|DIAMONDS NORTH RESOURCES LTD. : http://www.diamondsnorth.com/ : News Releases 2006|
Thu Feb 2, 2006
Diamonds North Takes Control Of Amaruk & Plans First Drill Program
|VANCOUVER, February 2, 2006 - Diamonds North Resources Ltd. (TSX-V: DDN) announces that it has acquired 100% interest in the Amaruk property in Nunavut. Diamonds North's 100% interest in this multi-million acre drill ready property has been acquired at almost no cost to its shareholders. BHP Billiton will retain a 2% gross overriding royalty on diamonds and a 2% net smelter royalty on all other minerals.
BHP Billiton Diamonds Inc. has spent just under C$10 million in the past two years evaluating the property and developing drill targets. Exploration work includes the collection of over 5,900 till samples, 23,000 line kilometres of geophysics and first pass ground prospecting. This work has resulted in the identification of more than 60 geophysical anomalies, the discovery of one kimberlite outcrop and more than 15 discrete kimberlite float occurrences.
Diamonds North's Northern Recon Initiative (generative program) identified the Amaruk project area in 2003 as being highly prospective for diamonds and staked 418,000 acres forming the central portion of the Amaruk property. Through agreements with BHP Billiton (see News Release NR04-01 & NR04-12), Diamonds North leveraged the central portion into an 8 million acre joint venture project and advanced the project to a drill ready status at no cost to its shareholders.
Kimberlite indicator minerals recovered from till samples collected from the property have defined at least 3 large main exploration regions, including a central kimberlite field (75 x 30km), a western region (55 x 15 km), and an eastern region (65 x 45 km). The central region, where kimberlite was discovered in 2005, is the only region so far that has been geophysically surveyed. At this time, Diamonds North has selected 5 drill ready targets and 14 high priority targets from more than 60 geophysical anomalies that have been identified.
After careful review of the data, Diamonds North is planning the first drill program on the Amaruk property and will focus exploration on over 5 million acres of prospective ground. Diamond results for the kimberlite outcrop and four kimberlite float occurrences are pending.
In addition to drilling high priority targets in the central kimberlite field, plans for the 2006 exploration program will include till sampling and ground prospecting within the western region and airborne geophysics in the eastern region.
Mr. Bruce Kienlen (P. Geol) and Mr. Graham Gill (P. Geo) will act as the qualified persons on the Amaruk project. The company is well financed to conduct aggressive programs on all its projects in 2006, including Amaruk.
Diamonds North is a dynamic successful exploration team focused on strategically advancing diamond opportunities and is determined to discover Canada's next diamond mine.
On behalf of Diamonds North Resources Ltd.
President & CEO
For further information, please contact:
Corporate Communications: Nancy Curry
Diamonds North Resources Ltd.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. 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.
|Copyright © 2006 by Diamonds North Resources Ltd. All rights reserved worldwide.|