Oceanic Iron Ore has reported the third set of assays from the 2011 resource verification campaign. The recent assay results continue to associate well with the historic results.
This new results are dependent on the twinned drill holes in the Zone 4, Bay Zone F grids and Castle Mountain of the Hopes Advance Area. The company is expecting to announce the additional results from these grids and Iron Valley, Zone 2 and further Bay Zone grids in the upcoming weeks, and the targeted step-out holes results.
These results have exposed outcrops of iron mineralization at the surface and continue to a depth with a gentle dip towards down, showing encouraging potential for extremely low waste to iron stripping proportions. Moreover, certain intersections of the drill hole show widths of larger iron mineralization than initially anticipated from the significant drill holes. These historical drill holes seem to have been blocked at the lower mineralisation unit with a slightly low, economic grade iron. Iron mineralization occurs in the drill holes HA-11-038, HA-11-30, HA-11-026, HA-11-011 and HA-11-010 and the widths varying between 9.6 m and 35.5 m, with total width of mineralization up to 92.9 m.
The reported holes continue to demonstrate low levels of phosphorus and sulphur.
Source: http://oceanicironore.com/