Akora Resources : Maiden Resource Northern & Central Zones

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ASX Announcement

23 March 2022

Bekisopa Maiden Mineral Resource

Highlights

• Northern & Central Zones Inferred Resource:

• 43.3 Mt Inferred Resource in the Northern Zone

• 43.3% Davis Tube Recovery (DTR), average head grade 33.3%Fe,
• 68.2%Fe concentrate grade at a 75-micron grind size

• • 41.2 Mt Inferred Resource in the Central Zone

  ✓ 36.3% DTR from an average head grade of 30%Fe ✓ 67%Fe concentrate grade at a 75-micron grind size

• Southern Zone Exploration Target 50-100Mt (average head grade 25-40%) (Mineral Resource to be reported on when outstanding analysis is completed, see Cautionary Statement below)
• Northern & Central Zone Inferred Resource & Southern Zone Exploration Target are the result of drilling on only 1/3 of tenement strike length

• H&S Consultants concluded high-grade outcrop material and the high- grade weathered zones can be selectively mined using conventional shovel, truck, crush and screening operations to produce lump and fines
  DSO

Commenting on the Resource Estimate AKORA Resources Managing Director,

Paul Bibby, commented that: "This Maiden Resource for only the Northern and Central Zones at 84.5 million tonnes is outstanding given the limited drilling in these areas. As some analysis work in the Southern Zone is still to be completed, H&S Consulting has advised of an Exploration Target of 50 to 100Mt for the Southern Zone at similar concentrate grades. This means the Company has significantly exceeded its initial expectation in the 2020 Prospectus. When all is reported, including the Southern Zone and an assessment of the DSO potential, this will confirm a significant first resource from drilling on only 30% of the 6-kilometer strike at Bekisopa. The potential for significant additional tonnage cannot be underestimated, this is an extremely positive result, achieved within 15 months of listing."

Cautionary Statement

The board of directors wish to inform shareholders that an Exploration Target is conceptual in nature and accordingly, there has not been sufficient exploration to estimate a Mineral Resource and that further exploration will result in an estimation of a Mineral Resource.

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AKORA Resources ("AKORA" or "the Company") (ASX Code: AKO) is pleased to provide shareholders with the maiden Mineral Resource for the Northern and Central Zones of the Bekisopa project. Mineral estimation results for the Southern Zone will be reported as soon as complete, the delay due to the late receipt of the final assay and processing trial results.

At the time of preparing the AKORA Resources Prospectus and budgets the Company forecast a 100 million tonnes maiden Mineral Resource from the first 4,000 metres of drilling at Bekisopa. As drilling success progressed it was decided to bring forward additional drilling planned for 2022 into the 2021 campaign to minimize costs and maximise the size of the initial Mineral Resource. The Northern and Central Zones comprise 25 drill holes for some 2,142 metres from a total of some 6,200 drilled metres, and has delivered an 84.5 million tonnes Inferred Resource, exceeding expectations.

The "Maiden Resource Estimates, Bekisopa" report prepared by Mr Simon Tear, H&S Consultants Pty Ltd is attached to this announcement and details the sampling and assaying methodology, the resource estimation procedure and details resource tonnages and recovered magnetic fraction grades.

Figure 1 shows the magnetic anomaly that defines the 6-kilometre strike length on the main Bekisopa tenements and drill hole locations for all drill zones. This shows that only some 30% of the strike length has been drilled, further drilling should expand the resource considerably.

Figure 1.

2020 and 2021 drill hole locations

Tenement

3757

Northern Tenement

Zone 10430 5 X 5 kms

Central

Zone

Southern	37
Zone	Drill Holes

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The Northern and Central Zone maiden Mineral Resource details are shown in Table 1 and the DTR concentrate grades are shown in Table 2.

Bekisopa			Tonne	DTR	Head Grade	Concentrate		DTR
Zone			Mt	%		%Fe			Grade		Mt
											%Fe
Northern			43.3		43.3		33.3			68.2	19
Central			41.2		36.3		30.0			67.0	15
Total (Inferred)		84.5		39.9		31.7			67.6	33.7
					Table 1.
	Bekisopa Maiden Inferred Resource for the Northern and Central Zones.
Bekisopa	Conc	Conc		Conc		Conc		Conc		Conc		LOI
Zone	Grade	Grade		Grade		Grade		Grade		Grade		%
	%Fe	%SiO2		%Al2O3		%P		%S		%TiO2
Northern	68.2	1.3		0.7		0.005		0.028		0.20		-2.63
Central	67.0	2.3		0.6		0.005		0.33		0.19		-1.93
Average	67.6	1.8		0.7		0.005		0.18		0.20		-2.29

Table 2.

