Diamonds North Resources Ltd. - Banks Island Project

DIAMONDS NORTH RESOURCES LTD. : http://www.diamondsnorth.com/ : Banks Island Project

Banks Island Project

Location:	Northwest Territories
Est. Size:	1,100,000 Acres
Ownership:	50% Majescor Resources Inc. 50% Diamonds North
Opportunity:	Discovery of new diamondiferous kimberlite field

In 2005, a detailed stream sediment sampling program of 130 samples was conducted over four drainage catchments identified as high priority by 2004 sample results. (A catchment is an area from which a river or rivers collect surface runoff.) The presence of indicator minerals with delicate primary surface features and the existence of G-10 garnet, found in the 2004 and 2005 samples, suggests potential for nearby diamond bearing kimberlites within the catchment areas. The objective of the 2005 sampling program was to trace kimberlite indicator minerals identified in the 2004 samples upstream to source and isolate the most favourable areas to conduct airborne geophysical surveying for target development.

Based on current data, the partners believe this project has the potential to become one of Canada's next diamond districts. Majescor and Diamonds North have secured a key land position on Banks Island, and it is a high priority project for both companies. De Beers Canada Exploration Inc. also holds several million acres in the region.

The Banks Island project, consisting of approximately 1.1 million acres, is located along the northeast coast of Banks Island in the Northwest Territories. In addition to tidewater access, existing infrastructure includes the Johnson Point airstrip 40 kilometres south of the exploration permits, which is capable of accommodating large aircraft (such as a DC-3).

Plans for 2006 include an airborne geophysics program over high-priority areas to assist in prioritizing targets for follow-up sampling and drill testing.

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This page was created on Sat Oct 21, 2006 at 2:41:48 PM Pacific Time.