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.
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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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