Diamonds North Video Update on Hepburn Copper-Silver IOCG Project
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/02/12 -- Diamonds North Resources Ltd. (TSX VENTURE: DDN) provides an update and video presentation on the Hepburn Copper-Silver IOCG Project (previously announced in news release 12-01, January 22, 2012). Visit our website www.diamondsnorth.com to view a video presentation on the project.
Diamonds North will be exhibiting (Booth #2322) at the Prospectors and Developers Association of Canada (PDAC) International Convention March 4-7th 2012 held at the Metro Toronto Convention Centre. For more information and to pre-register for the Investors Exchange, go to www.pdac.ca.
Hepburn has been established as a large-scale, drill-ready Iron Oxide Copper Gold (IOCG) target with high-grade and high tonnage potential. At this stage, Hepburn exhibits qualities typical of IOCG deposits such as Olympic Dam, Candelaria and Prominent Hill.
The geology at Hepburn is a highly magnetic Proterozoic package of sedimentary and volcanic rocks intruded by late felsic intrusions. These rocks are crosscut by multiple faults demonstrating ideal ground preparation for hydrothermal fluids.
Mapping by an independent IOCG specialist delineated two hydrothermal zones of magnetite and hematite (iron-oxide) alteration typical of IOCG deposits. These zones of alteration extend for more than 2.5 kilometres along strike and are up to 500 metres wide.
An Induced Polarization (IP) survey over the property identified an IP chargability anomaly coincident with the southern alteration zone. The geophysical signature measures 2.5 kilometres in strike length by 200- 300 metres in width and remains open to the west and south east.
A secondary, northern zone of increased chargeability values accompanied by IOCG alteration signatures also exists on the project area but due to topography has not yet been completely delineated.
Supporting the alteration zones and IP anomalies as an IOCG target, grab and chip sample results from the zones exhibit high copper (up to 40.2%), silver (up to 1129 g/T) and uranium (up to 4340 ppm). Assays have also returned elevated gold (0.635 g/T) and bismuth (0.17%) values.
IOCG type deposits are often associated with deep seated, continental scale structures. The Hepburn target lies along the Wopmay Fault within the Great Bear Magmatic Zone which is considered one of Canada's most prospective IOCG terrains.
Further interpretation and modeling of the IP data to better define drill targets is underway. Currently a 2000-2500 metre drill program is recommended for the Hepburn project.
The 100% owned Hepburn property is located in Northwest Territories, approximately 470 kilometres north of Yellowknife and about 200 kilometres from the Arctic coast. For more detailed information and video presentation on the Hepburn property visit www.diamondsnorth.com.
Graham Gill (P. Geo) is Diamonds North's qualified persons as defined by National Instrument 43-101, reviewing this project.
On behalf of Diamonds North Resources Ltd.
Mark Kolebaba, President & CEO
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.
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
