Adriana Resources (ADI-V, ANARF-O) says its Lac Otelnuk iron project in the Labrador Trough of northern Quebec ranks among the top 15 of all known “world-class” iron deposits based on data from Raw Materials Group, a Stockholm-based outfit that manages a mining industry database.
Adriana has released a resource estimate for the project totalling 4.29 billion indicated tonnes grading 29.08% iron and 1.97 billion inferred tonnes grading 29.24% iron, based on its 2007-08 drill program on the south zone of Lac Otelnuk, in Nunavik.
The resource will attract global attention to the project and to Nunavik as a major iron ore player, the company said in a statement. The Lac Otelnuk project is 170 km north of the town of Schefferville in Quebec.
Similar mineralization was identified along strike to the northwest for about 15 km in the north zone, through drilling completed in the 1970s.
The north zone has yet to be drilled, but Adriana believes it lies within the same iron formation as the south zone, and is the geological continuation of the Lac Otelnuk deposit.
The Lac Otelnuk iron formation has been identified over a strike length of about 25 km through mapping and exploration drilling. The deposit is a Lake Superior-type taconite iron formation.
Adriana drilled 67 diamond-drill holes totalling nearly 7,450 metres on a 9-km section of the deposit referred to as the south zone (including 27 holes totalling 2,190 metres drilled in 2007).
The 2008 drill campaign completed grid drilling of the south zone at a drill spacing of 600 by 500 metres.
Lac Otelnuk’s iron formation strikes northwest to southeast. It subcrops at surface and dips gently northeast, eventually plunging under sedimentary formations.
In addition to Lac Otelnuk, Adriana has purchased land in Brazil and is developing an iron ore port facility there, while acquiring iron ore resources in the country.
The news sent Adriana’s shares up 13.5% or 2.5¢ apiece to 21¢. The company has traded in a 52-week range of 15¢-$1.10 per share.
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