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Bullboard - Stock Discussion Forum Diamonds North Resources Ltd V.DDN

TSXV:DDN - Post Discussion

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Post by madmann on Apr 16, 2010 9:05am

NEWS Out!

Apr 16, 2010 09:00 ET

Diamonds North Plans Bulk Sample of Beluga-3 Kimberlite

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 16, 2010) - Diamonds North Resources Ltd. (TSX VENTURE:DDN) announces plans to collect a bulk sample from the Beluga-3 kimberlite located on its 100% owned Amaruk property in the Pelly Bay Diamond District of Nunavut.

The collection of a 25 to 50 tonne bulk sample of Beluga-3 is planned to test for larger diamonds. The 2009 mini-bulk sample of Beluga-3 demonstrated larger diamond potential giving the Company confidence to proceed with this bulk sample (see News Release NR09-17, December 1st, 2009). Based on rough reconstructive analysis provided by Saskatchewan Research Council Laboratory, the Company estimates the largest diamond fragment recovered in 2009 to have been a diamond between 0.2 to 0.25 carats.

A comparison of garnet chemistry from the Beluga-3 kimberlite and surrounding till samples suggests that a high chrome garnet population observed in the till was not recovered in the DMS concentrate in last years sample of the Beluga-3 kimberlite. This may suggest that other high priority kimberlites occur in the immediate area or there is another phase of kimberlite present in Beluga-3 that has not yet been sampled. Additional exploration drilling is planned around Beluga-3 to test for other nearby kimberlites or other phases of kimberlite within Beluga-3.

Diamonds North will be using a low cost, light weight bulk sampling drill that utilizes reverse circulation without percussion to reduce and or eliminate significant diamond breakage. Estimated collection cost with this drill, that the Company jointly owns, is $20 per kilogram in contrast with core drilling which is approximately $150 per kilogram.

In addition to the bulk sample the Company will continue to better define new kimberlite targets for drilling.

A total of 25 kimberlites have been discovered on the Amaruk property and 90% of the kimberlites processed for diamonds are proven to be diamondiferous.

Diamonds North continues to refine kimberlite targeting methods and hundreds of anomalies still require testing. A diamond stability field beneath Amaruk compares favourably with the diamond stability field beneath the Lac de Gras kimberlite field which hosts both the Ekati and Diavik Diamond Mines.

Bruce Kienlen (P.Geol) and Graham Gill (P. Geo) are Diamonds North's qualified persons as defined by National Instrument 43-101, reviewing this project. They are responsible for the design and conduct of exploration programs and the verification and quality assurance of analytical results.

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.

Comment by CherryCoke on Apr 16, 2010 10:43am
There is nothing in the release that says when drilling will start.. It could be 4 years from now, who knows. They also plan to find diamonds at some time in Marks lifetime.CheersCherryCoke
Comment by retiredminer10 on Apr 16, 2010 12:05pm
WOOW!! A lot of pessimism lately! Do your ankles ever get sore from jumping on and off the band wagon.  Several months back all you read on this board was the exciting things that were going to happen...well folks it did happen but it didn't rock our world  - did it??? This property still has a lot to prove before we can see big price movement. Sure Mark is young but I am ...more  
Comment by oceaneleven on Apr 16, 2010 12:33pm
Retiredminer,If I had any legs left, I would have jumped off ALL my stocks yesterday.......taking QUITE the beating today.....Patience is the only WORD I have left in my vocabulary today...It may also make for the HOTTEST WORD of 2010.Sucks to be me HEY!!!!!
Comment by oceaneleven on Apr 16, 2010 12:35pm
One should invest in "PATIENCE"!!!Oh wait!, we have!!!!
Comment by cautious36 on Apr 16, 2010 2:42pm
When I spoke with Mark at the PDAC, he explained to me that due to the weakness in diamond demand and pricing that diamond exploration would take a back seat this year. He went on to explain that given the focus in the investment world on gold resources that it would become the main target this year. We are still waiting on information with regards to these plans, but I believe by doing my own ...more  
Comment by 10karat on Apr 17, 2010 12:40pm
This post has been removed in accordance with Community Policy
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