Oceanic Announces Better Than Expected Assay Results from Kayak Bay Deposit in Roberts Lake Project Area
23 January 2012 - 11:00PM
Marketwired Canada
Oceanic Iron Ore Corp. (TSX VENTURE:FEO)(OTCQX:FEOVF) (the "Company") is pleased
to announce assay results from 1,089 metres of twinned drilling in Kayak Bay
completed as part of its 2011 Resource Verification Program. Kayak Bay is
located within the Roberts Lake project area, 15 km east of the village of
Kangirsuk, Quebec. Assay results are set out below.
Steven Dean, Chairman and CEO noted: "Much like the results received for the
Hopes Advance project, the assay results from Kayak Bay are better than expected
in terms of head grade, width and strike length, confirming the potential for a
significant NI 43-101 compliant iron ore resource based on the historical
resource. The Roberts Lake project area is expected to be the next area of focus
for the Company's resource verification program."
Background
The Company's properties are located across three project areas, Hopes Advance,
Roberts Lake and Morgan Lake, which lie along the northern extension of the
Labrador Trough in northern Quebec. Figure 1 below highlights where Kayak Bay is
situated within the Roberts Lake project area. All three project areas were the
subject of extensive work in the 1950's and 1960's, and in April 2011, the
Company commenced its 2011 resource verification program consisting of
approximately 11,500 metres of drilling in the Hopes Advance project area and
1,089 metres of drilling in the Roberts Lake project area.
The Company identified the Hopes Advance as the initial focus given it had been
the most advanced historically. However, the Company believes there is
significant potential in the Roberts Lake project area and expects this area to
be the next point of focus for further resource verification work. Kayak Bay has
a reported historic resource of approximately 111 million tonnes at 35.3% Fe(i)
and the whole of Roberts Lake project area has a reported historic resource in
excess of 1.2 billion tonnes at 35.9% Fe(i).
(i) These are historical resource estimates that do not comply with the current
Canadian Institute of Mining, Metallurgy and Petroleum Resources (CIM)
Definition Standards on Mineral Resources and Mineral Reserves as required by
National Instrument 43-101 (NI 43-101) Standards of Disclosure for Mineral
Projects. These historical resource estimates were described as "drill
indicated" and "potential" at the time of reporting which does not correspond to
the categorization set forth in sections 1.2 and 1.3 of NI 43-101. Although
these historical resource estimates are relevant to support the presence of
large areas of iron mineralization, these estimates are speculative, are based
on very limited exploration drilling and will require extensive new exploration
and metallurgical efforts to validate. They should not be treated as current
mineral resources or reserves or relied upon until confirmed by current
exploration and a Qualified Person. A Qualified Person has not done sufficient
work to upgrade or classify these historical resource estimates as current
NI-43-101 compliant mineral resources. The Roberts Lake historic resource was
reported in 1970 from drilling in the late 1950s and the Morgan Lake historic
resource was reported in 1957 and 1964. Further information in respect of these
historic resources is outlined in a 43-101 technical report prepared by Micon
entitled "Technical Report on the Ungava Iron Property - Ungava Bay Region,
Quebec, Canada" dated Oct. 29, 2010, available on SEDAR.
To view Figure 1, Map of Roberts Lake and Kayak Bay, please visit the following
link: http://media3.marketwire.com/docs/feo123i.jpg.
Assay Results from Kayak Bay
Drillholes RL 11-01B, RL 11-02, RL 11-03, RL 11-04, and RL 11-06 were twinned
with historic holes K-28, K-31, K-35, K-37 and K-43 respectively. The result is
a mineralized strike length of 2,300 metres trending Northwest and being open in
both directions. The results of a further three twinned drill holes are also
reported in Table 1 below. Although these holes were twinned, there is no record
of published historical results for these specific holes.
Table 1 - Comparison of Drill-Hole results - Current to Historic
----------------------------------------------------------------------------
----------------------------------------- --------------------------------
Corresponding Historic 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) Soluble
----------------------------------------- --------------------------------
Kayak Bay
----------------------------------------- --------------------------------
RL-11-01B 4.20 77.00 69.24 34.8 K-28 0.00 30.48 28.99 25.9
----------------------------------------- --------------------------------
RL-11-02 12.50 87.00 70.01 34.0 K-31 6.10 42.67 34.36 30.2
----------------------------------------- --------------------------------
RL-11-03 2.80 145.00 108.93 33.4 K-35 0.00 42.98 32.92 30.1
----------------------------------------- --------------------------------
RL-11-04 4.70 85.50 78.04 33.2 K-37 0.00 38.71 37.39 28.5
----------------------------------------- --------------------------------
RL-11-06 4.78 55.50 45.97 32.2 K-43 0.00 40.84 37.01 32.8
----------------------------------------- --------------------------------
RL-11-05(i) 12.90 110.40 91.62 25.6
----------------------------------------- --------------------------------
RL-11-07(i) 1.50 35.80 32.23 24.8
----------------------------------------- --------------------------------
RL-11-08A(i) 5.00 46.00 37.16 33.1
----------------------------------------- --------------------------------
(i) Indicates twinned holes, but with no record of published results
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.
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