Gold Target Areas Identified on the Poland China Project
Vancouver, BC, October 4, 2012 - Diamonds North Resources Ltd. (TSX-V: DDN) and Uranium North Resources Corp. (TSX-V: UNR) ("the Companies") announce that their U.S subsidiary Minerals North LLC has completed the first phase of the 2012 exploration program on the Poland China gold property in Okanogan county, Washington State and that several target areas have been identified.
A follow up exploration program to better define targets for drill testing has been initiated. Work plans include mechanical trenching, VLF-EM surveying, additional prospecting and soil sampling which should be completed by November.
"Our systematic exploration approach has served well at the Poland China Mine project. We have identified significant targets in direct proximity of the mine and other areas on the property that do not appear to have been tested previously," says Mark Kolebaba, President and CEO of the Companies.
Initial exploration on Poland China included mapping, magnetic surveying and soil sampling. As a result, at least five bedrock mineralized zones including historical workings and dumpsites and excluding the main mine workings have been identified with gold values over 1 g/t gold and as high as 26.8 g/t gold.
Eight gold anomalies in soil have been outlined on parts of the property, three of which occur in proximity to the known mine, representing possible mineralized extensions of the Poland China Kismit vein system. A prominent 400 metre geochemical anomaly with soil samples yielding up to 2.47 g/t gold is a high priority target.
Mapping has delineated a prominent volcanic/sedimentary contact adjacent to the Poland China Mine that extends 3 kilometres across the property. Soil samples collected along parts of the contact show elevated to anomalous gold over more than 600 metres (anomalous soil values range from 0.01g/t gold to 2.47 g/t gold).
Historic data recently interpreted, reveals high gold values up to 287 g/t gold from exploration pits and shafts over an extensive area on the property. Some of the site locations have been confirmed, however, many have not yet been located.
The Poland China property is 10 kilometres east of the Kinross Buckhorn gold mine and lies within the same geological formation. The main vein on the Poland China property is the Kismet vein which is reported to extend for more than 750 metres. Historically only about 100 metres of the vein has been mined. The Kismet vein averages 2 metres in width and is as wide as 4.5 metres. Mine grades of 8.22 g/t to 12.7 g/t gold and 13.7 g/t silver have been recorded. Other mineralized veins reportedly exist on the property, one of which was 2.6 metres wide and traceable for 1500 metres.
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 low cost exploration. The Companies are actively seeking joint venture partners for our northern Canadian projects as they represent significant opportunity.
Graham Gill P.Geo. and Bruce Kienlen P.Geol are the Qualified Persons as defined by National Instrument 43-101 reviewing the data collected and overseeing the project. All the Minerals North samples were assayed by ALS Canada Ltd. The soil sample that assayed 2.47 ppm Au is a 0.5 gram aliquot analyzed by Mass Spectrometer. The historical work is from private historic reports and has 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
For additional information please contact:
Diamonds North Resources Ltd.
Troy Shultz
Manager, Corporate Communications
Tel: (604) 689-2010
Fax: (604) 484-7143
Email: info@diamondsnorth.com
Website: www.diamondsnorth.com
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.
