Akora Resources : Bekisopa Northern Zone Extends Iron ore Strike to 3.3 kms

For personal use only

ASX Release

27 January 2022

AKORA Bekisopa Northern Zone shows

64%Fe grades at surface in drill holes BEKD01, 19 and 24 63%Fe product grade using wLIMS process on BEKD01 70.2%Fe product grade using DTT process on BEKD19

68 to 70%Fe is Direct Reduced Iron (DRI) pellet feed grade, key to a Green Steel future

Highlights:

• 64%Fe, 63.9%Fe, and 63.7%Fe at surface to 6.9m, 4.59m and 3.9m downhole in drill holes BEKD01, 19 and 24 respectively, suitable for DSO
• Deeper drilling in the Northern Zone has returned significant widths of iron mineralisation including:

o	BEKD050	76.3m @ 36.2% Fe
o	BEKD051	67.4m @ 30.3% Fe
o	BEKD052	68.1m @ 35.9% Fe
o	BEKD053	105.3m @ 31.2% Fe incl. 76.5m @ 35.2% Fe

• Mineral processing test work suggests plus 30% Fe can be readily upgraded using comminution and magnetic separation to:
  o Plus 60% Fe fines at a -2mm crush
  o Plus 70% Fe product at a -75µm grind
• 63.0% average iron fines from wLIMS process trials on composites along drill hole BEKD01 from surface to 43.54m downhole, at a -2mm crush size
• 70.2% average iron concentrate from DTT's along drill hole BEKD19 from surface to 35.32m downhole, at a relatively coarse 75 microns sizing
• 69 to 70%Fe product grade achieved in BEKD01 and BEKD19 and potentially across the Northern Zone, suitable for DRI pellets crucial for future decarbonisation of the steel industry and Green Steel production
• 3,300 metres of iron mineralisation confirmed along the Northern and Central Zones indicating potential for a significant JORC Resource

1 | P a g e

For personal use only

Introduction

AKORA Resources ("AKORA" or "the Company") (ASX Code: AKO) is pleased to provide shareholders with assay results for Northern Zone drill holes BEKD01, 02,19, 20, 23, 24, 25, 26, 27, 50, 51, 52, and 53 plus processing trial reporting on Bekisopa drill hole BEKD01 and BEKD19 within Bekisopa tenement 10430. The drilling details for drill hole BEKD01 and BEKD02 are covered in ASX Announcements of 13 April 2021, BEKD19 and BEKD20 in ASX Announcement 20 July 2021 and BEKD23 to 27 in ASX Announcement 17 August 2021.

Drill holes intercepted iron mineralisation deep downhole from 135 to 203m and from 144.7m to 249.3m in BEKD51 and 53 respectively at overall average grade of 30.5% and 31.4%Fe. The true thickness in these holes being 78m and 105.5m, respectively, of continuous iron mineralisation. Drill hole BEKD01 was extensively evaluated using magnetic separation techniques, wet Low Intensity Magnetic Separation (wLIMS) and Davis Tube Tests (DTT) to better understand the potential to achieve high-grade products along this drill hole and as that may extend across the Northern Zone.

Across Northern Zone drill holes there are high-grade near surface assays ~64%Fe potential DSO, substantial iron intercepts downhole grading, 40.5%, 43.8%, 44.3%, 47.0%, 48.6%, 50.2%, 50.3% and 55.2%, refer Appendix 1, Significant Iron Intercepts. Preliminary processing trial results for BEKD01 from surface to 43.54m showed this interval readily upgraded at a 2mm crush to 63%Fe and at a 75-micron sizing to an outstanding 69.8%Fe using magnetic separation, both with substantial reduction in impurities. Drilling details for hole BEKD50 to 53 are included in Appendix 1 attached, as are the significant iron intercepts for drill holes BEKD01, 02, 19, 20, 23 to 27 and 50 to 53.

Northern Zone Assay results

Assay results near surface shows a consistent average of 63.98%Fe, 63.9%Fe, 63.8%Fe, and 59.5%Fe from surface to 6.9m, 4.59m, 3.9m and 2.2m, respectively downhole in Northern drill holes BEKD01, BEKD19, BEKD24 and BEKD23, see Figure 1, and 61.3%Fe from 7.51m to 13.0m downhole in BEKD25. These iron grades are DSO meaning they only require to be mined, crushed, and screened to produce benchmark grade 62%Fe, or better, as lump and fines products.

