Oceanic Iron Ore announced assay results from its 2011 resource verification drilling program in the Hopes Advance area of its Ungava Bay iron deposit in the Nunavik Region of northern Quebec.

The program focused on the Castle Mountain, Zone 2, and Zone 4 areas, and compared them to their corresponding historic drill hole, whose results are from the mid- to late-1950s.

Notable results from the program found 35.85 metres grading 39.9% iron in hole HA-11-018, on Zone 2. This hole corresponded with historical drill hole E136, which had returned 47.11 metres grading 33.4% iron.

On Zone 4, hole HA-11-023, which corresponded with the 43.82 metres grading 36.6% iron in historical hole R101, returned 39.4% iron over 46.19 metres.

Meanwhile hole HA-11-014 on Castle Mountain returned 34.2% iron over 40.28 metres. Hole P94, its historically corresponding drill hole, reported 57.03 metres at 32.6% iron.

The assay results in holes HA-11-018 and HA-11-019, which had returned 30.66 metres at 32.3% iron, each on Zone 2, returned a lower unit of iron formation, Oceanic said, making them likely to add to the historical resource.

Historically, the Hopes Advance area contained 819.5 million tonnes grading 35.5% soluble iron, which was calculated over 12,935 metres in 185 drill hole.

Crude estimates in the area, dating to 1958, anticipated 204.3 million tonnes grading 34.8% iron on Castle Mountain, 80.8 million tonnes at 36.4% iron on Zone 2, and 72 million tonnes grading 35.7% iron on Zone 4.

The company said it remains on track to deliver a resource estimate and a preliminary economic assessment for the Hopes Advance area by October 2011.

(Sourced from www.proactiveinvestors.com)