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Re: News Release - Thursday, July 22, 2010
Diamonds North Extends HI-1 Along Strike And Identifies Abundance
Of Gossan Zones At HI-2
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VANCOUVER, July 22nd, 2010 - Diamonds North Resources Ltd. (TSX-V: 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
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. |