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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Diamonds North Resources Ltd | TSXV:DDN | TSX Venture | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0 | - |
Hot Features
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Diamonds North Resources Ltd. (TSX VENTURE:DDN) announces that it has delineated
two large scale Iron Oxide Copper Gold (IOCG) targets on the Hepburn Property
located in the Northwest Territories.
The south IOCG target is over 2.5 kilometres long and up to 200 metres wide. The
target is defined by a strong and continuous east-west trending Induced
Polarization (IP) chargeability anomaly that extends over this target is open to
the west and southeast (See copper and silver maps on our website
www.diamondsnorth.com).
The IP anomaly is associated with several other features commonly associated
with known IOCG deposits, this includes:
1. A regional magnetic anomaly
2. A regional radiometric anomaly
3. Extensive zones of brecciation
4. Strong magnetite, potassic, hematite, chlorite and sericite alteration
5. Zones of anomalous to high grade copper, silver, gold, bismuth and
uranium mineralization
6. Proterozoic intrusive rocks
7. Large, deep-seated faults and graben structures
"IOCG orebodies range from 10 million to 4 billion tonnes and can have grades
between 0.2 to 5% copper. They commonly produce important by-products such as
gold, silver, uranium and bismuth. At this stage, Hepburn is demonstrating many
of these qualities as it is a large scale target with key IOCG alteration,
structure and mineralization characteristics. An initial drill program could
significantly advance this project," says Mark Kolebaba, President and CEO of
Diamonds North.
In 2011, 24 line kilometres of IP were surveyed and 61 samples were collected
from the property. Table 1 shows a compilation of selected samples highlighting
the south target. The geochemistry shows high copper (up to 19.8%), silver (up
to 123 g/T) and uranium (up to 4340 ppm) assays associated with elevated gold
(up to 0.275 g/T) and bismuth (up to 0.17%) assays.
Table 1: South Zone
----------------------------------------------------------------------------
Sample Copper % Silver (g/T) Gold (g/T) Uranium (ppm) Bismuth %
----------------------------------------------------------------------------
1 19.8 72 0.072 0.169
----------------------------------------------------------------------------
2 7.6 32.5 0.216 0.124
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3 5.8 31.1 0.15 0.0356
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4 4.1 123 0.258 264 0.028
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5(i) 2.49 13.3
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6(i) 1.44 19.4 0.019
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7 1.07 8.9
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8 0.91 3.3 0.0252
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9 0.653 3.2
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10 0.616 10.5
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11 0.526 3.4
----------------------------------------------------------------------------
12 0.467 5.6
----------------------------------------------------------------------------
13 0.376 3.4
----------------------------------------------------------------------------
14(i) 0.232 3.4 0.275 0.0173
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15 0.126 7.2 2010
----------------------------------------------------------------------------
16 0.0379 0.1 4340
----------------------------------------------------------------------------
(i) All grab samples with the exception of samples 5, 6 & 14 are chip
samples over 0.5, 0.4 & 0.55 metres respectively. Samples were collected
from 2006 through 2011.
A second large target, 500 metres to the north, is outlined by a 2 kilometre
long, 500 metre wide IOCG style alteration zone which includes magnetite,
hematite, sericite and chlorite. This zone contains high copper (up to 40.2%)
silver (up to 1129 g/T), uranium (up to 3099 ppm) and gold up to (0.635 g/T)
values. The IP over this target forms a narrower east-west trending anomaly that
extends for at least 600 metres and is open at either end due to lack of
surveying. The geochemical values and alteration patterns show this to be a
target worthy of further follow-up work.
Table 2: North Zone
----------------------------------------------------------------------------
Sample Copper % Silver (g/T) Gold (g/T) Uranium (ppm)
----------------------------------------------------------------------------
1 40.2 197 0.635
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2 30.9 133 0.151
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3 23.4 116 0.202
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4 15.5 70 0.136
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5 9.22 41 0.044
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6 5.08 35.2
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7 3.29 1129 0.052 215
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8 2.97 156 0.06
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9 2.57 18.6
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10 2.07 46 608
----------------------------------------------------------------------------
11 1.65 729 3099
----------------------------------------------------------------------------
12 1.18 77.6 0.196
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13 1.09 5.2
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14 1.09 10.3
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15 1.04 3.8
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16 0.79 3
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17 0.671 2.6
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Grab samples were collected from 2006 through 2011.
Further interpretation and modeling of the IP data to better define drill
targets is underway. Currently a 2500 metre program is recommended for Hepburn.
The Hepburn target lies within the Great Bear Magmatic Zone which is considered
one of Canada's most prospective IOCG terrains. The NICO and Sue-Dianne deposits
are local examples of IOCG deposits within the Great Bear Magmatic Zone. Other
world examples include Olympic Dam, Ernest Henry, Candelaria and Manto Verde
deposits (see our website www.diamondsnorth.com for estimated size and grades of
these IOCG deposits).
Graham Gill (P. Geo) is Diamonds North's qualified persons as defined by
National Instrument 43-101, reviewing this project.
All samples collected in 2011 were shipped in sealed containers and processed at
the Saskatchewan Research Council (SRC) Geoanalytical Laboratories, which is an
ISO/IEC 17025 accredited laboratory for mineral analysis testing. Samples were
analyzed using SRC's Uranium Exploration ICP Package, which includes uranium by
total digestion ICP-OES analyses and uranium by partial digestion ICP-OES
analyses. All samples having more than 1,000 ppm uranium were assayed using a
uranium assay dissolution procedure. SRC 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 will be exhibiting (Booth #1034) at the Vancouver Resources
Investment Conference January 22-23rd 2012 held at the Vancouver Convention
Centre West. For more information and to pre-register go to
www.cambridgehouse.com. Diamonds North will also be exhibiting (Booth #B20) at
the AMEBC Mineral Exploration Round Up January 25-26th held at the Westin
Bayshore Hotel. For more information go to www.amebc.ca.
On behalf of Diamonds North Resources Ltd.
Mark Kolebaba, President & CEO
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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