New assay results for drillholes 50 and 51 are reported in the table below:

Hole Number East UTM Z38	North UTM Z38	Elevation	Azimuth Dip		Total Depth	From	To	Interval	% Fe	% SiO2	% Al2O3	% MgO	% CaO	% P		% S
BEKD050	585,999.69	7,612,098.60	855.73	90	-60	138.2	39.68	40.28	0.6	41.1	13.9	3.6	8.9		8.0	0.42	0.00
							49.31	125.65	76.34	36.2	22.1	3.1	14.0		7.2	0.22	0.04
incl.							52.53	84.42	31.89	41.7	18.1	2.8	13.1		5.0	0.26	0.01
and							120.20	125.65	5.45	50.0	12.0	2.7	6.5		5.1	0.09	0.32
BEKD051	585,900.11	7,612,099.53	840.95	90	-60	220.65	16.86	21.57	4.71	26.4	44.2	2.3	9.1		0.8	0.12	0.00
							74.95	86.01	11.06	12.1	33.8	2.8	24.9		9.2	0.10	0.18
							135.80	203.15	67.35	30.3	26.8	3.4	16.3		7.6	0.29	0.06
incl.							153.85	182.73	28.88	39.4	20.3	3.2	13.5		6.2	0.38	0.01
BEKD052	585,899.41	7,612,299.50	849.3	90	-60	174.12	0.52	3.9	3.38	17.1	42.1	15.1	6.5		2.2	0.05	0.01
							22.62	55.95	33.33	16.4	35.3	3.7	22.0		9.3	0.20	0.02
							61.48	78.62	17.14	12.6	37.0	4.3	24.7		9.8	0.17	0.04
							93.29	161.39	68.10	35.9	22.3	3.3	14.5		7.0	0.23	0.17
incl.							141.40	157.25	15.85	45.5	15.6	2.5	11.0		5.3	0.17	0.37
BEKD053	585,798.42	7,612,299.90	856.53	90	-60	260.72	133.31	141.66	8.35	11.8	40.5	7.5	19.7		9.1	0.22	0.03
							144.70	249.97	105.27	31.2	24.9	3.6	16.4		7.6	0.22	0.10
incl.							171.06	247.56	76.50	35.2	22.0	3.4	14.7		7.2	0.24	0.11
incl.							231.82	247.56	15.74	44.2	17.1	3.1	11.5		5.2	0.19	0.18

Note: all location and distance measurements in metres, collars picked up using DGPS.

These assay results confirm the magnetic susceptibility measurements and show a 50 to 100m true thickness zone of iron mineralisation is present in the northern part of the tenement

2 | P a g e

For personal use only

over a strike of at least 600m and most probably over plus 1,500m as suggested by the magnetic anomaly. The location of the Northern Zone drill holes is shown in Figure 1.

Northern

Zone

Figure 1.

Northern Zone drill hole locations.

Drill holes BEKD50 to 53 intercepted iron mineralisation to depths of over 200m from surface and over 300m downdip, see Figure 2 and 3, with true thicknesses estimated at between 50 and 106m. Cross sections for drill holes BEKD02, 25 to 27 and BEKD 23 and 24 are included in Appendix 1.

With reference to Figure 2 and 3 below, these deeper drill holes are at a 200m north-south drill spacing and a 100m east-west drill spacing within an area that extends over some 600m by 200m and at a maximum depth to some 270m downdip. These westerly dipping iron formations have true widths varying from around 67.35m (BEKD51) up to 105.5m (BEKD53) and it is our expectation that these drilling results should all come together and provides good evidence for significant tonnages of iron mineralisation in the Northern Zone.

3 | P a g e

For personal use only

True Thickness

~67.4m

Figure 2.

Northern Zone cross Section 7,612,100N covering drill holes BEKD01, 19, 50 and 51. High-grade ~64%Fe at surface and continuous iron mineralisation downdip to plus 260m. BEKD01, 50m north of BEKD19, upgraded to 63%Fe using wLIMS, would expect comparable results from within this iron formation.

True Thickness

105.5m

Figure 3.

Northern Zone cross Section 7,612,300N covering BEKD20, 52 and 53. High-grade ~64%Fe at surface

and continuous iron mineralisation downdip to plus 270m.

Several of the drillholes intersected the mineralisation zone where it outcrops, and these have returned several high-grade intercepts such as 64.7%Fe from surface to 6.9m, 63.9%Fe from

4 | P a g e

For personal use only

surface to 4.6m and 63.7%Fe from surface to 3.9m downhole in drill holes BEKD01, BEKD19 and BEKD24 respectively, see cross sections above and Figure 4 below. These iron grades are DSO equivalent, meaning they only require to be mined, crushed, and screened to produce benchmark grade 62%Fe, or better, as lump and fines products and could potentially represent a "quick-start" operation option.

64.9% Fe

62.7% Fe

63.7% Fe

65.9% Fe

Figure 4a

BEKD01 surface to 6.54m average grade of 63.98%Fe, 4.2% Silica, 2.7% Alumina, 0.05%P, 0.015%S

67.8% Fe

68.3% Fe

67.5% Fe

66.9% Fe

Figure 4b

BEKD19 surface to 3.87m average grade of 63.9%Fe, 4.0% Silica, 3.7% Alumina, 0.06%P, 0.002%S

62.1% Fe

62.1% Fe

65.6% Fe

65.2% Fe

Figure 4c

BEKD24 surface to 3.86m average grade of 63.8%Fe, 3.9% Silica, 3.9% Alumina, 0.03%P, 0.004%S

5 | P a g e