Central Iron Ore Ltd.: Exploration at South Darlot Gold Venture

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VANCOUVER, British Columbia, Sept. 25, 2021 (GLOBE NEWSWIRE) — Central Iron Ore Ltd. (CIO – TSX.V) (“CIO” or “the Firm”) is happy to announce that a possibility arose to drill as a drilling contractor had spare capability.

On the Endeavour prospect 5 holes for 192 metres had been drilled to check the extension of the mineralisation to the west. Vital mineralisation contains:

21ENRC-03: 2m (1.6m true width) at 9.7 g/t Au from 52 meters down gap.

On M37/632 12 holes for 726 metres had been drilled to check an anomalous construction recognized from a drone magnetic survey. Pattern assay outcomes from this drilling has yielded one encouraging outcome which was in gap 21SDRC12 and intersected 4 metres at 0.45 g/t Au from 24 to twenty-eight metres down gap.

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Drone Magnetic Survey
A drone magnetic survey was flown over 4 blocks over the South Darlot licenses on 20m flight strains and a 20m flying peak for all blocks with a piece over the Endeavour mineralisation flown with a 10m line spacing. The data collected from this survey was utilized in collaboration with an earlier 1999 survey and a drill goal on M37/632 was generated. Evaluation and interpretation of the info is ongoing and extra drill targets focussing on structural breaks within the geology might be made.

Trial DGPR Survey
A trial Deep Floor Penetrating Radar (DGPR) survey was performed by Ultramag Geophysics over the Endeavour and Mermaid prospects with a collection of seven strains surveyed on an approximate twenty-meter line spacing. Evaluation and interpretation of the info is in progress.

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Pink 5 Joint Enterprise
The unique Joint Enterprise was shaped in 2011 with a predecessor of Pink 5 Restricted, who on August 2017 acquired from Gold Fields Restricted the absolutely owned subsidiary Darlot Mining Pty Restricted which held the Joint Enterprise curiosity. CIO’s absolutely owned subsidiary South Darlot Pty Ltd is registered on the Division of Mines, Business Regulation and Security with a 51% curiosity.

CIO maintains it’s entitled to an curiosity of no less than 70%. That is disputed by Pink 5 Restricted.

Pink 5 Restricted and CIO are in superior negotiations to resolve this matter, which decision will solely be binding upon the execution of a definitive binding settlement. We anticipate that the matter might be resolved within the close to time period.

British King
Beneath the phrases of Tenement Acquisition Settlement dated 30 October 2014 relating to the sale of British King by CIO to BK Gold Mines Pty Restricted, the British King Mine has now reverted to 100% useful possession by CIO. CIO is registered on title for 49% and has obtained signed switch types from BK Gold Mines Pty Restricted to Central Iron Ore Restricted for the switch of an additional 51% curiosity as agreed.

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The registration of unencumbered title of that 51% curiosity is being delayed by Silverstream SE22, who offered funding to BK Gold Mines Pty Restricted to fund their acquisition below the Tenement Acquisition Settlement. Silverstream SE22 has refused to take away the caveats which prevents registration of the transfers. CIO maintains that such refusal has no authorized basis and is evaluating its choices which incorporates commencing authorized proceedings.

SOUTH DARLOT GOLD PROJECT (Western Australia)

The Firm’s South Darlot Gold Venture space is situated roughly 320km northwest of Kalgoorlie in Western Australia and contains:

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Determine 1a is on the market at https://www.globenewswire.com/NewsRoom/AttachmentNg/95df9007-9b42-4cf4-b21b-19a0799b107f

Determine 1b is on the market at https://www.globenewswire.com/NewsRoom/AttachmentNg/522f4300-de47-4678-b6f1-73c4387e2544

RED 5 JV Venture (Previously Barrick Joint Enterprise Venture)

The tenements set out within the desk beneath (“Pink 5 JV Tenements”) are the topic of a three way partnership between the Firm and subsidiaries of Pink 5 Restricted (“Pink 5 JV”) and are located southwest of Pink 5’s Darlot gold mine and are contiguous with CIO’s present holdings within the space. The Pink 5 JV Tenements are detailed beneath.

Desk 1: Listing of South Darlot tenements

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Endeavour Prospect – RC Drilling

The Endeavour mineralisation is characterised by a planar, laminated quartz vein with minor sulphides together with pyrite, galena and traces of chalcopyrite. Enveloping that is stringer mineralisation over 1 – 3 metres with grades between 0.5 – 2.0 g/t Au. This laminated vein and halo mineralisation is hosted in a extremely weathered felsic volcanic. Preliminary petrology suggests the gold is secondary in nature and current as small blebs of electrum or particulate grains related to pyrite.

A complete of 5 holes had been drilled on the Endeavour prospect in July 2021. 4 of the holes focused shallow positions in an try to find out the up dip presence of the Endeavour mineralisation. The fifth gap was drilled to increase the mineralisation to the west of the Endeavour quartz lode.

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The 4 shallow holes intersected a slim 1 to 2 m vast quartz vein however didn’t report any vital mineralsiation and it should now be concluded there’s a depletion zone within the extremely weathered higher horizon of this mineralised system.

