Oceanic Iron Ore Corp.: Assay Results Return 32.6% Fe Total Over 92.9m; Results Trend with Historical Data
11 Août 2011 - 2:00PM
Marketwired
Oceanic Iron Ore Corp. (TSX VENTURE: FEO)(OTCQX: FEOVF) (the
"Company") is pleased to announce the third set of assay results
from its 2011 resource verification program. The results of the new
assays continue to correlate well to those reported historically.
This latest set of results is based on twinned drill holes in
the Castle Mountain, Zone 4, and Bay Zone "F" grids of the Hopes
Advance Area. Further results from these grids as well as Zone 2,
Iron Valley and additional Bay Zone grids are expected to be
reported in the coming weeks, as will results from targeted
"step-out" drill holes which have been completed.
Comparison of Drill-Hole results - Current to Historic
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Corresponding Historic Drill Hole
2011 Results Results (1954 - 1957)
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From To T.Width From To T.Width % Fe
---------------------- % Fe ---------------------- Solu-
DDH (m) (m) (m) total DDH (m) (m) (m) ble
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Castle Mtn
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HA-11-009A 6.00 20.00 13.79 31.9% P68 3.51 26.52 21.62 35.1%
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HA-11-009A 42.50 78.00 34.96 32.2% P68 46.53 99.67 49.84 29.7%
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HA-11-010 39.20 128.70 84.10 31.6% P70 39.62 89.00 48.63 35.5%
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HA-11-011 48.43 119.00 69.86 32.4% P67 45.72 93.27 46.83 34.4%
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HA-11-012 4.40 70.00 63.65 29.2% P90 4.97 79.25 73.15 29.2%
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Zone 4
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HA-11-025 1.00 48.00 44.93 37.5% R104 1.52 48.77 45.17 36.6%
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HA-11-026 24.45 75.20 50.74 34.4% R120 27.43 68.58 41.15 35.3%
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HA-11-029 27.30 62.00 34.36 28.7% R131 4.57 70.10 64.89 28.9%
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HA-11-030 24.90 94.20 66.62 32.7% R132 15.24 71.63 54.21 35.0%
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Bay Zone "F"
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HA-11-038 1.56 105.84 92.91 32.6% H148 0.00 86.56 77.12 34.8%
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Results have shown iron mineralization outcrops at the surface
and continues at depth with a gentle downward dip demonstrating
excellent potential for very low waste to iron stripping ratios.
Furthermore, certain drill hole intersections demonstrate greater
iron mineralization thicknesses than originally expected from the
historical drill holes as the historical holes appear to have
stopped in a lower unit of mineralisation with a slightly lower
(but economic) iron grade. Drill holes HA-11-010, HA-11-011,
HA-11-026, HA-11-30 and HA-11-038 have iron mineralization
thicknesses varying between 9.6 m (HA-11-026) and as much as 35.5 m
(HA-11-010) with total mineralized widths up to 92.9 m
(HA-11-038).
Holes that have been reported to date continue to show low
levels of sulphur and phosphorous.
The drilling is of NQ caliber with sample lengths being
collected upto a maximum length of two meters. Assay samples
collected are sent to ALS Chemex for Whole Rock analysis by lithium
borate fusion and XRF (oxides), Ferrous iron by H2SO4 - HF and acid
digestion and titrimetric finish, and Total Sulphur by LECO
method.
Eddy Canova, P.Geo., the Exploration Manager for the Company and
a Qualified Person as defined by NI 43-101, has reviewed and is
responsible for the technical information contained in this news
release.
OCEANIC IRON ORE CORP. (www. oceanicironore.com)
On behalf of the Board of Directors
Steven Dean, Chairman and Chief Executive Officer
This news release includes certain "Forward-Looking Statements"
as that term is used in applicable securities law. All statements
included herein, other than statements of historical fact,
including, without limitation, statements regarding potential
mineralization and resources, exploration results, and future plans
and objectives of Oceanic Iron Ore Corp. ("Oceanic", or the
"Company"), are forward-looking statements that involve various
risks and uncertainties. In certain cases, forward-looking
statements can be identified by the use of words such as "plans",
"expects" or "does not expect", "scheduled", "believes", or
variations of such words and phrases or statements that certain
actions, events or results "potentially", "may", "could", "would",
"might" or "will" be taken, occur or be achieved. There can be no
assurance that such statements will prove to be accurate, and
actual results could differ materially from those expressed or
implied by such statements. Forward-looking statements are based on
certain assumptions that management believes are reasonable at the
time they are made. In making the forward-looking statements in
this presentation, the Company has applied several material
assumptions, including, but not limited to, the assumption
that:
(1) there being no significant disruptions affecting operations,
whether due to labour/supply disruptions, damage to equipment or
otherwise; (2) permitting, development, expansion and power supply
proceeding on a basis consistent with the Company's current
expectations; (3) certain price assumptions for iron ore; (4)
prices for availability of natural gas, fuel oil, electricity,
parts and equipment and other key supplies remaining consistent
with current levels; (5) the accuracy of current mineral resource
estimates on the Company's property; and (6) labour and material
costs increasing on a basis consistent with the Company's current
expectations. Important factors that could cause actual results to
differ materially from the Company's expectations are disclosed
under the heading "Risk Factors" in the Company's Filing Statement
dated November 22, 2010 (a copy of which is publicly available on
SEDAR at www.sedar.com under the Company's profile) and elsewhere
in documents filed from time to time, including MD&A, with the
Toronto Stock Exchange and other regulatory authorities. Such
factors include, among others, risks related to the ability of the
Company to obtain necessary financing and adequate insurance; the
economy generally; fluctuations in the currency markets;
fluctuations in the spot and forward price of iron ore or certain
other commodities (e.g., diesel fuel and electricity); changes in
interest rates; disruption to the credit markets and delays in
obtaining financing; the possibility of cost overruns or
unanticipated expenses; employee relations. Accordingly, readers
are advised not to place undue reliance on Forward-Looking
Statements. Except as required under applicable securities
legislation, the Company undertakes no obligation to publicly
update or revise Forward-Looking Statements, whether as a result of
new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Oceanic Iron Ore Corp. Steven Dean Chairman and Chief
Executive Officer +1 604 566 9080 +1 604 566 9081 (FAX)
www.oceanicironore.com
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