AKORA Resources Limited announced Bekisopa Southern Zone DSO infill drilling results confirm significant areas and intercepts of high-grade iron mineralization. Strategic Context for these DSO results: Having reviewed these significant infill drilling assay results and intercepts, the board of directors believe that the latest results reconfirm the strategy to focus on advancement of an initial DSO project in the medium term and examining options to develop a large iron concentrate project over the longer term. Since listing in December 2020 (only 27 months ago) AKORA has achieved great progress at Bekisopa; including extensive drilling, product trials and a Maiden Resource.

The 2020 and 2021 drilling campaigns clearly confirmed an extensive iron ore body along the six-kilometer strike at the Bekisopa project. Extensive iron mineralization continues at depths to 300 meters, with expectation that mineralization will continue well beyond this depth. The Southern Zone is a wide expanse, some 1.2 kilometers, with high-grade iron mineralization (greater than benchmark grade of 62%Fe) exposed from surface.

The board of directors believe that these latest DSO infill drilling assays will result in an upgraded resource classification (Inferred Resource to Indicated Resource) with potentially some 8-12 million tonnes of DSO mineralization across an area of just 700 meters long by 500 meters wide. This outcome represents only ~12% of the known 6-kilometer strike length. Importantly, the enhanced resource classification of DSO tonnes and grade across the Southern Zone when added to the existing Mineral Resource and exploration potential in the Northern and Central Zones suggests the company will achieve greater than 20 million tonnes of DSO lump and fines product grade iron ore.

Bekisopa Direct Shipping Ore (DSO) infill drilling results: The 2022 DSO infill drilling campaign completed 1,166.4 metres across 86 close-spaced drill holes, this equates to 1,262 intervals for assaying, including QA/QC standards, blanks and duplicates. The drill core intervals from across the eastern and western area of the Southern Zone, where high-grade iron mineralization had previously been intersected during the 2020/2021 drilling campaigns, were assayed at the ALS Iron ore Technical Centre in Perth. The tighter drill spacing has enabled more accurate boundaries to be defined around areas of higher-grade iron mineralization and should also provide data for an upgraded Mineral Resource Estimate to an Indicated Resource, and potentially a Measured Resource.

The 2022 Southern Zone resource included 4.2Mt of inferred DSO mineralization and therefore, the results from the infill drilling are what provides an upgrade in that tonnage and resource classification.