VANCOUVER, British Columbia, April 09, 2020 (GLOBE NEWSWIRE) -- 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 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 SE