Oceanic Iron Ore Corp. (CVE:FEO,OTC:FEOVF) announces the commencement of the 2011 drill program on its Ungava Bay iron ore properties.
Oceanic Iron Ore Corp. (TSXV:FEO,OTC:FEOVF) announces the commencement of the 2011 drill program on its Ungava Bay iron ore properties.
The press release is quoted as saying,
This drill program will be focused primarily in the Hopes Advance Bay area and is targeted to delineate approximately 1 billion tonnes at a grade between 30% and 35% (Sol Fe) by the end of the fourth quarter of 2011. In setting this target, the Company has taken account of the historic exploration and metallurgical work completed on the Properties, including the combined historical mineral resource estimate of 2.6 bn tonnes at an average grade of 32.7% (based on 21,711 metres of drilling)* detailed below. The potential quantity and grade is conceptual in nature and it is uncertain if the current drill program will delineate the target as a mineral resource.