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Oceanic Iron Ore Corp. (CVE:FEO,OTC:FEOVF) reported on the Ungava Bay Property which comprises three project areas.
Oceanic Iron Ore Corp. (TSXV:FEO,OTC:FEOVF) reported on the Ungava Bay Property which comprises three project areas.
The press release is quoted as saying,
Highlights:
- 358.3 million tonnes of indicated in-pit resource at a 31.8% total iron with a 38.2% crude to concentrate weight recovery at a total iron cut-off of 25%
- 872.4 million tonnes of inferred in-pit resource at a 32.4% total iron with a 39.0% crude to concentrate weight recovery at a total iron cut-off of 25%
- The new resource estimate is significantly larger than the historic resource by a factor of over 180%
- It is expected that the results of a Preliminary Economic Assessment (“PEA”) will be released shortly
- A resource estimate update upon receipt of additional assay data from approximately 70 drill holes is expected before the end of this calendar year
Oceanic’s Chairman and CEO, Steven Dean said,
The resource estimate prepared by Micon in respect of Hopes Advance exceeds our resource target set earlier this year. The new resource estimate is 180% larger than the historic resource and is expected to increase once we take into account additional assay data that is still to be received.