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Re: News Release 2008 - Thursday, January 17, 2008
Higher Nickel Values from Diamonds North's Nickel Discovery
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VANCOUVER, January 17, 2008 - Diamonds North Resources Ltd. (TSX-V:
DDN) announces nickel values as high as 1.71% from further outcrop
sampling of the 100% owned Amaruk nickel discovery in Nunavut. The
additional samples were assayed as follow-up to the initial discovery
announced October 31st, 2007 (see News Release NR07-23).
Grab samples from the highly oxidized sulphide-rich outcrop have
yielded nickel values ranging from 1.71 to 0.51% with significant
copper and cobalt credits. Sample N-1 yielded 1.71% nickel, 0.47%
copper and 0.06% cobalt. Assays from 11 samples collected are listed
below.
SAMPLE Ni (%) Cu (%) Co (%)
N-1 1.71 0.47 0.06
N-2 1.65 0.17 0.05
N-3 1.60 0.17 0.07
N-4 1.51 0.24 0.06
N-5 1.47 0.16 0.05
N-6 1.12 0.24 0.06
N-7 0.68 0.21 0.02
N-8 0.58 0.18 0.02
N-9 0.57 0.19 0.01
N-10 0.51 0.12 0.01
N-11 0.51 0.19 0.02
"The discovery of nickel on our Amaruk
Diamond property is a great
example of how our shareholders can participate in yet another valuable
opportunity on Diamonds North's vast landholdings,." says Mark
Kolebaba, President & CEO of Diamonds North.
The sulphide mineralized outcrop / subcrop is 20 to 30 metres wide and
slopes gently into an extensive low lying area with no outcrop
exposure. Associated with this location is a 700 to 1500 metre long
magnetic anomaly with estimated widths ranging from 20 to 65 metres.
Similar magnetic anomalies and oxidized sulphide zones exist elsewhere
in the area, suggesting potential for additional drilling targets.
The presence of both semi-massive sulphides with higher metal values
and disseminated sulphides with lower metal grades likely indicates
that some of the nickel segregation took place in the original melt
chamber. Sulphide mineralization occurs as pyrrhotite, pentlandite and
chalcopyrite closely intergrown as disseminated specks, irregular
clumps and semi-connected networks. Iron oxide associated with
weathered sulphides is abundant supporting strong oxidization and
leaching which may have resulted in possible metal loss.
Four additional samples collected closer to the country rock contact
contain lower nickel values ranging from 0.06 to 0.15% and copper
values ranging from 0.06 to 0.17%. Some of these samples appear highly
leached and possibly affected by country rock contamination.
The Company is of the view that the Amaruk prospect represents the
opportunity to test a major nickel-copper-cobalt target in an area
previously unknown for base metals. Planning for a detailed EM survey
over the area to better define drill targets is underway. Mobilization
of a camp and geophysical crew is expected in March ahead of a drilling
program that is tentatively scheduled for May.
The Company's principal focus remains on the exceptional
Diamondpotential of the Amaruk property. That program has been escalated
following the recently released
Diamond results from the property.
Tuktu-1, Qavvik-3 and Qavvik-4 kimberlites yielded 550 diamonds from an
81.7kg sample, 183 diamonds from a 72.8 kg sample and 129 diamonds from
a 65.7 kg sample respectively announced January 8th and 14th, 2008 (See
News Releases NR08-01 & NR08-02).
Bernard Kahlert (P. Eng.) is Diamonds North's qualified person
reviewing the geochemical data associated with the nickel prospect. Mr.
Kahlert has been associated with several nickel discoveries including
Forrestania and Maggie Hays Hill in Australia.
All samples were analyzed at ALS Chemex (ALS Laboratory Group-Mineral
Division) in North Vancouver, BC. ALS Chemex is accredited by the QMI
Quality Registrars to ISO 9001:2000, and by the Standards Council of
Canada to ISO 17025. A standard aqua-regia digestion and ICP-AES
package was used on all samples. Ore grade assays were analyzed by
Atomic Absorption.
Diamonds North Resources is rapidly evolving and committed to building
long-term value for shareholder through ongoing discoveries and
leveraging business opportunities from our vast land holding.
On behalf of Diamonds North Resources Ltd.
Mark Kolebaba, President and 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) 2008 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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