Bekisopa Maiden Inferred Resource DTR concentrate grade achieved at a relatively coarse 75-micron

grind size for the Northern and Central Zones.

Work continues on delivering the Southern Zone Mineral Resource Estimate for which H&S Consulting has indicated an Exploration Target of 50 to 100 million tonnes at an estimated concentrate grade of:

• 67% to 69%Fe at a 30% to 45% DTR with
• 1-2.5%SiO2, 0.2-1.2% Al2O3, 0.001- 0.01 % P2O5, 0.01-0.02% S & -1 to - 2.5% LOI.

H&S Consulting have also noted that "the high-grade outcrop material and the high- grade weathered zones can be selectively mined using conventional shovel, truck, crush and screening operations to produce lump and fines DSO." These outcomes will be reported on as soon as completed.

Conclusion

The maiden Inferred Resource for the Bekisopa Northern and Central Zones have exceeded expectation at 84.5 million tonnes at a concentrate grade of 67.6%Fe, which represents a premium grade product suitable for Direct Reduced Iron pellet feed demanded for the Green Iron and Steel de-carbonised future.

The Exploration Target for the larger Southern Zone has been estimated by H&S Consultants, as 50 to 100 Mt @ 30% to 45% DTR for a total of 20 to 50Mt of magnetite with a concentrate grade of 67% to 69% Fe, (see Cautionary Statement in relation to the Exploration Target at the commencement of this Announcement).

It is anticipated that once the final DTR assay results have been received, the Mineral Resources for Bekisopa will be updated to include the Southern zone. In addition, the

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update is expected to include the definition of the potential Direct Shipped Ore material.

This extensive maiden Mineral Resource confirms the AKORA Board's decision to list the company and accelerate the drilling campaigns. The result confirms that Bekisopa is a significant iron ore resource that could deliver high-grade fines and concentrates at relatively coarse sizings after a start-up focused on the high-grade outcrop and weathered zone iron ore.

For further information please contact:
Paul G Bibby	Peter Taylor
Managing Director	Investor Relations
Phone [phone]	Phone [phone]
www.akoravy.com	[e-mail]

About AKORA Resources

AKORA Resources (ASX: AKO) is an exploration company engaged in the exploration and development of the Bekisopa Project, the Tratramarina Project and the Ambodilafa Project, iron ore projects in Madagascar, in all totaling some 308 km2 of tenements across these three prospective exploration areas. Bekisopa Iron Ore Project is a high-grade magnetite iron ore project of >6km strike and is the key focus of current exploration drilling and resource modelling.

Authorisation

This announcement has been authorised by the AKORA Resources Board of Directors on 23 March 2022.

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Competent Person's Statement

The information in this report that relates to Exploration Results, and related scientific and technical information, is based on, and fairly represents information compiled by Mr Antony Truelove. Mr Truelove is a consulting geologist to Akora Resources Limited (AKO). He is a shareholder in Akora Resources Limited, holding 4,545 Shares he purchased in 2011, some 8 years prior to being engaged as a consultant. Mr Truelove is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM) and a Member of the Australian Institute of Geoscientists (MAIG). Mr Truelove has sufficient experience which is relevant to the styles of mineralisation and types of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC Code. Mr Truelove consents to the inclusion in this report of the matters based on his information in the form and context in which it appears including sampling, analytical and test data underlying the results.

Competent Person's Statement

The data in this report that relates to Mineral Resource Estimates and Exploration Targets for the Bekisopa deposits is based on information evaluated by Mr Simon Tear who is a Member of The Australasian Institute of Mining and Metallurgy (MAusIMM) and who has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the "JORC Code"). Mr Tear is a Director of H&S Consultants Pty Ltd and he consents to the inclusion in the report of the Mineral Resource in the form and context in which they appear.

Competent Person's Statement

The information in this report that relates to Mineral Processing and related scientific and technical information, is based on, and fairly represents information compiled by Mr Paul Bibby. Mr Bibby is a Metallurgist and Managing Director of Akora Resources Limited (AKO), as such he is a shareholder in Akora Resources Limited. Mr Bibby is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM). Mr Bibby has sufficient experience which is relevant to the styles of mineralisation and its processing under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC Code. Mr Bibby consents to the inclusion in this report of the matters based on his information in the form and context in which it appears including analytical, test data and mineral processing results.