Akora Resources : Central Zone assays confirm continuous iron mineralisation

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ASX Release

11 January 2022

AKORA Bekisopa Central Zone assays confirm continuous iron mineralisation over a 500m strike, potentially 1.3 kms

Davis Tube Tests deliver an outstanding upgrading at 70.2% iron

Highlights:

• The Bekisopa Central Zone has potential for AKORA to realise a large, near surface, high-grade area of iron mineralisation with DSO potential and able to be readily upgraded to very high-grade premium products
• 70.2% average iron concentrate grade from Davis Tube Tests along drill hole BEKD04 from surface to 38.1m downhole at a relatively coarse P80 of 62 microns
• 66.1% average iron fines grade from magnetic separation process trials on composites along drill hole BEKD04 from surface to 38.1m downhole, at a 2mm crush size
• Iron mineralisation shallowly dipping at between 30° and 40° to the west, with a 50-70 metre average true thickness across the Central Zone, a good formation for open pit low stripping ratio mining
• Deepest mineralisation intersected, in this area to date, is some 90m below surface (~100m downhole) and is open at depth
• Surface mineralisation confirmed over plus 200m width on section 10800N
• Potential for mineralisation to continue 1.3kms to the south (see section 9300N) which suggests potential in this Central Zone for a significant iron 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 the Central Zone within Bekisopa tenement 10430. The Central Zone covers 12 drill holes, with several ending in iron mineralisation. This Zone has potential to realise a large, near surface, high grade area with Direct Ship Ore (DSO) potential and mineralization that is readily upgraded to high-grade premium products.

The drilling details for these drill holes are covered in ASX Announcements of 13 April and 14 September, 2021. Preliminary processing trial results are presented in this update and show outstanding upgrading of the iron mineralisation to 70.2%Fe and reduction in impurities.

Assay results for the 12 drill holes in the Central Zone of Bekisopa

Assay results for the 12 drill holes in the Central Zone within the Bekisopa project show continuous shallowly dipping iron mineralisation from surface with four holes ending in iron mineralization at 100.4m, confirming iron mineralisation is open at depth. The Central Zone covers some 1.8 kms north to south and some 300 metres across strike, see Figure 1.

Tenement

3757

Tenement 10430

Central Zone

Figure 1.

Central Zone incorporating twelve 2020 and 2021 shallow drill holes. Drilling assays confirm an extensive

iron formation within this zone extending some 1.8kms along strike.

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Mineralisation is continuous in the northern part of the Central Zone (~500m strike) and it is considered likely that it will be continuous all the way to the southern part of the zone based on the mineralisation intersected on Section 9300N and the continuous magnetic anomaly between these two areas, potentially an overall strike length of some 1.8kms.

Results of all drillholes not previously reported are shown in Appendix 1, Table 1.

Mineralisation is between 50 and 70m combined true width and dips shallowly (30-40°) to the west as shown on the following cross sections. It is interpreted to have an even shallower dip to the south (10-15°) and additional drilling is required to confirm this.

There appears to be a consistent surficial zone where weathering has upgraded the average grade of the primary mineralisation, with some areas potentially direct shipping ore (DSO). This zone has been confirmed to be over 200m wide on Section 10800N but is variable in width depending on the dip of the primary mineralisation.

All the drill hole locations with intercept assay results are shown in Figures 2 to 5 below. These various cross sections show a relatively flat laying iron formation with significant and continuous intercepts of iron mineralisation.

The Central Zone covers a strike of around 1.8kms with what appears to be an open iron formation from surface across and along strike and suitable for a low stripping ratio open pit mining configuration. From the cross-section structures defined in Figures 2 to 5 above, there looks to be additional potential for iron mineralisation at depth and to the west of the current drilling offering the possibility for considerably higher resource tonnages.

Figure 2

Central Zone cross section along latitude 7611000 incorporating Bekisopa drill holes BEKD03, 41 and 42. Relatively flat westerly dipping ore body most suitable for a low stripping ratio open pit mining operation.

Figure 3 below shows a relatively flat westerly dipping ore body suitable for a low stripping ratio open pit mining operation, these drill holes cover ~200m across strike width. BEKD04 and 5 both ended in mineralisation at 100.4 metres downhole. Figures 4 shows several westerly dipping zones of consistent iron mineralisation with potential for further iron formations at depth and to the west.

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Figure 3

Central Zone cross section along latitude 7610800 incorporating Bekisopa drill holes BEKD04, 05 and 06

from the 2020 drilling programme and drill holes BEKD39 and 40 from the recently completed 2021

drilling campaign.

Figure 4

Central Zone cross section along latitude 7610600 incorporating Bekisopa drill holes BEKD37 and 38

from the recently completed 2021 drilling campaign.

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Figure 5

Central Zone cross section along latitude 7609300 incorporating Bekisopa drill holes BEKD07 and 08 from the 2020 drilling campaign. Shallowly westerly dipping iron mineralisation open at surface and are interpreted with potential for further iron formations at depth and continuing to the west.

wLIMS process trials on Bekisopa Central Zone drill core

In conjunction with the assaying, AKORA also conducted wet Low Intensity Magnetic Separation (wLIMS) process trials on continuous drill core intervals from surface to 38 metres downhole on BEKD04. The objective of these processing trials being to better understand the upgradability of the iron mineralisation across the Central Zone.

The current wLIMS trials were on composites of adjacent drill core intervals from Bekisopa 2020 drill hole BEKD04, which is centrally located within the Central Zone. Each composite included 6 to 8 adjoining samples, covering around 6m in length (typical height of a mining bench), comprising a total of ~3kgs per wLIMS process trial and being a more comprehensive representation than those previous preliminary processing trials conducted and reported in ASX Announcements 13 April, 27 April, 25 June and 12 July, 2021.

Figure 6 below shows drill core sections from drill hole BEKD04.

These drill core photographs/composites are in approximately 6m groupings as these were used to assess iron upgradability using (wLIMS) at a coarse 2mm crush size. At each composite interval the drill core photos are accompanied by a description of the iron mineralisation type, the average composites iron head grade and the resultant upgraded wLIMS fines product grade. The wLIMS process trails were performed on six composite groups covering from surface to 38 metres depth downhole, the deeper composite drill core and wLIMS results are included in Appendix 1. For these wLIMS process trials the composites were crushed to 2mm and had an average of 80% passing 1.3mm.

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