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News Release - Thursday, July 21, 2011
Diamonds North Initiates Prospecting on Fox Gold Property with
Grab Samples as High as 43.9 g/T Gold
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VANCOUVER, July 21, 2011 - Diamonds North Resources Ltd. (TSX-V: DDN)
announces the 2011 exploration program on the Fox gold property in
Nunavut is underway. The program will focus on top priority areas
identified during a comprehensive independent data review.
Highly anomalous gold has been reported from iron formation over a 2.2
kilometre strike length at Fox. In addition to grab samples that have
assayed as high as 43.9 g/T gold, chip samples across the iron
formation have yielded values as high as 5.8 g/t gold over 3.4 metres,
7.8 g/t gold over 2.2 metres and 9.8 g/t gold over 1.5 metres. This
gold bearing iron formation has been folded and is in close proximity
to the Pyke Fault which is believed to control mineralization at the
Meliadine Gold deposit (resource of more than 5 million oz gold *).
An independent report commissioned by the company states the Fox
property is underexplored and has excellent potential to host
significant gold mineralization. The area is structurally complex,
anomalous gold is widespread and several favourable host rocks for gold
in addition to iron formations, exist on the property including
volcanic / sedimentary rocks and intrusive rocks.
The Fox property covers an estimated 45 kilometre strike length of
prospective volcanic/sedimentary rocks with iron formation and
intrusive rocks. Historically, prospecting on Fox focused exclusively
on iron formation hosted gold. The 2011 program will further explore
the iron formation and will focus on other target rocks on the
property.
"Our Fox data review has identified new prospective targets for gold
and we now have the opportunity to explore beyond the iron formation
and expand the potential of the project" says Mark Kolebaba President
and CEO of Diamonds North.
The Fox Gold property is located 75 kilometres from the coastal Hamlet
of Rankin and 65 kilometers North West of the Meliadine deposit.
The gold values reported are from assessment reports and have not been
verified by the Company, however, the work 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, as defined by
National instrument 43-101, reviewing this project.
In addition to the Fox gold property the Company is actively exploring
for gold on other Southern Nunavut properties including the Esker
Property. To view a video presentation of the Esker Gold Property,
visit our website www.diamondsnorth.com.
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:
Troy Shultz
Manager, Corporate Communications
Diamonds North Resources Ltd.
Telephone: (604) 689-2010
Facsimile: (604) 484-7143
Email: info@diamondsnorth.com
Website: www.diamondsnorth.com
*Meliadine Resource estimate includes: measured, indicated and inferred
categories. Extracted from: Comaplaex Minerals Corp.: Meliadine Gold
Project, Nunavut, Canada. Technical Report. February 2010
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) 2011 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. |