VANCOUVER, June 25 /CNW/ - North American Gem Inc. (TSX-V symbol: NAG) is
pleased to announce the acquisition of the Charles Lake Property, totaling
approximately 46,000 acres located along Charles Lake Shear Zone, northeastern
Alberta, just north of the Athabasca Basin.
One of the areas of interest for uranium exploration within the Charles
Lake area, is located along the Charles Lake Shear zone. The area is comprised
of foliated granitoids, basement gneisses, mylonitic rocks, and high-grade
metasediments (Godfrey, 1966), known as the Charles Lake granitoid belt. The
Charles Lake shear zone generally strikes north-south, following the alignment
of the basement gneisses that run along the north shoreline of Lake Athabasca.
This shear zone parallels the major fault features of the region, which also
trend north-south. These basement gneisses, running along the shear zone, are
flanked on both sides by the granitoids. The basement gneisses span more than
30 kilometers east to Andrew Lake, with the area between being highly faulted.
Numerous historical radioactive and REE showings have been documented
within the area between Charles and Andrew Lakes. These showings exhibit a
general spatial relationship to the dominate shear and fault zones within the
area. Near Charles Lake, there are over a dozen historical showings that occur
directly along shear zones. These include radioactive showings of uranium,
thorium, and REE's. A number of the showings occur in metasediments within
basement gneisses, with a majority hosted by pegmatite units within the
metasediments. Historical showings References: (Godfrey, 1966); (Lanenberg et
Charles Desjardins says, "The Northwest and Southeast trending structures
at Charles Lake combined with the historical occurrences and our recently
complied airborne data from Bonny Fault, lead us to believe the Charles Lake
claim block will be a significant addition to our 160,000 acres Bonny Fault
An airborne geophysical program that was completed during 2006 at Bonny
Fault 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
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)O(8) % 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.
"The Company has an aggressive exploration agenda for its current Uranium
properties and is currently entertaining several joint ventures possibilities
on its Uranium prospects," says Charles Desjardins.
The terms of the options agreement for a 100-per-cent interest in the
property require the company to make a total cash payment of $105,000 and to
issue four hundred fifty thousand shares to the optionor. With payment of
$32,500 and one hundred fifty thousand common shares upon signing, an
additional $35,000 and one hundred fifty thousand common shares by the first
anniversary and an additional $37,500 and one hundred fifty thousand common
shares by the second anniversary. The property is subject to a 2-per-cent net
smelter return royalty (NSR) for metals and a 2-per-cent Gross Overriding
Royalty (GORR) in the case of gemstones or other economic minerals. This
acquisition is subject to exchange approval.
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.
North American Gem Inc. ("NAG") announces on June 22, 2007, the Company
held its Annual General Meeting. All agenda items, as outlined in the
circular, were approved, and all company directors were re-elected.
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, firstname.lastname@example.org, www.northamericangem.com