VANCOUVER, Nov. 13 /PRNewswire-FirstCall/ -- North American Gem Inc. (TSX-V symbol: NAG) is pleased to announce additional molybdenum results from the summer exploration program at its Bonny Fault Uranium property. The Property encompasses approximately 64,128 hectares (158,464 acres) of mineral tenures located in Northeastern Alberta, just north of the Athabasca Basin. Exploration consisted of reconnaissance prospecting and sampling to confirm historic showings of high grade, surface uranium and molybdenum mineralization and also to ground check targets identified from a 2006 airborne radiometric survey flown over the property.
Analysis of the 2006 airborne geophysical program had identified 276 linear and point-source uranium anomalies, and several major structures of interest. Forty-one of these are considered higher priority targets as selected by Mr. Jeremy S. Brett, M.Sc. P.Geo., Senior Geophysical Consultant for MPH Consulting Limited of Toronto. Many of these uranium anomalies are coincident with either foliation-parallel or major cross-cutting structures/faults. In addition, several 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 overlaid the area. The absence of sandstone over the property is amenable to shallow drilling to test anomalies allowing for more cost-efficiency.
During the 2007 ground reconnaissance follow-up and prospecting, a total of 130 rock samples were taken, 12 of which assayed 0.1% U(3)O8 or greater to a high 2.28% U(3)O8 (refer to October 29/07 release at http://www.northamericangem.com/) and 15 of which assayed 0.007% Mo or greater to a high 0.19% Mo. These newly released Molybdenum samples are presented in Table 1. All samples were assayed at the SRC Geoanalytical Laboratory in Saskatoon, Saskatchewan.
Table 1. Highest Molybdenum Values Sampled from the Bonny Fault ------------------------------------------------------------------------- Sample ID General Area Mo ppm Mo % U ppm U(3)O8 % ------------------------------------------------------------------------- 37859 Cherry Lake 1900 0.190 1290 0.152 ------------------------------------------------------------------------- 37795 Holmes Lake 353 0.035 2600 0.307 ------------------------------------------------------------------------- 37794 Holmes Lake 330 0.033 950 0.112 ------------------------------------------------------------------------- 37792 Holmes Lake 280 0.028 280 0.033 ------------------------------------------------------------------------- 37791 Holmes Lake 150 0.015 2 0.000 ------------------------------------------------------------------------- 37717 Spider Lake 150 0.015 937 0.110 ------------------------------------------------------------------------- 37845 Swinnerton Lake 115 0.012 less than 2 0.000 ------------------------------------------------------------------------- 37855 Spider Lake 105 0.011 338 0.040 ------------------------------------------------------------------------- 37742 Hutton Lake 101 0.010 510 0.060 ------------------------------------------------------------------------- 37793 Holmes Lake 101 0.010 102 0.012 ------------------------------------------------------------------------- 37719 Spider Lake 92 0.009 800 0.094 ------------------------------------------------------------------------- 37790 Holmes Lake 90 0.009 33 0.004 ------------------------------------------------------------------------- 37718 Spider Lake 87 0.009 923 0.109 ------------------------------------------------------------------------- 37724 Holmes Lake 86 0.009 117 0.014 ------------------------------------------------------------------------- 37854 Spider Lake 71 0.007 920 0.108 ------------------------------------------------------------------------- (x) Figures in this chart were produced in accordance to NI 43-101.
There are significant historical Molybdenum assays from the Bonny Fault property collected from 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, which are presented in Table 2:
Table 2. Historical Uranium and Molybdenum Samples from the Bonny Fault ------------------------------------------------------------------------- Sample ID 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 ------------------------------------------------------------------------- (x)Figures in this chart were produced prior to NI 43-101.
Several historic anomalies remain to be ground checked. Preliminary results of the 2007 field exploration program are encouraging. Further prospecting over many more priority targets is expected in early 2008. A helicopter will be utilized to access showings that were unattainable via fixed wing aircraft. The 2008 prospecting will also accompany detailed mapping of the higher priority areas in preparation of an impending drill program.
"As a shareholder of this Company, it is important to understand that the Bonny Fault property has much more to offer than its significant potential for Uranium," said Charles Desjardins, President of North American Gem Inc. "As we continue to confirm notable Molybdenum numbers, often in association with economical Uranium numbers, the likelihood of North American Gem Inc. being successful in Northern Alberta increases."
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, meta-sedimentarys 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 and 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.
Western Basin Update
During the recent exploration of North American Gem's Bonny Fault Property, a few days were spent prospecting the Western Basin Property. The Property encompasses approximately 27,923 hectares (69,000 acres) of mineral tenures located in Northeastern Alberta, just west of the Athabasca Basin and south of the Bonny Fault.
Thirteen rock samples were taken over a small area of the property. Samples returned anomalous concentrations of uranium with an assay high of 118 ppm U. Due to the constraints of float plane access, mainly determined by Lake Size., only a small portion of the property was prospected. Several historic showings remain to be collected and sampled. Further prospecting is planned for the spring of 2008 with the aid of a helicopter in order to access areas unattainable by a float plane.
Historically, uranium exploration programs in the Athabasca Basin have been hampered by the high costs associated with deep (+300m) drilling programs needed to reach and test the targeted Athabasca unconformity. Alberta Geological Survey Bulletin # 55 documents several historic drill holes, which map the Athabasca Unconformity on North American Gem Inc.'s Western Basin Property, between 10 m and 95 m from surface.
The eastern edge of the property is the Alberta/Saskatchewan border, 5 kms from Cameco Corporation's Maurice Bay project. The Maurice Bay uranium deposit is located within the northwest margin of the Athabasca Basin. It has 600 tonnes contained uranium at a grade of 0.5% U. The Maurice Bay deposit includes structurally controlled mineralization within altered basement rocks and an Athabasca unconformity-style of uranium mineralization. Due to this deposits close proximity to, and shared fault structure and geology with North American Gem Inc.'s Western Basin Property; the Maurice Bay Deposit Model has become North American Gem Inc.'s geological exploration model for its Western Basin Property. A new Alberta Geological Survey compilation map and publication covering this area is due for release this summer. Information from this new publication compiled with property data already researched and will aid in focusing future exploration programs.
The field work was carried out under the supervision of Jody Dahrouge, P.Geo., a qualified person under National Instrument 43-101, of Dahrouge Geological Consulting Ltd. of Edmonton, Alberta.
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. "Charles Desjardins" Charles Desjardins President and Director
The TSX Venture Exchange 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.
CONTACT: 430 - 609 Granville Street, Vancouver, BC, Canada, V7Y 1G5, Phone (604) 683-5445, Facsimile (604) 687-9631,
