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The company has commenced a drill program of approx. 1000m (14 drill holes) focusing on the company’s two most favourable gold prospects: Mermaid ( 6 holes) & Endeavor ( 8 holes)
24 gold targets to date have been identified from the Barrick dataset of 44,605m of drilling of 1,104 holes, which were drilled by Barrick on the JV tenements
Current program includes confirmation drilling on historical holes of 5m @ 348.9 g/t Gold including 1m @ 1,510 g/t Gold
Project is 5km from Barrick's Darlot Mine, producing approx. 100,000 ounces of gold yearly
Project is already permitted for mining
Central Iron Ore has 73M shares I/O & $1.3m cash on hand (Oct 2012)
Gold assay results are expected in October / November 2012.
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Drills 7m at 27.1g/t Au including 1m at 159 g/t Au at the Barrick JV South Darlot Gold Project
Confirms Historical Drilling of High Grade Gold
VANCOUVER, BRITISH COLUMBIA – (Marketwire – November 08, 2012), Central Iron Ore Ltd. (CIO – TSX.V) (“CIO” or “the Company) is pleased to announce that significant gold intercepts have been revealed through the Company’s recent drilling program at its South Darlot Gold Project. The results from the first 14 holes, which included gold grades of up to 159 grams per tonne (g/t) support historical and earlier work conducted on the project area. The recent drilling program focused on the first 2 of the 31 gold targets identified within the South Darlot Gold Project Area (being 24 targets located on tenements that are the subject of the Barrick JV and 7 targets on 100% CIO owned tenements).
Significant gold (Au) intercepts
• 4m at 50.3 g/t Au including 1m at 158 g/t Au from 43m.
• 7m at 27.1g/t Au including 1m at 159 g/t Au from 46m.
• 4m at 23.2 g/t Au including 1m at 81.8 g/t Au from 28m.
Endeavour Prospect • 8 reverse circulation drill holes for 502m. • 1 geotechnical diamond hole tail for 52m.
Mermaid Prospect • 6 reverse circulation drill holes for approximately 421m. • 1 geotechnical diamond hole tail for 42m.
Barrick Joint Venture • On completion of the drilling program spend the Company envisages that it will have earned a 51% interest in the Barrick JV tenements. CIO can earn an additional 19% interest (equal to a total interest of 70%) by spending an additional AUD$250,000.
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