Adriana Announces Assay Results
TORONTO, ONTARIO -- (Marketwire) -- 03/17/11 -- Adriana Resources Inc. ('Adriana' or the 'Company') - (TSX VENTURE: ADI) is pleased to announce that it has received all the assay results from the 2010 diamond drill program on the Lac Otelnuk Iron Project in Northern Quebec. In 2010, the Company drilled 40 vertical holes totaling 5,860 meters, of which 35 holes were in-fill holes drilled on a staggered grid pattern between existing holes. The in-fill holes were drilled to test the continuity of the iron formation, and upgrade a portion of the 'indicated' mineral resource to 'measured' resource category. The other five holes were drilled to complete the 500 meter by 600 meter South Zone grid pattern drilled in 2007 and 2008. A total of 1,417 core samples and 58 surface samples were analyzed by SGS Minerals Lakefield, including Quality Assurance/ Quality Control samples. The following table is a weighted average summary of the principal iron formation units for each drill hole at a 0% DTWR cut-off grade.
Lac Otelnuk Project 2010 Drill Hole Summary
DTC
Drill Grid Stratigraphic From To Length Head Fe DTWR DTC Si02
Hole Location Units m m m % % % %
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LO-S- L330S/ 2a, 2b, 2c,
1069 1500E 3a, 3b 10.2 116.2 106 30 20.4 66.7 2.9
LO-S- L310S/ 2a, 2b, 2c,
1070 1500E 3a, 3b 28.7 132.9 104.2 29.9 20.8 69.6 2.7
LO-S- L270S/ 2a, 2b, 2c,
1071 1500E 3a, 3b 53.6 139.6 85.9 29.5 26.5 67.1 4.5
LO-S- L240S/ 2a, 2b, 2c,
1072 1750E 3a, 3b 79 167.4 88.4 29.6 22.2 67.5 4.2
LO-S- L220S/ 2a, 2b, 2c,
1073 1750E 3a, 3b 89 182.8 93.8 29.8 21.6 68.7 3.5
LO-S- L240S/ 2a, 2b, 2c,
1074 1250E 3a, 3b 61 151.7 90.7 29.8 24.3 67.7 4.5
LO-S- L220S/ 2a, 2b, 2c,
1075 1250E 3a, 3b 69 160.7 91.7 29.7 24.6 67.9 4
LO-S- L240S/ 2a, 2b, 2c,
1076 750E 3a, 3b 21.4 101 79.6 28.7 21.4 66.5 5.5
LO-S- L220S/ 2a, 2b, 2c,
1077 750E 3a, 3b 2 95 93 29.2 27.7 68.8 3.4
LO-S- L240S/ 2a, 2b, 2c,
1078 250E 3a, 3b 1.8 82.5 80.7 29.5 27.9 68.2 4.2
LO-S- L220S/ 2a-2b, 2b,
1079 250E 2c, 3a, 3b 1.9 82.1 80.2 28.9 27.3 68.2 3.7
LO-S- L240S/ 2a, 2b, 2c,
1080 250W 3a, 3b 3 73.2 70.2 29 24.6 68.8 3.2
LO-S- L220S/ 2b, 2c, 3a,
1081 250W 3b 2.5 72 69.5 28.2 21.6 68.9 2.9
LO-S- L240S/ 2b-2c, 2c,
1082 750W 3a, 3b 2.8 57.9 55.1 27.8 22.7 67.6 4.3
LO-S- L220S/ 2b-2c, 2c,
1083 750W 3a, 3b 2.6 58 55.4 27.3 23.1 69.2 3
LO-S- L250S/
1084 1000W 2c, 3a, 3b 2.7 51.5 48.8 27.7 23 69 2.9
LO-S- L210S/ 2b, 2c, 3a,
1085 500W 3b 1.8 66.5 64.7 28.1 22.7 69.1 2.9
LO-S- L230S/
1086 1000W 2c, 3a-3b, 3b 2.8 52.6 49.8 27.3 24.4 68.7 3.2
LO-S- L210S/ 2b, 2c, 3a,
1087 1000W 3b 3.2 56.3 53.1 27.7 25.8 69.2 2.8
LO-S- L190S/
1088 1000W 2c, 3a, 3b 1.8 48 46.2 27.3 24.1 69.7 2.5
LO-S- L200S/ 2b-2c, 2c,
1089 750W 3a, 3b 4.4 59.6 55.3 27.7 24.7 68.6 3.2
LO-S- L180S/
1090 750W 2c, 3a, 3b 2.8 56.3 53.5 27.8 25.9 69.6 2.7
LO-S- L200S/ 2b, 2b-2c,
1091 250W 2c, 3a, 3b 1.9 73.1 71.2 29 23.8 69.1 3.1
LO-S- L180S/ 2b, 2b-2c,
1092 250W 2c, 3a, 3b 4.6 73.6 69 27.8 23 68.5 3.4
LO-S- L180S/ 2a, 2b, 2c,
1093 1750E 3a, 3b 103 194.2 91.2 29.3 24.4 68.7 3.4
LO-S- L190S/ 2a, 2b, 2c,
1094 00 3a, 3b 2.1 76.6 74.6 28.9 25.6 68.6 3.1
LO-S- L200S/ 2a-2b, 2b,
1095 250E 2c, 3a, 3b 2.2 76 73.8 29.4 27.1 68.4 3.6
LO-S- L180S/ 2a-2b, 2b,
1096 250E 2c, 3a, 3b 1.6 87.4 85.7 29.8 26.2 67.7 3.1
LO-S- L170S/ 2a, 2b, 2c,
1097 1500E 3a, 3b 83 176 93 29.7 24.5 69.9 2.4
LO-S- L180S/ 2a, 2b, 2c,
1098 750E 3a, 3b 1.5 93.6 92.1 29.4 27.5 69.1 3.1
LO-S- L200S/ 2a, 2b, 2c,
1099 750E 3a, 3b 1.4 93.6 92.2 29.6 28.8 67.9 4.2
LO-S- L180S/ 2a, 2b, 2c,
1100 1250E 3a, 3b 64 158.3 94.3 29.8 22.5 69.5 2.7
