Arrow Minerals Ltd: Strong First Exploration Results with Assays up to 63% Iron

Perth, Australia - Arrow Minerals Ltd. (ASX:AMD) is actively exploring the Simandou North Iron Project (SNIP) in Guinea, West Africa with the intention of discovering and developing a direct shipping grade iron mining operation as soon as possible. The Company intends to take full advantage of the multi-user rail infrastructure currently being developed for the benefit of the Winning Consortium and the SimFer Joint Venture due for commissioning from late 2025.

Successful initial exploration has also generated valuable geological information which will greatly assist effectiveness of ongoing drilling; Hundreds of assays pending, five rigs operating

Highlights

- Strong assays from the first 5 holes (total 328 metres) including;

o DALDDH006, 3.25 metres at 59.4% Fe from 50 metres,
o DALDDH007, 3.75 metres at 63% Fe from surface,
o DALDDH008, 4.5 metres at 60.3% Fe from surface including
o DALDDH008, 2.4 metres at 63.9% Fe from surface,
o DALDDH009, 3 metres at 60.9% Fe from surface, and
o DALDDH009, 4.5 metres at 60.6% Fe from 27 metres

- In addition to these Banded Iron Formation (BIF) drilling results, Arrow has received promising first-pass metallurgical results from the Canga-style iron targets at Simandou North Iron Project

- These metallurgical results show that the grade of the Canga material can be increased by ~4% via simple dry crushing and screening; This highlights the potential to establish a DSO-style Canga operation in addition to existing enriched Banded Iron Formation DSO targets

- First drilling underway to test Canga targets; 5 rigs currently drilling both Canga and Banded Iron Formation DSO targets

- Assays from a further 392 sample intervals are pending

- Accomplished iron ore mine-builder and Mining Engineer, Jeremy Sinclair appointed to lead accelerated mining plan as part of "speed to market" strategy

- Key advisors appointed to advance rail, port, shipping logistics, iron ore marketing, metallurgical test work and mining environmental impact assessment

Managing Director David Flanagan commented, "We have made a very good start to our drilling program, particularly given that this is just the start of the first systematic campaign to be drilled at the project and therefore we were still trying to establish some basic geological facts such as the orientation of the mineralisation.

"We have also identified some large areas prospective for DSO-style detrital canga iron mineralisation. It is early days in this respect, and we have to undertake drilling and analysis to confirm grade and thickness, but given the short lead time to test the targets, we intend to pursue them as a priority.

"We have five rigs turning, hundreds of samples in the laboratory and thousands on the way, so news flow will be strong from now on."

The Simandou North Iron Project is host to approximately 40 kilometres interpreted strike of the Simandou iron formation which is the important host rock of the combined Simandou iron ore project on adjoining tenements to the south. At 4.6 billion tonnes grading 65% Fe, Simandou represents the largest high grade iron ore project in the world. With total planned expenditure of US$26Bn the combined Simandou project is arguably the world's largest new mine development.

Arrow is actively exploring to discover substantial enriched BIF and canga style DSO iron mineralisation to sustain an accelerated path to production and exports. Since re-commencing fieldwork in early 2024, the Company is rapidly defining targets and mobilising a fleet of rigs for a regional scale programme of drilling.

Drilling results

The Company has received results from 5 diamond drill holes DALDDH006-10, from the initial 328 metres drilled commencing February 2024. The geology encountered continues to inform our exploration model and identify strike extension drilling targets. Results confirm endowment of highgrade mineralisation on our tenement within the important Simandou iron formation.

Significant intercepts greater than 1.25 metres at 55% are shown in Table 1*. Intercepts typically occur with broader zones of mineralisation greater than 10-15 metres thick. Full assay results for iron and common deleterious oxides and elements for the five holes reported herein are given in Appendix 1*.

Metallurgy

In January 2024 the Company submitted 11 composites for sighter metallurgical work at the ALS Iron Ore Technical Centre (Perth, Australia). The intention of the programme is to establish broad metallurgical characteristics of DSO mineralisation as well as opportunities to produce high grade green steel products. The test work looked at various methods to enhance product grades prior to shipping. Testwork included;

1. Assay by size on canga and high grade (62% Fe) hematite samples

2. Density based separation techniques using Heavy Liquid Separation and Wilfley shaking table on oxidised BIF samples

3. Davis Tube to establish magnetic separation techniques for fresh BIF samples

Information concerning the origin and feed grade of these samples are summarised in Table 3* and Table 4*.

Discussion of Results

The samples submitted were collected from half core of the limited 16 hole scout drilling campaign completed in 2023. Samples collected were representative of typical rock types in the core available.

Preliminary results are very encouraging, and are summarised below:

Assay by size analysis of a single near surface sample of enriched duricrust BIF grading 62% Fe achieved cumulative lump and fines assaying greater than 62% Fe without any concentration required.

