VANCOUVER, British Columbia, Sept. 21, 2023 (GLOBE NEWSWIRE) -- Central Iron Ore Ltd. (CIO – TSX.V) (“CIO” or “the Company”) is pleased to announce the settlement of proceedings it commenced in the Supreme Court of Western Australia against SilverStream SEZC.
The Company has held 100% beneficial ownership in its British King Mine Project since October 2020. As a result of the settlement, the Company will now be in a position to have its entire 100% ownership of the British King Gold Project registered on the title of the relevant tenements.
David Deitz the CEO comments:
“We are very pleased that with the resolution of tenure and registration of 100% title. CIO can continue to focus on the advancement of the British King Gold Project. Approximately 65% of the resource is on M37/30 (CIO 100%) and 35% is on M37/681 owned by the Red 5 / CIO joint venture (CIO 70%).”
British King Project
Gold mineralisation at British King occurs at or close to the contact between felsic volcanic/ sedimentary rock and intermediate volcanic rock. It is situated 600m north of the Gilmore dolerite in a region with apparent low strain. It is possible the mineralisation may be associated with a broad scale antiformal feature in the area.
Figure 1: Tenement map of CIO interests in the Dalot Mineral Field
The British King gold deposit was modelled with a 1 g/t cut off as a single dominant lode (Central Zone) and 15 lesser lodes. The Central Zone has a strike continuity of 825m and dips 50 degrees to the south. The plunge is believed to be shallow to the east. Historical production is tabulated below although total production figures are unknown.
The NI43-101 Mineral Resource estimate for the British King deposit is provided in the table below and is limited to a pit shell generated by CIO based on a long-term potential gold price of AUD 3,000/oz. This pit shell was used by CIO to define the likely limits of potential open pit mining. The Mineral Resource estimate straddles the boundary of M37/30 and M37/631 and is reported depleted for historical mining on both leases. Both cut and uncut grades are reported; the top cut applied being 35 g/t Au. The British King Mineral Resource is classified as Inferred and further work is required to improve the confidence category of this model including a campaign of RC and diamond core drilling, multi element geochemistry, further metallurgical and density test work.
| Lease | Category | Tonnes | Au Cut | Cut Ounces | Au Uncut | Uncut Ounces |
| M37/30 | Inferred | 105,000 | 6.35 | 21,470 | 6.34 | 22,400 |
| M37/631 | Inferred | 71,000 | 5.64 | 12,830 | 5.83 | 13,270 |
| Total | Inferred | 176,000 | 6.06 | 34,300 | 6.30 | 35,670 |
Based on “NI43-101 TECHNICAL REPORT SOUTH DARLOT GOLD PROJECT UPDATED FOR 2022-2023 EXPLORATION WESTERN AUSTRALIA. Report Date: 18th May 2023 Effective Date: 18th May 2023 Lodged on SEDAR Date: 19th May 2023. Qualified Person: Andrew Bewsher, MAIG, BSc Geology.”
Figure 2: Mineral Resource within the optimised pit shell
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 soil geochemical distributions. 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 LTD.
“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@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 SEDAR at www.sedar.com.
ABN: 32 072 871 133
