Central Iron Ore Limited (TSX-V:CIO) is pleased to announce this Drilling Update.

Central Iron Ore is pleased to announce that the results for the 2024 Phase 1 RC drilling campaign have been finalised.

Figure 1. The sun sets after the first day’s drilling of the 2024 Phase 1 RC campaign at British King (M37/30)

Highlights:

• Assay results for the 75-hole, 5 911-meter 2024 Phase 1 RC program has been received and processed.
• Multiple significant intercepts exceeding has been intercepted across the target area (Table 1) some notable intercepts include;
  • 24BKRC_004: 5m @ 20.52g/t from 110 meters
  • 24BKRC_007: 3m @ 28.26g/t from 96 meters
  • 24BKRC_010: 2m @ 24.02g/t from 75 meters
  • 24BKRC_015: 3m @ 35.61g/t from 58 meters
  • 24BKRC_028: 7m @ 8.53g/t from 61 meters
  • 24BKRC_017: 2m @ 2.44g/t from 80 meters
    And: 1m @ 6.24g/t from 84 meters
    And: 2m @ 26.7g/t from 93 meters
  • 24BKRC_028: 7m @ 8.53g/t from 61 meters

• Commencing in late September, 321 metres of Diamond Drilling (6 drillholes) will twin selected RC drillholes the showed exceptional gold endowment. The diamond drillhole core will provide invaluable structural, mineralogical and metallurgical information
• The British King Mineral Resource is currently being updated to include the results of the recent drilling

Drilling Results

Interpretation of the RC drilling assay results has confirmed high grade gold mineralisation across the prospect area (Figure 3). A clear geological understanding of the orebody has been developed with gold mineralisation associated with a primary laminated bucky quartz lode with continuity for the entire 840 metres of strike targeted by the drilling campaign (Figure 3 to Figure 6). The laminated vein is hosted at or close to the contact between a felsic volcanic/sedimentary rock and intermediate volcanic rock. Mineralisation is open down dip and along strike.

Figure 2. Section plan for the 2024 Phase 1 and historical drilling

Quality Control/Quality Assurance Statement

Reverse Circulation drilling samples were collected for every metric meter (m) downhole of the 2024 RC drill program. Sampling was done using a cone splitter mounted on the drill rig cyclone and stored in pre-numbered calico bags (single splits), sample size ranged from 2 to 3kg per meter.
Single splits of mineralized intersections up to 3m either side of the expected ore zones were selected for initial assay. 4m composited scoop samples were taken from the residual piles over the remainder of the hole that was not selected and submitted for initial assay. All un-assayed 1m split samples were temporarily left on site in their respective calico bags; once the composite samples where assayed, corresponding 1m single splits of the composite samples with grades greater than 0.40g/t were retrieved and submitted for assay.

Cyclone duplicate samples (twin samples) targeting mineralized zones were selected from predetermined intervals and assayed to check for the representativity of the sampling method. A Certified Reference Material (CRM) pulp, fine blank pulp and coarse blank was inserted at a rate of approximately every 1 in 25 samples, or at a higher frequency to ensure every drillhole had a set of checks for its specific sample runs.

Four gold Certified Reference Materials (CRM) were used; Geostats G399-5 (0.87g/t), Geostats G913-7 (2.31g/t), Geostats G915-4 (9.16g/t) and OREAS 254b (2.53g/t). Assay samples were placed into shipping sacks together with the CRMs upon completion of each hole. All assay samples were transported weekly in their respective shipping bags to ALS Kalgoorlie, Western Australia. From drilling to delivery at the lab, all samples were maintained under the direct control and supervision of the on-site geological staff.

Upon arrival in ALS Kalgoorlie, the samples were prepared using ALS code PUL-23 (pulverize 3 kg split to 85% passing 75 microns) and fire-assayed for gold using ALS Code Au-AA26 (50gm fire assay with AA finish). ALS also inserts its own certified reference materials plus blanks and duplicates. All QA/QC results associated with the assays reported herein are within expectation, where errors were observed, repeat assays were completed to verify the results. ALS is accredited to ISO/IEC 17025 standards for specific preparation and analytical procedures. For more information about ALS Geochemistry, please visit the company’s webpage at: https://www.alsglobal.com/geochemistry.

Figure 3. Pierce Point Long section of the 2024 RC results

 Figure 4. Section A-A’: multiple significant high grade intercepts across multiple auriferous lodes have been identified

 Figure 5. Section B-B’: multiple significant high grade intercepts have been identified

 Figure 6. Section C-C’: multiple significant high grade intercepts across multiple auriferous lodes have been identified

Table 1. Significant Intercepts for the 2024 Phase 1 RC Campaign

Diamond Drilling Commencing Soon

Twinning diamond drilling of 6 selected high-grade interceptions will commence towards end September 2024 to obtain large volume, representative samples for structural, metallurgical and petrographic test work.

British King Resource Update

The British King Mineral Resource is currently being updated to include the results of the recent RC drilling. The Company’s 100% owned British King Mine Area has a NI43-101 Inferred Mineral Resource of 105,000 tonnes at 6.35 g/t Au for a total of 22,400 ounces.

The British King Extensions, 100% owned by the South Darlot Joint Venture in which the Company owns a 70% interest, has an NI43-101 Inferred Resource 71,000 tonnes at 5.64 g/t Au for 12,830 ounces at a gold price of $AUD 3,000/ounce. Both Inferred Resources have a top cut of 35 g/t Au (as per NI 43-101 report dated 18/5/2023 entitled “NI43-101 Technical Report South Darlot Gold Project Updated for the 2022-2023 Exploration Western Australia”).

Figure 7. British King Mine Area and Extensions

British King Project (Western Australia)

The Company’s British King Project is located across the British King Mine situated on the M37/30 Mining Tenement, approximately 320km northwest of Kalgoorlie and 60km east of Leinster in Western Australia (Figure 8).

Figure 8. British King Project Location

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 the RC drilling programme. 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.