LO-S- L200S/ 2a, 2b, 2c,
1101 1250E 3a, 3b 71 163.3 92.3 28.7 21.1 68.5 3.5
LO-S- L160S/ 2a, 2b, 2c,
1102 1750E 3a, 3b 88 181.9 93.9 29.4 22.9 65.3 4.4
LO-S- L160S/ 2a, 2b, 2c,
1103 1250E 3a, 3b 50 143 93 29.3 25.8 68.9 3.1
LO-S- L210S/ 2a, 2b, 2c,
1104 1500E 3a, 3b 79 172.2 93.2 29.1 25.9 65.7 3.2
LO-S- L200S/ 2a, 2b, 2c,
1105 1750E 3a, 3b 94 186.8 92.8 29.4 26.9 68.3 3.7
LO-S- L160S/ 2a, 2b-2c,
1106 750E 2c, 3a, 3b 1.9 90.2 88.3 29.1 26.9 69.5 2.6
LO-S- L160S/
1107 250E 2b-2a 2.8 28.8 25.9 35.5 27 69.6 1.8
LO-S- L140S/ 2a, 2b, 2c,
1108 1750E 3a, 3b 84 178.1 94.1 29.4 24.7 68.6 3.5
LO-S- L130S/ 2a, 2b, 2c,
1112 1500E 3a, 3b 59 155.2 96.2 28.3 25 66.5 4.5
The Company has drilled to date, 108 holes totaling 13,306 meters on the South Zone of the Lac Otelnuk iron formation. On May 7, 2009, the Company reported filing of a National Instrument 43-101 Technical Report and Resource Estimate for the Lac Otelnuk deposit prepared by Watts, Griffis and McOuat Limited (WGM). The Resource Estimate, based on the 2007 and 2008 drill results reported an 'indicated' mineral resource containing 4.29 billion tonnes grading 29.08% T Fe, and an 'inferred' resource of 1.97 billion tonnes grading 29.24% T Fe. The published mineral resource estimate is in the process of being updated to include the 2010 drill results.
A copy of the NI 43-101 Report was filed on SEDAR on May 7, 2009 and is available under the Company's SEDAR profile at www.sedar.com. The NI 43-101 Report is subject to the assumptions and conditions set out therein. Mr. Frank Condon, P.Eng., a consultant to the Company and a Qualified Person as defined in NI 43-101, has reviewed and approved the disclosure relating to the South Zone of the Otelnuk Property and the NI 43-101 Report referenced in this news release.
The Company also carried out other technical work on the Lac Otelnuk Project in 2010 which included: initiation of a 'Geometallurgical Framework' study, bench scale metallurgical testing, environmental baseline monitoring, and the commissioning of a Preliminary Economic Analysis Study.
Adriana is planning an extensive drilling campaign for the 2011 field season to commence as soon as weather conditions permit.
ON BEHALF OF ADRIANA RESOURCES INC.
Allen J. Palmiere, President and CEO
Certain information regarding the Company, including the Company's plans to increase and upgrade mineral resources and management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties. Without limitation, statements relating to potential mineralization and resources, exploration results, mining and development, future plans and objectives of the Company and imprecision of mineral resources estimates, are forward-looking statements that involve various degrees of risk. Certain important risk factors could cause the Company's actual results to differ materially from those expressed or implied by such forward-looking statements including, without limitation, changes in the world-wide price of mineral commodities and currency fluctuations, general market conditions, the uncertainty of future profitability and access to sufficient capital, risks inherent in mineral exploration, development, construction and mining operations, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, environmental risks, access to labour and services and competition from other companies. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements and caution should be exercised on placing undue reliance on forward looking information.
Contacts:
Adriana Resources Inc.
Connie Dos Santos
416-363-2200
cdossantos@adrianaresources.com
www.adrianaresources.com