|DIAMONDS NORTH RESOURCES LTD. : http://www.diamondsnorth.com/ : News Releases 2005|
Thu Sep 22, 2005
Pathfinder and Diamonds North Increase Vast Land Position for Uranium in the Thelon Basin
|News Release 05-20
Vancouver, BC, September 22, 2005 - Pathfinder Resources Ltd. (TSX-V: PHR) and Diamonds North Resources Ltd. (TSX-V: DDN) announce that a substantial block of claims along the eastern margin of the Thelon Basin in the Northwest Territories, Canada has been staked under their Thelon Uranium Joint Venture Agreement. These claims adjoin the Joint Venture's 2.5 million acre permit block -- already the largest land position in the Thelon Basin. The new claims are of strategic importance as they cover the possible up-ice uranium sources of a 20 km by 3 km radioactive sandstone boulder train. The new property also encompasses a high concentration of uranium enriched boulders over a 5 km by 3 km area near the Basin's margin.
The existence of radioactive sandstone boulders on the Property supports the Project's potential to host unconformity-style uranium deposits. The significance of the radioactive boulders is that they could reflect upward leakage from high-grade uranium sources at the sandstone basin/basement unconformity contact. Uranium enriched boulders have been found above several high-grade uranium deposits in the geologically similar Athabasca Basin, including Cameco Corporation's (TSX: CCO) McArthur River deposit, the world's highest-grade uranium mine.
The Joint Venture's 2005 exploration program at Thelon is designed to identify priority target areas for deep penetration airborne electromagnetic (EM) surveys to locate graphitic conductors, which may be associated with unconformity uranium deposits. During the summer, a regional till sampling program was completed over the entire project area with more detailed geochemical soil sampling over and up-ice of known radioactive sandstone boulders. Low level helicopter-borne magnetic and radiometric surveying is planned to commence shortly with the objective to better delineate the extent and distribution of the radioactive boulders and ultimately trace the boulders to bedrock source. Special Projects Inc. is conducting the airborne surveys.
The Thelon Basin is geologically similar to the Athabasca Basin in Saskatchewan, located 300 kilometres south, where a number of high-grade unconformity and sub-unconformity deposits have been discovered. The Thelon Basin hosts Cogema Corporation's Kiggavik uranium deposit (approximately 40 million lbs. of U3O8) and a number of unconformity and sub-unconformity related uranium prospects. Compared to the Athabasca Basin, the Thelon Basin is relatively under explored and has not yet been extensively subjected to the state-of-the-art methods being used to explore the Athabasca Basin.
Interest in the Thelon Basin for exploration for high-grade unconformity deposits has increased significantly in 2005. During the summer, Cameco Corporation, one of the world's largest uranium producers, entered into two agreements to explore for uranium in the region, including a $10 million option/joint venture with Uravan Minerals Inc. (TSX-V: UVN) on their Boomerang property situated 15 km west of Pathfinder's land position. Uravan anticipates a substantial drill program will commence at Boomerang in early 2006.
Recording of the new claims with the mining recorder will start before the end of September. Pathfinder holds an option from Diamonds North Resources Ltd. to earn an 80% interest in the Thelon Basin Property's uranium rights including the newly staked claims (see April 14, 2005 news release).
About Pathfinder Resources Ltd.
Pathfinder Resources is a mineral exploration company focused on the discovery of world-class deposits of high-value commodities. With uranium interests covering in excess of 2.5 million acres, Pathfinder has an option on the largest land position in Canada's Thelon Basin region, recognized as one of the premier areas for discovery of uranium deposits. Pathfinder is also a partner in a three-company syndicate formed to identify and acquire prospective uranium properties in Central America. The Company also holds a 100% option interest in the Dude copper-molybdenum-gold property in British Columbia. Shares of Pathfinder are listed on the TSX Venture Exchange with the symbol "PHR". For further information visit the Company's website at www.pathfinderresources.com.
About Diamonds North Resources Ltd.
Diamonds North is a dynamic exploration team focused on strategically advancing diamond opportunities and determined to discover Canada's next diamond mine. The company remains focused on exploring its 27 million acres of land in Canada for diamonds and remains committed to adding shareholder value by capturing other commodity potential from its large land positions. For further information visit the Company's website at diamondsnorthresources.com.
Victor A. Tanaka
Pathfinder Resources Ltd.
Pathfinder Resources Ltd.
John Gomez, Investor Relations
Pathfinder Resources Ltd.
Nancy Curry, Corporate Communications
Diamonds North Resources Ltd.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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