Akora Resources : Bekisopa Southern Zone Extends Iron Ore Strike to 5km

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ASX Release

2 March 2022

AKORA Resources - Bekisopa Southern Zone Results:

AKORA Resources Managing Director Paul Bibby, commented that "These final Southern Zone assay and processing trial results clearly indicate that AKORA has identified an outstanding iron ore project at Bekisopa. The assays along the 5-kilometre strike length and high-grade processing trial results, up to 70%Fe, in all three zones, Northern, Central and now Southern, show that AKORA will likely be able to develop an initial DSO project then a significant future operation that could provide Direct Reduction Iron feed, at +68%Fe and very low impurities, that will be required to advance the decarbonisation of the iron and steel industry."

Highlights:

• +64%Fe in substantial surface intercepts suitable for DSO:
• • 8.2m @ 68.2%Fe, 6.3m @ 66.8%Fe, 4.5m @ 65.5%Fe, 6.9m @ 65.5%Fe, 14.7m @ 64.9%Fe and 4.9m @ 64.65%Fe in BEKD31, 29, 33, 16, 13 and 44 respectively
• +63%Fe in substantial intercepts at depth suitable for DSO:
• • 19.5m @ 63.3%Fe, 12.3m @ 64.7%Fe, 15.6m @ 63.4%Fe, 11.0m @ 63.9%Fe, 9.2m @ 64.6%Fe and 7.5m @ 64.9%Fe in BEKD46, 46, 11, 45, 32 and 56 respectively
• Significant iron mineralisation widths in the Southern Zone including:

o	BEKD45	- 79.5m	@ 41.2%Fe	including	62.5m @ 46.2%Fe
o	BEKD43	- 146.1m	@ 38.4%Fe	including	70.4m @ 46.1%Fe

1. BEKD59 - 150.9m @ 33.2%Fe including 113.3m @ 39.3%Fe

• 1. BEKD46 - 155.6m @ 37.1%Fe including 105.2m @ 42.1%Fe
• Mineral processing trials suggests plus 30%Fe can be readily upgraded using comminution and magnetic separation in BEKD10 and 34 to:
• 1. +62% and +65%Fe fines at a -2mm crush

• 1. 69.3% and 69.5%Fe product at a -75µm grind, respectively
• +69%Fe product grade achieved in BEKD10 and BEKD34, and potentially across the entire Southern Zone, is suitable for DRI pellets crucial for future decarbonisation of the steel industry and Green Steel production
• 5,000 metres of iron mineralisation confirmed along the Southern, Central and Southern Zones indicating potential for a significant JORC Resource

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Introduction

AKORA Resources ("AKORA" or "the Company") (ASX Code: AKO) is pleased to provide shareholders with the assay results for Southern Zone drill holes BEKD09 to 18, BEKD28 to 36, BEKD43 to 49 and BEKD554 to 63, in total 37 drill holes, plus processing trial reporting on Bekisopa drill holes BEKD10 and BEKD34 within Bekisopa tenement 10430. The drilling details for drill hole BEKD09 to 12 are covered in ASX Announcements of 27 April 2021, BEKD13 to 18 in ASX Announcements 20 July and 19 October 2021, BEKD28 to 35 in ASX Announcements 17 August and 3 November 2021, BEKD36 in ASX Announcement 14 September and 3 November 2021 and the first deep hole BEKD43 on 26 September 2021.

Across the Southern Zone drill holes there are high-grade near surface assays +64%Fe, clearly indicates the potentially Direct Ship Ore (DSO) lump and fines, in 13 of the 29 drill holes that intercepted iron mineralisation at surface with 14.6m @ 64.94%Fe in BEKD13, 8.19m @ 68.15%Fe in BEKD31, 5.88m @ 63.87%Fe from 0.9 to 6.78m in BEKD44. At depth 7 drill holes recorded substantial iron intercepts grading +63%Fe with 19.5m @ 63.26%Fe from 68.1m downhole in BEKD46 and 11m @ 63.96%Fe from 56.8m downhole in BEKD45.

