FEO nice hit on a step out
Oceanic Iron Ore Corp
Symbol C : FEO
Shares Issued 172,561,564
Close 2012-02-10 C$ 0.37
Recent Sedar Documents
Oceanic Iron drills 93.2 m of 34.7% Fe at Hopes Advance
2012-02-13 08:37 ET - News Release
Mr. Steven Dean reports
OCEANIC IRON ORE CORP.: ASSAY RESULTS EXTEND MINERALIZED ZONES AND RETURN ASSAY OF 34.7% FE OVER 93.2 METRES FROM 5.7 METRES BELOW SURFACE AT HOPES ADVANCE
Oceanic Iron Ore Corp. has released a further set of assay results from 32 drill holes (nine 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 metres 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 metres to the northeast. Drill holes HA-11-070 and HA-11-072 returned favourable results grading 37.3 per cent iron over a true with of 40.0 metres and 33.7 per cent over a true width of 66.2 metres, respectively.
At Iron Valley, drill holes IV-11-003 and IV-11-005 demonstrate a thick iron formation grading 32.6 per cent total iron over a true width of 50.8 metres and 45.8 metres, respectively.
At Bay zone C, twinned drill hole HA-11-057 demonstrates a thick iron formation grading 32.3 per cent iron with a true width of 51.2 metres. Twinned drill holes HA-11-044 and HA-11-045 at Bay zone E demonstrate near-surface thick mineralization grading 31.7 per cent iron over a true width of 51.7 metres and 32.2 per cent iron over a true width of 57.3 metres, respectively. At Bay zone F, twinned drill holes HA-11-040 and HA-11-042 demonstrate near-surface thick mineralization grading 34.7 per cent total iron over a true width of 93.2 metres and 36.1 per cent total iron over a true width of 91.7 metres, respectively. Exploration hole BF-11-004 at Bay zone F extends the mineralization to the southeast with a thick mineralization grading 34.2 per cent total iron over a true width of 78.2 metres. Exploration drill hole BB-11-001 at Bay zone B returned an assay of 35.7 per cent iron over a true width of 91.5 metres.
Steven Dean, chairman and chief executive officer 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."
DRILL HOLE ASSAY RESULTS
T.
From To width % Fe
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
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
Bay zone F
HA-11-040 5.70 102.25 93.23 34.7
HA-11-042 3.30 10.70 6.41 37.9
HA-11-042 28.40 134.30 91.71 36.1
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
HA-11-045 8.00 69.00 57.32 32.2
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
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 calibre with sample lengths being collected up to a maximum length of two metres. 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, PGeo, the exploration manager for the company and a qualified person as defined by National Instrument 43-101, has reviewed and is responsible for the technical information contained in this news release.
We seek Safe Harbor. |
