Diamonds North Resources Ltd. announces the discovery of a gold bearing iron formation on its 100% owned Amaruk property located in Nunavut. Initial regional prospecting returned grab samples with over 0.5 gram per tonne (g/T) gold including a sample yielding 1.2 g/T gold.
The sub-vertical sulfide rich iron formation was traced over more than 6.5 kilometres and measures 1 to 5 metres, wide and in areas of intense folding up to 25 metres wide. Pyrrhotite, pyrite and chalcopyrite occurs as disseminated and in semi-massive concentrations up to 50%. Several of the samples collected also returned anomalous copper up to 0.26%, nickel up to 0.11%, zinc up to 0.14% and silver up to 3.3 g/T.
“For a small investment of time and exploration funds, we have discovered a large number of gold prospects over a vast area. We have identified gold associated with shear zones, quartz feldspar porphyries and now iron formation. In 2010, we anticipate a considerable budget and program, which I believe will significantly advance several of the existing prospects and result in new discoveries,” says Mark Kolebaba, President and CEO of the Company.
The iron formation is semi-coincident with three limbs of an apparent large regional fold that extends for more than 13 kilometres as interpreted from airborne magnetic data. Iron formation was reported on the third limb of this apparent fold by mapping and has not yet been prospected.
This new gold discovery, PB5, adds significant potential to the Amaruk project and further demonstrates this area as a new gold district. PB5 is 25 kilometres from the PB1 gold prospect that yielded up to 24.2 g/T gold and is in addition to the other 21 gold prospects already reported.
PB5 is only 5 kilometres from tide water which could provide future infrastructure benefits for the project area. Follow-up work is being planned for PB5 in 2010. Work will include geological mapping, detailed geophysics, prospecting and detailed channel sampling in preparation for drilling. The third limb of the large fold structure will be prospected to determine the extent of the iron formation.
Three of eleven grab samples collected from the iron formation returned gold values greater than 0.5 g/T; 6 returned gold values greater than 100 ppb.