VANCOUVER, June 18 /CNW/ - North American Gem Inc. (TSX-V symbol: NAG) is
pleased to announce that planning is underway for a summer exploration program
at its Bonny Fault and Western Basin Uranium properties. The properties
encompass approximately 160,000 acres of mineral tenures located in
northeastern Alberta, just north of the Athabasca Basin.
At Bonny Fault, an airborne geophysical program was completed during
2006, it identified 276 linear and point-source uranium anomalies, and several
major structures of interest. In addition, there are at least 50 known
metallic mineral occurrences within the properties.
The 2007 summer exploration program will include the follow-up of an
estimated 41 priority airborne radiometric targets, time permitting. The
program will also target the zones of historic, high-grade, surface uranium
Mr. Jeremy S. Brett, M.Sc. P.Geo., Senior Geophysical Consultant for MPH
Consulting Limited of Toronto, has been instrumental in the interpretation of
the airborne geophysical data.
To date 276 linear and point-source uranium anomalies have been
identified on the Terraquest airborne geophysical block which was flown in
2006 over about half of the property. Many of these uranium anomalies are
coincident with either foliation-parallel or major cross-cutting
structures/faults. Approximately the top 15% have been categorized as very
high priority targets, characterized by the highest uranium responses
coincident with apparent structural controls. These targets will include 10
targets which are located on or near the Bonny Fault or sub-parallel faults,
which are major NW trending faults that cross-cut the local foliated rocks and
may have been conduits for uranium-bearing fluids from the now eroded
Athabasca sandstones which once overlay the area.
The Bonny Fault Property is located within the Precambrian Shield of
northeastern Alberta within the Churchill structural province. It is situated
in the Taltson magmatic zone, which to the south, constitutes the basement of
the western Athabasca Basin. Local geology within the property consists of a
wide range of massive to foliated granitoids, metasedimentarys and
metavolcanic rocks. Several major faults affect most of the rock units; these
faults include the northwesterly-trending Bonny Fault, and several subsidiary
faults that complicate the structural setting. Faults in this region are
expressed as early shear zones that are characterized by mylonites, as well as
by later more shallowly seated ductile-brittle and brittle fault zones.
Retrograde greenschist facies minerals indicate a Palo-Proterozoic to possibly
Meso-Proterozoic age for this large scale faulting, which has been favourable
for other economic uranium deposits within the Precambrian Shield in the
Uranium City area of north-central Saskatchewan.
At Bonny Fault, significant historic Uranium mineralization has been
identified at Cherry Lake, Twin Lakes, Small Lake, Big Bend, Pythagoras Lake,
Spider Lake, Holmes Lake and Carrot Lake; and elsewhere. Two examples of this
mineralization are described below:
At the Carrot Lake Uranium showing, which is located near the south end
of Andrew Lake, at least 33 trenches and pits were dug to explore
mineralization within basement gneiss, granite and pegmatite. Anomalous
radioactivity appears present within a structurally controlled zone about
1.6 km long. Three samples collected from the North Zone in 1992 ranged from
0.09 to 2.11% U3O8. The mineralization consists of small veins and pods of
pitchblende and thucholite along fractures.
At the Big Bend Uranium Showing, which is located about 400-m west of
Andrew Lake, Godfrey (1958) collected three samples during the mid-1950's, as
Sample No. U(3)O8 % Mo %
JG-58-44-1A 1.03 0.69
JG-58-44-1B 3.93 1.03
JG-58-44-1C 3.29 1.40
(*)Figures in this chart were produced prior to NI 43-101.
Subsequently, four holes were completed in the area to test surface
radioactive anomalies, with the best intersection reported as 0.26% U3O8
across 1 m, within a brecciated band of biotite schist.
Past exploration of the Bonny Fault and surrounding area, based on the
available assessment records, is considered sporadic. During the mid-1950s to
mid-1970s numerous uranium and radioactive occurrences were found, but for a
variety of reasons only marginal follow-up appears to have been performed. An
example of this follow-up exploration was carried out by Rapid River Resourses
Ltd., who in 1968 reported 300 scattered radiometric "spot highs" of uranium
in the order of 5 to 10 times background aligned along two north trending
zones, approximately 1,800m long by 300m wide. The western zone relates to the
mineralized area discovered by Godfrey (1958).
In recent years a better understanding of these styles of uranium
occurrences, along with a comparison of these occurrences to other parts of
the world such as that of the Olympic Dam type in Australia, and rising
uranium prices, has elevated the Bonny Fault showings.
In addition to basement hosted Athabasca-type mineralization inferred
from the airborne geophysics, three unique styles of mineralization have been
identified on the Bonny Fault property based on a direct result of
ground-based investigations and interpretations of historic data in various
During 2007, exploration will be focused on these three mineralization
styles within the Bonny Fault property:
- Uranium - Molybdenum zones associated with shearing at granite-
metasediment contacts. (AGS OFR 1993-08)
- Gold, silver and nickel zones along metasediment/metavolcanic shear
contacts. (AGS OFR 1993-08)
- Massive hematite breccia-hosted uranium, gold, iron and REEs, in a
setting that may be analogous to the Australian Olympic Dam style of
mineralization. (Metallogenic Evaluation of Alberta, Olson et al.,
1994, AGS OFR 1994-08)
The project is under the direction of Glenn S. Hartley P. Geol., who is
the qualified person for the project 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. The Company is actively pursuing several opportunities, including the
Louise Lake copper-gold-molybdenum-silver deposit located in British Columbia,
Canada. 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, Canada. In addition the Company is also pursuing its Mosquito
Gulch uranium property located in the North West Territories.
On Behalf of the Board of Directors
NORTH AMERICAN GEM INC.
President and Director
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. Statements in
this press release other than purely historical information, historical
estimates should not be relied upon, including statements relating to the
Company's future plans and objectives or expected results, are forward-looking
statements. News release contains certain "Forward-Looking Statements" within
the meaning of Section 21E of the United States Securities Exchange Act of
1934, as amended. Forward-looking statements are based on numerous assumptions
and are subject to all of the risks and uncertainties inherent in the
Company's business, including risks inherent in resource exploration and
development. As a result, actual results may vary materially from those
described in the forward-looking statements.
For further information:
For further information: North American Gem Inc., 1788 - 650 West
Georgia Street, Vancouver, BC, Canada, V6B 2N8, Phone (604) 683-5445,
Facsimile (604) 687-9631, email@example.com, www.northamericangem.com