Adriana Resources Inc.

Published : April 03rd, 2008

Reports Results at Lac Otelnuk - Drills 95.8m of 30.4% Fe

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Adriana Reports Results at Lac Otelnuk - Drills 95.8m of 30.4% Fe

Adriana Resources Inc. ("Adriana" or the "Company") -- (TSX-V: ADI, WKN: A0F7EL) is pleased to announce assay results from the final 11 holes of its 27-hole 2007 diamond drilling program at its Lac Otelnuk Iron Project in the Labrador Trough, Qu�bec, Canada.

"Final results from the 2007 drilling program on the South Zone of the Lac Otelnuk Iron Deposit are very favourable, and as seen in the table below, continue to indicate a much thicker mineralized zone than identified during drilling in the 1970s.
Drill hole No. LO-S-1024, with an intersection of 95.8 meters at a head grade of 30.4% Fe, clearly indicates that the mineralized zone is considerably thicker than indicated in the 1970s," commented Michael Beley, President of Adriana, "Drilling at the Lac Otelnuk Iron Deposit continues to confirm the opportunity to outline a potential resource. Iron ore prices continue to soar in the global commodity markets and Lac Otelnuk could become a long term strategic asset for the world steel mills as demand for iron continues to build. Of local interest, a Business Standard news service article on March 24, 2008 identified that Government-owned NMDC, India's single largest iron ore producer and exporter, announced they are in talks with Canada's New Millennium Capital Corp. for potential multi-billion dollar capital investment. New Millennium controls iron ore properties southeast of Lac Otelnuk and directly west and northwest of our recent acquisition of the Bedford Iron Prospect."

The table presented below is a preliminary summary of the final 11 drill hole results, weight-averaged on the basis of a Davis Tube Weight Recovery cut-off grade of 20%.

Lac Otelnuk Project - 2007 Drill Summary:

Drill Hole

Grid Location

Stratigraphic Units

From

To

Length

Head Fe

DTWR

DTC Fe

DTC SiO2

 

 

 

m

m

m

%

%

%

%

LO-S-1017

L50S/ 1000E

2a, 2b, 2c, 3a, 3b

8.0

100.0

92.0

30.5

26.8

69.8

2.4

LO-S-1018

L70S/ 500E

2b, 2c, 3a

2.8

76.4

73.6

29.8

23.8

69.7

2.4

LO-S-1019

L90S/ 00

2c, 3a, 3b

19.0

78.0

59.0

26.9

26.4

69.4

2.1

LO-S-1020

L70S/ 1000E

2a, 2b, 2c, 3a, 3b

15.3

101.8

86.5

30.4

28.3

68.4

3.7

LO-S-1021

L90S/ 1000E

2a, 2b, 2c, 3a, 3b

25.0

101.5

76.5

30.6

28.7

67.5

4.4

LO-S-1022

L110S/00

2b, 2c, 3a, 3b, 3c

2.3

86.4

84.1

30.0

26.4

69.2

3.3

LO-S-1023

L90S/500E

2b, 2c, 3a, 3b

2.4

85.4

83.0

29.9

24.5

69.1

3.4

LO-S-1024

L110S/1000E

2a, 2b, 2c, 3a, 3b

11.7

107.5

95.8

30.4

29.2

66.8

5.7

LO-S-1025

L270S/500E

2a, 2b, 2c, 3a, 3b

3.0

80.9

77.9

30.4

31.6

67.3

4.7

LO-S-1026

L230S/500E

2a, 2b, 2c, 3a, 3b

1.1

71.8

70.7

30.4

30.2

66.6

4.7

LO-S-1027

L250S/500E

2a, 2b, 2c, 3a

1.3

67.0

65.7

30.7

29.0

67.5

4.5

 

 

 

 

 

 

 

 

 

 

Previous Re-assayed Diamond Drill Hole

 

 

 

 

 

 

76-130S-2

L130S/1000E

2a, 2b

18.3

61.6

43.3

29.7

33.7

64.2

5.8

 

 

 

 

 

 

 

 

 

 


New results from the final 11 holes continue to confirm continuity and increased thickness than previously identified in the 1970s. Results from the first 16 holes, previously announced on February 19, 2008, 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. Please see attached for plan map, MAG/claim map and cross section or refer to Adriana's website:

Location: http://www.adrianaresources.com/s/LacOtelnuk.asp

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 National Instrument ("NI") 43-101 compliant mineral resource.

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.

Core samples were logged, photographed and split by Adriana's geological team, one half of the core was stored on site and the other half bagged, labeled, and shipped directly to SGS Minerals in Lakefield, Ontario for metallurgical and chemical analysis. The above Table "Lac Otelnuk Project- 2007 Drill Summary" summarizes the Head Grade, Davis Tube Weight Recovery and Concentrate Analysis of the 11 drill holes. A cross section is also attached. In addition to conducting optimum grinding tests prior to the start of routine metallurgical and chemical analysis, the assay program also included a Quality Assurance/ Quality Control ("QA/QC") component that included the insertion of blanks and standards, duplicate samples, replicate assays, and replicate assaying of a portion of the samples at Midland Research Center in Nashwauk, Minnesota, the designated Secondary Lab. Results from the Secondary Lab are pending and are required to finalize the QA/QC program.

Richard Risto, P.Geo., Senior Associate Geologist of WGM is the Qualified Person responsible for the QA/QC Program and has visited the site, collected independent core samples and reviewed all the QA/QC data received to date.

Mr. Frank Condon, P.Eng., and Adriana Director, is the Qualified Person for the Lac Otelnuk Project, as defined in NI 43-101. Mr. Condon has reviewed the technical data disclosed in this press release.

About Lac Otelnuk Iron Project

The Lac Otelnuk Iron Project is located 165 kilometers northwest of Schefferville, Qu�bec, 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.

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.

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 titled, "A Technical Review of the Lac Otelnuk Iron Property, Labrador Trough Northeastern Quebec for Adriana Resources Inc.", 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 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 and Bedford Iron Prospect 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.


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)


Apr 02, 2008: News Releases: Adriana Appoints Paul Yeou to the Board of Directo...
(more...)

Mar 25, 2008: News Releases: Adriana Acquires Labrador Trough Iron Prospect
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Feb 20, 2008: News Releases: Adriana Signs Letter of Intent with Makivik Corpor...
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Feb 19, 2008: News Releases: Adriana Announces Update on Lac Otelnuk Drill Prog...
(more...)


 
 

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 Report 2007
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6/16/2009Grants Incentive Stock Options
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4/2/2008Appoints Paul Yeou to the Board of Directors
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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 ...
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