Diamonds North Increases Extent of HI-2 Iron Formation Over 800%
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/17/10 -- Diamonds North Resources Ltd. (TSX VENTURE: DDN) has completed initial gold prospecting at the HI-2 iron formation on the 100% owned Halkett Inlet property located in Nunavut. The extent of iron formation and potential gold mineralization has now been traced for at least 55 kilometres, a significant increase from the 6.5 kilometres (see News Release NR10-01, January 17th, 2010). A total of 428 geochemical samples have been collected for analysis.
'The 2010 prospecting campaign has been very successful as it has moved this regional target quickly into what could be a very significant gold play,' says Mark Kolebaba, President & CEO of Diamonds North.
The iron formation measures 1 to 3 metres wide and in some areas up to 20 metres wide. Preliminary grab samples from HI-2 collected in 2009 yielded assays between 0.7 and 1.2 g/T gold demonstrating that the iron formation is gold bearing. The HI-2 prospect is only 5 kilometres from the coast.
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