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 February 2012 - 11:00PM
Marketwired Canada
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.
Oceanic Iron Ore (TSXV:FEO)
Historical Stock Chart
From Jun 2024 to Jul 2024
Oceanic Iron Ore (TSXV:FEO)
Historical Stock Chart
From Jul 2023 to Jul 2024
