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.
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
Grafico Azioni Oceanic Iron Ore (PK) (USOTC:FEOVF)
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Da Dic 2024 a Gen 2025
Grafico Azioni Oceanic Iron Ore (PK) (USOTC:FEOVF)
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