North American Gem Inc. Receives 69 Coal Prospecting Permits North of Hudson Bay, Saskatchewan
North American Gem Inc. announce that 69 Coal Prospecting Permits have been issued to the Company in Saskatchewan, near the most recent coal discovery by Goldsource Mines Inc.. The Coal Prospecting permits cover 134,600 acres (52,992 hectares) and comprise the first set of Coal Disposition Applications that were filed by North American Gem that received first priority status from Saskatchewan Energy and Resources. The Company is currently waiting on the results of an additional 717 Coal Prospecting Permits that have been submitted to Saskatchewan Energy and Resources.
The Company has filed and fully paid for 786 Coal Disposition applications. All of the ground that has been applied for has been done so in accordance will all the rules and regulations set forth by the government of Saskatchewan’s permitting office. As with all other companies applying for Coal Dispositions in Saskatchewan, North American Gem Ltd., has its applications and Coal Prospecting Permits subject to the Saskatchewan government’s approval process.
Researchers were hired by North American Gem, immediately following initial permitting, to search for relative historical data in the potential Saskatchewan Coal Basin. This data will help to guide the initial exploration program.
In 2007, Adamas was exploring a magnetic anomaly thought to be a kimberlite target in proximity to the most recent discovery by Goldsource Mines Inc., in western Saskatchewan. During this exploration program Adamas discovered a coal seam in the Cretaceous rock (Mannville Group Rocks) sequence containing coal similar to Goldsource, confirming the regional potential for coal deposits.
Adamas has collected proprietary aeromagnetics data for the area of interest that has been made available to North American Gem Inc. to be used to further evaluate the area for coal deposits and other minerals that may be found therein. Historical data and reports suggest that coal is present to the north edge of the Cretaceous rock sequence along the shores of Wapawekka Lake to the north of the Adamas discovery. These reports further suggest that the Wapawekka out crop is likely associated with a larger deposit to the south. The Adamas intercept is directly south of Wapawekka Lake along the low lying basin adjacent to the south east of the Narrow Hills Uplands.
Goldsource also made a significant coal discovery while drilling for kimberlites in a low lying basin south east of the adjacent uplands at Pasquia Hills to the south east of the Narrow Hills intercept. The occurrence at Pasquia is roughly 80-100 km south east of the Narrow Hills and both have similar topographical features and are in the same Cretaceous rock sequence. The recent coal discovery by Goldsource Mines Inc. of bituminous coal in two drill holes 1600 meters apart, suggests the potential for a much larger coal system. Goldsource believes the coal it encountered is from the Mannville/Swan River Group of Creataceous age (Goldsource Mines Inc., Release May 5, 2008). Coal structures of the Creataceous age are generally stratigraphic and can encompass several thousand square kilometers.
North American Gem Inc. anticipates being a major land holder in this new coal region of Saskatchewan. The Company will commit to aggressive exploration and is currently assembling an outstanding Board of Advisors with expertise in the area of coal exploration. The Company plans to first twin the Adamas discovery hole to get a true grade of the quality of the coal at that location, and further exploration holes in the area of the discovery.
Mike Magrum, PEng, a qualified person under National Instrument 43-101, has approved the technical content of this news release.
North American Gem Inc. is a junior exploration Company based in Western Canada. The Company’s primary goal is to explore for Coal in North American. In addition to Coal exploration the Company also has interest in Molybdenum, Gold, Copper and other base metals in Canada, in particular the Louise Lake copper-gold-molybdenum-silver project located in British Columbia. The Company is also pursuing Uranium projects, consisting of the Whiskey Gap, Del Bonita, Western Basin, and Bonny Fault projects located in Alberta; the Mosquito Gulch uranium property located in the North West Territories; and the Ranger Lake uranium property located in Ontario.