NAG 0.11 0.00
Sep 7 2010
News Release
North American Gem Inc. Continues to Hit Visible Mineralization to the North, as well as below the Terminator to the Northwest, On the 2008 Louise Lake Diamond Drilling Program
February 11, 2008: North American Gem Inc. (TSX-V symbol: NAG) is pleased to announce that the 2008 diamond drilling program on North American Gem's Louise Lake Project is progressing rapidly. The road-accessible Louise Lake property is located 35 kilometers west of Smithers, British Columbia, Canada, a full-service community with excellent access to highway, rail and electrical power infrastructure.
The program commenced ahead of schedule, with two diamond drills operating by January 19, and currently in service. A minimum of roughly 4,800 meters of core will be drilled by project completion.
The Louise Lake property hosts the "Main Zone" deposit, consisting of an unusual mineral assemblage, with copper occurring as an equal mixture of enargite and chalcopyrite. The 2004 through 2007 programs extended the known dimensions of the east-west striking, moderately north-dipping tabular Main Zone both to the west and east, as well as down-dip to the north. By 2006, the Main Zone was known to be at least 970 meters long, up to 170 meters wide, and extending to a depth of 250 - 270 meters, where it is abruptly truncated by the flat-lying "Terminator" fault.
The 2008 program is focusing on two main target settings. The first target consists of an intercept of higher grade gold, as well as higher gold:copper ratios, returned from Hole LL-07-18B (2007 program). Here, a value of 0.769 g/t gold with 0.48% copper was returned from a 26.1-metre intercept from 288.8 to 314.9 meters of depth, part of a 40.0-metre interval grading 0.625 g/t gold with 0.41% copper (see News Release dated May 9, 2007). Four holes targeting the potential nearby strike extension of this intercept have been completed. All have returned typical Main Zone-style mineralization with visually determined intercepts ranging from 67.8 to 241.5 meters. Analytical results are pending.
The other main setting consists of mineralization occurring beneath the flat-lying "Terminator" fault. Year-2007 results from Hole LL-07-15, collared northwest of the Main Zone, revealed low-grade mineralization beneath the "Terminator" having a similar fabric and geochemical signature to the Main Zone. This represented the first intercept of sub-Terminator mineralization to date, suggesting the underlying "fixed" portion of the deposit may occur further northwest of the Main Zone.
At least five holes, collared progressively northwestward from this intercept, will test for the underlying "fixed" portion of the Main Zone. As of Feb 7th, three of four holes targeting this were successful, returning intercepts from 50 to 65 meters in length having a "Main Zone" - style fabric of alteration and quartz veining. This provides evidence that the "fixed" portion of the Main Zone underlying the Terminator occurs to the west-northwest, as theorized by North American Gem's exploration team. All intercepts also contain at least some Main Zone-style mineralization, although no estimation of metal grades will be made before results are returned.
A second NI 43-101-compliant resource estimate on the Main Zone was released by SRK Consulting (Canada) Inc. late in 2007, incorporating results from the 2007 program. Table 1 lists the upgraded resource estimates per category.
Table 1: 2007 updated SRK classified mineral resources, Main Zone, Louise Lake Project
This News Release was reviewed and approved by Carl Schulze, BSc, PGeo, Qualified Person for the project, in accordance with regulations under National Instrument 43-101. All sample analysis will be completed by ALS Chemex of North Vancouver, British Columbia, Canada. The diamond drilling program is being conducted by Britton Brothers Diamond Drilling of Smithers, British Columbia.
About North American Gem Inc. North American Gem Inc. (TSX-V symbol: NAG) is a junior exploration Company based in Western Canada. The Company's primary goal is to explore for Uranium, Molybdenum, Gold, Copper and other base metals in Canada. The Company is actively pursuing several opportunities, including the Louise Lake copper-gold-molybdenum-silver project located in British Columbia. The Company is also pursuing its uranium projects, consisting of the Whiskey Gap, Del Bonita, Western Basin, and Bonny Fault projects, all located in Alberta. In addition the Company is also pursuing its Mosquito Gulch uranium property located in the North West Territories and the Ranger Lake Uranium property located in Ontario.
On Behalf of the Board of Directors
NORTH AMERICAN GEM INC.
"Charles Desjardins"
Charles Desjardins
President and Director
THE TSX VENTURE EXCHANGE HAS NOT YET REVIEWED AND DOES NOT TAKE RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
Cautionary note:
This report contains forward looking statements, particularly those regarding cash flow, capital expenditures and investment plans. Resource estimates, unless specifically noted, are considered speculative. The company has filed a National Instrument 43-101 resource estimate on the Louise Lake property. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.
The program commenced ahead of schedule, with two diamond drills operating by January 19, and currently in service. A minimum of roughly 4,800 meters of core will be drilled by project completion.
