Still Waiting on 717 Coal Permit Applications
VANCOUVER, Oct. 6 /CNW/ - North American Gem Inc. (TSX-V symbol: NAG) is
pleased to announce that 69 Coal Prospecting Permits have been issued to the
Company in Saskatchewan, near the most recent coal discovery by Goldsource
Mines Inc. (TSX-V symbol: GXS). The Coal Prospecting permits cover
134,600 acres (52,992 hectares) and comprise the first set of Coal Disposition
Applications that were filed by North American Gem that received first
priority status from Saskatchewan Energy and Resources. The Company is
currently waiting on the results of an additional 717 Coal Prospecting Permits
that have been submitted to Saskatchewan Energy and Resources.
The Company has filed and fully paid for 786 Coal Disposition
applications. All of the ground that has been applied for has been done so in
accordance will all the rules and regulations set forth by the government of
Saskatchewan's permitting office. As with all other companies applying for
Coal Dispositions in Saskatchewan, North American Gem Ltd., has its
applications and Coal Prospecting Permits subject to the Saskatchewan
government's approval process.
Researchers were hired by North American Gem, immediately following
initial permitting, to search for relative historical data in the potential
Saskatchewan Coal Basin. This data will help to guide the initial exploration
In 2007, Adamas was exploring a magnetic anomaly thought to be a
kimberlite target in proximity to the most recent discovery by Goldsource
Mines Inc. (TSX-V symbol: GXS) (Goldsource), in western Saskatchewan. During
this exploration program Adamas discovered a coal seam in the Cretaceous rock
(Mannville Group Rocks) sequence containing coal similar to Goldsource,
confirming the regional potential for coal deposits.
Adamas has collected proprietary aeromagnetics data for the area of
interest that has been made available to North American Gem Inc. to be used to
further evaluate the area for coal deposits and other minerals that may be
found therein. Historical data and reports suggest that coal is present to the
north edge of the Cretaceous rock sequence along the shores of Wapawekka Lake
to the north of the Adamas discovery. These reports further suggest that the
Wapawekka out crop is likely associated with a larger deposit to the south.
The Adamas intercept is directly south of Wapawekka Lake along the low lying
basin adjacent to the south east of the Narrow Hills Uplands.
Goldsource also made a significant coal discovery while drilling for
kimberlites in a low lying basin south east of the adjacent uplands at Pasquia
Hills to the south east of the Narrow Hills intercept. The occurrence at
Pasquia is roughly 80-100 km south east of the Narrow Hills and both have
similar topographical features and are in the same Cretaceous rock sequence.
The recent coal discovery by Goldsource Mines Inc. of bituminous coal in two
drill holes 1600 meters apart, suggests the potential for a much larger coal
system. Goldsource believes the coal it encountered is from the Mannville/Swan
River Group of Creataceous age (Goldsource Mines Inc., Release May 5, 2008).
Coal structures of the Creataceous age are generally stratigraphic and can
encompass several thousand square kilometers.
North American Gem Inc. anticipates being a major land holder in this new
coal region of Saskatchewan. The Company will commit to aggressive exploration
and is currently assembling an outstanding Board of Advisors with expertise in
the area of coal exploration. The Company plans to first twin the Adamas
discovery hole to get a true grade of the quality of the coal at that
location, and further exploration holes in the area of the discovery.
Mike Magrum, PEng, a qualified person under National Instrument 43-101,
has approved the technical content of this news release.
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
Coal in North American. In addition to Coal exploration the Company also has
interest in Molybdenum, Gold, Copper and other base metals in Canada, in
particular the Louise Lake copper-gold-molybdenum-silver project located in
British Columbia. The Company is also pursuing Uranium projects, consisting of
the Whiskey Gap, Del Bonita, Western Basin, and Bonny Fault projects located
in Alberta; the 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.
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
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
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,