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VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 7, 2022) - Adriana Resources Inc. ("Adriana" or the "Company") - (TSX VENTURE:ADI)(WKN:A0F7EL) is pleased to report the completion of the National Instrument ("NI") 43-101 Technical Report and Mineral Resource Estimate ("the Report") for the Lac Otelnuk iron deposit located in Nunavik, Quebec, Canada as previously reported by the Company on March 23, 2009. The Report was completed by Watts, Griffis and McOuat Limited ("WGM"), a geological and engineering consulting firm based in Toronto, Canada.
The Report, titled, "Technical Report and Mineral Resource Estimate for the Lac Otelnuk Iron Property, Labrador Trough, Northeastern Quebec" and dated May 7, 2009, is filed on SEDAR (www.sedar.com) and is also available for review on Adriana's website at: http://www.adrianaresources.com/s/LacOtelnuk.asp.
Michael Beley, President of Adriana, commented, "The Report is an important milestone in the continued development of this world-class iron ore deposit. The Company's strategy is to secure a strategic partner, and together advance the project through the feasibility stages and subsequent potential development. The Lac Otelnuk iron deposit is a significant resource that, with infrastructure development, could position Nunavik, Quebec as one of the world's major iron ore regions."
About the Lac Otelnuk Iron Project
The Lac Otelnuk Iron Project lies within the Labrador Trough in Northern Quebec. The deposit is a Lake Superior-type (Mesabi Range) taconite iron formation. These types of deposits have been the principal source of iron ore mined in the world. The Lac Otelnuk iron formation has been identified over a strike length of approximately 25 kilometres through mapping and exploration drilling in the 1970s.
A total of 67 diamond drill holes, totaling 7,375 metres, was drilled by Adriana on a nine kilometre portion of the deposit referred to as the South Zone (including 27 holes totaling 2,191 metres drilled in 2007). With the exception of one hole, the 2008 drill campaign completed grid drilling of the South Zone at a drill hole spacing of 600 m by 500 m.
The Lac Otelnuk iron formation strikes northwest to southeast. It subcrops at surface and dips gently (from 2 to 5 degrees) to the northeast, eventually plunging under sedimentary formations. The western extent is terminated by erosion. Due to the gentle north-easterly dip and westerly sloping terrain, much of the sedimentary rocks that overly the South Zone have been stripped away by erosion, exposing the Upper Iron Formation.
For lab and assay procedures completed by SGS Minerals in Lakefield, Ontario, see news release dated February 12, 2009.
Using information from the 2007-2008 drill programs on the South Zone of the Lac Otelnuk Iron Project and based on a Davis Tube Weight Recovery ("DTWR") cut-off grade of 18%, the following mineral resource estimate was defined.
Summary of Mineral Resource Estimate
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Resource Tonnes % Fe DTWR % % Fe
Classification (in Billions) Head % SiO2 DTC
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Indicated 4.29 29.08 27.26 3.53 68.00
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Inferred 1.97 29.24 26.55 3.51 68.12
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Please refer to the Company's press release dated March 23, 2022 for more information on assumptions and data used by WGM to complete the Report.
Due to the uncertainty of Inferred Mineral Resources it cannot be assumed that all, or any part of this resource will be upgraded to an Indicated or Measured Resource as a result of continued exploration. To justify upgrading of the Mineral Resource to a Mineral Reserve, demonstrated economic viability is required. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
Mr. Michael W. Kociumbas, P.Geo., Vice-President of WGM, is responsible for the Mineral Resource estimate. Mr. Kociumbas is an independent Qualified Person ("QP") in accordance with NI 43-101 Standards of Disclosure for Mineral Projects and has reviewed and is responsible for the Mineral Resources presented in this news release. WGM has visited the site, collected independent core samples and reviewed all the QA/QC data received to date.
Mr. Frank Condon, P.Eng., a director of the Company and a QP as defined by NI 43-101, has reviewed and approved the technical disclosure contained in this news release.
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 in Quebec, Canada.
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 and permitting 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Adriana Resources Inc.
Robert Ferguson
(604) 629-0250 or toll free at (877) 629-0150
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