VANCOUVER, March 17 /CNW/ - North American Gem Inc. (TSX-V symbol: NAG)
is pleased to announce that Dolman Drilling of Pincher Creek has completed the
drilling of 378 meters in five Reverse Circulation holes on the Whiskey Gap
property located in Southern Alberta along the Canada/U.S.A border.
Samples were collected from 2 of 5 reverse circulation holes in a
recently discovered area that returned assay values as high as 160 ppb
Uranium, 420 ppb Molybdenum and 140 ppb Arsenic in water samples as previously
reported by the Alberta Geological Survey (AGS sample number 06USA017). The
two locations the samples were collected from are approximately 50 meters
apart. The samples were collected over a 2 meter interval from both holes,
beginning at 45 meters below surface. The samples have been sent to the SRC in
Saskatoon for analysis.
About Whiskey Gap
The 44,400 acres Whiskey Gap Uranium project is located in Southern
Alberta along the Canada/U.S.A border. North American Gem Inc. entered into a
Joint Venture Agreement with International Ranger Corp. (OTC pink sheets:
IRNG) on November 1, 2005 and has completed two drill programs in which
anomalous radioactivity was intersected in 31 of 37 drill holes totaling
With the discovery of strongly reducing, radioactive sandstones,
containing anomalous heavy metals and associated radon in water, Management
remains confident that the Whiskey Gap lands could contain significant
Sandstone Hosted Uranium mineralization.
Most recently a Water Sampling Program had been conducted on the Whiskey
Gap project lands by the Alberta Geological Survey. The survey data is
released as Earth Sciences Report 2007-08 by R. Olsen and S. Anderson of the
AGS. The AGS study confirmed the Anomalous Radon and Uranium in water values
first located during the original International Ranger and North American Gem
AGS sample number 06USA017 collected from a location not previously
sampled, returned values of 160 ppb Uranium, 420 ppb Molybdenum and 140 ppb
Arsenic. These sample values are approximately 4 times higher than any
previous water samples taken on the property and are located up "flow
direction" of a strongly reducing zone of anomalous mineralization and
radioactivity defined late in the 2006 drill program.
Sandstone hosted Uranium mineralization typically is localized at the
boundary between oxidation and reducing conditions, these zones typically
contain high levels of heavy metals in addition to Uranium. The Whiskey Gap
property is underlain by a series of fluvial sandstones of Cretaceous age,
thought to be analogous to sandstones in parts of Wyoming that host
significant Roll front Uranium deposits.
On December 29, 2007 North American Gem Inc. announced that it had
entered into an Option agreement on the Company's interest on the Whiskey Gap
Project with Geo Minerals Ltd. (TSX-V symbol: GM). Geo Minerals Ltd. can earn
up to a 50% interest in the Company's potential interest (North American Gem
Inc. can earn up to an 80% interest in the Whiskey Gap Project) should the
project reach feasibility. This arrangement would therefore have North
American Gem Inc. and Geo Minerals Ltd. with an equal 40% earn in on the
Whiskey Gap project with International Ranger Corp. (OTC pink sheets: IRNG)
holding the remaining 20% of the project's interest.
The project is under the direction of Glenn.S. Hartley P. Geol. in
accordance with the regulations of National Instrument 43-101.
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.
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,