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Black Iron Unveils Results From Four Holes At Shymanivske All Over 30% Iron

Black Iron (TSE:BKI) reported late Tuesday what it called continued "encouraging" results from its diamond drill program at its Shymanivske iron ore project in Ukraine.

The company said infill drilling continues to intersect thick iron bands in each hole, with grades exceeding 30% iron.

Of note, hole BISH-17 returned 65.0 metres grading 33.8% iron and 11 metres grading 31.4% iron.

The four drill holes released Tuesday formed part of a 12,000 metre defintion and exploration drill program conducted by Black Iron between July and December last year.

"The DE program drilling will result in a portion of the resources previously classified as inferred moving into the measured and indicated category in the next 43-101 compliant resource report," the company said in a statement.

Ukraine-based Mekhanobrchermet (Research Institute of Mineral Processing in Ferrous Metals) completed the independent metallurgical test work on the recovered drill core from the program.

As announced previously, the company noted again Tuesday that still no drilling is underway at Shymanivske until it obtains additional permits required to drill.

However, it also noted that additional drilling is not required to complete the feasibility study, which would be conducted in the future to potentially boost the in pit resource estimate.

Black Iron is an iron ore exploration and development company advancing its 100 percent-owned Shymanivske project located in Kryviy Rih, Ukraine.

In late May, the company released results from the project, including hole BISH-5, which intersected iron ore grading in excess of 30% iron to depths of 436 metres, including 141 metres of 32.3% iron and 26 metres grading 33.3% iron.

The project contains a NI 43-101 compliant resource with 373 million tonnes measured and indicated mineral resources grading 31.3% iron and 480 million tonnes of inferred mineral resources grading 30.2% iron.

The company believes that existing infrastructure, including access to power, rail and port facilities, will allow for a quick development timeline to production.

Black Iron also holds an exploration permit for the adjacent Zelenivske project which it intends to further explore to determine its potential.