Central Iron Ore Limited

Drilling Update

VANCOUVER, British Columbia, April 18, 2024 (GLOBE NEWSWIRE) -- Central Iron Ore Limited (CIO – TSX.V) (“CIO” or “the Company”) is pleased to announce this Drilling Update.

South Darlot Joint Venture
The following work programme occurred:

Figure 1. Drill Targets of the 2023 Q4 RC Programme

Mermaid
New Targets - Q4 2023
QAQC of All Assays Data

Assay results for all 2,812 samples submitted during the 2023 Q4 South Darlot Gold Project RC drilling campaign have been received from ALS Kalgoorlie. The quality of the assay results for all the drilling is considered satisfactory with the required Quality Assurance and Quality Control (QAQC) processes having been completed with all results meeting industry standard.

Drilling Assay Result Interpretation

Interpretation of the assay results has indicated significant mineralisation with further drilling recommended to extend the new mineralised outline both at depth and laterally being planned.

Several significant intercepts further extending the current mineralised extents of the Mermaid deposit:

• 23MERC_001:         7m @ 1.72g/t from 37 meters
• 23MERC_002:         1m @ 3.75g/t from 66 meters
• 23MERC_004:         7m @ 2.13g/t from 54 meters
• 23MERC_007:         2m @ 3.04g/t from 69 meters

The drilling at Mermaid has been highly successful, further extending the currently defined mineralised lode and highlighting the potential for even further extension of the Mermaid lode down dip and to the south west.

Figure 2. Cross Section of the Mermaid Vein Showing 2023 and Historical Grade Distribution Downhole

Figure 3. Long Section View of the Pierce Point Grade Intercepts of the Mermaid Deposit

New Targets
Drilling Assay Result Interpretation

Interpretation of the assay results has begun with significant gold anomalism having been identified at the Sylvia & Kyneton and Weebo North prosects. Further exploratory drilling is currently being planned at the Sylvia & Kyneton and Weebo North targets.

Sylvia and Kyneton

High grade gold mineralisation has been identified in a one- to two-meter-wide fractured quartz vein and its associated wall rock contact zones. A low grade (up to 2 g/t) mineralisation halo is often found in altered wall rock around the auriferous vein.