Oceanic Iron Ore Corp.: Drill Results Continue to Confirm Historical Data
July 20 2011 - 8:00AM
Marketwired
Oceanic Iron Ore Corp. (TSX VENTURE: FEO)(OTCQX: FEOVF) (the
"Company") is pleased to announce the second set of assay results
from its 2011 drill program. Holes HA 11-004, HA 11-005 and HA
11-006 were twinned with historic holes P49, P35 and P28, and the
results of the new assays continue to correlate closely to those
reported historically.
Hole HA-11-004 on section 30+00 returned an assay of 32.3% total
Fe over a width of 64.1 m(i), which compares to the adjacent
historic drill hole P49 which delivered 34.9% total Fe over a width
of 67.0 m(i). Hole HA-11-05, drilled on section 20+00 returned an
assay of 34.6% total Fe over a width of 57.9 m(i). The adjacent
historic drill hole P35 graded 34.9% total Fe over a width of 60.1
m(i). HA-11-06, drilled on section 10+00, also returned an average
assay of 31.3% total Fe over a width of 44.7 m(i) compared to the
adjacent historic drill hole P28, which had an assay of 30.8% total
Fe over a width of 54.9 m(i).
Comparison of Drill-Hole results - Current to Historic.
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2011 Results
----------------------------------------------------------
From To
DDH (m) (m) T.Width (m) % Fe total
----------------------------------------------------------
HA-11-004 10.67 83.76 63.13 32.3%
----------------------------------------------------------
HA-11-005 21.65 79.55 57.02 34.6%
----------------------------------------------------------
HA-11-006 28.30 71.00 44.02 31.3%
----------------------------------------------------------
----------------------------------------------------------
Corresponding Historic Drill Hole Results (1954 - 1957)
----------------------------------------------------------
From To
DDH (m) (m) T.Width (m) % Fe soluble
----------------------------------------------------------
P49 10.67 83.76 65.98 34.9%
----------------------------------------------------------
P35 19.81 79.85 59.14 34.9%
----------------------------------------------------------
P28 27.43 82.30 54.04 30.8%
----------------------------------------------------------
In addition, drill hole HA 11-002, the second exploration drill
hole to report, returned an assay of 33.4% Fe total over a width of
105.4 m(i) (103.8 m T.W.), with cover of approximately 30.6 m. This
hole is located approximately 160 m east of drill hole HA 11-003
and 80 metres outside of the historical pit limit (1956),
illustrating the potential extension eastward of the Castle
Mountain zone.
Holes that have reported to date continue to show low levels of
sulphur and phosphorous.
(i) Down-hole Width
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.
Steven Dean, Chairman and CEO of Oceanic noted: "We are
encouraged by the continued correlation of the current drill
results to historical results. In addition, the results from the
second exploration drill hole suggest an extension of the
mineralization to the east as well as a thickening of the
mineralization in excess of 100 metres. We will be able to report
these results in more detail as part of the upcoming 43-101
resource estimate and PEA in respect of the Hopes Advance Bay
project."
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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