Diamonds North Resources Ltd.

Diamonds North Resources Ltd.

March 04, 2010 08:00 ET

Diamonds North Discovers Additional High Grade Copper, Silver, and Bismuth on Hepburn Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 4, 2010) - Diamonds North Resources Ltd. (TSX VENTURE:DDN) announces high grade copper, silver, and bismuth assays from recently discovered showings on its Hepburn copper-silver project located in the Northwest Territories. Grab samples have returned up to 19.8% copper, 123.0 grams per tonne silver, 0.20% uranium and 0.17% bismuth.

These showings are located along the southern margin of a geophysical anomaly defined by a 3.5 kilometre by 1.5 kilometre magnetic high and semi-coincident radiometric anomaly (uranium, potassium and thorium) detected by airborne surveying. Grab samples from the area are shown in the table below. Anomalous gold values ranging from 72 ppb to 258 ppb suggest the system is gold bearing.

Sample Copper (%) Silver (g/T) Bismuth (%) U (%) Au (ppb)
1 19.8 72 0.17 0.003 72
2 7.6 32.5 0.124 n/a 216
3 5.8 31.1 0.04 0.009 150
4 4.12 123 0.03 0.03 258
5 0.14 4.2 n/a 0.2 2

"With minimal cost we have identified a large area with numerous high grade copper, silver and bismuth showings, suggesting a significant mineralized system exists on the Hepburn project. Now, our exploration objective is to delineate areas with potential for large deposits," says Mark Kolebaba, President & CEO of Diamonds North.

Trench sampling on the north flank of this geophysical anomaly returned values of up to 2.9% copper and 218.5 grams per tonne silver over three metres (News Release NR09-08, dated May 21st, 2009).

The mineralization occurs in breccias, vein stockworks and faults. Alteration minerals include potassium feldspar, hematite, magnetite, carbonate, actinolite, chlorite, epidote, quartz, sericite and albite. Important pathfinder elements for iron-oxide deposits such as cerium, lanthanum, flourite and barium are elevated in many rock samples collected by Diamonds North.

The next exploration program for the Hepburn copper-silver project will entail ground geophysics, soil sampling and detailed mapping designed to delineate areas of mineralization for drilling.

The Hepburn project is 100% owned by Diamonds North Resources with the exception of the uranium rights that are held by Uranium North Resources Corporation in accordance with a plan of arrangement agreement signed in 2006.

Graham Gill (P. Geo) is Diamonds North's qualified person reviewing this project. Mr. Gill is responsible for the design and conduct of exploration programs and the verification and quality assurance of analytical results. All assay results are provided by Saskatchewan Research Council Laboratory.

About Diamonds North

Diamonds North uniquely maximizes value through innovative & cost effective exploration methods, plus leveraging commodity & business opportunities derived from its vast land holdings in Canada's under explored north.

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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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