CZR Resources Limited announced the highest-grade assays yet at its Robe Mesa Iron Ore Project in Western Australia. The results are important because they outline additional DSO mineralisation outside the current Resource, which supports CZR's plan to grow the mine life and forecast production rate. Receipt of the final assay results was approximately five weeks behind schedule.

As a result, the updated Mineral Resource is now expected in mid-December 2022 and the revised Ore Reserve and mine plan are now scheduled for mid-late January 2023. The final 55 RC drill holes were predominantly from the northern extension of the Robe Mesa deposit. This area sits outside the current Mineral Resource and was drilled for the first time following heritage clearance in mid-2022.

Assay results from the northern extension have returned the highest grade DSO to date, with the upper CID unit outcropping at surface, with no waste stripping required to access first ore. Final assay results were also received for the southern in-fill drilling, targeting lower CID mineralisation below the pit designs modelled in the December 2020 pre-feasibility study (PFS). Assay results from this drilling showed a continuation of DSO mineralisation below the pit designs, giving CZR further confidence in its plans to increase the targeted production and mine life at Robe Mesa.

At a 53% Fe cut-off (60% Fe calcined)1, the significant intercepts average 56% Fe (62.8% Fe calcined), 5.6% SiO2, 2.8% Al2O3 and 0.04% P. The higher grades received from these latest results are primarily from the northern extension, where the CID is more well-formed and consistent in grade. The majority of drilling has now been completed to a nominal 50m x 50m drill pattern, improving the Resource confidence levels ahead of Ore Reserve conversion. CZR has now commenced the Mineral Resource update, incorporating all in-fill drilling, the northern extension and updated density measurements from the recent diamond drilling and metallurgical test work program.