For personal use only

EXPLORATION UPDATE ON PILBARA MACRO PROJECTS

21 March 2022: Australian based iron ore and steel development company, Kogi Iron Limited

(ASX: KFE) (Kogi or the Company) is pleased to provide an update on the exploration activities of its 100% owned subsidiary Macro Metals Pty Ltd at its iron ore tenements located within three producing iron ore jurisdictions in Western Australia (Figure 1).

Figure 1: Project Location Plan

Highlights

  • Geological review completed by leading mining consultant firm CSA Global Pty Ltd.
  • 4,400m of infill reverse circulation (RC) drilling recommended at Catho Well North with the objective of informing a maiden Mineral Resource estimate
  • RC Drilling also recommended at Wiluna West.
  • Mapping recommended at other projects.
  • Heritage Survey planned with Traditional Owners.
  • Maiden Mineral Resource targeted for Catho Well North following the drilling.

Level 4, 100 Albert Road, South Melbourne, Vic 3205

website: 1www.kogiiron.com.au

ACN: 001 894 033

For personal use only

Kogi Iron Chairman, Mr Craig Hart said:

"The Macro assets were acquired at an opportunistic dip in the iron ore price which we are pleased to see has now rebounded to approximately US$150 per tonne for 62% iron ore fines. This underlines the opportunities to develop a portfolio of iron ore projects and potential production in the short- to medium-term to complement our larger and longer life long-term project in Nigeria. The Board is committed to advancing the Catho Well North deposit with drilling. CSA Global have confirmed Catho Well North as the priority target in the Macro portfolio due to its proximity to port and quality of mineralisation."

CSA Global Review

Leading mining consultant firm CSA Global Pty Ltd (CSA Global) was commissioned to review the eight projects and have recommended RC drilling at Catho Well North, Wiluna West, and Mt Padbury. Mapping has been recommended at Cane River, Five Mile, Mt Pyrton, and Fig Tree. The estimated Inferred Mineral Resource of 11.5Mt @ 53.1% Fe at the West Pilbara Project was confirmed (refer ASX Announcement 22/09/21).

Catho Well North

The Catho Well North Project is located directly adjacent to the Catho Well Project owned by the Red Hill Iron Ore JV. Catho Well North is situated 180km via road to the Onslow Port. Several kilometres of strike length of dissected Channel Iron Deposit (CID) mineralisation crops out within the tenure and is the primary target for further exploration (Figure 2).

Figure 2: Catho Well North Plan

Level 4, 100 Albert Road, South Melbourne, Vic 3205

website: www.kogiiron.com.au

ACN: 001 894 033

For personal use only

Fortescue Metals Group Limited (ASX: FMG) conducted drilling on the project area from 2013 to 2019. A total of 42 RC drill holes for 996m of drilling was completed across two programs. The drilling is sparse on a nominal 800m by 200m spacing. Significant results from this drilling included:

  • WP0169: 10m @ 53.8% Fe, 0.031% P, 6.46% SiO2, 3.32% Al2O3, 11.1% LOI from 3m
  • WP0167: 10m @ 50.0% Fe, 0.028% P, 10.61% SiO2, 4.15% Al2O3, 11.3% LOI from 2m
  • WP0168: 9m @ 51.4% Fe, 0.032% P, 6.48% SiO2, 3.05% Al2O3, 12.7% LOI from 3m
  • WP0155: 8m @ 52.2% Fe, 0.025% P, 9.46% SiO2, 3.86% Al2O3, 10.9% LOI from 0m
  • WP0149: 6m @ 53.6% Fe, 0.033% P, 8.17% SiO2, 4.12% Al2O3, 9.78% LOI from 0m
  • WP0173: 6m @ 52.3% Fe, 0.025% P, 9.46% SiO2, 3.86% Al2O3, 10.9% LOI from 7m
  • WP0143: 6m @ 52.5% Fe, 0.018% P, 9.04% SiO2, 3.68% Al2O3, 10.9% LOI from 2m
  • WP0164: 6m @ 52.2% Fe, 0.026% P, 7.63% SiO2, 5.53% Al2O3, 10.47% LOI from 1m
  • WP0165: 3m @ 56.6% Fe, 0.025% P, 4.49% SiO2, 2.78% Al2O3, 10.53% LOI from 4m

The diluent grades are noted as being similar to the adjacent Australian Premium Iron JV and Red Hill Iron Ore JV products and are likely to be suitable for direct shipping.

CSA Global have recommended infill drilling on 14 sections at 200m by 50m spacing on the eastern 2.8km of strike length of the central mesa where the best mineralisation has been demonstrated in the FMG drilling.

This is targeted to inform a maiden Mineral Resource estimate for the project.

CSA Global has also recommended drilling on eight sections at 400m by 200m spacing over the western 3.2km of strike length of the central mesa aimed at extending the known iron mineralisation.

The total drilling recommended across the central mesa is comprises 148 holes, which assuming an average depth of 30m would equate to 4,440m of RC drilling (Figure 3).

Level 4, 100 Albert Road, South Melbourne, Vic 3205

website: www.kogiiron.com.au

ACN: 001 894 033

For personal use only

Figure 3 - Existing (green) and planned (yellow) at Catho Well North, as

designed by CSA global.

Wiluna West Project

The Wiluna West Project is located 40km southwest of the township of Wiluna in the northeastern Goldfields of Western Australia and 450km north to north-west of Kalgoorlie. The project is immediately south and adjoining the Wiluna West Iron Ore Project presently being mined by the GWR Group.

The CSA Global review identified an area in the north of the tenement where significant mineralisation was evident in drilling across three drill sections, each 400m apart for a strike length of 1200m. A cross section of the central drill section is presented in Figure 4.

CSA Global have recommended 10 holes for 710m to test the continuity of this mineralisation.

Level 4, 100 Albert Road, South Melbourne, Vic 3205

website: www.kogiiron.com.au

ACN: 001 894 033

For personal use only

Figure 4: Schematic cross section (view looking south) based on the GWR significant

intercepts through drill holes WWRC0118, WWRC0119 and WWRC0120

Other Macro Projects

A geological mapping and rock chip sampling program aimed at identifying further drilling targets is recommended at Mt Padbury, Cane River, Five Mile, Mt Pyrton, and Fig Tree.

Next Steps

Kogi has selected Catho Well North as the highest priority drilling target and intends to commence drilling as soon as practical.

A program of work approval has been lodged with the Western Australian Department of Mines, Industry Regulation and Safety (DMIRS).

Kogi has been engaging with the Traditional Owners of the area since the acquisition of the Macro projects. Now that the traditional law time has passed, Kogi anticipates the heritage survey over the project will be able to commence shortly.

Subject to a successful drilling program, Kogi is targeting the publication of a maiden Mineral Resource at Catho Well North later in 2022.

Authorised for release by the Board

For further information, please contact:

Craig Hart

Non-Executive Chairman

Kogi Iron Limited

Tel (office): +61 8 7324 4047

Email: info@kogiiron.com

Level 4, 100 Albert Road, South Melbourne, Vic 3205

website: www.kogiiron.com.au

ACN: 001 894 033

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

Kogi Iron Limited published this content on 20 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 March 2022 21:47:10 UTC.