Adriana Announces Completion of Mineral Resource Estimate
Published : October 30, 2013
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TORONTO, ONTARIO--(Marketwired - Oct. 30, 2013) - Adriana Resources Inc. (News - Market indicators) ("Adriana" or the "Company") is pleased to report the completion of a new National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") Mineral Resource estimate ("the Estimate") using information from the historic and most recent drilling programs on its 40% owned Lac Otelnuk Project. Adriana owns 40% of Lac Otelnuk Mining Ltd. ("LOM") which is a joint venture company with WISCO International Resources Development & Investment Limited ("WISCO") which in turn holds the Lac Otelnuk Property in Nunavik, Québec.

A significant Diamond drilling effort was carried out at the Lac Otelnuk Project in 2012. The main goals of the program were to complete infill drilling in the north part of the defined Mineral Resource area (previously named North Zone) on a 600 m by 500 m grid to upgrade the resource categorization and to accurately define the limits of the Main Zone (previously named the South Zone) of the deposit by extending the up-dip mineralization to surface along the western margin of the mineralization. From May to mid-December 2012, 157 BQ delineation holes totaling 18,508 m were drilled to expand and upgrade the Mineral Resource. An additional 18 PQ holes totaling 1,957 m were also drilled to obtain a 33 tonne bulk sample for metallurgical testing. Since 2007, Adriana and Lac Otelnuk Mining Ltd. have drilled a total of 392 Diamond drill holes totaling 50,802 m on the Lac Otelnuk property. The Estimate was completed by Watts, Griffis and McOuat Limited ("WGM"), Consulting Geologists and Engineers of Toronto, Canada. The results show that the Measured and Indicated Mineral Resources have increased to 20.64 billion tonnes, representing an increase of approximately 82% compared with the estimate of August 2012, based on a Davis Tube Weight Recovery ("DTWR") cutoff grade of 18%. 

The Total Iron (Head Fe analysis), DTWR and Satmagan results (Head magnetic Fe) are shown in the table below:

CATEGORIZED MINERAL RESOURCE ESTIMATE FOR LAC OTELNUK PROJECT (CUTOFF OF 18% DTWR)

Resource
Classification
Tonnes
(in billions)
TFe Head
%
DTWR
%
Magnetic Fe
%
Measured 16.21 29.3 25.8 17.8
Indicated 4.43 31.5 24.1 16.7
Total M&I 20.64 29.8 25.4 17.6
         
Inferred 6.84 29.8 26.3 17.8
     
Notes: 1. Interpretation of the mineralized zones were created as 3D wireframes/solids based on logged geology and a nominal 10% DTWR when required.
  2. Mineral Resources were estimated using a block model with a block size of 50m x 50m x 5m.
  3. No grade capping was done. Tonnages and grades reported above are undiluted.
  4. Assumed Fe concentrate price was US$110/dmt.
  5. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resource will be converted into Mineral Reserves. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, socio-political, marketing, or other relevant issues;
  6. The quantity and grade of reported Inferred Mineral Resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as an Indicated or Measured Mineral Resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured Mineral Resource category;
  7.
The Mineral Resources were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards for Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council December 11, 2005.

The Estimate was completed using an Inverse Distance to the power of one method. In general, Measured Mineral Resources are defined as blocks being within 400 m of a drillhole intercept, Indicated Mineral Resources are defined as blocks from 400 m to 600 m from a drillhole intercept and Inferred Mineral Resources are defined as blocks more than 600 m distance from a drillhole intercept and interpolated out to a maximum of approximately 1,000 m where the drilling is more sparse, predominantly in the deeper parts of the deposit. This categorization was used specifically in the Main Zone area of the deposit and directly to the north of this area where more infill drilling was completed during the most recent drilling program.

Mr. Michael W. Kociumbas, P.Geo., Vice-President of WGM, and Mr. Richard Risto, P.Geo., are independent Qualified Persons in accordance with NI 43-101. Mr. Kociumbas has reviewed and is responsible for the Mineral Resources presented in this news release. WGM has previously visited the site, collected independent core samples and reviewed the QA/QC data received to date. Mr. Risto has reviewed and approved the underlying sampling, analytical and test data used for the Estimate.

