VANCOUVER, Sept. 25 /CNW/ - North American Gem Inc. (TSX-V symbol: NAG)
is pleased to announce that it has applied for a land use permit to carry out
an aggressive diamond drill program on its 100-per-cent owned Mosquito Gulch
uranium property, located in the Nonacho Basin, approximately 300 kilometers
(km) southeast of Yellowknife, Northwest Territories. After recent staking,
the property now consists of approximately 3,800 acres with a massive
The Mosquito Gulch showing is at the head of a radioactive boulder train
that extends to the southwest. The showing extends more than 500 meters with
varying widths of 20 to 50 meters and was outlined to a depth of 200 meters.
The property has undergone drilling and trenching in the late 1970's and early
1980's by Uranerz Exploration and Mining Limited. This work included the
following encouraging results:
Boulder Train Samples
Up to 0.886% U3O8
0.017% U3O8 over 9.7 meters
0.04% U3O8 over 3 meters
Partial Drilling Results
0.54% U3O8 over 2.3 meters
0.356% U3O8 over 7.3 meters
0.1% U3O8 over 27 meters
(This data was released prior to establishment of current standards under
National Instrument 43-101, has not been substantiated by North American
Gem Inc., and should not be relied upon.)
The uranium is found as pitchblende in narrow fracture fillings and small
veinlets in quartz stockworks. The mineralization is confined to a zone of
cataclasite and mylonite basement rock.
In 1980, Uranerz completed metallurgical tests on rock samples collected
at the Mosquito Gulch. Studies included mineralogy, petrography and
geochronology were undertaken and bulk samples were shown to be amenable to
radiometric ore sorting.
Mike Magrum, PEng, a qualified person under National Instrument 43-101,
has approved the technical content of this news release.
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 Northwest 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 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: 430 - 609 Granville Street, Vancouver, BC,
Canada, V7Y 1G5, Phone (604) 683-5445, Facsimile (604) 687-9631,