Oceanic Iron Ore Corp. (TSXV:FEO,OTC:FEOVF) reports initial results from the first four holes of its 2011 drill program.

The press release is quoted as saying,

Hole HA-11-03 on section 30+00 returned an assay of 34.0% total Fe over a width of 59.85 m* (58.94 m T.W.) in magnetite and hematite bearing iron formation of the Sokoman Formation, which compares to the adjacent historic drill hole P34 which delivered 35.4% soluble Fe over a width of 59.74 m*. Hole HA-11-07, drilled on section 0+00 returned an average assay of 32.6% total Fe over a width of 64.20 m* (63.22 m T.W.) (Sokoman Formation).

Oceanic’s Chairman and CEO, Steve Dean says,

These initial drill results are extremely encouraging and are remarkably consistent with historic drill results.

For the complete press release, click here.