Drill holes intercepted iron mineralisation deep downhole in several Southern drill holes; 155.64m continuous iron intercept ending at 172.74m at an average 37.05%Fe in BEKD46, 150.85m continuous iron intercept ending at 173.94m at an average 33.20%Fe in BEKD59 and 146.07m continuous iron intercept ending at 182.47m at an average 38.42%Fe including 70.41m at 46.14%Fe in BEKD43, refer Appendix 1, Significant Iron Intercepts.

Drill holes BEKD10 and 34 were extensively evaluated using magnetic separation techniques, wet Low Intensity Magnetic Separation (wLIMS) and Davis Tube Tests (DTT), to better understand the capacity of AKORA to achieve high-grade products along these drill holes. There is potential for the mineralisation to extend across the entire Southern Zone. Preliminary processing trial results for BEKD10, on the eastern side of the Southern Zone, from surface to 37.2m downhole showed this mineralisation readily upgraded at a 2mm crush to 62.4%Fe and at a 75-micron sizing to an outstanding 69.3%Fe. The same processing trials on BEKD34, on the western side of the Southern Zone, delivered 66%Fe after a 2mm crush and 69.5%Fe at a 75-micron sizing using magnetic separation, all with substantial reduction in impurities. These processing trials show the consistency of upgradability across the expansive Southern Zone and largely replicate the results achieved on the Northern and Central Zones and therefore, along the main 5-kilometerstrike length.

Drilling details for all drill holes not previously reported for the Southern Zone are included in Appendix 1 attached, as are the significant iron intercepts for all Southern Zone drill holes.

Southern Zone Assay Results

Near surface assay results shows high-grade average iron grade across numerous drill holes; 68.2%Fe, 66.8%Fe, 65.9%Fe, 65.5%Fe, 65.5%Fe, 64.9%Fe and 62.9%Fe from surface to 8.2m, 6.2m, 2.2m, 6.9m, 14.7m and 6.8m, respectively downhole in Southern drill holes BEKD31, 29, 17, 16, 13 and 44, see Figure 1.

Assay results from depths downhole also contain some high-grade iron intercepts; 4.2m @ 66.1%, 7.5m @ 64.9%, 13.3m at 64.4%, 9.2m @ 64.6%, 11m @ 64% and 19.49m @ 63.3% in BEKD33, 56, 46, 32, 45 and 46 respectively. 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.

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Assay results for Southern Zone drill holes BEKD43 to 63 are included in Appendix 1 attached, with highlight intercept results for BEKD43 to 63 noted in Table 1 below.

Hole	From	To (m)	Interval	Fe (%)	SiO2	Al2O3	P (%)	S (%)
Number	(m)		(m)		(%)	(%)
BEKD43	35.81	185.4	159.6	37.6	19.3	2.8	0.240	0.200
incl	84.33	96.90	12.57	52.8	5.5	1.1	0.261	0.254
BEKD44	0.00	21.24	21.24	42.3	23.8	4.1	0.115	0.093
BEKD45	36.46	115.9	79.44	41.2	17.7	2.6	0.283	0.113
incl	56.85	67.80	10.95	64.0	2.5	0.9	0.403	0.039
BEKD46	16.10	178.9	162.8	35.9	20.1	2.7	0.145	0.198
incl	68.13	87.62	19.49	63.3	3.7	1.1	0.143	0.083
incl	88.95	102.2	13.25	64.4	2.5	0.7	0.1401	0.124
BEKD47	0.00	80.45	80.45	27.1	30.7	3.9	0.096	0.695
incl	56.4	64.4	8.00	50.0	12.4	2.3	0.198	1.485
BEKD48	0.00	56.64	56.64	30.4	23.9	2.9	0.127	1.204
incl	43.30	56.64	13.34	41.0	11.4	1.5	0.138	3.457
BEKD49	0.00	28.17	28.17	41.0	22.7	4.2	0.222	0.138
incl	22.50	28.17	5.67	53.3	11.5	2.1	0.188	0.389
BEKD55	0.00	25.39	25.39	35.5	28.2	6.7	0.099	0.011
incl	0.00	6.14	6.14	60.7	3.7	4.9	0.106	0.036
BEKD56	14.61	60.90	46.29	44.1	14.3	2.5	0.215	1.656
incl	22.81	30.34	7.53	64.9	1.8	0.8	0.195	0.285
BEKD57	0.00	82.28	82.28	30.8	26.2	2.9	0.162	1.516
incl	55.04	67.87	12.83	53.6	6.5	1.1	0.227	3.441
BEKD58	46.88	89.16	42.28	27.4	28.9	3.1	0.140	1.238
BEKD59	23.09	173.9	150.8	33.2	22.7	2.6	0.213	0.207
incl	60.67	99.86	39.19	52.4	9.5	1.6	0.251	0.450
incl	74.33	90.11	15.78	60.7	4.0	1.1	0.279	0.445
BEKD63	84.18	106.3	22.12	40.6	12.5	2.1	0.131	0.907
incl	85.00	90.35	5.35	50.9	8.3	1.9	0.123	0.112

