Diamonds North Acquires Property with High Gold Grades in Multiple Drill Holes
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/03/11 -- Diamonds North Resources Ltd. (TSX VENTURE: DDN) has acquired 100% interest in the Esker gold property in Nunavut. The Esker claim covers several kilometres of gold bearing stratigraphy. Drill intercepts of gold mineralization are as high as 8.2 g/T gold over 13 metres, including 17.7 g/T gold over 5.7 metres; and, 2.4 g/T gold over 71 metres which includes several high grade zones (see table below). For a video presentation on this project visit our website www.diamondsnorth.com.
'This low cost staking puts us into a project with wide zones of high grade gold mineralization and significant tonnage potential. As only a small portion of the zone has been tested, our objective is to drill along strike of the known mineralization along the host gabbro units to expand the gold-bearing mineralized zone,' says Mark Kolebaba President and CEO of Diamonds North.
Historical drilling on the property identified gold mineralized veins with good grade and width characteristics. The veins are hosted by linear gabbro units, and surrounded by volcanic and sedimentary rocks.
Geology, structural observation and drill results suggest potential for continuity and significant tonnage over more than 5 kilometres of folded gabbro units within an area of 1300 x 600 metres.
Drill Intercept Highlights
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Hole Interval (m) Length (m) Gold (g/T)
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13 10.2 - 81.15 70.95 2.35
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Inc. 10.20 - 15.00 4.80 14.77
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Inc. 10.20 - 23.10 12.90 6.43
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Inc. 66.60 - 73.10 6.50 6.41
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Inc. 70.60 - 73.10 2.50 12.22
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Inc. 77.35 - 81.15 3.80 4.38
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13 121.2 - 126.4 5.20 3.91
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Inc. 121.2 - 123.2 2.00 6.11
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15 36.04 - 49.31 13.27 8.18
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Inc. 37.02 - 42.73 5.71 17.73
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15 55.4 - 60.3 4.90 3.63
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16 46.05 - 51.62 5.57 4.00
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17 22.5 - 25.5 3.00 6.19
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17 67.7 - 72.05 4.35 4.29
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23 105.9 - 107.0 1.10 9.88
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23 139.1 - 144.1 5.00 7.24
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Inc. 142.1 - 144.1 2.00 12.97
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23 150.72 - 154.22 3.50 3.69
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23 214.0- 215.0 1.00 6.79
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Substantial gold was intersected in 13 of 18 drill holes. A full listing of the historical drill results, a drill hole location map and an interpreted cross section are posted on the Diamonds North website www.diamondsnorthresources.com/s/esker.asp.
The key exploration objective will be to drill the known gold mineralization and extend this significant gold vein system. The available drill core will be re-logged and the area of interest will be mapped to determine structural control of the gold mineralization in preparation for the drill program.
The Esker property is located less than 10 kilometres from the Henik Lake airstrip. This property was staked by the Company as part of the overall strategy to identify significant underexplored gold opportunities.
The historical work is from assessment reports and has not been verified by the Company, however, it appears to have been completed under standard best practices consistent with the time and appears to be of reasonable quality. Bruce Kienlen (P. Geol) and Graham Gill (P. Geo) are Diamonds North's qualified persons reviewing this project.
About Diamonds North
Diamonds North Resources Ltd. is rapidly evolving and committed to building long-term value for shareholders through ongoing discoveries and leveraging business opportunities from our vast land holding.
Diamonds North will be Exhibiting (Booth # 505) at the World Resources Investment Conference June 5-6th 2011 held at the Vancouver Convention Centre East. For more information and to pre-register go to www.cambridgehouse.com.
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.
Troy Shultz
Manager, Corporate Communications
(604) 689-2010
(604) 484-7143 (FAX)
info@diamondsnorth.com
www.diamondsnorth.com