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Black Iron Hits 141 Metres Of 32.3% Iron At Shymanivske

Toronto-based iron ore explorer Black Iron (TSE:BKI) unveiled late Tuesday additional results from its diamond drill program at the company's Shymanivske project in the Ukraine.

The company said it continues to be "encouraged" from the results of the definition and exploration program, intersecting thick iron bands in each hole, with grades of over 30% iron exceeding 50 metres.

Of note from the three additional holes unveiled today, hole BISH-31 intersected 60.2 metres grading 35.2% iron and 141.0 metres grading 32.3% iron, including 95.0 metres grading 33.3% iron.

The three drill holes were part of a 12,000 metre definition and exploration drill program conducted by the company between July and December last year.

Blakc Iron said the campaign is expected to result in a portion of the resources previously classified as inferred to move into the measured and indicated category in the next NI 43-101 compliant resource report.

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.

Last week, the company released results from the project, including hole BISH-17, which returned 65.0 metres grading 33.8% iron and 11 metres grading 31.4% 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.