IRON BEAR RESOURCES LTD — Regulatory Filings 2021

Mar 10, 2021

ASX

Announcement

11 March 2021

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PROJECT UPDATE ON QUEENSLAND COPPER, GOLD, COBALT LICENCES

As per the Company’s announcement dated 4 October 2020, Cyclone Metals Limited (ASX: CLE ) ( Cyclone or the Company ) announced that it was pursuing development of processing options for its copper, gold, cobalt assets in the Mount Isa region of north western Queensland. The Company decided that it was an opportune time for investment in the development of new environmentally friendly processing technology for copper and other valuable metals.

Since October, the Company has been developing a drilling / trial processing plan to utilise its Lady Ethleen project as a trial / demonstration deposit for development of an environmentally friendly alkaline leach processing solution. The Company had previously done sufficient work on the Lady Ethleen project to ascertain a deposit of sufficient size for trial mining and processing.

A successful trial will mean a significant shift in future processing technology and will in turn facilitate possible development of the part owned, nearby Wee Macgregor project (which the Company has a 20% interest in and a pre-emptive right over the remaining 80%) as well as many other potential small assets in the district, that may be economic with access to appropriate processing technology.

Cyclone is pleased to announce commencement of drilling at its Lady Ethleen project. The purpose of the drilling is to obtain samples for trial leaching and is planned to commence the week commencing 14 March 2021. Due to recent COVID lockdown and border closure, the Company has been prevented from commencing drilling until recently.

The Company has booked laboratory time to allow for the leaching testwork to begin as soon as samples can be obtained and freighted to Perth. Six (6) tests will be conducted each using 110kg samples of representative material from the Lady Ethleen deposit.

The drill program has been designed to obtain sufficient sample from approximately ten (10) holes targeting enough suitable material from each oxidation zone (oxide, transitional and sulphide) to satisfy the testwork requirements. Three samples from each zone will be required to test the Glyleach technology in a static environment (simulating heap leach), a semi static environment (to simulate a periodically agitated vat leach), and an agitated environment (to simulate a continuous vat leach system or similar).

The process to be used, known as tilted GlyLeachTM, was originally developed and patented by Curtin University and is being commericalised globally by Perth based Mining and Process Solutions ( MPS ).

The GlyLeachTM process involves the use of Glycine as a lixiviant under alkaline conditions. This process has a number of significant benefits over traditional acid leaching including its environmentally friendly state which is non-toxic to humans and wildlife, the ability to selectively leach valuable metals whilst leaving gangue minerals such as iron, manganese, silicates and carbonates in the leach residue, the ability to leach ores of different oxidation states (depending on process type, temperature, residence time, particle size, etc) and all the while being recyclable as the glycine is not chemically consumed in the overall process.

ASX: CLE

ASX Announcement 11 March 2021

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Results are expected to demonstrate the best process to use for material types found in the Mount Isa / Cloncurry district. A positive project outcome could unlock the possibility for development of Lady Ethlenn and a centralised processing hub in the district.

Within a 10 km radius of Lady Ethleen, there are numerous stranded projects that may all be suitable candidates to supply feed to a future operation including Lady Jenny (1 km), Wee MacGregor (3 km), Rosebud (10 km) and Inkerman (7.5 km) as well as several more in the wider district.

Cyclone Non-Executive Chairman, Terry Donnelly commented ”After several restrictions caused by the inability to travel over the past 12 months, we are pleased to be able to continue with the project particularly given the recent price increases and market sentiment for copper. The successful outcome of this testwork will open a number of opportunities for the Company going forward.”

This announcement has been approved by the Company’s board of directors.

Yours faithfully Cyclone Metals Limited

Terry Donnelly Non-Executive Chairman

For further information please contact:

Investor Relations +61 (0) 8 9380 9555 ir@cyclonemetals.com

Follow us @cyclonemetals cyclone-metals

Competent Person Statement

The information in this announcement that relates to Exploration Results is based on information compiled by Mr Olaf Frederickson. Mr Frederickson is a Member of The Australasian Institute of Mining and Metallurgy (AusIMM) and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”). Mr Frederickson is a consultant to Cyclone Metals and consents to the inclusion in the report of the Exploration Results in the form and context in which they appear.

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Figure 1. Plan of holes.

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Figure 2. Sections (with Cu%)

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