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Re: News Releases 2011 - Wednesday, February 23, 2011
Diamonds North Significantly Expands Gold Target on Amaruk
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VANCOUVER, February 23, 2011 - Diamonds North Resources Ltd. (TSX-V:
DDN) Diamonds North Resources Ltd. reports gold mineralization as high
as 2.56 g/T gold at the Garnet Gold Showing (formally referred to as
PB2). The Garnet Gold Showing is a portion of a much larger
prospective region referred to as the West Formation on the Amaruk
property in Nunavut.
The Garnet Gold Showing was initially recognized after assays from a
reverse circulation drill hole targeting kimberlite returned up to 1.42
g/T Au over 1.5 metres and 0.56 g/T Au over 4.6 metres (See News
Release 09-16, October 29, 2009). Follow-up prospecting and the
collection of 53 grab samples revealed a sub-crop with sulfide bearing
iron formation intermittently exposed for more than 2 kilometres. Grab
samples of this unit reported up to 2.56 g/T gold. Other samples along
the iron formation returned significant gold values of 1.42 g/T gold,
773 ppb, 346 ppb, 218 ppb, 180 ppb, and 112 ppb gold.
A likely strike extension of the Garnet Gold Showing outcrops 4
kilometres to the east from which grab samples yielded up to 1.40 g/T
gold. This extension is exposed for more than 1.5 kilometres within a
folded stratigraphic unit that can be traced for tens of kilometres
utilizing airborne magnetic data. To view a map of the West Formation
and the Garnet Gold showing visit
www.diamondsnorth.com/s/AmarukGold.asp
The Garnet Gold Showing and its extension are located along the
southern part of a metasedimentary rock package that extends for
approximately 45 kilometres and is as wide as 20 kilometres along the
western side of the Amaruk property. This sedimentary package hosts
numerous local bedrock gold occurrences and un-sourced gold-grains in
till anomalies.
"The West Formation is another very large under-explored region
prospective for gold within the Amaruk property. Several areas remain
to be drill tested including those with multi-gram gold occurrences and
the largest gold-grains in till anomalies" says Mark Kolebaba President
and CEO of Diamonds North.
Of particular exploration interest is the north central core of the
sedimentary rock package where the largest gold-grains in till
anomalies have been identified on the property. A discrete
concentration of samples with high gold grain counts covers a 100
square kilometre area. The high proportion of angular gold grains in
these samples suggest close proximity to bedrock source.
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. They are responsible for the design and conduct of the
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:
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
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. |