Diamonds North Discovers New Gold Prospect on Amaruk
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/25/10 -- Diamonds North Resources Ltd. (TSX VENTURE: DDN) announces gold results for one of the Company's new gold projects on its 100% owned Amaruk Project located in Nunavut. Rock sampling from the DEL Showing returned grab samples up to 4.16 g/T Au and chip samples up to 1.20 g/T Au over 3.0 metres.
The approximately 15 kilometres long DEL Showing comprises an eastern and western zone which is separated by a younger felsic intrusive and bisected by a prominent regional fault. The eastern zone is approximately 9 kilometres long and contains at least two parallel shallow dipping sulfide-bearing iron formations. The western zone contains similar iron formation as well as gossanous metasediment with anomalous gold, silver and copper.
Surface exposure is limited with less than 10% of the iron formation exposed. A ground geophysical magnetic survey over a portion of the eastern zone indicates that the iron formation is continuous and can be traced under the shallow overburden.
'These are amazing results for a 10 day prospecting program over a 15 kilometre long gold bearing structure with limited exposure. More than 90% of the DEL showing has not yet been tested,' says Mark Kolebaba, President & CEO of Diamonds North.
The western zone extends to the coast and a nearby all season road links the DEL showing to the Hamlet of Kugaaruk.
Future work plans include an immediate structural analysis to assist in identifying areas for possible manual stripping of the overburden to expose the iron formation for systematic grab and channel sampling, soil sampling in areas where the overburden is thicker, and ground geophysical surveys to help in delineating targets for drilling.
The DEL Showing was discovered in 2009 as part of Diamonds North's prospecting to follow-up Au in till anomalies on the Amaruk property. Initial grab samples from this showing returned between 115-692 ppb Au.
Bruce Kienlen (P.Geol) and Graham Gill (P. Geo) are Diamonds North's qualified persons as defined by National Instrument 43-101, reviewing this project. They are 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