Diamonds North Extends HI-1 Along Strike and Identifies Abundance of Gossan Zones at HI-2
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/22/10 -- Diamonds North Resources Ltd. (TSX VENTURE: DDN) has completed initial gold prospecting at HI-1 and has initiated prospecting at HI-2. The potential extent of the gold mineralization appears more significant than originally expected at both locations. HI-1 and HI-2 prospects are on the Halkett Inlet Property located in Nunavut.
'HI-1 and HI-2 are very good examples of why Diamonds North focuses on the underexplored North. At minimal cost, DDN has outlined two very prospective and large gold target areas that we own 100%. I look forward to receiving the sample results,' says Mark Kolebaba, President & CEO of Diamonds North.
The 2010 prospecting has led to the discovery of additional gossan zones along strike extending HI-1 from 100 to 450 metres and is open to the northeast and southwest. In 2009, a continuous rock chip sample across the HI-1 Gold Prospect yielded 9.4 g/T Au over 3 metres and a grab sample of quartz feldspar dyke contained 24.3 g/T Au. Prospecting has demonstrated that quartz feldspar dykes are far more extensive laterally (100 metres) and along strike (450 metres). A total of 88 rock samples have been collected from HI-1 and submitted for assay. The assays are being rushed as the results will be used to determine drill hole locations for an anticipated drill program.
Initial grab samples from iron formation at HI-2 Gold Prospect collected during a helicopter flight in 2009 yielded assays from between 0.7 and 1.2 g/T Au. A preliminary reconnaissance flight over the area in 2010 identified an abundance of gossan zones that strongly correlate with an interpreted trace of the iron formation from airborne magnetic geophysical data. The expected iron formation stratigraphy and gossan zones have been observed for more than 30 kilometres along strike. The iron formations observed to date measure 1 to 5 metres wide and in areas of intense folding up to 25 metres wide. HI-2 is only 5 kilometres from tide water and 25 kilometres from HI-1. Intensive prospecting and sampling along HI-2 will be conducted to determine areas with strong gold mineralization.
The HI-1 and HI-2 prospects are within 8 to 5 kilometres of the coast respectively.
Graham Gill (P. Geo) is Diamonds North's qualified person as defined by National Instrument 43-101, reviewing this project. Mr. Gill is responsible for the design and conduct of exploration programs and the verification and quality assurance of analytical results.
About Diamonds North
Diamonds North Resources is rapidly evolving and committed to building long-term value for shareholders through ongoing discoveries and leveraging business opportunities from our vast land holding.
On behalf of Diamonds North Resources Ltd.
Mark Kolebaba, President & CEO
Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Diamonds North Resources Ltd.
Nancy Curry
VP Corporate Communications
(604) 689-2010
(604) 484-7143 (FAX)
info@diamondsnorth.com
www.diamondsnorth.com