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North American Gem Inc.: Results of Metallurgical Study, Louise Lake Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 16, 2006) - North American Gem Inc. (TSX VENTURE:NAG) is pleased to announce encouraging results from the preliminary metallurgical study performed on core from the Louise Lake copper-molybdenum-gold-silver project by G & T Metallurgical Services Ltd. of Kamloops, British Columbia, Canada. The road-accessible Louise Lake property is located 35 kilometres west of Smithers, British Columbia, Canada, a full-service community with excellent access to highway, rail and electrical power infrastructure.
Roughly 160 kg of sample material consisting of re-split NQ-sized drill core from the "Main Zone" was submitted for analysis. Sample intervals were chosen to be as representative as possible of overall grade and lithological setting of the deposit. Head grades of copper, gold and molybdenum were comparable to those from the original core sampling. Silver grades stood at 8.0 g/t, more than five times higher than the original value from core sampling. Further verification is required to confirm these values.

Test results indicate that a copper concentrate containing 28.9% copper may be produced at a recovery of 85%. The concentrate also contained payable levels of gold, at 17.9 g/t, at a recovery of 54%, as well as silver, at 364 g/t with a 44% recovery.

Molybdenum recoveries are also very encouraging. The concentrate contained 0.650% Mo at a recovery of 80%, potentially recoverable as a separate saleable product. This is a very positive result, as molybdenum grades were previously considered as low; the molybdenum grade in the sample submitted is slightly lower than the average grade reported from the resource evaluation by SRK Consulting Canada Inc. (see News Release dated July 24, 2006). Further testing was recommended to confirm preliminary results reported from this round of testing, particularly regarding molybdenum recoveries.

Arsenic content, due to mineralogy, was 11.4%, providing challenges to marketability. However, preliminary correspondence with independent consultants indicates that this value is not considered prohibitive, partly due to positive recoveries of marketable metals. At least one Canadian smelter is capable of accepting arsenic grades to 20%, depending on volume of concentrate. The concentrate contained only minor levels of all other "negative" elements.

North American Gem will immediately pursue more detailed consultation to establish potential markets for this concentrate, as well as alternate methods of extraction, including hydrometallurgical techniques.

The Main Zone hosts an unusual mineral assemblage, with copper occurring as a mixture of chalcopyrite and enargite, suggesting upper levels of a porphyry system. The 2004 and 2005 programs extended the known dimensions of the east-west striking, moderately north-dipping tabular Main Zone both to the west and east, as well as down-dip to the north. Year-2006 results indicate the Main Zone now has a minimum strike length of 950 meters, including lower-grade fringes intersected in Holes LL-06-11 and LL-06-12 (see News Release dated Apr 27, 2006). This zone is up to 170 meters thick, and extends to a depth of 250 - 270 meters, where it is abruptly truncated by the flat-lying "Terminator" fault.

The metallurgical study was done to follow-up on positive results released in July, 2006 from the first NI 43-101 verifiable resource estimate on the property, done by SRK Consulting Canada Inc. and commissioned by North American Gem Inc. Results of this study are listed below:

Table 1: - SRK classified mineral resources for the Louise Lake deposit.
------------------------------------------------------------------------Mineral CuEq(ii)Resources(i) Tonnes (%) Cu (%) Mo (%) Au (g/t) Ag (g/t)------------------------------------------------------------------------Ind icated 6,000,000 0.369 0.214 0.006 0.20 0.98Inferred 141,000,000 0.426 0.234 0.009 0.23 0.94------------------------------------------------------------------------(i) All resources quoted at 0.25% CuEq cut-off (ii) CuEq calculated using the following metal prices: Cu US$1.20/lb, Mo US$8/lb, Au US$450/oz, Ag US$7/oz

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 was done by ALS Chemex of North Vancouver, British Columbia, Canada. The metallurgical study was done by G & T Metallurgical Services of Kamloops, British Columbia, Canada.

About North American Gem Inc. - North American Gem Inc. (TSX VENTURE: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 and Mt. Ogden molybdenum property, both 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.

On Behalf of the Board of Directors


Posts: 339 | From: Canada | Registered: Dec 2005  |  IP: Logged | Report this post to a Moderator

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