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After watching the volume spike the last while and endless rumors about uranium finds in ALB> jv and silver assays at Louise Lake this one may really get some legs. Traded half its float last few weeks and most of the sellers are gone .Traded up to .17 on the 24th on over 1.4 million shares traded. Only 23 million shares O/S and insiders hold a good percentage of that. Good luck boys -this could be another MMI
-------------------- The Mouse Posts: 443 | From: Valemount | Registered: Dec 2003
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Monday traded nearly 3.5 million and a new record for these guys. Apparently news should be out tomorrow regarding the assays from Louise Lake. Rumors have it that they have improved grades considerably over the historic results from this area. Higher % moly.
-------------------- The Mouse Posts: 443 | From: Valemount | Registered: Dec 2003
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News came out tonight as promised-- Phase 1 Louise Lake Diamond Drilling Program and Results from Earlier Holes March 30, 2005: The Board of Directors of North American Gem Inc. (NAG, TSX-V Exchange) is pleased to announce encouraging results from the first two holes of the Phase 1 diamond drilling program on the Louise Lake property, located 35 km west of Smithers, northwestern British Columbia, Canada. The ongoing Phase 1 program is designed to test for extension of the east-west striking “Main Zone” high-level porphyry-style copper-molybdenum-gold system along strike to the west and down-dip to the north. The Louise Lake property has excellent road access to major highway, rail and electrical power infrastructure based at Smithers.
Hole LL-05-02, representing a 100-metre step-out to the west of DDH FS-04-02 drilled by Firestone Ventures (FV - TSX-V) in 2004, returned a 101.9-metre high-grade zone intercept from 203.5m to 305.4m grading 0.382% copper, 0.030% molybdenum, 0.372 g/t gold and 1.2 g/t silver. This includes a 78.7-metre interval grading 0.448% copper, 0.037% molybdenum, 0.440 g/t gold and 1.4 g/t silver. To date, only the results of this high-grade zone have been returned; remaining results from this hole are pending. Assuming sustained metal prices of US$1.30/lb for copper, $20.00/lb for molybdenum, $400/oz for gold and $7.00/oz for silver, combined metal values for this 101.9-metre interval stand at US$29.23/tonne; at current molybdenum prices of $35.00/lb, values stand at $39.15/tonne.
Molybdenum values within this zone are considerably higher than any returned during the 2004 program, suggesting increased grades to the west. This high-grade zone, associated with chloritic and sericitic alteration, represents continuity of mineralization down-dip as well as along strike.
A similarly altered and mineralized zone to the high-grade interval has been intersected in DDH LL-05-01, another step-out hole located a further 100m to the west. Analytical results are pending.
Hole LL-05-04, located 210m east of LL-05-02 and also targeting the down-dip extension of the Main Zone, returned a 192.1-metre intercept grading 0.271% copper, 0.011% molybdenum, 0.255 g/t gold and 1.0 g/t silver. Combined metal values, using a molybdenum price of US$20.00/lb, stand at $16.12/tonne; at $35.00/lb for molybdenum, values stand at US$19.75/tonne.
Table 1 lists major intercepts from Holes LL-05-02 and LL-05-04. Table 1: Major Intercepts, DDH LL-05-02 and LL-05-04, North American Gem Inc.
Phase 1 also included sampling of unsampled intervals from holes FS-04-04 and FS-04-05 drilled by Firestone. These were originally omitted due to subtle nature of mineralization. Combined results for Hole FS-04-04 reveal a 111.2-metre interval from 143.5m to 253.7m grading 0.218% copper, 0.008% molybdenum, 0.201 g/t gold and 0.7 g/t silver. Hole FS-04-05 returned a combined 107.3m interval from 75.8m to 183.1m grading 0.227% copper, 0.005% molybdenum, 0.200 g/t gold and 1.4 g/t silver (see FV News Release, Sept 15, 2004 for previous intercepts).
Phase 1 will now include an additional hole to test for extension of the high-grade zone to the south (up-dip) of Hole LL-05-02. This phase will also include further drill testing of the down-dip extension of the Main Zone east of Hole LL-05-04.
The Main Zone represents an unusual tennantite-based copper-gold-molybdenum mineral assemblage. In 1992, former operator Equity Silver Mines Ltd. released a geological resource estimate for the Main Zone of 50 Million tonnes grading 0.3% copper and 0.3 g/t gold. This estimate was produced prior to implementation of modern resource standards contained within National Instrument 43-101, does not distinguish between resource categories, and should not be relied on to necessarily represent accurate estimates under modern standards. No subsequent resource estimates have been made. North American Gem is not treating this estimate as an NI 43-101 defined resource verified by a Qualified Person and has not done the work necessary to verify the classification of the resource.
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 is being done by ALS Chemex of North Vancouver, British Columbia, Canada. About North American Gem Inc. North American Gem is a junior exploration company based in Western Canada. The Company’s primary goal is to explore for Gold, Platinum Group metals and Uranium. The Company is actively pursuing several opportunities, including the Louise Lake Project, Bonaparte Mine Property, and its new Uranium Property.
On Behalf of the Board of Directors NORTH AMERICAN GEM INC. "Charles Desjardins"
Charles Desjardins President and Director
-------------------- The Mouse Posts: 443 | From: Valemount | Registered: Dec 2003
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