Adriana Announces Update on Lac Otelnuk Drill Program
Tuesday February 19, 10:44 am ET
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 19, 2008) - Adriana Resources Inc. ("Adriana" or the "Company") (TSX VENTURE:ADI - News) 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, Quebec, 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 Grid Stratigraphic Head DTC DTC
Hole Location Units From To Length Fe DTWR Fe SiO2
m m m % % % %
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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
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, Quebec, 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
MFG
Chali