South Darlot E37/1085 Granted 24
----------------------------------------------------------------------------
South Darlot E37/1086 Granted 3
----------------------------------------------------------------------------
South Darlot E37/1106 Pending 123
----------------------------------------------------------------------------
British King M37/30 Granted 0.1
----------------------------------------------------------------------------
British King P37/7026 Granted 0.1
----------------------------------------------------------------------------
For the South Darlot Gold Project, the Company's strategy and objective will be
to evaluate the gold prospectivity of the region, generate targets, expand the
tenement position and acquire all access approvals. The Company currently has 7
prospective targets identified on its 100% owned tenements and will
systematically evaluate these targets over the next 12 months.
Barrick Joint Venture Tenements
The Barrick JV tenements are situated southwest of Barrick's Darlot gold mine
and are contiguous with CIO's current holdings in the area which includes the
British King Mine which is 100% owned and NI43-101 compliant. The tenements
covered by the Barrick Joint Venture 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
----------------------------------------------------------------------------
Barrick JV P37/7364 Granted 197
----------------------------------------------------------------------------
Barrick JV P37/7365 Granted 200
----------------------------------------------------------------------------
Barrick JV P37/7366 Granted 113
----------------------------------------------------------------------------
Barrick JV P37/7367 Granted 45
----------------------------------------------------------------------------
For the Barrick JV tenements, the strategy and objective of CIO will be to
evaluate the gold prospectivity and deliver on target generation and access. The
Company currently has 24 prospect targets identified on the Barrick JV tenements
and will systematically evaluate these targets over the next 12 months. CIO has
prioritised the exploration on the Mermaid and Endeavour Prospects.
The Company envisages that on the completion of the current drill program it
will have earned a 51% interest in the Barrick JV tenements. CIO can earn an
additional 19% interest (equal to a total interest of 70%) by spending and
additional AUD$250,000.
QUALIFIED PERSON
Mr. Andrew Spinks B.App.Sc, Grad.Dip (Mining), a member of AusIMM, and a
consultant geologist, a qualified person as defined in NI 43-101, has reviewed
and approved the technical content of this announcement.
On behalf of the Board of Directors
CENTRAL IRON ORE LTD.
Brett Hodgins, President/CEO
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.
ABN: 32 072 871 133
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