The Company has also completed, the geotechnical drilling and test pitting programs for the Tailings Management Facility, Process Plant, Air Strip and construction material borrow sources. In addition, the hydrogeological and rock mechanical holes for the design of open pit have been completed. An 80 tonne bulk sample was extracted and the pilot plant testing is in progress.

Allen J. Palmiere, President & CEO, said "We are very proud of the work our team has completed to date and with the progress we have made this year with SNC-Lavalin's expertise on our project. We will continue to move the project forward and look forward to an exciting year ahead."

ON BEHALF OF ADRIANA RESOURCES INC.

Allen J. Palmiere, President and CEO

Certain information regarding the Company, including the Company's plans to increase and upgrade mineral resources and management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties. Without limitation, statements relating to potential mineralization and resources, exploration results, mining and development, future plans and objectives of the Company and imprecision of mineral resources estimates, are forward-looking statements that involve various degrees of risk. Certain important risk factors could cause the Company's actual results to differ materially from those expressed or implied by such forward-looking statements including, without limitation, changes in the world wide price of mineral commodities and currency fluctuations, general market conditions, the uncertainty of future profitability and access to sufficient capital, risks inherent in mineral exploration, development, construction and mining operations, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, environmental risks, access to labour and services and competition from other companies. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements and caution should be exercised on placing undue reliance on forward looking information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.



Allen J. Palmiere
President and CEO
(416) 363-2200 ext. 222
apalmiere@adrianaresources.com
or
Connie Dos Santos
Director, Investor Relations
(416) 363-2200 ext. 223
cdossantos@adrianaresources.com
www.adrianaresources.com
Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All

Adriana Resources Inc.

EXPLORATION STAGE
CODE : ADI.V
ISIN : CA00735P1062
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Adriana Res. is a iron development stage company based in Canada.

Adriana Res. holds various exploration projects in Brazil, in Canada and in Finland.

Its main exploration properties are MUSTAVAARA in Finland, BRAZORE LTDA and MACKENZIE IGNEOUS EVENT in Brazil and UNAD JV in Canada.

Adriana Res. is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 6.3 millions as of today (US$ 5.0 millions, € 4.4 millions).

Its stock quote reached its highest recent level on May 05, 2006 at CA$ 2.03, and its lowest recent point on September 30, 2022 at CA$ 0.04.

Adriana Res. has 157 554 238 shares outstanding.