Sizing analysis in a single canga sample achieved a 4% uplift in Fe grade with selective rejection of -4mm fine fraction material. Importantly 48% Fe feed grade was upgraded to 51.9% Fe by removing the -4mm material at a mass yield of 69.9% and recovering 75.6% of the contained iron. Regionally, Mont Nimba and the Simandou SimFer projects have delivered substantial Canga DSO mineral resources.

Density based separation of oxidised BIF samples of -1mm >38 micron subjected to Wilfley table concentration delivered highly encouraging results without the requirement for fine grinding to liberate payable iron oxides.

Results include;

- Sample SR0030712: 69% Fe at 26% mass recovery with 1.6% SiO2

- Sample SR0030709: 68.6% Fe at 20.4% mass recovery with 0.87% SiO2

- Sample SR0030710: 69.3% Fe at 20.8% mass recovery with 0.69% SiO2

- Sample SR0030707: 66.5% Fe at 31% mass recovery with 3.17% SiO2

- Sample SR0030708: 69.9% Fe at 13.4% mass recovery with 0.64% SiO2

Magnetic based separation of fresh magnetite BIF samples delivered highly encouraging Direct Reduction Iron (DRI) grade products with appealing mass yields using Davis Tube (53 micron 3000 Gauss) concentration. Results are as follows;

- Sample SR0030705: Concentrate grading 71% Fe at 48% mass recovery with 0.85% SiO2

- Sample SR0030706: Concentrate grading 70.8% Fe at 54.4 % mass recovery with 1.76% SiO2

Further work on scale and grade of Canga mineralisation

In conclusion, the proximity of a multi-user railway, approximately 25km from the Simandou North Iron Project provides a significant advantage. The above metallurgical results indicate a strong basis to justify further drilling to collect representative samples in areas that might support commercial production rates of extraction. In particular the upgradability of canga sample SR0030703 means the Company will investigate further the scale of that style and grade range of canga mineralisation as it continues to drill its other DSO targets.

Canga Iron Mineralisation

Substantial areas of canga mineralisation have been mapped at Kalako, Diassa, Dalabatini, Kowouleni, Central Zone, and Komodou North (Figure 3*). Canga mineralisation is comprised clasts of enriched detrital iron fragments in a variably consolidated colluvial matrix (Figure 8*).

The Company is continuing to develop targets for drill testing in the short term with additional field mapping target areas (Figure 3*) informed through the analysis of remotely sensed & topographic data. The current interpreted extents of Canga at Dalabatini, Diassa and Kalako is shown in Figure 10. The canga exploration program will be augmented in the near future with Ground Penetrating Radar from industry expert consultants Ground Radar (GR). The technique has been successfully demonstrated by GR to identify canga mineralisation at other iron ore projects in Guinea and offers the potential to both generate and screen targets quickly and effectively. Drilling has commenced at Dalabatini, Diassa, and Kalako Canga targets.

With five drill rigs on site during the week commencing 29 April 2024, the Company is on track to complete in excess of 150 holes and 10,000 metres drilling in the June quarter.

Execution Strategy

Arrow is executing a speed to market strategy to develop a DSO project as soon as possible. In order to achieve this the Company is running five work programmes in parallel comprising;

- High activity regional exploration

- Environmental impact assessment studies and community engagement work

- Metallurgical test work

- Iron ore product marketing

- Mining strategy, and multi-disciplinary studies to establish optimum exploration, transport and mining corridors, likely scale of mining footprint, mining contractor availability, infrastructure capacity and indicative operating and capital costs

Guinea and neighbouring countries have strong policies in place designed to deliver mutualisation of infrastructure for mining. This is captured in previously published agreements and the national mining code. The precedents in place cover existing roads, railways, and ports in country. There are also a number of similar precedents in place in neighbouring countries which also cover energy access and transport solutions.

As part of this execution strategy, the Company has appointed highly accomplished iron ore minebuilder and Mining Engineer, Jeremy Sinclair to lead accelerated mining plan as part of the Company's "speed to market" strategy. Mr Sinclair has held significant roles in Rio Tinto and Atlas Iron over a 30+year career in mining operations and development.

In addition, the Company has appointed key advisors to advance rail, port, shipping logistics, iron ore marketing, metallurgical test work and mining environmental impact assessment.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/5UR6IVXV

About Arrow Minerals Ltd:

Arrow Minerals Ltd. (ASX:AMD) is an exploration and development company focused on delivering long-term shareholder value through the discovery of economic mineral deposits in West Africa. The Company has implemented a systematic science-based exploration philosophy whilst remaining commercially nimble to ensure we capture and retain value.

Source:
Arrow Minerals Ltd.

Contact:

Arrow Minerals Ltd. E: info@arrowminerals.com.au WWW: www.arrowminerals.com.au