Diamonds North Resources Ltd
Targeting Canada's Next Diamond Mine
Message: Uranium North and Diamonds North Continue to Build APosition in
Washington State With Additional Gold Asset
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 13, 2012) - Diamonds North Resources (TSX VENTURE:DDN) and Uranium North Resource Corp. (TSX VENTURE:UNR) ("the Companies") announce the acquisition of the Empire Creek Gold/Silver property in Washington State. Highlights from a previous trenching program include results as high as 39.8 g/t gold over three metres and a drill intercept of 18.3 metres assaying 12.1 g/t gold with 150 g/t silver.
The property is 10 kilometres south of the K2 Mine and only 20 kilometres by existing roads, from the Kinross Kettle River Mill. Both Empire Creek and the K2 Mine are hosted within the Republic Graben structure. From 1996 to 2005 the K2 Mine produced almost 500,000 ounces of gold at an average grade of 7.44 g/t from an epithermal style gold vein system. Mining at K2 was entirely underground.
Known gold occurrences at Empire Creek are related to replacement style mineralization; however, being on the same structure as the K2 Mine, epithermal style mineralization is also a target.
A total of 24 holes on the property and 14 additional holes in the area were drilled in the 1980's. The top 10 intercepts on the property are shown in Table 1 below. Drilling included a combination of angled and vertical reverse circulation, rotary and core holes. There are also two adits on the property. Previous drilling and sampling appears to have been quite random in nature and focused on the eastern side of the property. Numerous surface samples with high gold on the western side of the property have never been drill tested.
|Table 1. Drilling Highlights|
|Hole||From (m)||To (m)||Interval||Gold g/t||Silver g/t|
|DD - 2||25.9||29.0||3.0||26.4||24.8|
|DD - 2||54.3||62.5||8.2||2.8||6.2|
|DD - 2||74.7||78.6||4.0||6.0||35.2|
|DD - 3||70.1||74.7||4.6||12.5||119.8|
|DD - 4||77.7||81.4||3.7||8.3||28.0|
|DD - 4||85.3||90.2||4.9||3.4||19.7|
|DD - 7||29.0||32.0||3.0||5.4||12.0|
|E - 1||91.1||93.0||1.8||6.5||91.2|
|EC - 5||54.9||73.2||18.3||12.1||150.0|
|EC - 9||54.9||61.0||6.1||3.0||3.3|
|These values represent drill intercepts not true thicknesses.|
"Untested high grade mineralized gold zones within 20 kilometres of an operating gold mill represents a significant opportunity and fits with the Companies strategy of targeting high grade deposits that can be mined underground," says Mark Kolebaba, President and CEO of the Companies.
The 2012 exploration program on the Empire Creek property will include mapping, prospecting and magnetic surveying, focusing on the high grade zones that have never been drill tested.
The property was acquired by staking Federal controlled land in two separate blocks. The main block covers a 1.1 square kilometre area with rock samples showing elevated to high grade gold and silver values.
Diamonds North Resources Ltd. and Uranium North Resources Corp. have formed and jointly own Minerals North LLC, a Nevada registered company with the objective to explore mineral potential in Washington State. This partnership demonstrates the Companies' commitment to increasing shareholder value while maintaining a low cost. The Companies are actively seeking joint venture partners for our northern Canadian projects as they represent significant opportunity.
Each property has a 0.25% royalty payable to a consulting geologist. Each royalty may be purchased at any time for the value of 300 ounces of gold.
Graham Gill,P.Geo is the Qualified Person as defined by National Instrument 43-101 reviewing the data in this news release. The historical work is from private reports written by AMACO, Curlew Lake Resources, US Borax and Kimberley Gold Mine. These reports have not been verified by the Company, however, it appears to have been completed under standard best practices consistent with the time and appears to be of reasonable quality.
On behalf of the Board of Directors,
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. Grams per tonne are noted as g/t. All dollar amounts are expressed in Canadian dollars, unless otherwise specified.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Source: Marketwire Canada (June 13, 2012 - 9:15 AM EDT)
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