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Re: News Release 2009 - Sunday, January 17, 2010
Diamonds North Discovers another Gold Source on Amaruk
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VANCOUVER, January 17th, 2010 -- Diamonds North Resources Ltd. (TSX-V:
DDN) announces the discovery of a gold bearing iron formation on its
100% owned Amaruk property located in Nunavut. Initial regional
prospecting returned grab samples with over 0.5 gram per tonne (g/T)
gold including a sample yielding 1.2 g/T gold.
The sub-vertical sulfide rich iron formation was traced over more than
6.5 kilometres and measures 1 to 5 metres, wide and in areas of intense
folding up to 25 metres wide. Pyrrhotite, pyrite and chalcopyrite
occurs as disseminated and in semi-massive concentrations up to 50%.
Several of the samples collected also returned anomalous copper up to
0.26%, nickel up to 0.11%, zinc up to 0.14% and silver up to 3.3 g/T.
"For a small investment of time and exploration funds, we have
discovered a large number of gold prospects over a vast area. We have
identified gold associated with shear zones, quartz feldspar porphyries
and now iron formation. In 2010, we anticipate a considerable budget
and program, which I believe will significantly advance several of the
existing prospects and result in new discoveries" says Mark Kolebaba,
President and CEO of the Company.
The iron formation is semi-coincident with three limbs of an apparent
large regional fold that extends for more than 13 kilometres as
interpreted from airborne magnetic data. Iron formation was reported
on the third limb of this apparent fold by mapping and has not yet been
prospected.
This new gold discovery, PB5, adds significant potential to the Amaruk
project and further demonstrates this area as a new gold district. PB5
is 25 kilometres from the PB1 gold prospect that yielded up to 24.2 g/T
gold and is in addition to the other 21 gold prospects already reported
(see News Release NR 09-16, October 29th, 2009).
PB5 is only 5 kilometres from tide water which could provide future
infrastructure benefits for the project area. Follow-up work is being
planned for PB5 in 2010. Work will include geological mapping, detailed
geophysics, prospecting and detailed channel sampling in preparation
for drilling. The third limb of the large fold structure will be
prospected to determine the extent of the iron formation.
Three of eleven grab samples collected from the iron formation returned
gold values greater than 0.5 g/T; 6 returned gold values greater than
100 ppb.
Bruce Kienlen (P.Geol) and Graham Gill (P. Geo) are Diamonds North's
qualified persons reviewing this project. They are responsible for the
design and conduct of exploration programs and the verification and
quality assurance of analytical results. All assay results are provided
by ALS Chemex.
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
For additional information please contact:
Nancy Curry
VP Corporate Communications
Diamonds North Resources Ltd.
Telephone: (604) 689-2010
Facsimile: (604) 484-7143
Email: info@diamondsnorth.com
Website: www.diamondsnorth.com
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. 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.
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Copyright (c) 2010 DIAMONDS NORTH RESOURCES LTD. (DDN) All rights
reserved. For more information visit our website at
http://www.diamondsnorth.com/ or send mailto:info@diamondsnorth.com
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Diamonds North Resources Ltd
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EXPLORATION STAGE |
CODE : DDN.V |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Diamonds North is a diamonds exploration company based in Canada. Diamonds North holds various exploration projects in Canada. Its main exploration properties are SIKU, BANKS ISLAND, UALLIQ and VICTORIA ISLAND in Canada. Diamonds North is listed in Canada and in United States of America. Its market capitalisation is CA$ 1.9 millions as of today (US$ 1.8 millions, € 1.4 millions). Its stock quote reached its highest recent level on January 11, 2008 at CA$ 2.07, and its lowest recent point on February 15, 2013 at CA$ 0.02. Diamonds North has 94 682 000 shares outstanding. |