North American Gem Inc. Commences the 2008 Diamond Drilling Program at the Louise Lake Project and Adds a Second Diamond Drill



    VANCOUVER, Jan. 21 /CNW/ - North American Gem Inc. (TSX-V symbol: NAG) is
pleased to announce that the 2008 diamond drilling program being conducted by
Britton Brothers Diamond Drilling of Smithers, British Columbia has commenced
at the Louise Lake project. Britton Brothers has made available the use of a
second diamond drill which has also broken ground on the project. 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.
    This will consist of a minimum of 4,400 meters of "NQ" -sized core in
approximately 11 to 13 holes, focusing on the northward extension of the "Main
Zone" a tabular, north-dipping copper-gold-molybdenum-silver deposit. The
deposit extends to a depth of about 270 meters, where it is abruptly truncated
by a flat-lying thrust fault, called the "Terminator".
    The proposed 2008 program will include targeting of the interpreted
portion of the deposit underlying the flat-lying "Terminator" fault northwest
of the Main Zone. Results from Hole LL-07-15, collared northwest of the Main
Zone in 2007, revealed low-grade mineralization beneath the "Terminator"
having a similar fabric and geochemical signature to the Main Zone. This
represents 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.
    The 2008 program will also target the north-eastern portion of the Main
Zone near areas of higher grade gold intercepts returned in 2007, including a
26.1-metre intercept grading 0.769 g/t gold and 0.477% copper (see NAG news
release dated May 9, 2007). The program should be completed by mid-March,
2008.
    Table 1 lists the updated resource estimates per category:

    
    Table 1:  2007 updated SRK classified mineral resources, Main Zone,
    Louise Lake Project

    -------------------------------------------------------------------------
    Mineral          Tonnes       Cu (%)     Mo (%)     Au (g/t)     Ag (g/t)
    Resources(*)
    -------------------------------------------------------------------------
    Indicated        26,000,000   0.231      0.008      0.22         1.01
    -------------------------------------------------------------------------
    Inferred         125,000,000  0.239      0.009      0.23         0.99
    -------------------------------------------------------------------------
    (*)All resources quoted at 0.15% copper cut-off

    -------------------------------------------------------------------------
    

    The 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, which has been increased to 26,000,000 tonnes from
6,000,000 tonnes, are also substantially increased from 2006 values.
    The Main Zone hosts an unusual mineral assemblage, with copper occurring
as an equal mixture of enargite and chalcopyrite. The 2004 through 2006
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.
    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 will be 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.




For further information:

For further information: 430 - 609 Granville Street, Vancouver, BC,
Canada, V7Y 1G5, Phone (604) 683-5445, Facsimile (604) 687-9631,
info@northamericangem.com, www.northamericangem.com

Organization Profile

NORTH AMERICAN GEM INC.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890