Diamonds North Resources Ltd. and International Samuel Exploration Corp.: 2008 Exploration Program Completed on Ualliq Diamond P
2008年8月30日 - 5:33AM
Marketwired Canada
Diamonds North Resources Ltd. (TSX VENTURE:DDN) and International Samuel
Exploration Corp. (TSX VENTURE:SAZ), announce the completion of their 2008
exploration program on the Ualliq property in the Pelly Bay Diamond District of
Nunavut. Of the 369 kimberlite targets on the property, 54 targets were ground
surveyed with geophysics, 30 targets were prospected, and 11 targets were tested
with a percussion drill. No kimberlite was intersected and 303 targets remain to
be tested including, several targets recently identified with ground surveying.
The Ualliq property is adjacent to the Amaruk property and is less than 20
kilometres from the highly diamondiferous Tuktu kimberlite complex from which a
mini-bulk sample was recently collected and results are pending. Separate and
discrete kimberlite indicator mineral dispersions have been identified on the
property, the sources of which have not yet been identified. Numerous high
priority targets remain to be tested and, in addition planning for a new
targeting strategy is underway. Large scale detailed ground geophysical surveys
at the head of the indicator dispersions will provide enhanced sensitivity and
resolution for improved targeting.
Based on the presence of kimberlite indicator mineral dispersions, mineral
chemistry and the property's close proximity to the Tuktu kimberlite complex on
the Amaruk property, Diamonds North and International Samuel remain confident
that diamondiferous kimberlites have intruded the Ualliq property.
"We have only tested 11 of the 369 targets this year. Numerous quality targets
remain to be tested and with our new targeting strategy we believe there is
excellent opportunity to discover kimberlite on Ualliq," says Mark Kolebaba,
President and CEO of Diamonds North.
Under the option agreement International Samuel is required to spend an
aggregate of $2.2 million this year and have so far expensed $2.71 million. To
earn a 30% interest International Samuel is required to spend an additional
$300,000 (See News Release 06-26, August 2006).
Bruce Kienlen (P.Geol) and Graham Gill (P. Geo) are Diamonds North's qualified
persons reviewing these projects. They are responsible for the design and
conduct of the exploration programs and the verification and quality assurance
of analytical results.
ABOUT DIAMONDS NORTH
Diamonds North Resources is the dominant explorer in the Pelly Bay region and is
focused on discovering Canada's next diamond mine. The Company is rapidly
evolving and committed to building long-term value through ongoing diamond
discoveries.
ABOUT INTERNATIONAL SAMUEL
International Samuel is an active exploration company with diamond properties in
Nunavut and a base metals project adjacent to the recent VMS Ventures discovery
in the Flin Flon District of Manitoba.
ON BEHALF OF THE BOARDS OF DIRECTORS
Mark Kolebaba, President & CEO
Diamonds North Resources Ltd.
Conrad Swanson, President & CEO
International Samuel Exploration Corp.
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.
International Samuel Exploration Old (Tier2) (TSXV:SAZ)
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