QUEBEC – Adriana Resources of Toronto is committing $3.1 million to the Lac Otelnuk iron ore joint venture with WISCO. Wisco is investing $4.6 million as its share of the project. The total will supply approximately $660,000 per year through 2020 to keep the claims in good standing.
Lac Otelnuk is an advanced exploration project 165 km northwest of Schefferville in the Labrador Trough. At the end of 2013 the measured and indicated resource was estimated to be 20.6 million tonnes grading 29.8% Fe. The inferred resource is another 6.8 million tonnes at the same grade.
Using those numbers, a feasibility study was prepared in 2015 and is available at AdrianaResources.com. The company remains optimistic for the project when iron ore prices rise.