Diamonds North Initiates Prospecting on Fox Gold Property with Grab Samples as High as 43.9 g/T Gold
21 Luglio 2011 - 3:45PM
Marketwired
Diamonds North Resources Ltd. (TSX VENTURE: 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 (i)).
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
(i) Meliadine Resource estimate includes: measured, indicated
and inferred categories. Extracted from: Comaplaex Minerals Corp.:
Meliadine Gold Project, Nunavut, Canada. Technical Report. February
2010.
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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Diamonds North Resources Ltd. Troy Shultz Manager,
Corporate Communications (604) 689-2010 (604) 484-7143 (FAX)
info@diamondsnorth.com www.diamondsnorth.com
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