North American Gem Inc. Announces Completion of 2008 Louise Lake Program; Sub-"Terminator" Mineralization Identified

    VANCOUVER, Feb. 25 /CNW/ - North American Gem Inc. (TSX-V symbol: NAG) is
pleased to announce the completion of its 2008 diamond drilling program on the
Company's Louise Lake Project. The road-accessible property is located 35
kilometers west of Smithers, British Columbia, Canada, a full-service
community with excellent access to highway, rail and electrical
    The Louise Lake property hosts the "Main Zone" deposit, consisting of an
unusual mineral assemblage, with copper occurring as an equal mixture of
enargite and chalcopyrite. The 2004 through 2007 programs extended the known
dimensions of the east-west striking, moderately north-dipping tabular Main
Zone to a length of 970 meters, with widths to 170 meters. The zone extends to
a depth of about 270 meters, where it is abruptly truncated by the flat-lying
"Terminator" fault.
    A total of 5,042.8 meters in 16 holes was completed in 2008, focusing on
two main target settings. The first consists of higher grade gold values, as
well as higher gold: copper ratios, identified in northeastern portions of the
Main Zone, particularly from Hole LL-07-18B. Here, a value of 0.769 gpt gold
with 0.48% copper was returned from a 26.1-metre intercept from 288.8 to
314.9 meters of depth, part of a 40.0-metre interval grading 0.625 g/t gold
with 0.41% copper (News Release, May 9, 2007). Five holes targeting the
potential strike extension of this were completed; four returned typical Main
Zone-style mineralization with visually determined intercepts ranging from
67.8 to 241.5 meters.
    The other main setting consisted of mineralization beneath the flat-lying
"Terminator" fault. Year-2007 results from Hole LL-07-15, collared northwest
of the Main Zone, revealed "low-grade sub-Terminator" mineralization having a
similar fabric and geochemical signature to the Main Zone. This was the first
intercept of sub-Terminator mineralization, suggesting the underlying "fixed"
portion of the Main Zone deposit occurs further northwest.
    Five holes, collared progressively northwestward from this intercept,
tested the underlying "fixed" portion. As of February 7th, three of four holes
completed successfully intersected sub-Terminator mineralization, with
intercepts from 50 to 65 meters in length of "Main Zone"-style alteration and
quartz veining. Since then, Hole LL-08-33, collared a further 180 meters
northwest of the previous westernmost hole (LL-08-29) returned a 27-metre
intercept of more pronounced "Main Zone"-style mineralization with strong
alteration. The base of this is another "Terminator"-style fault; minor
mineralization and moderate alteration extends beneath this also.
    Detailed core logging of Hole LL-08-26, the "fourth" hole previously
believed to be barren, also revealed minor sub-Terminator copper
mineralization across about 15 meters with minor molybdenite extending a
further 20 meters. These results indicate the 2008 program successfully
identified the direction of movement of the rafted block hosting the Main
Zone, and that additional sub-Terminator mineralization likely occurs west of
the western limit of 2008 drilling. Analytical results of all holes are
    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 was conducted by Britton Brothers Diamond Drilling of Smithers,
British Columbia.

    Granting of Incentive Stock Options

    North American Gem Inc. would like to announce that pursuant to its stock
option plan, the company has granted incentive stock options to its directors,
officers, consultants and employees to purchase 1.5 million common shares in
the capital stock of the company, exercisable for a period of two years, at a
price of 10 cents per share. These options are subject to a four-month hold

    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
    "Charles Desjardins"

    Charles Desjardins
    President and Director


    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,,

Organization Profile


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