Determine 2 is on the market at https://www.globenewswire.com/NewsRoom/AttachmentNg/545aca6a-7af4-4d51-8844-9b2db9f3c031

The fifth gap 21ENRC-03 focused the quartz lode west of the recognized place of the lode and intersected 2 m @ 9.7 g/t Au from 50 metres down gap (true width of 1.6 metres). Determine 2 to 4 reveals a plan, cross part and lengthy part of the Endeavour lode and the spatial relationship of the intercept relative to historic drilling.

Determine 3 is on the market at https://www.globenewswire.com/NewsRoom/AttachmentNg/f79b0153-f1e9-458c-bb67-bfe60506e5c4

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Determine 4 is on the market at https://www.globenewswire.com/NewsRoom/AttachmentNg/aa6baa2c-f9d4-4658-bc03-ae15fb9d59c6

Determine 5 is on the market at https://www.globenewswire.com/NewsRoom/AttachmentNg/98a90200-8502-49b6-9c30-1e67dd05e7d0

Desk 2: Listing of holes drilled in July 2021 on the South Darlot Venture

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M37/632 – RC Drilling

A structural goal generated from the latest drone magnetics survey was drilled in July 2021. A complete of 12 reverse circulation drill holes had been drilled on three strains spaced 80 metres aside. A complete of twelve holes had been drilled for 726 metres. Pattern assay outcomes from this drilling has solely yielded one modestly fascinating outcome which was in gap 21SDRC12 and intersected 4 metres at 0.45 g/t Au from 24 to twenty-eight metres down gap (Desk 2). This was a 4 metre composited pattern, and the person one metre samples might be submitted for fireplace assay evaluation.

Determine 6 is on the market at https://www.globenewswire.com/NewsRoom/AttachmentNg/2324788c-f051-4199-984f-07482ad19afe

Drone Magnetic Survey

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A low degree, high-resolution rotary wing, drone-based magnetic survey of the South Darlot licenses on 20m flight strains and a 10m flying peak overlaying an space of 6.6 km² was flown over 4 areas in Could 2021 by Ultramag Geophysics. The target of the survey was to determine if geological breaks in stratigraphy representing structural discontinuities may very well be recognized with the shut spaced, excessive decision knowledge. Preliminary work has recognized one such construction which was drill examined in July 2021. Additional evaluation of this knowledge set might be undertaken to find out its usefulness for drill focusing on.

Determine 7 is on the market at https://www.globenewswire.com/NewsRoom/AttachmentNg/3b9581a6-36b7-4e42-892d-54a4affa69a4

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Trial Radar Survey

A trial Deep Floor Penetrating Radar (DGPR) survey was performed by Ultramag Geophysics over the Endeavour and Mermaid prospects with a collection of seven strains surveyed on an approximate twenty-meter line spacing. The specs of the survey are as follows: 20 kW, 3 µs pulse width, 15,000 Hz with a 1 second pattern which is equal to 1 meter shot spacing.

Outcomes from the survey are nonetheless being analysed; nonetheless, the preliminary findings are proving tough to correlate to the recognized spatial place of the Endeavour lode. A fault like function might be noticed to the south of the Endeavour lode (Determine 8) nonetheless, that is misplaced within the subsequent radar sections.

Determine 8 is on the market at https://www.globenewswire.com/NewsRoom/AttachmentNg/5e9ee7ff-36c1-4996-a067-4e44e482d210

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QUALIFIED PERSON

Mr Andrew Bewsher who’s a Member of the Australian Institute of Geoscientists and has compiled the knowledge inside this report regarding mineralisation and drill outcomes. Mr Bewsher has adequate expertise related to the model of mineralisation and kind of deposit into consideration and to the exercise at the moment being undertaken to qualify as a Competent Individual as outlined in NI 43-101.

On behalf of the Board of Administrators
CENTRAL IRON ORE LTD.

“Brett Hodgins”
____________________________
Brett Hodgins, President/CEO

For additional data, please contact:
www.centralironorelimited.com

Investor and Media Inquiries:
Direct: +61 2 9397 7555

E-mail:data@centralironore.com

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Neither the TSX Enterprise Change nor its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Change) accepts accountability for the adequacy or accuracy of this launch.

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Cautionary Word Relating to Ahead-Trying Statements
This information launch incorporates forward-looking data throughout the that means of Canadian securities legal guidelines. Though the Firm believes that such data is cheap, it can provide no assurance that such expectations will show to be right. Ahead-looking data is usually recognized by phrases similar to: imagine, anticipate, anticipate, intend, estimate, postulate and comparable expressions, or are these, which, by their nature, check with future occasions. The Firm cautions buyers that any forward-looking data offered by the Firm will not be a assure of future outcomes or efficiency, and that precise outcomes might differ materially from these in ahead trying data because of varied components, together with, however not restricted to, the state of the monetary markets for the Firm’s fairness securities, the state of the marketplace for iron ore or different minerals that could be produced usually, latest market volatility; variations within the nature, high quality and amount of any mineral deposits that could be situated, the Firm’s potential to acquire any mandatory permits, consents or authorizations required for its actions, to lift the required capital or to be absolutely in a position to implement its enterprise methods and different dangers related to the exploration and improvement of mineral properties. The reader is referred to the Firm’s disclosure paperwork for a extra full dialogue of such threat components and their potential results, copies of which can be accessed by way of the Firm’s web page on SEDAR at www.sedar.com.