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Adriana Announces Update on Lac Otelnuk Drill Program
Adriana Resources Inc. ("Adriana" or the "Company") - TSX-V: ADI is pleased to announce preliminary assay results on 16 of its 26-hole 2007 Diamond drilling program at its Lac Otelnuk Iron Project in the Labrador Trough, Québec, Canada.
Results from the first 16 holes has confirmed the presence of magnetite iron in the upper, middle and lower iron formation units, thereby significantly increasing the potential for a much larger deposit than previous drilling indicated. Drilling completed in the 1970s (36 holes totalling 1,656 meters) was primarily limited to the upper iron formation unit (15 to 38 meters thick) of the North Zone of the deposit and mainly tested only one of three contiguous cherty-banded magnetite units. Drilling in 2007 was designed to test all three stratigraphic units of the South Zone of the deposit known to extend over a strike length of 9,000 meters. The drilling program is the first phase of a proposed 70 drill hole program, intended to define a multi-billion tonne inferred mineral resource.
The table presented below is a preliminary summary of the drill results received to date, weight-averaged on the basis of a Davis Tube Weight Recovery cut-off grade of 18%. Further assay results are expected within the next month.
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Drill
Hole |
Grid
Location |
Stratigraphic
Units |
From
m |
To
m |
Length
m |
Head
Fe
% |
DTWR
% |
DTC
Fe
% |
DTC
SiO2
% |
|
| LO-S-1001 |
L210S/ 1000E |
2a, 2b, 2c |
38.72 |
94.55 |
55.83 |
28.1 |
26.6 |
69.2 |
2.9 |
| LO-S-1002 |
L270S/ 500W |
2b, 2c |
4.00 |
41.20 |
37.20 |
29.5 |
19.4 |
70.4 |
1.7 |
| LO-S-1003 |
L290S/ 500W |
2b, 2c, 3a, 3b, 4a |
3.00 |
80.90 |
77.90 |
27.7 |
23.8 |
67.7 |
2.6 |
| LO-S-1005 |
L210S/ 500E |
2a,2b,2c |
1.23 |
57.92 |
56.69 |
31.6 |
32.1 |
70.1 |
2.2 |
| LO-S-1006 |
L330S/ 000 |
2b, 2c, 3a |
3.55 |
41.50 |
37.95 |
25.8 |
27.5 |
69.0 |
3.6 |
| LO-S-1007 |
L330S/ 500E |
2a,2b,2c,3a |
1.72 |
47.55 |
45.78 |
28.2 |
30.5 |
69.2 |
3.3 |
| LO-S-1008 |
L310S/ 500E |
2a,2b,2c |
2.36 |
53.70 |
51.34 |
29.8 |
33.6 |
69.4 |
3.2 |
| LO-S-1009 |
L310S/ 000 |
2c,3a |
6.70 |
43.04 |
36.34 |
26.2 |
26.3 |
67.1 |
5.3 |
| LO-S-1010 |
L210S/ 000 |
2b,2c,3a |
1.00 |
61.31 |
60.31 |
29.8 |
19.4 |
70.7 |
1.9 |
| LO-S-1011 |
L290S/ 000 |
2b,2c, 3a, 3b |
3.15 |
72.50 |
69.35 |
28.2 |
29.9 |
68.2 |
3.6 |
| LO-S-1012 |
L290S/ 500E |
2a,2b,2c |
7.53 |
72.46 |
64.93 |
30.6 |
32.3 |
68.2 |
3.4 |
| LO-S-1013 |
L230S/ 500W |
2b,2c,3a |
1.89 |
45.00 |
43.11 |
27.1 |
20.4 |
69.8 |
2.0 |
| LO-S-1014 |
L50S/ 000 |
2c,3b |
10.54 |
59.33 |
48.79 |
28.2 |
27.0 |
69.7 |
2.5 |
| LO-S-1015 |
L50S/ 500E |
2b,2c |
3.16 |
59.00 |
55.84 |
29.6 |
22.5 |
69.6 |
2.2 |
| LO-S-1016 |
L70S/ 000 |
2b,2c,3a |
12.04 |
56.00 |
43.96 |
27.4 |
22.6 |
70.2 |
2.1 |
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|
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|
|
| |
|
Weighted Average |
|
|
|
28.7 |
26.5 |
69.2 |
2.8 |
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"By testing the lower limits of the mineralization at the Lac Otelnuk deposit, we are demonstrating the potential for a significantly larger resource on the property in northern Quebec, Canada. As the global demand for iron continues to increase to feed the steel mills in China, Asia and Europe, we believe Lac Otelnuk could become one of the world's largest undeveloped iron deposits that will be a strategic asset for Adriana as we continue to focus on becoming a fully integrated iron ore producer," commented Michael Beley, President of Adriana.