The Louise Lake property hosts the "Main Zone" deposit, consisting of an unusual mineral assemblage, with copper occurring as an equal mixture of enargite and chalcopyrite. The 2004 through 2007 programs extended the known dimensions of the east-west striking, moderately north-dipping tabular Main Zone both to the west and east, as well as down-dip to the north. By 2006, the Main Zone was known to be at least 970 meters long, up to 170 meters wide, and extending to a depth of 250 - 270 meters, where it is abruptly truncated by the flat-lying "Terminator" fault.
The 2008 program is focusing on two main target settings. The first target consists of an intercept of higher grade gold, as well as higher gold:copper ratios, returned from Hole LL-07-18B (2007 program). Here, a value of 0.769 g/t gold with 0.48% copper was returned from a 26.1-metre intercept from 288.8 to 314.9 meters of depth, part of a 40.0-metre interval grading 0.625 g/t gold with 0.41% copper (see News Release dated May 9, 2007). Four holes targeting the potential nearby strike extension of this intercept have been completed. All have returned typical Main Zone-style mineralization with visually determined intercepts ranging from 67.8 to 241.5 meters. Analytical results are pending.
The other main setting consists of mineralization occurring beneath the flat-lying "Terminator" fault. Year-2007 results from Hole LL-07-15, collared northwest of the Main Zone, revealed low-grade mineralization beneath the "Terminator" having a similar fabric and geochemical signature to the Main Zone. This represented the first intercept of sub-Terminator mineralization to date, suggesting the underlying "fixed" portion of the deposit may occur further northwest of the Main Zone.
At least five holes, collared progressively northwestward from this intercept, will test for the underlying "fixed" portion of the Main Zone. As of Feb 7th, three of four holes targeting this were successful, returning intercepts from 50 to 65 meters in length having a "Main Zone" - style fabric of alteration and quartz veining. This provides evidence that the "fixed" portion of the Main Zone underlying the Terminator occurs to the west-northwest, as theorized by North American Gem's exploration team. All intercepts also contain at least some Main Zone-style mineralization, although no estimation of metal grades will be made before results are returned.
A second NI 43-101-compliant resource estimate on the Main Zone was released by SRK Consulting (Canada) Inc. late in 2007, incorporating results from the 2007 program. Table 1 lists the upgraded resource estimates per category.
Table 1: 2007 updated SRK classified mineral resources, Main Zone, Louise Lake Project
Mineral Resources* Tonnes Cu(%) Mo(%) Au(g/t) Ag(g/t) ------------------ ------ ------ ------ ------- -------- Indicated 26,000,000 0.231 0.008 0.22 1.01 Inferred 125,000,000 0.239 0.009 0.23 0.99The 2007 estimate uses an actual copper cut-off value of 0.15%, rather than the "copper equivalent" (CuEq) cutoff value of 0.25% used in the 2006 estimate. Comparison of the two estimates using the 0.25% CuEq cutoff instead, with identical metal prices, indicates that the 2007 estimated tonnage has been increased by 8%, with very similar metal grades. Grades of the Indicated Resource category, increased to 26,000,000 tonnes from 6,000,000 tonnes, are also substantially increased from 2006 values.
*All resources quoted at 0.15% copper cut-off
This News Release was reviewed and approved by Carl Schulze, BSc, PGeo, Qualified Person for the project, in accordance with regulations under National Instrument 43-101. All sample analysis will be completed by ALS Chemex of North Vancouver, British Columbia, Canada. The diamond drilling program is being conducted by Britton Brothers Diamond Drilling of Smithers, British Columbia.
About North American Gem Inc. North American Gem Inc. (TSX-V symbol: NAG) is a junior exploration Company based in Western Canada. The Company's primary goal is to explore for Uranium, Molybdenum, Gold, Copper and other base metals in Canada. The Company is actively pursuing several opportunities, including the Louise Lake copper-gold-molybdenum-silver project located in British Columbia. The Company is also pursuing its uranium projects, consisting of the Whiskey Gap, Del Bonita, Western Basin, and Bonny Fault projects, all located in Alberta. In addition the Company is also pursuing its Mosquito Gulch uranium property located in the North West Territories and the Ranger Lake Uranium property located in Ontario.
On Behalf of the Board of Directors
NORTH AMERICAN GEM INC.
"Charles Desjardins"
Charles Desjardins
President and Director
THE TSX VENTURE EXCHANGE HAS NOT YET REVIEWED AND DOES NOT TAKE RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
Cautionary note:
This report contains forward looking statements, particularly those regarding cash flow, capital expenditures and investment plans. Resource estimates, unless specifically noted, are considered speculative. The company has filed a National Instrument 43-101 resource estimate on the Louise Lake property. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.
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