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Annual reports of Adriana Resources Inc.
2008 Annual Report
Annual Report 2007
Financings of Adriana Resources Inc.
5/22/2011Continues Negotiations
2/15/2011Announces Signing $28 Million Private Placement With WISCO
12/31/2009Announces Flow-Through Private Placement Closing
12/17/2009Announces C$4 Million Flow-Through Financing and New Chairma...
11/15/2007Announces $30 Million Private Placement
Option Grants of Adriana Resources Inc.
9/18/2009Engages Investor Relations Specialists & Grants Incentive St...
8/19/2009Grants Incentive Stock Options
6/16/2009Grants Incentive Stock Options
6/26/2008Grants Incentive Stock Options
Nominations of Adriana Resources Inc.
4/9/2013The Company Appoints a Director, Metallurgical
3/11/2013Announces Resignation of a Director of the Company
2/4/2013The Company Appoints a Director, Environment and Sustainabil...
7/20/2009Appoints Allen J. Palmiere to Board of Directors
11/20/2008Appoints Director of Port Development for Brazil Operations
6/25/2008Appoints Joseph Fodor as Executive Vice President
5/16/2008Appoints Michael Petrina Vice President Operations
4/2/2008Appoints Paul Yeou to the Board of Directors
Project news of Adriana Resources Inc.
10/23/2013(Lac Otelnuk)The Company Awards Feasibility Study Contract for Lac Otelnu...
8/15/2013(Lac Otelnuk)on Corporate Position And Progress on Lac Otelnuk Project
10/22/2012(Lac Otelnuk)Provides Project Update for Lac Otelnuk
3/20/2011(Lac Otelnuk)Announces Assay Results
1/17/2011(Lac Otelnuk) Adriana Announces Strategic Partnership with WISCO
2/12/2009(Lac Otelnuk)Confirms Lac Otelnuk Iron Deposit Over 22.5 Square Kilometre...
1/29/2009(Lac Otelnuk)Commences Resource Estimate at Lac Otelnuk Iron Project
11/25/2008(Lac Otelnuk)Completes 2008 Exploration Program At Lac Otelnuk Iron Proje...
7/9/2008(Lac Otelnuk)Drills 1,730 Meters at Lac Otelnuk; Completes Geophysics on ...
6/4/2008(Lac Otelnuk)Commences 2008 Diamond Drill Program on the Company's 100% O...
5/29/2008Reaches Milestone in Brazil Port Permitting
4/3/2008(Lac Otelnuk)Reports Results at Lac Otelnuk - Drills 95.8m of 30.4% Fe
2/19/2008(Lac Otelnuk)Announces Update on Lac Otelnuk Drill Program
1/10/2008(Brazore Ltda) Completes Purchase of Brazilian Port Land; Achieves First P...
Corporate news of Adriana Resources Inc.
5/30/2016Adriana Files Financial Statements for the Quarter Ended Mar...
5/9/2016Adriana Provides Shareholder Update
4/1/2016Adriana Announces Change Of Director And Change Of CFO
3/31/2016Adriana Announces Change of Director and Change of CFO
2/26/2016Adriana Files Annual Financial Statements Ended December 31,...
1/4/2016Adriana Funds the Lac Otelnuk Joint Venture beyond 2020
11/6/2015Adriana Files Third Quarter Financial Statements Ended Septe...
8/6/2015Adriana Files Second Quarter Financial Statements ended June...
4/23/2015Adriana announces that it has filed a NI 43-101 Technical Re...
4/23/2015Adriana announces completion of the Feasibility Study on the...
4/22/2015Adriana Announces Completion of the Feasibility Study on the...
3/6/2015Vista Partners Publishes March 2015 Macroeconomic & Investme...
2/26/2015Adriana Files Financial Statements for the Year Ended Decemb...
2/6/2015Vista Partners Publishes February 2015 Macroeconomic & Inves...
11/6/2014Adriana Files Third Quarter ended September 30, 2014
10/21/2014Adriana Announces its Participation in Feasibility Study for...
9/18/2014Adriana Grants Incentive Stock Options
8/8/2014Adriana Files Second Quarter Ended June 30, 2014
7/3/2014Vista Partners Publishes July 2014 Macroeconomic & Investmen...
6/17/2014Adriana Grants Incentive Stock Options
5/8/2014Adriana Announces Results of the Financial Quarter ended Mar...
4/4/2014Vista Partners Publishes April 2014 Macroeconomic & Investme...
10/30/2013Announces Completion of Mineral Resource Estimate
4/13/2011(Lac Otelnuk)Announces Positive Preliminary Economic Assessment on Lac Ot...
1/25/2011Adriana Res. announces grant of 947.500 incentive options at...
12/1/2009BNN - Chinese Demand For Iron Ore - Interview with Adriana C...
11/25/2009Announces Management and Board Changes
8/17/2009Announces Approval Of Amended Arcelormittal Convertible Debe...
7/24/2009Enters into Memorandums of Understanding with a Major Chines...
6/1/2009ArcelorMittal Extends Port Agreement with Adriana
3/9/2009& Stock Research Portal
1/6/2009Arcelormittal Extends Port Agreement with Adriana
11/12/2008Goldbard Cancels Agreement to Acquire MIE Metals Corp.
11/5/2008Iron sector hit by global slowdown
9/12/2008Closes $10 Million Financing
9/10/2008Goldbard Enters Agreement to Acquire MIE Metals Corp.
8/25/2008featured in the Globe and Mail
8/20/2008Partners With ArcelorMittal
8/11/2008Announces $2 Million Financing
7/2/2008We're Moving!
6/20/2008featured in Global Mining Finance
5/9/2008 Shareholders Approve Shareholder Rights Plan
5/9/2008Announces Dr. Anthony Patriarco Joins Board of Directors
4/8/2008 Adopts Shareholder Rights Plan
3/25/2008 Acquires Labrador Trough Iron Prospect
2/20/2008 Signs Letter of Intent with Makivik Corporation
2/14/2008Announces Brazilian Iron Ore Focus and Project Spin-Out
1/15/2008 Announces Conversion of Convertible Debentures
11/22/2007 Closes First Tranche of $30 Million Financing; Exercises Po...
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