Oceanic Iron Ore Corp.: Assay Results Extend Mineralized Zones and Return Assay of 34.7% Fe Over 93.2 Metres From 5.7 Metres ...
13 Février 2012 - 2:00PM
Marketwired
Oceanic Iron Ore Corp. (the "Company") (TSX
VENTURE:FEO)(OTCQX:FEOVF) is pleased to announce a further set of
assay results from 32 drill holes (9 twinned and 23 exploration)
across the Castle Mountain, Zone 4, Iron Valley, McDonald Zone and
Bay Zones "B", "C", "E" and "F" in the Hopes Advance project
area.
At Castle Mountain, drill holes HA-11-069, HA-11-070, HA-11-071,
HA-11-072, HA-11-076 and HA-11-077 demonstrate that mineralization
continues an additional 150 m down dip to the southeast while in
the northern part of Castle Mountain, drill hole HA-11-082
demonstrates that mineralization continues an additional 600 m to
the northeast. Drill holes HA-11-070 and HA-11-072 returned
favourable results grading 37.3% Fe over a true with of 40.0 m and
33.7% over a true width of 66.2 m respectively.
At Iron Valley, drill holes IV-11-003 and IV-11-005 demonstrate
a thick iron formation grading 32.6% total Fe over a true width of
50.8 m and 45.8 m respectively.
At Bay Zone "C", twinned drill hole HA-11-057 demonstrates a
thick iron formation grading 32.3% Fe with a true width of 51.2 m.
Twinned drill holes HA-11-044 and HA-11-045 at Bay Zone "E"
demonstrate near surface thick mineralization grading 31.7% Fe over
a true width of 51.7 m and 32.2% Fe over a true width of 57.3 m,
respectively. At Bay Zone "F", twinned drill holes HA-11-040 and
HA-11-042 demonstrate near surface thick mineralization grading
34.7% total Fe over a true width of 93.2 m and 36.1% total Fe over
a true width of 91.7 m respectively. Exploration hole BF-11-004 at
Bay Zone "F" extends the mineralization to the southeast with a
thick mineralization grading 34.2% total Fe over a true width of
78.2 m. Exploration drill hole BB-11-001 at Bay Zone "B" returned
an assay of 35.7% Fe over a true width of 91.5 m.
Steven Dean, Chairman and CEO of the Company, noted: "The
extension of mineralized zones in various deposits across the Hopes
Advance project area demonstrate the strength of mineralization and
upside potential for extension to at surface low strip resources at
Hopes Advance. We look forward to updating the market with a
revised NI 43-101 resource estimate for the Hopes Advance project
area which takes account of these assays before the end of the
first quarter."
To view the map accompanying this press release please click on
the following link:
http://media3.marketwire.com/docs/FEO0213.pdf
Table 1 - Drill hole Assay Results
----------------------------------------------------------------------------
Corresponding Historical Drill
2011 Results Hole Results (1954-1957)
---------------------------------------- ----------------------------------
T. T.
From To Width % Fe From To Width % Fe
DDH (m) (m) (m) total DDH (m) (m) (m) total
---------------------------------------- ----------------------------------
---------------------------------------- ----------------------------------
Castle Mountain
---------------------------------------- ----------------------------------
HA-11-069 57.60 84.00 25.25 34.8
---------------------------------------- ----------------------------------
HA-11-069 114.00 140.00 24.86 33.5
---------------------------------------- ----------------------------------
HA-11-070 73.50 124.00 48.03 37.3
---------------------------------------- ----------------------------------
HA-11-070 151.40 164.50 12.46 25.7
---------------------------------------- ----------------------------------
HA-11-071 69.40 108.20 37.81 34.8
---------------------------------------- ----------------------------------
HA-11-072 59.00 127.00 66.26 33.7
---------------------------------------- ----------------------------------
HA-11-073 74.65 101.00 25.95 31.8
---------------------------------------- ----------------------------------
HA-11-076 48.60 54.30 5.64 31.9
---------------------------------------- ----------------------------------
HA-11-076 62.60 104.00 41.00 33.3
---------------------------------------- ----------------------------------
HA-11-077 30.70 33.90 3.14 28.6
---------------------------------------- ----------------------------------
HA-11-077 41.70 79.00 36.61 32.1
---------------------------------------- ----------------------------------
HA-11-082 41.30 85.94 44.61 31.3
---------------------------------------- ----------------------------------
Zone 4
---------------------------------------- ----------------------------------
HA-11-065 48.50 85.00 36.14 33.2
---------------------------------------- ----------------------------------
Iron Valley
---------------------------------------- ----------------------------------
IV-11-002(i) 34.40 91.60 56.33 30.4
---------------------------------------- ----------------------------------
IV-11-003(i) 7.20 58.85 50.86 32.6
---------------------------------------- ----------------------------------
IV-11-005 8.90 55.40 45.79 32.6 M-180 9.75 45.72 35.42 36.8
---------------------------------------- ----------------------------------
IV-11-006 3.40 32.24 28.80 32.1
---------------------------------------- ----------------------------------
IV-11-008 39.00 46.90 7.51 34.1
---------------------------------------- ----------------------------------
IV-11-009 64.25 75.53 9.87 26.1
---------------------------------------- ----------------------------------
IV-11-012 95.51 107.33 11.18 26.6
---------------------------------------- ----------------------------------
HA-11-037 2.30 30.00 27.28 29.7 M-183 0.82 22.86 21.70 32.0
---------------------------------------- ----------------------------------
Bay Zone F
---------------------------------------- ----------------------------------
HA-11-040 5.70 102.25 93.23 34.7 H-144 5.06 91.44 83.41 35.7
---------------------------------------- ----------------------------------
HA-11-042 3.30 10.70 6.41 37.9
---------------------------------------- ----------------------------------
HA-11-042 28.40 134.30 91.71 36.1 H-142 1.52 90.98 77.47 31.8
---------------------------------------- ----------------------------------
BF-11-004 54.80 145.20 78.29 34.2
---------------------------------------- ----------------------------------
BF-11-006 143.70 147.25 3.07 29.3
---------------------------------------- ----------------------------------
Bay Zone E
---------------------------------------- ----------------------------------
HA-11-044 7.90 63.00 51.78 31.7 H-116 9.14 53.34 41.53 31.9
---------------------------------------- ----------------------------------
HA-11-045 8.00 69.00 57.32 32.2 H-114 6.10 65.53 55.85 32.0
---------------------------------------- ----------------------------------
HA-11-046 37.20 77.50 39.69 30.5
---------------------------------------- ----------------------------------
Bay Zone C
---------------------------------------- ----------------------------------
HA-11-057 13.45 66.00 51.20 32.3 H-55 15.24 59.44 43.07 32.3
---------------------------------------- ----------------------------------
Bay Zone B
---------------------------------------- ----------------------------------
BB-11-001 13.05 106.00 91.54 35.8
---------------------------------------- ----------------------------------
McDonald
---------------------------------------- ----------------------------------
MC-11-040 3.40 22.00 18.37 27.6
---------------------------------------- ----------------------------------
(i) Indicates twinned holes, but without sufficient historical data to
present in the table above
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 up to 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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