Pilot plant test work done in 1977, at Lakefield Research, on a 21-ton bulk sample collected from the upper units of the North Zone of the deposit, indicated that the deposit is amenable to conventional magnetic separation technology, yielding a good concentrate of 68.5% iron with a silica content of 3.5%, suitable for pelletizing.
Adriana is planning to resume Diamond drilling in 2008 with the intent to complete the remaining 44 holes on the South Zone as recommended by Watts Griffis and McOuat Limited ("WGM"), a Toronto-based firm of independent consulting geologists and engineers, contracted by Adriana to act as technical consultants to the project. Future drilling will test the continuity of the deposit between the South Zone and North Zone as well as test other exploration targets on the property.
Mr. Richard Risto, P.Geo., and WGM Senior Associate Geologist, is the Qualified Person for the Lac Otelnuk Project, as defined in NI 43-101. Mr. Risto has reviewed the technical data disclosed in this press release.
About Lac Otelnuk Iron Project
The Lac Otelnuk Project is located 165 kilometers northwest of Schefferville, Québec, in the Labrador Trough and consists of 600 mineral claims covering approximately 28,920 hectares. The Lac Otelnuk deposit is a Lake Superior-type iron formation (taconite), which has been identified over a strike length of approximately 25 kilometers based on geological and geophysical mapping and exploration drilling in the 1970s. The deposit is nearly flat lying and dips gently to the northeast.
WGM prepared the initial NI 43-101 technical report on the property and consequently is very familiar with the mineralization on the property. This report can be viewed at www.sedar.com (file date December 1, 2005). In the report, WGM quoted a historic resource of 623 million tonnes with 33.92% soluble iron and 25.08% magnetic iron within the North Zone and 1.145 billion tonnes of 33.06% soluble iron and 25.76% magnetic iron in the South Zone. The reader should be aware that these historic "mineral resource" estimates were prepared prior to the implementation of NI 43-101 and WGM has neither audited these estimates nor made any attempt to classify them according to NI 43-101 standards or the Council of the Canadian Institute of Mining, Metallurgy and Petroleum definitions ("CIM Standards"). They are presented because the Company and WGM consider them to be relevant and of historic significance. These estimates should not be relied upon and are provided as contextual information only.
About Adriana Resources Inc.
Adriana's goal is to become a fully integrated iron ore producer in Brazil through continued development of its iron ore port facility in Brazil, through acquisition of iron ore mineral resources in Brazil, and the advancement of the Lac Otelnuk Iron Project in Quebec, Canada.
For more information, contact Robert Ferguson or Ali Sinawi at (604) 629-0250 or toll free at (877) 629-0150 or visit the Company's website at www.adrianaresources.com.
ON BEHALF OF ADRIANA RESOURCES INC.
"Michael J. Beley"
President
Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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Suite 1818 - 701 West Georgia St
Vancouver, BC
Canada V7Y 1C6
Telephone: 604.629.0250
Fax: 604.629.0923
Toll Free: 877.629.0150
Email:
info@adrianaresources.com
(TSX-V: ADI)
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