Central Iron Ore Ltd. announced results from the December 2022 RC drilling programme at its Mermaid prospect at the South Darlot Gold Project. Mermaid RC Drilling: CIO completed a 15 hole RC drilling programme for 632 metres at the Mermaid prospect on mining licence M37/631. The program was designed around the historical Mermaid shaft with hole depths ranging from 23 to 80 metres.

The drilling established a degree of continuity of quartz vein-hosted, high-grade mineralisation at shallow depths which previous drilling had failed to identify. Gold mineralisation at Mermaid is associated with the Mermaid Vein which is a 1 – 5 metres wide, often fractured bucky quartz vein with minor amounts of pyrite and reports of chlorite and molybdenite. High grade mineralisation, where present, is typically confined to the vein or contact zones although low grade mineralisation up to ~2 g/t Au can often be found several meters into the wall rock, possibly a result of vein related halo alteration or regolith dispersion.

The results of the drilling program at Mermaid have been largely positive. The drilling has established a degree of continuity of high-grade mineralisation at shallow depths which previous drilling failed to identify and in doing so, has delivered significant upside to the South Darlot project. All 15 planned holes pierced the projected vein horizon with 12 intercepting the Mermaid Vein and up to 9 holes containing potentially economic mineralisation.

Endeavour RC Drilling: A total of 16 holes for 1,040 metres was drilled by CIO in December 2022 at the Endeavour prospect. The holes were designed to test for extensions to the west and down dip of the existing mineralisation at Endeavour. Results or this drilling remain outstanding and will be reported on once results are received by CIO.

Phase 2 Soil Sampling: CIO completed the planned second phase of soil sampling on tenements M37/631 and M37/632. The objective of this programme is to expand upon the successful Phase 1 programme announced in June 2022; which identified five coincident gold-copper-lead in soil anomalies on or about the Emperor Structure and along strike of the Endeavour Mineral Resource. In addition to the gold anomalism, two lithium targets were identified characterised by the presence of elevated Li and other elements associated with LCT pegmatites (Rb, Cs, Be, Ta).

The Phase 2 programme consists of 3,870 soil samples which were collected on the same tight sample density of 20mN x 30mE as the Phase 1 programme and targets potential mineralised systems with a similar size footprint of the Endeavour and Mermaid prospects located on M37/631.Samples have been submitted to Labwest Pty Ltd. in Perth with results expected in approximately 3 months. Mining Studies: CIO have commissioned a suite of studies required to meet Western Australia Department of Mining Industry Regulation and Safety (DMIRS) requirements to commence open pit mining at Endeavour. These studies include waste rock characterisation, a hydrogeological and a metallurgical programme.

Two PQ diamond core holes have been designed and will be drilled to enable collection of approximately 60 Kg of core for comminution test work. These holes will be drilled in February 2023. Mermaid Highlights: 22MERC002: 6 meters @ 5.35g/t Au from 23 metres; 22MERC005: 2 meters @ 6.82g/t Au from 54 metres; 22MERC006: 5 meters @ 4.07g/t Au from 25 metres; 22MERC008: 3 meters @ 8.58g/t Au from 10 metres; 22MERC009: 2 meters @ 35.03g/t Au from 67metres; 22MERC012: 2 meters @ 11.43g/t Au from 10 metres.