Table 1.

2021 drilling campaign significant intercepts and assay results. Several significant iron mineralisation intercepts from 50 to 162.8m, numerous plus 50% iron head grades, shown in Bold Blue, several >63%Fe. The full BEKD43 to 49 and BEKD54 to 63 intercept and assay results are shown in Appendix 1, Table 2.

These assay results confirm the on-site logging and magnetic susceptibility measurements and show significant thicknesses of iron mineralisation ranging from 40 up to 162.8m downhole are present in the Southern Zone of the tenement over a strike length of around 1,000m and most probably over plus 1,500m as suggested by the magnetic anomaly. The location of the Southern Zone drill holes is shown in Figure 1.

The combined Northern, Central and Southern Zone assay results from drilling so far show that the iron mineralisation is spanning some 5,000m of the overall 6-kilometer strike length, North to South, with results covering some 700m across strike in the Southern Zone. The assay results and upgradability to better than Benchmark grade using comminution and magnetic separation, at relatively coarse sizing, to achieve high to Premium grade iron ore products in each drill grid zone from north to south along the main 5-kilometer strike length.

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	Tenement
	3757
		Tenement
Northern	10430
Zone		5 X 5 kms

Central

Zone

Southern	37
Drill Holes
Zone

Figure 1.

Southern Zone drill hole locations.

The Southern Zone mainly comprises 28 shallow drill holes, <100m, and 9 deep drill holes from 139.6m to 208.8m with the deepest iron mineralisation intercepted being at 149.6m, 173.9m, 185.4m and 184.7m downhole in BEKD46, 59, 43 and 61 respectively. There are substantial true thicknesses in a number of southern drill holes, several around 50m, then BEKD47 and 57 at 80.5m and 82.3m, respectively, then BEKD59, 43 and 46 at 150.8m, 159.6m and 162.8m, respectively, which should add considerably to the resource estimate.

Cross sections for drill holes within the Southern Zone and shown in Figure 2(a) to (d), and cross sections covering BEKD28 to 35 and BEKD12 and 36 are included in Appendix 1. The Southern Zone drill holes are typically spaced at 150m in the north-south direction with a 50m or 100m east-west spacing that extends across an area of over 850m by 1,000m and at a maximum depth to some 185m downhole. These flat lying east-west iron formations have true widths varying from around 80m (BEKD45 and 63) to 155m (BEKD58 and 59) and 170m (BEKD46 and 62). It is our expectation that these drilling results should all come together and provides good evidence for significant tonnages of iron mineralisation in the Southern Zone.

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7,608,450N

Gneiss/Calc-silicate

400m

Figure 2 (a).

Southern Zone cross Section 7,608,450N covering drill holes BEKD18 and BEKD55 to 60. High-grade ~66%Fe and ~61%Fe at surface in BEKD18 and 55 and at depth in BEKD56 7.5m @ 64.9%Fe and a continuous 150.8m iron mineralisation intercept at 33.2%Fe in BEKD59.

7,608,300N

Gneiss/Calc-silicate	400m

Figure 2 (b).

Southern Zone cross Section 7,608,300N covering BEKD17, BEKD46 to 49, BEKD54 and BEKD61. High- grade ~66%Fe and ~63%Fe at surface in BEKD17 and 54 and at depth in BEKD46 19.5m @ 63.3%Fe and 13.3m @ 64.4%Fe and a continuous 162.8m iron mineralisation intercept of 35.9%Fe in BEKD46.

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